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How much are you earning per annum?

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  #10071 (permalink)  
Old 01-06-2016, 02:57 PM
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I am sure, compared to you, he is very rich.

But compared to others, he is no where near being called rich.

Wealth is after all relative.


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Wow! You're very rich. Do you want to buy a Sentosa bungalow? Only $8m. Super cheap. Since you have $5m, you can use the $5m as downpayment and borrow $3m. You can service the loan until you reach 80 years old.

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  #10072 (permalink)  
Old 01-06-2016, 03:35 PM
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You are lucky to get a big inheritance. You can actually retire now and live in Aus. Sell your condo at $3.3 mil and invest in 5% dividend yield portfolio. You get $165k pa in dividends. This is more than enough for a family of four living there.
Yes, I am aware I am very lucky and am very grateful for being able to live comfortably for now.

I do not wish to retire at this age... however due to my unique situation of having a majority of my networth skewed towards my current residential property vs my liquid assets, I am wondering how I can leverage upon my networth to grow my liquid assets in order to live in relative comfort when I do retire at 60.

I have been thinking of selling my private apartment and moving into a condomium at Kovan Melody. The asking price is $1.6m. That will leave me with around $1.7m in cash to push into investments with a 20 year horizon. Am not a big fan of managed portfolios, due to a bad experience in the past with a reputable wealth management firm. Are there any other alternatives for passive income? I know property is the most common suggestion... if so any countries in particular that could possibly have an upward trend?

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  #10073 (permalink)  
Old 01-06-2016, 07:06 PM
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How do you intend to retire in Melbourne?

You can't wait till 60 unless you want to lock up $5m through the investment PR scheme.



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  #10074 (permalink)  
Old 01-06-2016, 07:29 PM
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Husband, 47, $65k pa income, $14k pa savings.
Wife, 45, $70k pa income, $20k pa savings.
Dependents - 4 elderly persons and 2 children.
Modest home, paid up.
2nd hand car, paid up.

Home equity $500k.
Cash and CPF (combined) $500k.
No debt.
Total net worth $1m.
Are we ok financially?
How do we prepare for retirement?
We welcome any ideas. Thank you in advance.
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  #10075 (permalink)  
Old 01-06-2016, 09:37 PM
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This is an excellent plan. The RM is now S$1=RM3. You get more RM for your S$.

Don't sell your HDB flat. Just rent it out and retire in Penang. In the future, S$1 can even go to RM4.

If you rent out your HDB flat in the future for S$3k pm, after converting to RM, you can get RM12k pm. You can retire like a rich man! LOL.


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Latest report said 5000 Singapore families living in Johor. This is encouraging for those who wants to retire early at 55 (not so early actually). Besides JB, we can also retire in Penang.

We can all retire in luxury at 55 if we have no dependents at 55 and our HDB flat is paid up. Here's how.

Retire in Penang. Penang is a good place to retire. Many expats all over the world are flocking to Penang to retire. Penang has a lot of interesting places to visit and explore. Penang is a multi cultural place and we can fit in well. People are very friendly.

Penang has a low cost of living for a retired couple.

- Rental for a 3 bedroom condo, facing the ocean RM1500 pm
- Food and utilities RM1000 pm
- Transport RM300 pm (assume purchasing a RM50k car in cash)
- Medical RM200 pm
- Entertainment RM500 pm
- Misc RM500 pm
- Total spending RM4000 pm

How do you finance your retirement expenses in Penang?

- Rent out your paid up HDB flat S$2500 pm
- Convert to RM, get RM7450 pm
- Savings RM3450 pm (can spend a portion of this on holidays)

So, if you have an open mind, you can enjoy a luxurious retirement in Penang. You can live in a condo with an ocean view and own a car. Enjoy your retirement life!

No need to work so hard until you reach 70 years old to accumulate millions and only to die at 71. You don't want to be the richest man in the cemetery.
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  #10076 (permalink)  
Old 02-06-2016, 08:28 AM
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You have done well financially. You have no debt. This is a good achievement.
Your HH income is higher than the median HH income.
Your HH net worth is higher than the median HH net worth.

Since you save $34k pa, if you retire at 60, your savings will increase by another $442k.
You can use this for your spendings from 60 to 65. At 65, you will get your CPF Life.
If you want to get more, you can rent out your two empty rooms. You can also do reverse mortgage.

If you want to retire in luxury, you can retire in Penang. Rent out your flat at $2500 and convert to RM. At current exchange rate, you will change to RM7500 pm. You can rent a sea view condo in Penang for RM1500 pm.


Quote:
Originally Posted by Unregistered View Post
Husband, 47, $65k pa income, $14k pa savings.
Wife, 45, $70k pa income, $20k pa savings.
Dependents - 4 elderly persons and 2 children.
Modest home, paid up.
2nd hand car, paid up.

Home equity $500k.
Cash and CPF (combined) $500k.
No debt.
Total net worth $1m.
Are we ok financially?
How do we prepare for retirement?
We welcome any ideas. Thank you in advance.
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  #10077 (permalink)  
Old 02-06-2016, 10:28 AM
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Quote:
Originally Posted by Unregistered View Post
How do you intend to retire in Melbourne?

You can't wait till 60 unless you want to lock up $5m through the investment PR scheme.
The investor visa requires an AUD1.5m investment, not AUD5m. Hence, yes I have to retire at 60 in order to start the process to become a full fledged Australian citizen which could take up to 5 years.

Was wondering more about the investment opportunities, both onshore and offshore
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  #10078 (permalink)  
Old 02-06-2016, 07:23 PM
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Hi, newly married couple here.

Guy:30yo, earning fixed ~$50K per annum, variable 3 mths bonus
Girl: 32yo, earning fixed ~$75K per annum, variable 5 mths bonus

Servicing a HDB loan for a newly bought 4-room BTO worth ~$400K
Cash savings ~$200K
CPF ~$20K (with ~$45K in investments)
Insurance/regular savings plans ~$500/mth
Investment plans ~$300/mth
Very humble lifestyle, with the occasional good meals and shopping splurges

Need advice on how to invest our cash and build our net worth? And can we financially afford to purchase a car? or the $ shld be put to better use?
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  #10079 (permalink)  
Old 02-06-2016, 07:45 PM
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Quote:
Originally Posted by Unregistered View Post
Hi, newly married couple here.

Guy:30yo, earning fixed ~$50K per annum, variable 3 mths bonus
Girl: 32yo, earning fixed ~$75K per annum, variable 5 mths bonus

Servicing a HDB loan for a newly bought 4-room BTO worth ~$400K
Cash savings ~$200K
CPF ~$20K (with ~$45K in investments)
Insurance/regular savings plans ~$500/mth
Investment plans ~$300/mth
Very humble lifestyle, with the occasional good meals and shopping splurges

Need advice on how to invest our cash and build our net worth? And can we financially afford to purchase a car? or the $ shld be put to better use?

Pump 7K into Special Account every December. This can help u retire a lot earlier. If u start now, compounding potential is immense.
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  #10080 (permalink)  
Old 03-06-2016, 12:00 AM
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Default Passive Income

Hi,

May I ask do you factor CPF annual interest as passive income though you have not reach 55yo and is unable to withdraw and touch it till retirement age.

I am 45yo and has CPF annual interest of $10.4K based on last year. My SA is max up and could not top up further and thinking on how to grow safe passive income.

Besides CPF interest, my alternative passive income is from SD and UT(using SRS money). Didn't keep track of my shares dividend as the sum is min.

Total passive income (including CPF $10.4K) estimated at $27K (-10% should SD rate doesn't fall within the knock in and knock out).

Come year 2019, I would have additional $21K passive income from insurance payout. Therefore from 2019 total passive income is expected to be $48K (exclude the compounding effect from CPF and contribution)

I am aiming for a $96K passive income by the time I reach 50yo.

Wonder how should I invest as I have lost about $200K on wrong investment, and this time rather be safe and contribute or pay back whatever being withdrawn from CPF for housing mortgage to increase my CPF account.

My income is about $90K so hope to achieve passive higher than my salary.

Thanks
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