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How much are you earning per annum?

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  #10521 (permalink)  
Old 09-10-2016, 11:48 AM
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The lure of money will always make people chase after more and more. It's never enough. Even billionaires want to make more and more. Greed control their empty souls.
When they die, their wealth will just be passed on to their children who will happily spend it all. They work all their life, didn't have time to enjoy their hard earned wealth and then they suddenly die.

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Originally Posted by Unregistered View Post
Hi all, time flies (when you're having fun/when you're busy).

For my case, it was being very busy with work. My team and I had been very tied up sewing up a big contract in the last 3 months, and as it involved an overseas partner, there were traveling involved too. Each day morphed into the next and before you know it, 3 months just passed you by. In those 3 crazy months, we "saved" quite a bit of money as almost all our meals (except weekends) were catered and there was overseas allowances too when we travelled. Weekends were spent rejuvenating.

Now that the busy part is over, I have had the time to ponder whether I am too old (at 56) for this sort of rigour anymore. So I took a good look at our cash flow situation. While it does seem that my wife and I could call it quits and enjoy our retirement, it is still not an easy call seeing that we will be giving up substantial income plus all the perks from being in the workforce. Here's our cash flow situation:

Household Income from employment :$400k+ pa
Income from rental : $40k pa
Dividend income : $52k pa
Interests, bond coupons etc : $52k pa.

As our passive income is able to cover our annual expense, we were practically saving our annual earned income. I did a tally of our HH networth, and was pleasantly surprised it crossed the $6m mark comfortably.

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  #10522 (permalink)  
Old 09-10-2016, 12:16 PM
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Lol only a jealous simpleton will believe in that. Billionaires don't enjoy? Who owns those yachts and private planes, they're kids are probably better brought up then yours who will probably end up working for them.


Quote:
Originally Posted by Unregistered View Post
The lure of money will always make people chase after more and more. It's never enough. Even billionaires want to make more and more. Greed control their empty souls.
When they die, their wealth will just be passed on to their children who will happily spend it all. They work all their life, didn't have time to enjoy their hard earned wealth and then they suddenly die.


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  #10523 (permalink)  
Old 09-10-2016, 12:29 PM
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Quote:
Originally Posted by Unregistered View Post
Lol only a jealous simpleton will believe in that. Billionaires don't enjoy? Who owns those yachts and private planes, they're kids are probably better brought up then yours who will probably end up working for them.
A greedy person will never admit that he's greedy.

A greedy person will always look down on others since they don't really care for others. They spend their lives chasing after more and more without spending a single second to care for the poor and needy. They will just give away a few dollars to feel less guilty.

Greed and lust will fill their hearts and soul. They will never be happy deep inside their empty souls.

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  #10524 (permalink)  
Old 09-10-2016, 04:13 PM
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Default Too Low or Just Starting?

Hello, 26 years old this year, started working 2 years ago in IT. Currently drawing 32.5k yearly. Qualifications with a pte diploma, looking at all of your posts, I feel I am drawing too low.
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  #10525 (permalink)  
Old 09-10-2016, 06:14 PM
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Don't be a fool. You don't need to leave behind so much wealth to your children. Make them work hard to achieve their own success. Just give them a good education. That's enough for them to chart their own destiny.


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Originally Posted by Unregistered View Post
My spouse and I will retire at 58. We will ensure that by 58, our cash savings plus our passive income is enough to cover our expenses from age 58 to 65. From age 65 onwards, we will get funding from our CPF Life plus our passive income. Here is the plan.

Age 58 to 65: Average spending per month $4500 pm or $54k pa (for a retired couple leading a simple life. Retire in place in current home which is a paid up condo. No car, no maid. Overseas holidays nearby once a year).

Passive income $2k pm or $24k pa
Balance $30k pa (i.e. $54k - $24k) will be from our cash savings. So we will spend $210k from our cash savings over 7 years.

Age 66 to death: Average spending per month $5,000 pm or $60k pa

Passive income $2k pm or $24k pa
CPF Life $3.8k pm or $45.6k pa
Total income $69.6k pa
Savings $9.6k pa

Wealth bequeath to children:
1. Our current condo home, valued at $1m
2. Investments (valued at $700k) yielding $24k pa of passive income
3. Cash savings
4. Our Life insurance

What do you think of our retirement plan?
Is the wealth bequeath to our children enough?
Should we work longer until 70 years old so that we can bequeath more wealth to our children?
How much wealth do you plan to bequeath to your children?
Please advise. Thank you.
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  #10526 (permalink)  
Old 09-10-2016, 07:40 PM
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Quote:
Originally Posted by Unregistered View Post
Don't be a fool. You don't need to leave behind so much wealth to your children. Make them work hard to achieve their own success. Just give them a good education. That's enough for them to chart their own destiny.
I am leaving 1 condo each for my 3 children.
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  #10527 (permalink)  
Old 09-10-2016, 08:17 PM
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That's just an oxymorons perspective of how their world works

Quote:
Originally Posted by Unregistered View Post
A greedy person will never admit that he's greedy.

A greedy person will always look down on others since they don't really care for others. They spend their lives chasing after more and more without spending a single second to care for the poor and needy. They will just give away a few dollars to feel less guilty.

Greed and lust will fill their hearts and soul. They will never be happy deep inside their empty souls.


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  #10528 (permalink)  
Old 09-10-2016, 08:40 PM
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Quote:
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I am leaving 1 condo each for my 3 children.
Why, so little? You should work harder until you're 80 years old to leave behind 1 Nassim GCB each for your 3 children so that they don't have to work for the rest of their lives.
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  #10529 (permalink)  
Old 09-10-2016, 08:43 PM
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Since you are now rich, you should upgrade your social status by moving into a Sentosa bungalow. Nowadays you can buy a nice bungalow in Sentosa for only $10m. So cheap.


Quote:
Originally Posted by Unregistered View Post
Hi all, time flies (when you're having fun/when you're busy).

For my case, it was being very busy with work. My team and I had been very tied up sewing up a big contract in the last 3 months, and as it involved an overseas partner, there were traveling involved too. Each day morphed into the next and before you know it, 3 months just passed you by. In those 3 crazy months, we "saved" quite a bit of money as almost all our meals (except weekends) were catered and there was overseas allowances too when we travelled. Weekends were spent rejuvenating.

Now that the busy part is over, I have had the time to ponder whether I am too old (at 56) for this sort of rigour anymore. So I took a good look at our cash flow situation. While it does seem that my wife and I could call it quits and enjoy our retirement, it is still not an easy call seeing that we will be giving up substantial income plus all the perks from being in the workforce. Here's our cash flow situation:

Household Income from employment :$400k+ pa
Income from rental : $40k pa
Dividend income : $52k pa
Interests, bond coupons etc : $52k pa.

As our passive income is able to cover our annual expense, we were practically saving our annual earned income. I did a tally of our HH networth, and was pleasantly surprised it crossed the $6m mark comfortably.
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  #10530 (permalink)  
Old 09-10-2016, 09:06 PM
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Quote:
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Why, so little? You should work harder until you're 80 years old to leave behind 1 Nassim GCB each for your 3 children so that they don't have to work for the rest of their lives.
I will leave that for you.
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