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How much are you earning per annum?

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  #10991 (permalink)  
Old 20-04-2017, 03:02 PM
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I'm 47 and semi retired. Was an executive in the financial sector. I have made enough.

Now I do some advisory work to spend my time. I also have a lot more time to spend with my family. My children loves me so much more now as I have more time to talk to them, to advise them. I'm like their best friend.

I don't want to be super rich. I'm happy with my wealth. My quality of life is a lot better. Very happy now.
Happy for you. I am 49 and thinking of following your path. Based on your experience, what is minimum of wealth that is required to have a fairly comfortable retirement in SG (i.e. live in a condo, eating out once a week and overseas travel twice a year)? What is the passive income per annum that you are generating from your investment portfolio?

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  #10992 (permalink)  
Old 20-04-2017, 11:01 PM
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Husband & wife 37 years.
2 kids.
HH income $160k pa.
Only atarted to save last 5 years ago.
Yearly saving + dividend $60k
Cash & Stock $400k (stock profit 180k in 6 years).
House 350k. Loan 240k.
Net worth abt 500k.

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  #10993 (permalink)  
Old 22-04-2017, 03:59 PM
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Originally Posted by Unregistered View Post
Husband & wife 37 years.
2 kids.
HH income $160k pa.
Only atarted to save last 5 years ago.
Yearly saving + dividend $60k
Cash & Stock $400k (stock profit 180k in 6 years).
House 350k. Loan 240k.
Net worth abt 500k.
You can retire by age 55.

Your HH income is higher than the median HH income.

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  #10994 (permalink)  
Old 23-04-2017, 07:06 AM
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Honestly speaking you are doing not that well with such high total annual income.

Although your mortgage finance is prudent, family expenses, insurance premium are respectable, your saving is definitely not strong.

Either you have just reached this income level or you have overspent some other area.
Honestly for his expenditure, it sounds about right. He's not gonna be cash rich with the way he's spending. Most of his net worth will be locked inside his condo.
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  #10995 (permalink)  
Old 23-04-2017, 10:07 AM
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Default Helping your children fly

A few of the forummers here fear that leaving loads of money to their children will spoil them and make them lazy and become spendthrifts. This reveals two things about the forummers.

One - this thinking revealed that that's what they themselves would do if they were given a large inheritance. That they will become lazy, spend recklessly and become irresponsible.

Two - that they have no confidence that their children will do the right thing.

The forummers may be right because children learn from and copy what their parents do. They also carry the same genes.

On the other hand, if you are not the spendthrift type, but are the responsible and hardworking types, giving "healthy" financial support to your children will allow them to spread their wings and soar and not have to worry about their basic living sustenance.

Below is an extract from the observations made by a young executive:

"Singaporean parents will volunteer in certain primary schools to get a higher chance for their children to get into a primary school of the parents’ choice. Not to forget, pay for the required tuition classes… Thus, I assumed most parents will try to set aside money for their children’s university degree.

During my recent trek in India, I’ve met quite a number of middle class Indians. They had their foreign degrees (UK, US) and a huge chunk of their wedding expense paid by their parents.

In Australia… the previous GM I’ve work for…. He is 64 and he is paying for his daughter’s mortgage. Just to help them out. I’ve have read in the local Australian newspapers that parents are helping their kids to buy into their first property. Also, there seems to be a trend for young university graduates to take a year break after their studies to travel around the world. I do wonder who is paying for the yearlong break.

I’m not judging… I do see a super massive advantage for these guys. The people I’ve met in India, they are brave enough to set their own tech startups without sacrificing a comfortable living."
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  #10996 (permalink)  
Old 24-04-2017, 04:28 PM
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I'm 47 and semi retired. Was an executive in the financial sector. I have made enough.

Now I do some advisory work to spend my time. I also have a lot more time to spend with my family. My children loves me so much more now as I have more time to talk to them, to advise them. I'm like their best friend.

I don't want to be super rich. I'm happy with my wealth. My quality of life is a lot better. Very happy now.
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  #10997 (permalink)  
Old 24-04-2017, 06:31 PM
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Congrats! Well done! Not surprising for bankers to retire early.
Those in other jobs have no choice but to work in their 50s and 60s.


Quote:
Originally Posted by Unregistered View Post
I'm 47 and semi retired. Was an executive in the financial sector. I have made enough.

Now I do some advisory work to spend my time. I also have a lot more time to spend with my family. My children loves me so much more now as I have more time to talk to them, to advise them. I'm like their best friend.

I don't want to be super rich. I'm happy with my wealth. My quality of life is a lot better. Very happy now.
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  #10998 (permalink)  
Old 24-04-2017, 07:10 PM
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Quote:
Originally Posted by Unregistered View Post
I'm 47 and semi retired. Was an executive in the financial sector. I have made enough.

Now I do some advisory work to spend my time. I also have a lot more time to spend with my family. My children loves me so much more now as I have more time to talk to them, to advise them. I'm like their best friend.

I don't want to be super rich. I'm happy with my wealth. My quality of life is a lot better. Very happy now.
Congratulations! What is the amount of wealth and the annual passive income generated from your wealth that allows you to maintain your "very happy" lifestyle.
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  #10999 (permalink)  
Old 25-04-2017, 11:31 PM
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Hello to all who have made it, may we have your advice on how to invest / save / plan for retirement? We are a couple (nearing 30) earning more than 200k p.a. No debts, no car. BTO coming up in the next year (luckily we got it before one of us had full employment). Potentially we have the ability to climb a lot higher as we are still young in our respective industries, with room to grow (career + financially).

Would like to humbly ask for all of your advice on how to plan for our future. Intend to have 2-3 kids and staying in the HDB till the end of the lease. Thank you all in advance!
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  #11000 (permalink)  
Old 28-04-2017, 01:30 PM
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48 & 45. Total household income $150k pa. Total cash savings $30k pa. Debt free. We enjoy a middle class lifestyle. Owns a sporty car. Overseas holidays, twice a year. Eating at restaurants once a week. Our children enjoy the good life.

We plan to retire in 10 years time in our current paid up condo unit. By 2027, we should have about $750k cash savings, enough for us to retire. Our CPF Life will give us passive income starting from age 65.

We are happy with our success. Most importantly we have good relationships with our family, friends, colleagues and neighbours. We are contented and feel very fortunate.
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