How much are you earning per annum?

Originally Posted by Unregistered

Our income is only average. It pales in comparison to many high achievers here.

Another cannon fairy. 350k p.a. household income is average? Ha.

Originally Posted by Unregistered

We are an average middle income PMET couple, earning only a total of $193k pa. Not much compared to those in this forum. Our residence is a two bedder condo which is worth $900k, which we have fully paid. I drive a luxury sedan. We have cash, CPF savings and stocks. Our combined net worth is only $1.5m. Btw, we are in our late forties. What's your household net worth?

Mid-40's but you're in a better position than us even though we earn more than 2x your annual salary mainly because we still have $950K housing loan balance (plus $95K car loan). We only have $400K cash + $450K in other property/funds and got 3 kids going to uni soon. We've spent a lot and have not invested/saved enough :-(

Originally Posted by Unregistered

Another cannon fairy. 350k p.a. household income is average? Ha.

Combined income $180K p.a. Not $180K each.

Originally Posted by Unregistered

Mid-40's but you're in a better position than us even though we earn more than 2x your annual salary mainly because we still have $950K housing loan balance (plus $95K car loan). We only have $400K cash + $450K in other property/funds and got 3 kids going to uni soon. We've spent a lot and have not invested/saved enough :-(

What's your total net worth?

male 32 earning 100k p.a. now...

So many people with hundred of thousands of saving plus millions dollars assets wanting to retire comfortably. It is very sad to see the level of insecurity people have in Singapore. I am not advocating that we should not plan or save but most of the people here are over the top. Seriously, who can tell me with 101% confidence that they will be alive tomorrow? We do not know what will happen tomorrow, let alone in 10 years time. We should grab what we have today in our financial disposal to live and give to people around us. Money don't bring happiness, it bring misery in most cases, hoarding don't bring happiness to our neighbours, only by giving can we make our life worth living. Stop trying to live for the future and start living now.

Originally Posted by Unregistered

What's your total net worth?

Just around $1M..

Originally Posted by Unregistered

Mid-40's but you're in a better position than us even though we earn more than 2x your annual salary mainly because we still have $950K housing loan balance (plus $95K car loan). We only have $400K cash + $450K in other property/funds and got 3 kids going to uni soon. We've spent a lot and have not invested/saved enough :-(

Erm,,, have 400k cash but with a 95k car loan?
Isnt it better to have less cash, no car loan and reduce home loan?

In order to retire, we must first be debt free. No house loan, car loan, personal loan.
Next, we must have enough savings or passive income to last us for many years.

First goal - pay our HDB loan
Second goal - pay our other loans
Third goal - save money
Fourth goal - invest

How much to save? How much to invest?

It depends on how much you need when you retire.

If we need $3k per month from age 55 to 65, we will need $360k. After 65, we will get our CPF Life until we pass away.

Originally Posted by Unregistered

In order to retire, we must first be debt free. No house loan, car loan, personal loan.
Next, we must have enough savings or passive income to last us for many years.

First goal - pay our HDB loan
Second goal - pay our other loans
Third goal - save money
Fourth goal - invest

How much to save? How much to invest?

It depends on how much you need when you retire.

If we need $3k per month from age 55 to 65, we will need $360k. After 65, we will get our CPF Life until we pass away.

You are very old school.

If you know how to leverage (on cheap loans), you can retire comfortably and early as well. In Singapore, home loans are among the cheapest loans one can get anywhere.

Instead of paying up on property loans, use the money to invest for higher returns.

This is what we are doing now and making our money work for us in 3 ways simultaneously.

1. Property earning rental income
2. Money invested in bonds for 5% returns (instead of paying up property loan)
3. Property price appreciation