How much are you earning per annum?

Originally Posted by Unregistered

Working in a bank
13yrs experience. Client facing
Basic 365k pa
Bonus ard 180k but varies a lot

That is like 1K per day (excluding bonus).
You must be very capable and it must be a stressful job.

Originally Posted by Unregistered

That is like 1K per day (excluding bonus).
You must be very capable and it must be a stressful job.

Earning $365k a year is remarkable but not special. Now my challenge to him / her would be to SAVE $365k a year. That would be like saving $1,000 a day, every day for a whole year.

As a couple, my wife and I, are able to do just that, save well above $400,000 a year, combined. And why was it special for us? Because we dont even earn that much combined.

Our savings rate was only possible because of passive income! Our passive income was able to cover our yearly expense and have some left over!

Originally Posted by Unregistered

Earning $365k a year is remarkable but not special. Now my challenge to him / her would be to SAVE $365k a year. That would be like saving $1,000 a day, every day for a whole year.

As a couple, my wife and I, are able to do just that, save well above $400,000 a year, combined. And why was it special for us? Because we dont even earn that much combined.

Our savings rate was only possible because of passive income! Our passive income was able to cover our yearly expense and have some left over!

This is remarkable. I am sure many high income earners have higher expenses.

It is more on how much we save n grow rather than earn.

Originally Posted by Unregistered

Earning $365k a year is remarkable but not special. Now my challenge to him / her would be to SAVE $365k a year. That would be like saving $1,000 a day, every day for a whole year.

As a couple, my wife and I, are able to do just that, save well above $400,000 a year, combined. And why was it special for us? Because we dont even earn that much combined.

Our savings rate was only possible because of passive income! Our passive income was able to cover our yearly expense and have some left over!

I have idle funds sitting in the banks. May i ask if you can offer some tips and strategies on how to achieve the kinda of passive income as you. Many banks tried to seduce me to buy their structured products n i have attended many investment talks but im still hesistant. Perhaps just need a nudge to move. Can help?

I grew up in a low/mid middle class family.

I have moved from the low/mid middle class to the upper class. I am very grateful to our system which rewards meritocracy, hard work and diligence.

I have achieved the Singapore Dream.

1. I no longer need to trade my precious time to earn a salary. My investments generate healthy returns and good passive income.
2. I was successful in my high flyer, high income career in the financial sector and was able to retire 6 years ago at the age of 44.
3. I have no mortgage on my home and no car loan.
4. I have a happy family and good friends.
5. I am TIME RICH.
6. I have time to spend with my loved ones.
7. I have time to exercise and take care of my health.
8. I have time to volunteer at charities to help the poor and needy.
9. I have time to read and pursue other interests.
10. I am happy, grateful and contented with the many blessings I receive.
11. I live in a 3 bedroom MODERN luxury condo located in a good district.
12. I drive a big luxury European car.
13. I enjoy overseas holidays.
14. I sleep peacefully at night.
15. I am now in the upper class.
16. I am a millionaire.

Secret of my success?

1. Studied very hard at TOP schools.
2. Chose the right high income career in a TOP industry. Worked at TOP companies.
3. Worked very hard in my career. Long hours and overseas travel.
4. Contributed back to society. I am generous with my time and material wealth for the less fortunate. Hence, I am very blessed.
5. Saved a lot from my BIG bonuses.
6. Invested wisely. I made HUGE profits from my investments.

True success is not defined by how materially rich you are. While material wealth is one indicator of success, it is not the only one. Wealth of time is another yardstick. How you spend your material wealth and time matters too.

If you spend a good portion of your material wealth and time volunteering to help the poor and needy, then you are truly successful.

We only live ONCE in this temporary world. Make a difference to the world. We won’t be taking our material wealth to the next world.

Leave behind a legacy.

Be known for being a rich, generous and kind person, whose contributions towards humanity is countless.

If the world mourns your passing away, then you are truly a successful person who has led a meaningful life.

But well you also need people to appreciate and recognise your hard work and effort.
I believe there are still many people to study as hard, work as hard, work as long... But this may not always mean there are people there to recognise their hard work and effort, and give them the reward in monetary term and in status.

Today is a blessed day. It is raining. Rain is a blessing.

As I look out the window, I feel blessed as I can afford to enjoy the morning, lying on my bed. I recalled my earlier days as a high flying corporate executive. Those days were crazy days, rushing early in the morning, stuck in traffic, rushing from one meeting to another, flying from one city to another, rain or shine.

But it was worth it as the hard work enables me to earn a fortune. I had plenty of cash to invest. My many years of investments paid off extremely well. I'm now happily retired, my passive income from investments easily sustains my family. They are enjoying a good life too - living in a nice condo, going overseas holidays, driven around in a car, enjoying good food at restaurants, etc.

As a multi millionaire, I'm still busy, busy managing and growing my wealth, busy pursuing the many interests I had no time for previously, busy taking good care of my family, busy spending time with my very old parents and busy volunteering at charities and non profit organisations. Life is more meaningful and fulfilling. I'm healthier and happier.

In life, you have to make tough choices. Choose the wrong career and you can be working all your life. There are many people who did not enjoy a single day of retirement. They died before they retired. That's sad.

Choose the right high paying career, work hard, be the best in your field and become a multi millionaire. You can then afford to retire early and enjoy a full life.

A husband & wife couple who are both engineers (they are not high income earners) can still retire at 55 if they are disciplined. They must not upgrade their lifestyle even though their income rises over the years.

Assuming they bought their BTO 4 room HDB flat at a very cheap price (at only $300k) and paid their mortgage off by 55 using their CPF. They also stay in their flat all their lives. Also they don't own a car and don't employ a maid (it costs $2k pm to own a car and $1k pm to employ a maid). They can easily save on average $30k pa over their 30 years of working. This means they can save $900k by the time they retire at 55.

With $900k, they can invest in a 5% dividend yield portfolio of good, blue chip stocks which give them $45k pa in dividends. They can also rent out two of their empty rooms since their children would have been married and staying in their own BTO flat. They can get $700 pm for each room.

In total, their passive income will be $5,150 pm. This is enough for them to buy food and pay utilities for two retired old persons. At 65, their passive income will rise by an additional $3,600 pm from their CPF Life. So it becomes $8,750 pm in passive income!

So, even an engineer married couple can retire at 55 if they don't overspend by upgrading to a condo, owning a car and employing a maid. These luxuries are just for those (eg bankers) who are high income earners.

We are very lucky to have the very cheap BTO HDB flat system, which allows those who are not high income earners to easily afford a home and retire comfortably.

Originally Posted by Unregistered

A husband & wife couple who are both engineers (they are not high income earners) can still retire at 55 if they are disciplined. They must not upgrade their lifestyle even though their income rises over the years.

Assuming they bought their BTO 4 room HDB flat at a very cheap price (at only $300k) and paid their mortgage off by 55 using their CPF. They also stay in their flat all their lives. Also they don't own a car and don't employ a maid (it costs $2k pm to own a car and $1k pm to employ a maid). They can easily save on average $30k pa over their 30 years of working. This means they can save $900k by the time they retire at 55.

With $900k, they can invest in a 5% dividend yield portfolio of good, blue chip stocks which give them $45k pa in dividends. They can also rent out two of their empty rooms since their children would have been married and staying in their own BTO flat. They can get $700 pm for each room.

In total, their passive income will be $5,150 pm. This is enough for them to buy food and pay utilities for two retired old persons. At 65, their passive income will rise by an additional $3,600 pm from their CPF Life. So it becomes $8,750 pm in passive income!

So, even an engineer married couple can retire at 55 if they don't overspend by upgrading to a condo, owning a car and employing a maid. These luxuries are just for those (eg bankers) who are high income earners.

We are very lucky to have the very cheap BTO HDB flat system, which allows those who are not high income earners to easily afford a home and retire comfortably.

Many engineers are still working in their 50s and 60s. They cannot afford to retire. Some of them got retrenched and now working with Grab or driving taxis.

[lazyplane]

On your point of getting 5% dividends - So would you have considered hyflux a blue chip stock ?

Originally Posted by Unregistered

A husband & wife couple who are both engineers (they are not high income earners) can still retire at 55 if they are disciplined. They must not upgrade their lifestyle even though their income rises over the years.

Assuming they bought their BTO 4 room HDB flat at a very cheap price (at only $300k) and paid their mortgage off by 55 using their CPF. They also stay in their flat all their lives. Also they don't own a car and don't employ a maid (it costs $2k pm to own a car and $1k pm to employ a maid). They can easily save on average $30k pa over their 30 years of working. This means they can save $900k by the time they retire at 55.

With $900k, they can invest in a 5% dividend yield portfolio of good, blue chip stocks which give them $45k pa in dividends. They can also rent out two of their empty rooms since their children would have been married and staying in their own BTO flat. They can get $700 pm for each room.

In total, their passive income will be $5,150 pm. This is enough for them to buy food and pay utilities for two retired old persons. At 65, their passive income will rise by an additional $3,600 pm from their CPF Life. So it becomes $8,750 pm in passive income!

So, even an engineer married couple can retire at 55 if they don't overspend by upgrading to a condo, owning a car and employing a maid. These luxuries are just for those (eg bankers) who are high income earners.

We are very lucky to have the very cheap BTO HDB flat system, which allows those who are not high income earners to easily afford a home and retire comfortably.