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How much are you earning per annum?

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  #3081 (permalink)  
Old 01-11-2013, 06:48 PM
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You will never get far in life with this kind of mentality. Unless you are a high flier career wise, as a normal guy earning 60-80k annual, even if you save 30-40k annual, it will take forever to get anything from investing such low amounts.

Sure you can always laugh at the occassional downtrodden risk taker, but the fact is you will still be stuck in your crappy pigeon hdb hole at the age of 40, praying hard that you boss dun suddenly decide to fire you for someone cheaper while your meagre savings are not enough to last till you die. And then keep psycho-ing yourself to feel good by saying you are contented to work till 65-70 and look at other people failure to console yourself.
such people are very hard to teach. ask them to improve their wealth, they get defensive and start pointing to people who fail to justify being conservative. point them to many others who succeed, they try to act like hippie and insist we should be content with whatever we have.

then next time not enough money to retire or become unemploy, go to kopitiam and online forums to kpkb on how the govt never take care of them.

i have a uncle like that, very contend to just save small amounts every month and refuse to learn how use leverage to plan for retirement. when he was 52 kana force to retire from the GLC he work in his whole life. now he struggle with monthly expense but lucky hdb already paid, but every new year / christmas reunion spew vulgarities at the PAP for being money minded and never take care of "old" people like him.

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  #3082 (permalink)  
Old 01-11-2013, 08:32 PM
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It is exactly this kind of overconfident and exuberant attitude that creates lots of problems in the US and Europe. People over leveraged and then what happened to them? Go went to hell. My HDB flat is paid up. I rather focus on saving for my old age than taking on more loans.

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Originally Posted by Unregistered View Post
You will never get far in life with this kind of mentality. Unless you are a high flier career wise, as a normal guy earning 60-80k annual, even if you save 30-40k annual, it will take forever to get anything from investing such low amounts.

Sure you can always laugh at the occassional downtrodden risk taker, but the fact is you will still be stuck in your crappy pigeon hdb hole at the age of 40, praying hard that you boss dun suddenly decide to fire you for someone cheaper while your meagre savings are not enough to last till you die. And then keep psycho-ing yourself to feel good by saying you are contented to work till 65-70 and look at other people failure to console yourself.


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  #3083 (permalink)  
Old 01-11-2013, 10:03 PM
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It's ok, no need to argue. To each his own. Some people are happy to live average lives, really.

Average people always focus on saving money while successful people always focus on earning money.

People who take risk are never afraid of failure, they do not wait for the right time rather they do things to make it right. Remember also that the perfect time never comes.

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It is exactly this kind of overconfident and exuberant attitude that creates lots of problems in the US and Europe. People over leveraged and then what happened to them? Go went to hell. My HDB flat is paid up. I rather focus on saving for my old age than taking on more loans.

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  #3084 (permalink)  
Old 01-11-2013, 10:16 PM
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So you are one of those who lives in a HDB flat, yet buys luxury cars. This is interesting to me that there is such a difference between where you live and the car you drive.
There's nothing surprising, really. Some of us choose to place our money elsewhere other than the local property market. To each his/her own, I say. Cheers.
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  #3085 (permalink)  
Old 02-11-2013, 12:23 AM
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i am 35 year married with 5 children.
earn 4824 per month.
5 room hdb. less than 50k loan left.
no car
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  #3086 (permalink)  
Old 02-11-2013, 07:17 AM
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It is easy to talk. Have $2m, invest for 4% return and live on $80k pa. But it is not that all easy to implement, especially when you are retired with no more salary coming in. You will take a conservative stance.

Our current net worth is $5.5m, and we are still working, but trying hard to establish a steady and adequate passive income stream. Our current earned income is $400k pa and our passive income income is $120k pa. As you can see, the $120k pa is just 2% of our net worth!

Here is the breakdown.

Property we stay in : $1.7m (fully paid)
Property rented out : $1.3m (fully paid) rental income : $42k pa net.
Shares, unit trusts etc: $1m, Dividends, interest : $40k pa
CPF (total of OA, SA, MA): $1.2m, interest: $38k pa (cannot withdraw, not 55 yet)
FD (war chest): $300k. (embarrassing interest, too low to mention)

Luckily our expense is only $110k pa thereabouts. All these posts about retiring with such and such returns from their $1m, I wonder if they have really thought through how they are going to implement their plan.

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Downgrading as a retirement plan makes perfect sense. Most people work their whole life to finance their home mortgage and when they retire, their home becomes their main asset. Since many don't have much other assets as most of their salary goes to daily expenses, insurance and paying the mortgage, they will have to downgrade in order to get cash for their retirement expenses. A couple living in a landed may downgrade to a condo, a couple living in a big condo may downgrade to a small condo, a couple living in a condo may downgrade to a HDB flat, etc. Those who are lucky enough to earn a lot and not get retrenched in their 40s may afford to keep their home and have spare cash for retirement.

I'm now 53 and plan to retire at 60. My penthouse is now worth $2.5m and I plan to sell it at $3m when I retire. I will then downgrade to a $1m one bedroom condo (must be next to an MRT station for convenience) and invest the balance $2m. Assuming I can generate a modest 4% dividend yield, I will get about $80k pa in passive income. This should be sufficient for me and wife.
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  #3087 (permalink)  
Old 02-11-2013, 11:24 AM
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You're a typical Sibgaporean. A net worth of $5.5m and yet scared to retire. Fools. Just sell your condo and buy a cheap $1m condo. Then you have $4.5m to invest. At 5% dividend, you get an annual dividend of $225k. Not enough? There are so many Singaporeans who are already retired. They live in their hdb flats and survive by their savings, CPF and room rentals from their 2 spare rooms. Please don't be a paranoid fool. Or are you trying to show off by announcing to the world you have a net worth of $5.5m?


Quote:
Originally Posted by Unregistered View Post
It is easy to talk. Have $2m, invest for 4% return and live on $80k pa. But it is not that all easy to implement, especially when you are retired with no more salary coming in. You will take a conservative stance.

Our current net worth is $5.5m, and we are still working, but trying hard to establish a steady and adequate passive income stream. Our current earned income is $400k pa and our passive income income is $120k pa. As you can see, the $120k pa is just 2% of our net worth!

Here is the breakdown.

Property we stay in : $1.7m (fully paid)
Property rented out : $1.3m (fully paid) rental income : $42k pa net.
Shares, unit trusts etc: $1m, Dividends, interest : $40k pa
CPF (total of OA, SA, MA): $1.2m, interest: $38k pa (cannot withdraw, not 55 yet)
FD (war chest): $300k. (embarrassing interest, too low to mention)

Luckily our expense is only $110k pa thereabouts. All these posts about retiring with such and such returns from their $1m, I wonder if they have really thought through how they are going to implement their plan.
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  #3088 (permalink)  
Old 02-11-2013, 12:00 PM
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I am very skeptical of many of the claims here. According to the latest forbes reprot Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes, the average age for Singaporean to hit his first million is 49 and average age for multi-millionaires here is 69.

Looking at all the post here, most people seem to be claiming they are millionaire in their late 20s or early 30s. Many self declare multi millionaires here all say they are in their 30s or 40s. If true these anoynomous unregistered posters are not only elite, but top even among the elite society in Singapore
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  #3089 (permalink)  
Old 02-11-2013, 12:28 PM
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I am very skeptical of many of the claims here. According to the latest forbes reprot Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes, the average age for Singaporean to hit his first million is 49 and average age for multi-millionaires here is 69.

Looking at all the post here, most people seem to be claiming they are millionaire in their late 20s or early 30s. Many self declare multi millionaires here all say they are in their 30s or 40s. If true these anoynomous unregistered posters are not only elite, but top even among the elite society in Singapore
Having a milion is nowhere near elite. My wife and I hit SGD 2M net worth at 33. Now 37 we have about SGD 2.8M. Mainly due to gains from early property purchases. SGD 5M would be closer to being elite
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  #3090 (permalink)  
Old 02-11-2013, 12:54 PM
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The AVERAGE age of a Singaporean millionaire is 49, this means there are those who become a millionaire at an earlier age. I became one at 35. Now at 46, I am a multi millionaire. I still drive an old car and just live in a condo. I used to stay in a landed property but decided to sell it off as it is too big for my small family. I am just an ordinary elite guy. A simple, humble, elite guy who eats at hawker centers and shops side by side with the heartlanders.

Quote:
Originally Posted by Unregistered View Post
I am very skeptical of many of the claims here. According to the latest forbes reprot Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes, the average age for Singaporean to hit his first million is 49 and average age for multi-millionaires here is 69.

Looking at all the post here, most people seem to be claiming they are millionaire in their late 20s or early 30s. Many self declare multi millionaires here all say they are in their 30s or 40s. If true these anoynomous unregistered posters are not only elite, but top even among the elite society in Singapore
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