How much are you earning per annum?

Originally Posted by Unregistered

don't be too happy. i was earning more than you at your age but was retrenched at 42. since then couldnt get a full time job, now doing free lance work. wife also had to work. we bring in a total of $6k per month now, barely covers our expenses. we had to sell our landed and now live in a 3 room hdb flat. you and your wife can also be retrenched after 40. make sure you do not have a lot of debt. best is to have no debt.

Thanks for the advice! I did in fact thought about this too, which was why I recently changed job to a stat board.

I just turned 60, retired. Earns $80k pa from equities and REITs dividends. My wife, 50, earns $100k pa. We live in a paid up condo in a upscale condo district. Expenditure $80k pa.

Quant developer

700k pa.

Mid 30s.

Originally Posted by Unregistered

Quant developer

700k pa.

Mid 30s.

Quant genius

$2m pa

Mid 20s

Haha, we get this kind of response a lot.

Quite pitiful

Originally Posted by Unregistered

Quant genius

$2m pa

Mid 20s

50, retired businessman. Wife, 55, housewife. Lives in a penthouse condo, now worth $3m. No debt. Earns passive income from dividends, $75k pa. Spends $60k pa. Spend most of my time reading, cycling, swimming and managing my stocks portfolio.

Sales/structurer

450k sgd p.a.

28

[Eaglet777]

Mid 30s, 150k pa. Wife not working and 1 child.
HDB still got 250k loan
3.5y old car fully paid
Investment condo fully paid. rental return abt 40k pa
Savings abt 450k
Now waiting to get another condo when the market correct or maybe buy a retirement home overseas since sg is not safe these days

Let's say you 35 now. You probably worked 10 yrs. let's also say you earned $150k pa from the very first day you started work and saved every single cent. That would give you $1.5m

With that, you have a fully paid condo, a fully paid up car and a partially paid HDB. And some more got $450k savings.

Wonderful if true, if not true, very pitiful. Very pitiful because we can dream, but we don't share them openly especially when they are very unrealistic. Some people will find it funny and laugh at you but you will elicit a lot of sympathies and some condolences.

Originally Posted by Eaglet777

Mid 30s, 150k pa. Wife not working and 1 child.
HDB still got 250k loan
3.5y old car fully paid
Investment condo fully paid. rental return abt 40k pa
Savings abt 450k
Now waiting to get another condo when the market correct or maybe buy a retirement home overseas since sg is not safe these days

[lazyplane]

I dont disagree with your analysis,but it is clear that there are unstated assumptions in both cases

TS never say his wife didnt work at all. maybe wife stopped working when child came ? TS also did not state what kind of hdb or investment condo. can be very small.

Having said that, i assume (and i also making assumption) u are referring to those "self made" millionaire cases where they have minimal savings, with maybe some education and then became where they are .

Well, the thing here is that in SG, i think many now have a leg up. Seriously, look around us, how many parents are splurging on kids education , gadgets , school tours and even buying a small overseas property (instead of renting) for their kids when they are overseas uni .

Having said all that, i think there r self made millionaires in SG. Not many, but meeting those can be a true inspiration to rest of us.

Originally Posted by Unregistered

Let's say you 35 now. You probably worked 10 yrs. let's also say you earned $150k pa from the very first day you started work and saved every single cent. That would give you $1.5m

With that, you have a fully paid condo, a fully paid up car and a partially paid HDB. And some more got $450k savings.

Wonderful if true, if not true, very pitiful. Very pitiful because we can dream, but we don't share them openly especially when they are very unrealistic. Some people will find it funny and laugh at you but you will elicit a lot of sympathies and some condolences.