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Hi good morning all Singaporeans,

I want to share with you a good news. I am now RETIRED :-)

After working so hard, long hours, lack of sleep, and worsening health, I have now accumulated enough for me to retire for good. I finally am a millionaire, a status which I never thought was possible in the past as I came from a low income family. The Singapore system allowed me to progression life, in my education sand career. I am deeply grateful for being a Singaporean.

Now, I no longer have any mortgage loan or car loan. I paid off the loans. My 3 bedroom condo, which is worth $1.2m, is paid up and my European car loan is paid off.

My assets now generate a good passive income and together with my wife's salary, we earn $180k pa. We save $70k pa.

I now spend my time trading stocks, tutoring my kids (saves a lot on tuition fees) and most importantly being there for my kids. I am able to nurture them into good people. I have also time to further my knowledge about the universe, about who we are and the true meaning of life on this temporary world. I also exercise at the condo gym and swim in the condo pool. I also volunteers at charities.

I feel very blessed and happy. I also hope to be healthier and live a long blessed life.

Originally Posted by Unregistered

Hi good morning all Singaporeans,

I want to share with you a good news. I am now RETIRED :-)

After working so hard, long hours, lack of sleep, and worsening health, I have now accumulated enough for me to retire for good. I finally am a millionaire, a status which I never thought was possible in the past as I came from a low income family. The Singapore system allowed me to progression life, in my education sand career. I am deeply grateful for being a Singaporean.

Now, I no longer have any mortgage loan or car loan. I paid off the loans. My 3 bedroom condo, which is worth $1.2m, is paid up and my European car loan is paid off.

My assets now generate a good passive income and together with my wife's salary, we earn $180k pa. We save $70k pa.

I now spend my time trading stocks, tutoring my kids (saves a lot on tuition fees) and most importantly being there for my kids. I am able to nurture them into good people. I have also time to further my knowledge about the universe, about who we are and the true meaning of life on this temporary world. I also exercise at the condo gym and swim in the condo pool. I also volunteers at charities.

I feel very blessed and happy. I also hope to be healthier and live a long blessed life.

Good time to share this story again:

An American businessman took a vacation to a small coastal Mexican village on doctor’s orders. Unable to sleep after an urgent phone call from the office the first morning, he walked out to the pier to clear his head. A small boat with just one fisherman had docked, and inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish.
“How long did it take you to catch them?” the American asked.
“Only a little while,” the Mexican replied in surprisingly good English.
“Why don’t you stay out longer and catch more fish?” the American then asked.
“I have enough to support my family and give a few to friends,” the Mexican said as he unloaded them into a basket.
“But… What do you do with the rest of your time?”
The Mexican looked up and smiled. “I sleep late, fish a little, play with my children, take a siesta with my wife, Julia, and stroll into the village each evening, where I sip wine and play guitar with my amigos. I have a full and busy life, senor.”
The American laughed and stood tall. “Sir, I’m a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.”
He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually New York City, where you could run your expanding enterprise with proper management.”
The Mexican fisherman asked, “But, senor, how long will all this take?”
To which the American replied, “15-20 years. 25 tops.”
“But what then, senor?”
The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.”
“Millions, senor? Then what?”
“Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll to the village in the evening where you could sip wine and play your guitar with your amigos…”

Congratulations. Now is the time to smell the roses.

As you mentioned you still need to tutor your kids, I presumed you are in your early 50s? If you are, and your kids are still in secondary or primary school level, I hope you have done thorough planning to ensure your finances can last the distance. What happens when wife also retires? Will your savings be enough then?

Just to share, I have done my retirement calculations, and concluded that my wife and I can only retire at 60 minimum, even with our children currently in the Uni.

Here are some factors / questions that we considered that shaped our conclusion:

1. Are we willing to downgrade when we retire? We answered no. We are currently staying in a condo. So in our calculation, we factored in ever increasing fees (MCST fees) to continue staying in condo.
2. Will we be giving up our car? Again we said no. We thus need to factor in 2 x purchase of cars (each to last 10 years) till we are in our 80s.
3. Do we want to conitnue traveling? This is a definite yes because when retired, we will have more time for traveling especially during initial years of retirement.
4. children's education? For us, the Uni fees worry will be over soon. So we didn't include this
5. Medical fees? We put a high weightage on this one in terms of savings requirement.
6. Impact of inflation on cost of living. Doing this calculation really opened up our eyes to the crippling effect of inflation over the 25 - 30 years that we expected to live in retirement.

To cut the story short, the calculation showed that we would need $2.5m (not counting the primary residence) to maintain our current lifestyle for 25- 30 years after retiring at 60. It would be $3m if retire at 55.

by the way, the above are just financial considerations. An equally important factor is what to do with your free time?

Originally Posted by Unregistered

Hi good morning all Singaporeans,

I want to share with you a good news. I am now RETIRED :-)

After working so hard, long hours, lack of sleep, and worsening health, I have now accumulated enough for me to retire for good. I finally am a millionaire, a status which I never thought was possible in the past as I came from a low income family. The Singapore system allowed me to progression life, in my education sand career. I am deeply grateful for being a Singaporean.

Now, I no longer have any mortgage loan or car loan. I paid off the loans. My 3 bedroom condo, which is worth $1.2m, is paid up and my European car loan is paid off.

My assets now generate a good passive income and together with my wife's salary, we earn $180k pa. We save $70k pa.

I now spend my time trading stocks, tutoring my kids (saves a lot on tuition fees) and most importantly being there for my kids. I am able to nurture them into good people. I have also time to further my knowledge about the universe, about who we are and the true meaning of life on this temporary world. I also exercise at the condo gym and swim in the condo pool. I also volunteers at charities.

I feel very blessed and happy. I also hope to be healthier and live a long blessed life.

Financially, I have worked out everything. We have sufficient savings for our kids' studies. We are heavily insured and most importantly, I have a good cash buffer, on top of my investment portfolio. My wife is happy with her career, the work is not too stressful and she is likely to work for the next 20 years. She saves a big chunk of her salary as most of the family expenses are taken care by me. As a millionaire, this is the right thing to do. I am now helping her to be a millionaire too.

Free time? I don't have much free time anyways. I am spending time more on things which really matter and which I previously neglected due to the crazy work commitment - religion, family, society (the poor), health. It is time I make up for it.

Btw, I looked at today's obituary, there are guys who passed away in their 50s and 60s. Food for thought.

Originally Posted by Unregistered

Congratulations. Now is the time to smell the roses.

As you mentioned you still need to tutor your kids, I presumed you are in your early 50s? If you are, and your kids are still in secondary or primary school level, I hope you have done thorough planning to ensure your finances can last the distance. What happens when wife also retires? Will your savings be enough then?

Just to share, I have done my retirement calculations, and concluded that my wife and I can only retire at 60 minimum, even with our children currently in the Uni.

Here are some factors / questions that we considered that shaped our conclusion:

1. Are we willing to downgrade when we retire? We answered no. We are currently staying in a condo. So in our calculation, we factored in ever increasing fees (MCST fees) to continue staying in condo.
2. Will we be giving up our car? Again we said no. We thus need to factor in 2 x purchase of cars (each to last 10 years) till we are in our 80s.
3. Do we want to conitnue traveling? This is a definite yes because when retired, we will have more time for traveling especially during initial years of retirement.
4. children's education? For us, the Uni fees worry will be over soon. So we didn't include this
5. Medical fees? We put a high weightage on this one in terms of savings requirement.
6. Impact of inflation on cost of living. Doing this calculation really opened up our eyes to the crippling effect of inflation over the 25 - 30 years that we expected to live in retirement.

To cut the story short, the calculation showed that we would need $2.5m (not counting the primary residence) to maintain our current lifestyle for 25- 30 years after retiring at 60. It would be $3m if retire at 55.

by the way, the above are just financial considerations. An equally important factor is what to do with your free time?

For your sake, I hope you got your planning right. I think there is no need to tell you that getting back into the workforce later in life is not easy if not impossible. Many ended up driving taxis even in their 60s. But still it is an honest job, but something they could possibly avoid if they have planned their finances better. Driving taxi is not exactly easy - it's almost like running a little business.

There will always be people dying young or before their time. I only hoped that they don't leave a big financial burden on their loved ones. To those who worked hard and provided for their families and to die prematurely is really unfortunate. But it is despicable for those who copped out early in their working life falsely arguing that work will kill them and neglecting their loved ones' future.

Something to think about.

Originally Posted by Unregistered

Financially, I have worked out everything. We have sufficient savings for our kids' studies. We are heavily insured and most importantly, I have a good cash buffer, on top of my investment portfolio. My wife is happy with her career, the work is not too stressful and she is likely to work for the next 20 years. She saves a big chunk of her salary as most of the family expenses are taken care by me. As a millionaire, this is the right thing to do. I am now helping her to be a millionaire too.

Free time? I don't have much free time anyways. I am spending time more on things which really matter and which I previously neglected due to the crazy work commitment - religion, family, society (the poor), health. It is time I make up for it.

Btw, I looked at today's obituary, there are guys who passed away in their 50s and 60s. Food for thought.

Don't for a moment fall foolishly for this lazy Mexican fisherman and other such like stories. Who led a fuller, more enriching and exciting life do you think? The American or the lazy fisherman?

With your millions, you have many options in front of you, including joining the fisherman to fish daily. Does the fisherman have any choices?

I have to admit that people are creative when they try to find excuses and reasons for leaving the rat race. Like those not academically inclined will cite the example of successful businessmen who did not go to uni and yet are successful in building a business. But don't they realise that these successful businessmen are urging their own children to study hard and to go as high as they can in their studies? We must realise that only a few are gifted with good business acumen, but for the rest of us, our only chance of making a decent living is through acquiring a good education and practical skills.

Originally Posted by Unregistered

Good time to share this story again:

An American businessman took a vacation to a small coastal Mexican village on doctor’s orders. Unable to sleep after an urgent phone call from the office the first morning, he walked out to the pier to clear his head. A small boat with just one fisherman had docked, and inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish.
“How long did it take you to catch them?” the American asked.
“Only a little while,” the Mexican replied in surprisingly good English.
“Why don’t you stay out longer and catch more fish?” the American then asked.
“I have enough to support my family and give a few to friends,” the Mexican said as he unloaded them into a basket.
“But… What do you do with the rest of your time?”
The Mexican looked up and smiled. “I sleep late, fish a little, play with my children, take a siesta with my wife, Julia, and stroll into the village each evening, where I sip wine and play guitar with my amigos. I have a full and busy life, senor.”
The American laughed and stood tall. “Sir, I’m a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.”
He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually New York City, where you could run your expanding enterprise with proper management.”
The Mexican fisherman asked, “But, senor, how long will all this take?”
To which the American replied, “15-20 years. 25 tops.”
“But what then, senor?”
The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.”
“Millions, senor? Then what?”
“Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll to the village in the evening where you could sip wine and play your guitar with your amigos…”

Don't worry for me. I have millions.
Thanks anyway.

Originally Posted by Unregistered

For your sake, I hope you got your planning right. I think there is no need to tell you that getting back into the workforce later in life is not easy if not impossible. Many ended up driving taxis even in their 60s. But still it is an honest job, but something they could possibly avoid if they have planned their finances better. Driving taxi is not exactly easy - it's almost like running a little business.

There will always be people dying young or before their time. I only hoped that they don't leave a big financial burden on their loved ones. To those who worked hard and provided for their families and to die prematurely is really unfortunate. But it is despicable for those who copped out early in their working life falsely arguing that work will kill them and neglecting their loved ones' future.

Something to think about.

Congratulations!

You are not alone. A friend of mine also retired early at 52. He was a high flyer and decided to quit the rat race as he is getting very tired. He told me he worked very hard for 30 years and now is suffering from various ailments such as hypertension and other heart conditions. His doctor told him that he will not live long if his lifestyle continued. It was a wake up call for him. So he decided to retire even though he enjoyed bossing around others.

He had $1m in savings then. He figured it would not be enough to generate enough income. So he sold his terrace house and use the cash proceeds to pay off his mortgage and car loan. He also bought a condo in the west for $1m. After all that, he had a net cash of $1.5m. He then invested $2m worth of stocks which gives him a passive dividend income of $100k pa. His wife earns $120k pa. And because he is debt free, his spendings is only $70k pa. So his family saves $150k pa. He is very happy now and he is working on improving his health.

Originally Posted by Unregistered

Hi good morning all Singaporeans,

I want to share with you a good news. I am now RETIRED :-)

After working so hard, long hours, lack of sleep, and worsening health, I have now accumulated enough for me to retire for good. I finally am a millionaire, a status which I never thought was possible in the past as I came from a low income family. The Singapore system allowed me to progression life, in my education sand career. I am deeply grateful for being a Singaporean.

Now, I no longer have any mortgage loan or car loan. I paid off the loans. My 3 bedroom condo, which is worth $1.2m, is paid up and my European car loan is paid off.

My assets now generate a good passive income and together with my wife's salary, we earn $180k pa. We save $70k pa.

I now spend my time trading stocks, tutoring my kids (saves a lot on tuition fees) and most importantly being there for my kids. I am able to nurture them into good people. I have also time to further my knowledge about the universe, about who we are and the true meaning of life on this temporary world. I also exercise at the condo gym and swim in the condo pool. I also volunteers at charities.

I feel very blessed and happy. I also hope to be healthier and live a long blessed life.

Your friend is a wise man. Health is wealth. What is the point of having so much money but you are suffering. You won't be able to enjoy your money, instead you are giving the doctors your money. It is no wonder why doctors are so rich.

Originally Posted by Unregistered

Congratulations!

You are not alone. A friend of mine also retired early at 52. He was a high flyer and decided to quit the rat race as he is getting very tired. He told me he worked very hard for 30 years and now is suffering from various ailments such as hypertension and other heart conditions. His doctor told him that he will not live long if his lifestyle continued. It was a wake up call for him. So he decided to retire even though he enjoyed bossing around others.

He had $1m in savings then. He figured it would not be enough to generate enough income. So he sold his terrace house and use the cash proceeds to pay off his mortgage and car loan. He also bought a condo in the west for $1m. After all that, he had a net cash of $1.5m. He then invested $2m worth of stocks which gives him a passive dividend income of $100k pa. His wife earns $120k pa. And because he is debt free, his spendings is only $70k pa. So his family saves $150k pa. He is very happy now and he is working on improving his health.

Originally Posted by Unregistered

Your friend is a wise man. Health is wealth. What is the point of having so much money but you are suffering. You won't be able to enjoy your money, instead you are giving the doctors your money. It is no wonder why doctors are so rich.

39 yr old
nus engrg grad
52xx per month