How much are you earning per annum?

Originally Posted by Unregistered

wow age 34 and getting 8k+ as civil servant???
you in under MX scheme or uniform group?? basic salary so high? scholar?

me age 32 also NUS degree, in GLC getting slightly less than 4k nia...

this seems like a non-trolling post and i think you're underpaid.

for the rest of us non-supposed high flyers that frequent this forum, i'm 33 this year from local pte uni, working in GLC and a few Gs under 100k. hopefully will break the 6 digit ceiling by next year.

Banker 37
annual 150k
bonus 100k

Originally Posted by Unregistered

Banker 37
annual 150k
bonus 100k

Do you live in a Orchard Road condo or a Upper Bukit Timah condo?

Retired senior exec, 48. Passive income $156k pa. Wife, 35, Salary $100k pa.

Paid off condo mortgage. Paid off car loan. Paid off all other loans and obligations. Debt free.

Originally Posted by Unregistered

Retired senior exec, 48. Passive income $156k pa. Wife, 35, Salary $100k pa.

Paid off condo mortgage. Paid off car loan. Paid off all other loans and obligations. Debt free.

Cool. Being debt free and retiring so young is the new status symbol. I'm inspired by you, I will work doubly hard from now on so that I can pay off all my loans and build up my stocks investment portfolio to give me a passive income of at least $100k pa.

My condo loan is left with $500k mortgage. To generate a passive income of $100k pa, I will need about $2m in stocks portfolio value (assuming 5% dividend yield). So, I need to pay down the $500k mortgage outstanding and save $2m before I can retire at 50. Not easy, but I will try my best.

Work harder and save more. One day you can afford to upgrade to a condo.

Originally Posted by Unregistered

i'm 34 and earn 8k+ as a civil servant. Still living in hdb flat. Some of my colleagues live in condos while some in hdbs, but it has never been a subject of discussion among us.

In fact, i dont see this whole point of upgrading to a condo. We have good neighbours, all the amenities/facilities we need are nearby and close to school. MRT/bus stop is close too. I feel living in HDB is more comfortable compared to condo. What we need is what we get here.

Condo - chances are what you need is not what you get. And what you get is not what you need.

Everyone says they will try, or they will work harder, but do they have a plan? Dreaming and talking are easy.

So what would be your approach / roadmap?

Working hard in the same job with same pay makes no sense. The rich derive their income from a number of sources - investment income, capital gains and lastly wages.

But if you and spouse are both working and are professionals (eg lawyers, accountants or even in engineering field) achieving $5m net worth by 50 is doable. Investing in property will certainly help.

Originally Posted by Unregistered

Cool. Being debt free and retiring so young is the new status symbol. I'm inspired by you, I will work doubly hard from now on so that I can pay off all my loans and build up my stocks investment portfolio to give me a passive income of at least $100k pa.

My condo loan is left with $500k mortgage. To generate a passive income of $100k pa, I will need about $2m in stocks portfolio value (assuming 5% dividend yield). So, I need to pay down the $500k mortgage outstanding and save $2m before I can retire at 50. Not easy, but I will try my best.

And trust me, when you achieve your target of $5m at age 50, you will not want to retire. Wealth is addictive. The more you have, the more you want. It is never enough.

I have seen too many friends gone down this path, achieved their targets, kids started working already, and still they are working in their late 50s, early 60s.

Now at least they can say it is the government that want people to work till 67.

Originally Posted by Unregistered

Everyone says they will try, or they will work harder, but do they have a plan? Dreaming and talking are easy.

So what would be your approach / roadmap?

Working hard in the same job with same pay makes no sense. The rich derive their income from a number of sources - investment income, capital gains and lastly wages.

But if you and spouse are both working and are professionals (eg lawyers, accountants or even in engineering field) achieving $5m net worth by 50 is doable. Investing in property will certainly help.

Many of these people who have so much wealth will spend them on drinking, gluttoning, partying, womanising, smoking, gambling and all sorts of sinful activities ... all these will not make them happy but will make them more depressed.

Happiness is not to have many possessions but to be contented with what you have. Wealth can be a curse for those who do not know how to use it. Only if you use your wealth to help others in need, feed the poor and homeless, house the orphans, etc, then you will be happy.

But the ultimate happiness to have the belief in the One and Only Creator and to be true to the DEEN.

Originally Posted by Unregistered

And trust me, when you achieve your target of $5m at age 50, you will not want to retire. Wealth is addictive. The more you have, the more you want. It is never enough.

I have seen too many friends gone down this path, achieved their targets, kids started working already, and still they are working in their late 50s, early 60s.

Now at least they can say it is the government that want people to work till 67.

Obviously you have not met the right kind of rich people. Actually contrary to what you think, people who "drink, smoke, womanise, party and all sorts of sinful activities" are not the wealthy ones. How to get rich with these frivolous spendings? Just ask yourself.

The rich I know are typically frugal, hardworking and shrewd in their investment. And why they dont want to stop working is because once they tasted success, they want more. They get excited when they see their investment multiplying not from womanising or drinking and smoking and those other mindless vices.

I am sure you are aware that the average guy patronises the casinos, the rich guy owns them. The average guy holidays in resorts, the rich guy owns them.

Get it?

Originally Posted by Unregistered

Many of these people who have so much wealth will spend them on drinking, gluttoning, partying, womanising, smoking, gambling and all sorts of sinful activities ... all these will not make them happy but will make them more depressed.

Happiness is not to have many possessions but to be contented with what you have. Wealth can be a curse for those who do not know how to use it. Only if you use your wealth to help others in need, feed the poor and homeless, house the orphans, etc, then you will be happy.

But the ultimate happiness to have the belief in the One and Only Creator and to be true to the DEEN.