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How much are you earning per annum?

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  #4201 (permalink)  
Old 30-04-2014, 04:16 PM
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How much did you put into stocks and what kind of blue chips give so much dividends?

You are doing much better than the poster with an investible fund of $3.5m but only managed to derive a passive income of $115K pa from the 3 sources

1. $1m in stocks (blue chips and reits) - $40 k dividend
2. $1.3m condo - $50K rental income
3. $1.2m in FD, bonds, single premiums -- $25k interest

Somehow his story is more believable.

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Originally Posted by Unregistered View Post
Our retirement experience:

55 and 56 years old couple, retired last year. We sold our big landed property at its peak price (overvalued) and downgraded to an undervalued 3 room condo (paid in full), after the transaction we got cash balance of $1m. Plus our current cash savings of another $1m, we invested into blue chip stocks (not the speculative penny stocks) and got dividends of $100k pa in total. Since we are debt free, we don't own a car, we have no maid and we cook our own nutritious simple meals, we only spend $60k pa. So our assets are our condo, our stocks, cpf savings and cash. Our total net worth is about $3.2m.

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  #4202 (permalink)  
Old 30-04-2014, 07:21 PM
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42, earns $80k pa.
wife, 40, earns $70k pa.
Savings, $30k pa.
Sold our HDB flat last year and upgraded to a resale EC.
Drives a 1.6L car.
Comfortable middle class family lifestyle.
Combined current net worth, $1.2m.

Like everyone else, we worry about how we can retire.
Any good ideas? We want to retire in luxury, in a condo if possible.

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  #4203 (permalink)  
Old 30-04-2014, 08:34 PM
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One piece of advice I give out often is that you are your best asset, thus do not have breaks in your employment history. Imagine from the time you join the work force at age 25 to 60, you have a good 35 years to earn and accumulate your wealth.

And it gets better for wealth accumulation when you get older for the following reasons:

1. Children are grown up
2. Loans are paid up
3. Investments are bearing fruits, be they capital gains, dividends or interest
4. You are more than settled in your job, and actually enjoying your job because you are no longer concerned with promotion, pay increment or office politics
5. You have already bought the worldly things you wanted
6. You are done traveling the world.

We are now in this phase. Our yearly savings for the last 7 years was above $200k.

Quote:
Originally Posted by Unregistered View Post
42, earns $80k pa.
wife, 40, earns $70k pa.
Savings, $30k pa.
Sold our HDB flat last year and upgraded to a resale EC.
Drives a 1.6L car.
Comfortable middle class family lifestyle.
Combined current net worth, $1.2m.

Like everyone else, we worry about how we can retire.
Any good ideas? We want to retire in luxury, in a condo if possible.

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  #4204 (permalink)  
Old 30-04-2014, 09:24 PM
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Originally Posted by Unregistered View Post
Not true, nowadays BTO flat prices are not linked to resale flat prices, BTO flats are so cheap. Just go to the HDB website and see how ridiculously cheap these flats are. If you are very poor, you can even buy a 2 room BTO flat for only $10k !!!!
Cheap? A relative of mine just collected key to a 4 room BTO flat at Sengkang bought at $300+k
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  #4205 (permalink)  
Old 01-05-2014, 07:29 AM
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Quote:
Originally Posted by Unregistered View Post
One piece of advice I give out often is that you are your best asset, thus do not have breaks in your employment history. Imagine from the time you join the work force at age 25 to 60, you have a good 35 years to earn and accumulate your wealth.

And it gets better for wealth accumulation when you get older for the following reasons:

1. Children are grown up
2. Loans are paid up
3. Investments are bearing fruits, be they capital gains, dividends or interest
4. You are more than settled in your job, and actually enjoying your job because you are no longer concerned with promotion, pay increment or office politics
5. You have already bought the worldly things you wanted
6. You are done traveling the world.

We are now in this phase. Our yearly savings for the last 7 years was above $200k.

is it true that as one gets older, he wont be so bothered about promotions or office politics?

I am in my early 40s, and I think i am having this thinking... it is just a job if i am just an employee of a big organization.. there is more to life..
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  #4206 (permalink)  
Old 01-05-2014, 08:27 AM
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Early 40s? It's way too young to think like that. I was referring to people above 50.

I am sure for many in their early 40s, their children are still in sec schools, have big chunks of housing loans to settle, but most importantly they still have good promotional prospects in their careers. You should strive to get promoted to as high as possible before 50, and then cruise from there. And you rightly pointed out that there is more to life. But for the sake of the children, and your own retirement, you should work and save hard while you still have the energy level.

Companies typically sidelined staff over 50, so it will be even more difficult to get that promotion some more with lower energy level. So, don't fight that, instead focus on maintaining the status quo. That is, do your job well, get that bonus you deserved and continue building up that retirement fund.

Even when the salary stagnates, your expenses should reduce as your loans get paid up, financial commitment drop, and your savings rate will go up. This is my situation right now. One of my children have just joined the work force. I don't have to give him allowance ($500 pm or $6k pa) anymore. We used to be paying $2.5k pm for our condo loan, that stopped as well, saving us $30k pa.

But most delightful of all is seeing our investment paying off! Getting passive income of $110k pa from not having to work is the most satisfying!



Quote:
Originally Posted by Unregistered View Post
is it true that as one gets older, he wont be so bothered about promotions or office politics?

I am in my early 40s, and I think i am having this thinking... it is just a job if i am just an employee of a big organization.. there is more to life..
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  #4207 (permalink)  
Old 01-05-2014, 08:58 AM
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Quote:
Originally Posted by Unregistered View Post
is it true that as one gets older, he wont be so bothered about promotions or office politics?

I am in my early 40s, and I think i am having this thinking... it is just a job if i am just an employee of a big organization.. there is more to life..
Indeed, there is more to life than work. Enjoy life (but not indulging in sinful activities) by traveling, appreciating nature, helping the poor and needy. Have you ever thought that you could die any time? You read in the news how people in their 40s and even 30s died or got sick and not able to enjoy life even though they have worked so hard.

I used to be a high flyer in the corporate world, and after accumulating enough wealth, I decided to devote myself to appreciate life and helping others survive this life. I volunteer in charities, giving them advice and making the world a better place for many. I suggest you go and volunteer in these charities and see for yourself how lucky you are. I will be 48 next month, I must say life is more meaningful now than it has ever been. Appreciating what you have and sharing with those needy makes life such a beauty. Don't indulge yourself in worldly things, every time you want to waste your money on some unnecessary things, just think of the poor, and donate the money to them instead.
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  #4208 (permalink)  
Old 01-05-2014, 10:34 AM
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This is the most irresponsible piece of advice I ever come across. Although postings here are anonymous and are not to be taken seriously, I feel that they still have to be done with consideration of the sensitivities of others.

Telling people that they could die young and therefore to enjoy life now without consideration of the financial commitments and circumstances is very risky at best, and totally irresponsible and selfish at worst.

You may have achieved your financial freedom at a young age, but you cannot irresponsibly tell others to live your lifestyle without knowing the circumstances they are in.

For those who died young, I hoped that they have gotten their financial affairs in order and not leave their families in financial distress. If they had followed this poster's foolish, selfish and irresponsible advice, their families will be the ones to suffer for it.

So please, before you post, boast and gloat, think of the others who may not have the good fortune of making it rich early.

Quote:
Originally Posted by Unregistered View Post
Indeed, there is more to life than work. Enjoy life (but not indulging in sinful activities) by traveling, appreciating nature, helping the poor and needy. Have you ever thought that you could die any time? You read in the news how people in their 40s and even 30s died or got sick and not able to enjoy life even though they have worked so hard.

I used to be a high flyer in the corporate world, and after accumulating enough wealth, I decided to devote myself to appreciate life and helping others survive this life. I volunteer in charities, giving them advice and making the world a better place for many. I suggest you go and volunteer in these charities and see for yourself how lucky you are. I will be 48 next month, I must say life is more meaningful now than it has ever been. Appreciating what you have and sharing with those needy makes life such a beauty. Don't indulge yourself in worldly things, every time you want to waste your money on some unnecessary things, just think of the poor, and donate the money to them instead.
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  #4209 (permalink)  
Old 01-05-2014, 12:58 PM
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We are your typical median income family, earning $8k pm combined. Being both 50 years old, we need to plan for our retirement. After much discussion, we decided that we can't retire here as it would not be cheap. So, we plan to buy a property in Malacca for our retirement. We will rent out our 4 room flat to get $3k pm and plus our retirement payout, we will get $5k pm or RM13k pm. We can retire comfortably with this amount. When we die, our kids will get our hdb flat. Our kids are supportive of our plan and they look forward to visiting us 3 times a year. Malacca has the advantage of good and cheap medical facilities. It is also a safer town compared to JB. What do you think of our plan?
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  #4210 (permalink)  
Old 01-05-2014, 03:53 PM
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i am your hdb neighbour.
i take bus every morning at 7 am
reach work at 8 am
lunch from 12 - 1.
take bus from work at 5.30 pm
reach home at 6.30 pm
cook dinner myself or buy from hawker center.
rest and watch tv

i earn 60k per month. single 36 year old.
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