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How much are you earning per annum?

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  #5031 (permalink)  
Old 09-08-2014, 08:11 AM
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Default Contradictions

Life is full of contradictions.

People say don't work too hard or you may die at work. So if you live longer, you need more money for sustenance. You end up working longer.

People say don't chase after wealth blindly, go and enjoy the fruits of your labour. So you bought yourself and family a nice condo to live in, a nice car to drive, nice vacations yearly. You realised all these things are indeed great, and you want more of them. You end up working harder to earn more.

People say live simply, eat simply and you don't have to work so hard. But then you realise such a life is not so fun.

People say the rich are miserable, but they are the ones living in nice homes, driving their nice cars, attending nice concerts, eating good food, going for long vacations and you are the one feeling miserable.

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  #5032 (permalink)  
Old 09-08-2014, 01:50 PM
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Totally agree. When you're wealthy, you worry less. Have more time for more important things in life than to keep chasing $. They can afford to have a healthier lifestyle, afford healthier food etc. If you're poor, you'll be so stress out making ends meet.
You will not know how long you are going live. I have seen so many fellows living on healthiest lifestyle and food, received the greatest shock when their doctor inform them terminal illness they have, they just can’t accept and die miserably.
It is the minds that help you to die peacefully, not $.

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  #5033 (permalink)  
Old 09-08-2014, 02:05 PM
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Living in a condo, yes even in MM unit, offers:

1. Prestige and social status
2. Security
3. Safety and peace of mind
4. Convenient access to facilities
5. No strangers lurking around
6. No O$P$ paint outside your unit wall
You should have a chat with any condominium manager, then you will know how fussy are those "higher class" residents, full of complain about their next door neighbor behind their back.

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  #5034 (permalink)  
Old 09-08-2014, 02:13 PM
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4.5m networth. Stay in a condo worth 1.4m. 55 single income 350kpa, wife and 2 grown up children. Time to retire soon.
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  #5035 (permalink)  
Old 09-08-2014, 06:39 PM
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Originally Posted by Unregistered View Post
Life is full of contradictions.

People say don't work too hard or you may die at work. So if you live longer, you need more money for sustenance. You end up working longer.

People say don't chase after wealth blindly, go and enjoy the fruits of your labour. So you bought yourself and family a nice condo to live in, a nice car to drive, nice vacations yearly. You realised all these things are indeed great, and you want more of them. You end up working harder to earn more.

People say live simply, eat simply and you don't have to work so hard. But then you realise such a life is not so fun.

People say the rich are miserable, but they are the ones living in nice homes, driving their nice cars, attending nice concerts, eating good food, going for long vacations and you are the one feeling miserable.
Just find the middle, and you follow it. Your middle way.
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  #5036 (permalink)  
Old 09-08-2014, 10:57 PM
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I think many people don't really understand that $$$ is not the root of all these problems. It is the greed, pride and stupidity in people that are causing miseries to people around them and themselves. This is especially true for people who are not used to having wealth. When they achieved a little wealth, greed takes hold. They want more and more. With wealth comes pride. They think they are one up on others and start to look down on those worse off than themselves. When they see neighbors having this and that, they also want those things. They are stupid when they don't know how and when to draw the line between having enough and having needless excess.

But they are many many rich people who are wise. They don't work themselves to the bone to achieve their wealth. They let their money work for them. When you are on the right track, your money will grow while you and your loved ones can enjoy the good things in life. The rich have choices and by and large they do more good (charitable acts).

Reading from the many posts here, I can see that quite a number of people are on the right track. They invested early and consistently and are now reaping the rewards of passive incomes that are more than adequate to cover their expenses giving them options to take it easy or work because they want to, not because they need to. On the other, those posters who kept saying money or wealth is causing problems are those who haven't achieve their wealth.
There are many rags to riches stories I know personally with a wonderful family, saying that only those who are not used to having wealth will experience money problems when they become rich is short-sighted, ignorant and ill-informed thinking.
Doesn’t matter how rich pple get their money ( investing or working to the bone ), its not the way they made their money is what money does to them.
Those people who think you can be rich without having any form of money problems have never been rich. Too bad many are giving such advice here without having the slightest clue.
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  #5037 (permalink)  
Old 09-08-2014, 11:01 PM
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On the other, those posters who kept saying money or wealth is causing problems are those who haven't achieve their wealth.
Warped logic
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  #5038 (permalink)  
Old 09-08-2014, 11:09 PM
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Originally Posted by Unregistered View Post
I think many people don't really understand that $$$ is not the root of all these problems. It is the greed, pride and stupidity in people that are causing miseries to people around them and themselves. This is especially true for people who are not used to having wealth. When they achieved a little wealth, greed takes hold. They want more and more. With wealth comes pride. They think they are one up on others and start to look down on those worse off than themselves. When they see neighbors having this and that, they also want those things. They are stupid when they don't know how and when to draw the line between having enough and having needless excess.

But they are many many rich people who are wise. They don't work themselves to the bone to achieve their wealth. They let their money work for them. When you are on the right track, your money will grow while you and your loved ones can enjoy the good things in life. The rich have choices and by and large they do more good (charitable acts).

Reading from the many posts here, I can see that quite a number of people are on the right track. They invested early and consistently and are now reaping the rewards of passive incomes that are more than adequate to cover their expenses giving them options to take it easy or work because they want to, not because they need to. On the other, those posters who kept saying money or wealth is causing problems are those who haven't achieve their wealth.
Money problems do not always stem from money itself. Some people have to struggle when they are younger perhaps they are less well off, support sick parents or even because they have none. I know people who had no choice but to sacrifice many aspects of their lives for money. Perhaps one day when you've grown up and see the world, you would know better than to jump the gun and call these people greedy or stupid. Not everyone has the luxury to sprout nonsense on the internet, some are actually working OT on a holiday as a single parent.
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  #5039 (permalink)  
Old 09-08-2014, 11:37 PM
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I don't think you will retire anytime soon if you review your thoughts (thinking twice) as I did.

I originally aimed to retire when I reached 55, but my view changed when I attained 2 things upon reaching 55. One is attaining our targeted networth of $5.5m and a passive income of $120k pa.

Somehow, the mere knowledge that you could walk away from your job anytime you want without fear of financial inadequacy removes a lot of stress. You start to view work differently. You no longer see work as a means to a livelihood, in other words, you are no longer a wage slave.

Secondly together with the passive income, we were raking in a total of $0.5m a year. This is beyond our wildest dream as both of us came from humble background. Like you, our children have also grown up reducing our expenses on them enabling us to save close to $400k last year - our highest by far. The few years earlier, we were consistently saving above $300k pa.

Like someone posted, the last stretch is the most "productive" in terms of savings. Why stop just when it is getting better?

And the ironic thing is, the earlier you retire, the more money you will need (more years in retirement). The later you you retire, the less money you will need.


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4.5m networth. Stay in a condo worth 1.4m. 55 single income 350kpa, wife and 2 grown up children. Time to retire soon.
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  #5040 (permalink)  
Old 10-08-2014, 01:30 AM
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I don't think you will retire anytime soon if you review your thoughts (thinking twice) as I did.

I originally aimed to retire when I reached 55, but my view changed when I attained 2 things upon reaching 55. One is attaining our targeted networth of $5.5m and a passive income of $120k pa.

Somehow, the mere knowledge that you could walk away from your job anytime you want without fear of financial inadequacy removes a lot of stress. You start to view work differently. You no longer see work as a means to a livelihood, in other words, you are no longer a wage slave.

Secondly together with the passive income, we were raking in a total of $0.5m a year. This is beyond our wildest dream as both of us came from humble background. Like you, our children have also grown up reducing our expenses on them enabling us to save close to $400k last year - our highest by far. The few years earlier, we were consistently saving above $300k pa.

Like someone posted, the last stretch is the most "productive" in terms of savings. Why stop just when it is getting better?

And the ironic thing is, the earlier you retire, the more money you will need (more years in retirement). The later you you retire, the less money you will need.
Agree that the work stress is a lot reduced knowing we can stop anytime. However, i also realized that there is never a good time to stop, there is always another year or another month. 57 or perhaps 60, will certainly look attractive for all the reasons you have stated. It will never end, why stop at 5m, why not make it 7 or even 8m by working to 65?

I started planning since day 1 of working and with good luck, I have already far exceeded my plan. So I have made up my mind to work for 1 more year and it will be it. I am still very health so I am quitting while I still can do things I enjoy. I guess it is a personal choice. Anyway, thanks for sharing.
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