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How much are you earning per annum?

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  #5241 (permalink)  
Old 01-09-2014, 07:52 PM
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Why is everyone building passive income by liquidating assets and running to Malaysia or Thailand.

U get a shitty standard of living and u wanna spend the rest of your life this way?

IMO just spend whatever u have after liquidating, you deserved it Afterall. Don't think about passive income. That's too late for retirement.
If u wanna leave for your offspring, I suggest u don't. Cos u grew up fine without it, so will they.
I totally agree on the point of not leaving anything to your kids. You work hard from young till you are old, so spend whatever you have saved all these years. That is why you should do the lease buyback scheme, no need to leave your flat to your kids. Your kids will get their BTO flat very cheaply and they too can do the lease buyback scheme when they get old. This is the circle of life we go through.

I told my kids that I will not leave anything to them and that my gift to them is the education I gave them. They worked very hard and are now successful professionals who own their own condos. I'm proud of them. I continue to live happily in my flat with my wife.

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  #5242 (permalink)  
Old 01-09-2014, 10:43 PM
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Obviously if you don't have enough to feed yourself in retirement, you should take care of yourself first.

Those posters who talked about monetizing their homes and taking "refuge" in a low cost, low standard of living countries are in not in the same group as those posters who talked about building passive income.

I mean those who can generate upwards of $100k passive income can possibly own holiday homes in other countries. Smelly smelly, to generate $100k passive income at 5% ROI, you will need a base of $2m. Not counting the home you stay in.



Quote:
Originally Posted by Unregistered View Post
Why is everyone building passive income by liquidating assets and running to Malaysia or Thailand.

U get a shitty standard of living and u wanna spend the rest of your life this way?

IMO just spend whatever u have after liquidating, you deserved it Afterall. Don't think about passive income. That's too late for retirement.
If u wanna leave for your offspring, I suggest u don't. Cos u grew up fine without it, so will they.


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  #5243 (permalink)  
Old 01-09-2014, 10:50 PM
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Originally Posted by Unregistered View Post
I totally agree on the point of not leaving anything to your kids. You work hard from young till you are old, so spend whatever you have saved all these years. That is why you should do the lease buyback scheme, no need to leave your flat to your kids. Your kids will get their BTO flat very cheaply and they too can do the lease buyback scheme when they get old. This is the circle of life we go through.

I told my kids that I will not leave anything to them and that my gift to them is the education I gave them. They worked very hard and are now successful professionals who own their own condos. I'm proud of them. I continue to live happily in my flat with my wife.
Please be considerate by putting sarcasm tags or else some people will digest your words as advice.

We need to transfer wealth to our children to give them a good head start in their 20s. When they are in their 30s, the monthly expenses will be a huge burden.

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  #5244 (permalink)  
Old 02-09-2014, 06:55 AM
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If you qualify for the lease back scheme, chances are you don't have much to leave to your kids.

If you have to decide between giving your kids an education and some money, chances are you don't have much to give them.

Kids growing up in such families will appreciate the fact they need to earn their own keep. I was one of these kids. I couldn't wait to come out to work to bring money home. I felt damn proud when I bought my family's first home entertainment set at a princely sum of $1,200! I photocopied my first pay check and framed that up - 30 years ago!

Now, my kids situation is so different from mine. Their educational experiences are so different from mine. They get to do exchange programmes in exotic countries for 6 months each time. They can decide to continue to PhD if they want, all on their parents' account. They also do internships at top companies to earn pocket monies.

Then people said just give them an education will do. I ask them why. After giving the often used reason that giving them wealth will spoil them, I also learnt that most could not afford to give their children more without sacrificing their own retirement lifestyle.

For me and many of my buddies, we aim to give our kids a good education with rich exposure to different cultures, leave them our wealth when we pass on, and teach them to be money smart, responsible people.


Quote:
Originally Posted by Unregistered View Post
I totally agree on the point of not leaving anything to your kids. You work hard from young till you are old, so spend whatever you have saved all these years. That is why you should do the lease buyback scheme, no need to leave your flat to your kids. Your kids will get their BTO flat very cheaply and they too can do the lease buyback scheme when they get old. This is the circle of life we go through.

I told my kids that I will not leave anything to them and that my gift to them is the education I gave them. They worked very hard and are now successful professionals who own their own condos. I'm proud of them. I continue to live happily in my flat with my wife.


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  #5245 (permalink)  
Old 02-09-2014, 10:43 AM
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Thanks Hermit.

lifting a slight veil on our $790k income:

me (39): $29k/mth, 8 mths bonus last year
wifey (38): $15k/mth, 1.5 mths bonus last year.

not outrageous, but comfortable enough...
WOW that is a lot!
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  #5246 (permalink)  
Old 02-09-2014, 12:51 PM
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I'm retired at 50, while I don't earn much in passive monetary income (enough for my family's needs with some savings buffer), I earn a lot from the hours I have at my disposal. I earn $1m pa from the value of total hours work per year. I used to work 14 hours a day, 6 days a week, so based on each hour I value in my life, I earn $1m pa in notional terms. I'm now a free man, no longer a corporate slave.

Life is great if you know how to value it.

To me, all the assets, properties I own is just a means towards true happiness. Stuff doesn't gives you true happiness. Our needs are not much. Just spend on what is necessary, be debt free and be free from sinful spendings. Be kind and give away as much as you can to the poor and needy. Leave to your kids just enough but not too much.

As a multi millionaire, I try my best to give back to society.
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  #5247 (permalink)  
Old 04-09-2014, 09:54 AM
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Your story is inspiring. I think you are the most successful person in this forum, even better than the the guy who claims to earn $700k pa and the guy who has a net worth of $5m. Both can boast how much they make or how rich they are but the reality is they are still slaves to their bosses. You are your own boss and you decide what you want to do with your time.

My spouse and I are in our late 30s and we only earn a combined income of $140k pa. We live in a 4 room HDB flat which is paid up. We plan to save as much as we can and top up our CPF SA as fast as we can so that we can enjoy the 4% earlier. We also plan to do the lease buyback as well as rent out two of our rooms when we retire. We prefer to top up our CPF SA than invest in stocks or get rich quick schemes as it is safer and gives steady growth.


Quote:
Originally Posted by Unregistered View Post
I'm retired at 50, while I don't earn much in passive monetary income (enough for my family's needs with some savings buffer), I earn a lot from the hours I have at my disposal. I earn $1m pa from the value of total hours work per year. I used to work 14 hours a day, 6 days a week, so based on each hour I value in my life, I earn $1m pa in notional terms. I'm now a free man, no longer a corporate slave.

Life is great if you know how to value it.

To me, all the assets, properties I own is just a means towards true happiness. Stuff doesn't gives you true happiness. Our needs are not much. Just spend on what is necessary, be debt free and be free from sinful spendings. Be kind and give away as much as you can to the poor and needy. Leave to your kids just enough but not too much.

As a multi millionaire, I try my best to give back to society.
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  #5248 (permalink)  
Old 05-09-2014, 05:00 AM
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Originally Posted by Unregistered View Post
I totally agree on the point of not leaving anything to your kids. You work hard from young till you are old, so spend whatever you have saved all these years. That is why you should do the lease buyback scheme, no need to leave your flat to your kids. Your kids will get their BTO flat very cheaply and they too can do the lease buyback scheme when they get old. This is the circle of life we go through.

I told my kids that I will not leave anything to them and that my gift to them is the education I gave them. They worked very hard and are now successful professionals who own their own condos. I'm proud of them. I continue to live happily in my flat with my wife.
Why do you work hard as an individual? Some wants to provide a good life for their family, allow their children not to struggle as much as they did (though some struggles are necessary to build character).
The others are those like you, whom make money for yourself to enjoy.
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  #5249 (permalink)  
Old 05-09-2014, 07:26 AM
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One of the best ways to help the poor and needy is to provide them with jobs. Everyone wants to have a good life, if not, at least a comfortable one. That's why people come out to work, to earn money to support that lifestyle. Those with family will have to earn more, and work more years.

Many of us know someone, either neighbors or colleagues, who quit their jobs early for whatever reasons, only to end up with too much time on their hands but with little money. We should avoid this. It is still ok when you are still young and employable, and realised early that the money you saved up may not last the years in retirement, and quickly get back into the workforce. But it would be tragic if you are older, less employable when you realised that your savings will not last the distance. Then in all possibility, you will end up needing charity in your later years.

It is one thing for people who have made it early and decided to retire and smell the roses, but it is another thing for those who blindly follow these richer individuals to also retire without sufficient savings.

Here you have a poster who said he made it, and decided to retire at 50. Then you have a poor guy wanting to follow him. And his solution is: lease back his home to HDB, rent out his rooms, and cut his lifestyle to bare-bones. To me, this is tragic.

And for those who constantly think of quitting their jobs, you only have to see how much the unemployed are struggling to get a job! It is not a good feeling to wake up every day waiting for that call, that interview that never comes. You start to lose belief in yourself, in your self worth. Feeling is depressed is common among them. The stress of finding money to feed your family is far worse than that from being a slave to your work.

Quote:
Originally Posted by Unregistered View Post
I'm retired at 50, while I don't earn much in passive monetary income (enough for my family's needs with some savings buffer), I earn a lot from the hours I have at my disposal. I earn $1m pa from the value of total hours work per year. I used to work 14 hours a day, 6 days a week, so based on each hour I value in my life, I earn $1m pa in terms. I'm now a free man, no longer a corporate slave.

Life is great if you know how to value it.

To me, all the assets, properties I own is just a means towards true happiness. Stuff doesn't gives you true happiness. Our needs are not much. Just spend on what is necessary, be debt free and be free from sinful spendings. Be kind and give away as much as you can to the poor and needy. Leave to your kids just enough but not too much.

As a multi millionaire, I try my best to give back to society.
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  #5250 (permalink)  
Old 05-09-2014, 02:23 PM
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Mid income couple, 47 & 48, total salary combined $120k pa. Bought a resale EC for $700k after selling our HDB flat. Still servicing loan of $300k. Owns a 5 year old Jap car, still servicing loan of $50k. Our assets are: the EC, CPF money and some cash. Our total net worth now is $900k.

Our retirement plan at 65 is to get income from our CPF Life, $1200 pm each. We will also rent out our 2 common rooms for $1000 for each room. So, as a couple our passive income is expected to be $4,400 pm. We don't plan to employ a maid and will not have a car anymore as we don't need a car by then since we will not be travelling much. We will buy our groceries online which offers free delivery service.

Any comments on our plans above from the smart rich gurus here?
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