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How much are you earning per annum?

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  #7371 (permalink)  
Old 24-04-2015, 11:15 AM
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$100M would be the super rich. And those with $1bn will be the uber rich.

I chose $10m because it is still within reach of many wage-earner hopefuls and yet not too easy for any Tom, Dick and Harry to attain. Many professional couples or high power couples who are salary earners are actually close to the $10m line if they dont choose for early retirement.

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Actually $10m combined net worth is nothing if you want to be defined as rich. The really rich ones are those who live in paid up $20m bungalows and with spare change to invest and spend as they wish. You need to have a net worth of at least $100m per person to be said as really rich. But of course if you compare to a billionaire, this guy is nothing. Don't be fooled by the material world.

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  #7372 (permalink)  
Old 24-04-2015, 11:52 AM
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We are not among the rich but we are contented and grateful with what we have and happy with our middle class achievements. We are 50 & 52 years old.

We have:

1. A fully paid modern and posh condo, only one year after TOP.
2. A fully paid car.
3. 2 wonderful, well brought up children.
4. A nice CPF and cash balances.
5. Well insured.
6. Enjoy eating at restaurants once a week.
7. Overseas holidays, twice a year.
8. A happy family.
9. Parents who love us as we care for them and financially support them.
10. Good jobs.
11. Active community work in helping those in need.
12. Good health.
13. Healthy savings every year.

Success and richness in life is not just measured with material wealth. Other measures as listed above are also critical.

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  #7373 (permalink)  
Old 24-04-2015, 06:53 PM
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I must say you got ticks on all the right boxes. Congratulations!
You are indeed rich and successful.

Quote:
Originally Posted by Unregistered View Post
We are not among the rich but we are contented and grateful with what we have and happy with our middle class achievements. We are 50 & 52 years old.

We have:

1. A fully paid modern and posh condo, only one year after TOP.
2. A fully paid car.
3. 2 wonderful, well brought up children.
4. A nice CPF and cash balances.
5. Well insured.
6. Enjoy eating at restaurants once a week.
7. Overseas holidays, twice a year.
8. A happy family.
9. Parents who love us as we care for them and financially support them.
10. Good jobs.
11. Active community work in helping those in need.
12. Good health.
13. Healthy savings every year.

Success and richness in life is not just measured with material wealth. Other measures as listed above are also critical.

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  #7374 (permalink)  
Old 25-04-2015, 08:53 AM
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High powered couple in finance, 54 & 55 yo. Son working overseas. Living in a penthouse condo, owns two conti cars. Debt free. We plan to retire next year. Our passive income alone is now much more than our expenses.

Once we retire, we will reduce our expenses such as selling away one car. We are ok with these adjustments as we value our free time much more. We have prepared our retirement activities schedule to keep ourselves fully occupied minus the office stress and nonsense.

First, we will take a world tour over a few months, visiting countries and cities as tourists (not as corporate warriors rushing from meetings to meetings). Then we will go back and relax for a while. We will take up new hobbies and volunteer our expertise in charitable organisations. We will spend more time in our condo swimming pool and gym too.

Life is good if you are financialy independent and if you are a fun and active person. Being millionaires helps too


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  #7375 (permalink)  
Old 25-04-2015, 10:29 AM
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Wow, Really envy you couple. Hope you have a healthy retirement,

Quote:
Originally Posted by Unregistered View Post
High powered couple in finance, 54 & 55 yo. Son working overseas. Living in a penthouse condo, owns two conti cars. Debt free. We plan to retire next year. Our passive income alone is now much more than our expenses.

Once we retire, we will reduce our expenses such as selling away one car. We are ok with these adjustments as we value our free time much more. We have prepared our retirement activities schedule to keep ourselves fully occupied minus the office stress and nonsense.

First, we will take a world tour over a few months, visiting countries and cities as tourists (not as corporate warriors rushing from meetings to meetings). Then we will go back and relax for a while. We will take up new hobbies and volunteer our expertise in charitable organisations. We will spend more time in our condo swimming pool and gym too.

Life is good if you are financialy independent and if you are a fun and active person. Being millionaires helps too
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  #7376 (permalink)  
Old 25-04-2015, 12:42 PM
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Me & wife mid 40s.
household income $30k pm
But long hours, frequent travel, high stress, no life
sian


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  #7377 (permalink)  
Old 25-04-2015, 02:16 PM
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Good for you. I think there is a point of diminishing returns once you crossed about $6m - $8m net worth. I mean you could and probably had acquired most of the things you want in life. Earning and adding more money to your net worth would not give you the same quantum in terms of satisfaction and achievement.

With $6m - $8m networth, and if well invested, you could easily achieve $300k pa or more in passive income. Thus working is optional, and you choose to work only because you feel working completes you.

I am very far from reaching that stage, and not yet able to appreciate what's it like to be able to say "I will retire". Our passive income of $150k pa just about cover our annual expense. To double it to $300k pa is like having to slog another lifetime.

Quote:
Originally Posted by Unregistered View Post
High powered couple in finance, 54 & 55 yo. Son working overseas. Living in a penthouse condo, owns two conti cars. Debt free. We plan to retire next year. Our passive income alone is now much more than our expenses.

Once we retire, we will reduce our expenses such as selling away one car. We are ok with these adjustments as we value our free time much more. We have prepared our retirement activities schedule to keep ourselves fully occupied minus the office stress and nonsense.

First, we will take a world tour over a few months, visiting countries and cities as tourists (not as corporate warriors rushing from meetings to meetings). Then we will go back and relax for a while. We will take up new hobbies and volunteer our expertise in charitable organisations. We will spend more time in our condo swimming pool and gym too.

Life is good if you are financialy independent and if you are a fun and active person. Being millionaires helps too
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  #7378 (permalink)  
Old 25-04-2015, 03:16 PM
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Quote:
Originally Posted by Unregistered View Post
We are not among the rich but we are contented and grateful with what we have and happy with our middle class achievements. We are 50 & 52 years old.

We have:

1. A fully paid modern and posh condo, only one year after TOP.
2. A fully paid car.
3. 2 wonderful, well brought up children.
4. A nice CPF and cash balances.
5. Well insured.
6. Enjoy eating at restaurants once a week.
7. Overseas holidays, twice a year.
8. A happy family.
9. Parents who love us as we care for them and financially support them.
10. Good jobs.
11. Active community work in helping those in need.
12. Good health.
13. Healthy savings every year.

Success and richness in life is not just measured with material wealth. Other measures as listed above are also critical.

Yes. You are doing fine.
The problem of most Singaporean is when he retires, his net worth could be high but...but all is tied to the home. So called asset rich cash poor. How to enjoy life if you have not enough money to spend the way you want? You want to stay 24 /7 at home?

If you can afford to spend the amount equivalent to 70% of your last gross income when retire, you will have no worries what so ever financially.

Please take note by then you will not contributing to CPF, not paying income tax, not paying your mortgage, not financing your children's education, and most important thing is, you need not allocate certain portion of your income to save for retirement... as you by now already retired.
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  #7379 (permalink)  
Old 25-04-2015, 03:34 PM
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Quote:
Originally Posted by Unregistered View Post
High powered couple in finance, 54 & 55 yo. Son working overseas. Living in a penthouse condo, owns two conti cars. Debt free. We plan to retire next year. Our passive income alone is now much more than our expenses.

Once we retire, we will reduce our expenses such as selling away one car. We are ok with these adjustments as we value our free time much more. We have prepared our retirement activities schedule to keep ourselves fully occupied minus the office stress and nonsense.

First, we will take a world tour over a few months, visiting countries and cities as tourists (not as corporate warriors rushing from meetings to meetings). Then we will go back and relax for a while. We will take up new hobbies and volunteer our expertise in charitable organisations. We will spend more time in our condo swimming pool and gym too.

Life is good if you are financially independent and if you are a fun and active person. Being millionaires helps too

Retired rich is not just depends on how much you have now, rather it relates to how much you can afford to spend and sustain the lifestyle that suit you.

If you enjoy playing golf in different golf courses all over the world while still in your full employment/ business engagement, can you still maintain the same lifestyle throughout the rest of your life? If you need two cars right now, will you be comfortable to share just one car with your wife? Passive income more than expenses right now is definitely commendable, how about factor inflation at home and abroad?

Don't forget Iron Mike was multi-millionaire while still active in the ring, but now.........
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  #7380 (permalink)  
Old 25-04-2015, 03:51 PM
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Quote:
Originally Posted by Unregistered View Post
Good for you. I think there is a point of diminishing returns once you crossed about $6m - $8m net worth. I mean you could and probably had acquired most of the things you want in life. Earning and adding more money to your net worth would not give you the same quantum in terms of satisfaction and achievement.

With $6m - $8m networth, and if well invested, you could easily achieve $300k pa or more in passive income. Thus working is optional, and you choose to work only because you feel working completes you.

I am very far from reaching that stage, and not yet able to appreciate what's it like to be able to say "I will retire". Our passive income of $150k pa just about cover our annual expense. To double it to $300k pa is like having to slog another lifetime.

It is immaterial whether you earn 150k or 500k a year. If you want to enjoy a meaningful retirement, plan it properly.

If you have middle income, should work hard to achieve middle class retirement lifestyle.
Planning and sufficient preparation should enable you to have a retired lifestyle not less than what you enjoy prior to your retirement.

To have millions definitely help, but to have lesser amount does not make you inferior.
Just have saving up to 120 months equivalent of last drawn salary, plus your CPF Life, plus mortgage-free HDB flat, you should be enjoying middle class retired lifestyle and driving a Japanese car.... No problem..........
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