How much are you earning per annum?

Originally Posted by Unregistered

Two years ago, I was at the brink of disaster regarding my physical and mental health. I was earning $180k pa but the work was hellish. I quit and took a break from work for a few months to regain my sanity. I then opted for a more sane job which gives me an income of $75k pa but I am much happier and my physical and mental health improved significantly. As they say, "health is wealth".

To adjust to my new income, I sold my landed home, cleared the outstanding mortgage, made a profit of $1m and bought a new 3 bedroom condo paying in full. I also cleared all my car and personal loans. Today I am debt free. My wife earns $95k pa and our combined income of $170k is enough for our family of four as our expenses is now only $110k pa. Our expenses are reduced as we no longer have debt. We now save $60k pa. Our total net worth is now $2m. We hope to retire in 10 years time when we reach 55.

Can you elaborate more about the physical and mental health issue... before you decided that was the last straw? Was it easy to land up in another job after a few months break, although you are willing to take on a smaller role? Hope you could share as I am about in my mid life career crisis now.

Originally Posted by Unregistered

Can you elaborate more about the physical and mental health issue... before you decided that was the last straw? Was it easy to land up in another job after a few months break, although you are willing to take on a smaller role? Hope you could share as I am about in my mid life career crisis now.

Stress and hypertension. High risk of heart attack. That was the wake up call. No point having so much wealth but die young. Better to live a meaningful, low stress, long life. Why should I work so hard just to pay off my big landed home mortgage? Being debt free reduces my stress and I can now sleep well. Anyway, owning a new condo is already a big achievement, why do I need to achieve more at the expense of my life?

Marc Faber: Forget a Fed rate hike; QE4 coming

Fred Imbert
Thursday, 4 Jun 2015
CNBC.com

While some U.S. economic data suggest the economy is ready for normalizing monetary policy, Marc Faber said Thursday the Fed will have to unleash another round of quantitative easing.

"When I look at the whole financial sector … I feel like [I'm] on the Titanic. We're fighting about deck chairs, [meaning] which assets are performing best and we're fighting over the best tables in the ballroom, but I think it's best to find your safety boat and ladder because I think the financial sector will implode one day," the editor and publisher of the Gloom, Boom & Doom Report said on CNBC's "Squawk Box."

Faber made his remarks a day after the Federal Reserve's Beige Book said economic activity has expanded at a "modest" to "moderate" pace over the past few months.

"All the central banks are so deep in the mud that, in my view, they will continue to essentially buy assets," Faber said.

Faber also said the main problem hindering U.S. growth is the lack of affordability in its major cities. "The prices have gone up so much that many cities in the U.S. and Europe are not affordable anymore. What people do is spend money, but they don't go out too often; they go out once a week or so."

Originally Posted by Unregistered

Two years ago, I was at the brink of disaster regarding my physical and mental health. I was earning $180k pa but the work was hellish. I quit and took a break from work for a few months to regain my sanity. I then opted for a more sane job which gives me an income of $75k pa but I am much happier and my physical and mental health improved significantly. As they say, "health is wealth".

To adjust to my new income, I sold my landed home, cleared the outstanding mortgage, made a profit of $1m and bought a new 3 bedroom condo paying in full. I also cleared all my car and personal loans. Today I am debt free. My wife earns $95k pa and our combined income of $170k is enough for our family of four as our expenses is now only $110k pa. Our expenses are reduced as we no longer have debt. We now save $60k pa. Our total net worth is now $2m. We hope to retire in 10 years time when we reach 55.

Congrats, wasn't too late for you to realise it. No point earning so much money if you can't enjoy it and end up leaving it for your kids. I won't leave anything for my kids cos I worked for my money and I want to spend it. They will be provided for but they won't be expecting a huge payout when I die.

Originally Posted by Unregistered

Congrats, wasn't too late for you to realise it. No point earning so much money if you can't enjoy it and end up leaving it for your kids. I won't leave anything for my kids cos I worked for my money and I want to spend it. They will be provided for but they won't be expecting a huge payout when I die.

I agree. I will not pamper my children. I want them to be tough. I started poor but now I am rich. I want them to work hard to earn their own living and accumulate their own wealth.

I will finance their uni education.

We have a good government which sells very cheap BTO flats. You can get 3 room and 4 room flats for $100k plus and $200k plus (with grants) respectively. I'm sure with their graduate couple pay, they can afford it. They won't be sleeping on the streets, for sure. If they work hard and become successful, they can sell their flat for a profit and upgrade to a condo.

I will spend most of my wealth for my retirement. So, I don't need to work so hard to accumulate so much wealth.

For me and wife, we hope to sustain another 5 years of $28k pm HH income. After that we will step down at 50 years old. hopefully can get off the wheel and enjoy the retirement healthily.

3 more years for me to stop exisiting full time job which is paying sgd30k per mth.

Originally Posted by Unregistered

3 more years for me to stop exisiting full time job which is paying sgd30k per mth.

WOW.... so many rich forumers here in singapore...

Originally Posted by Unregistered

For me and wife, we hope to sustain another 5 years of $28k pm HH income. After that we will step down at 50 years old. hopefully can get off the wheel and enjoy the retirement healthily.

Why 50 and not an earlier or later date? From 50 to 55, could be the golden last 100m of earning capability.

Originally Posted by Unregistered

Why 50 and not an earlier or later date? From 50 to 55, could be the golden last 100m of earning capability.

Also could be last 100m to the grave....