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How much are you earning per annum?

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  #7931 (permalink)  
Old 20-06-2015, 10:01 AM
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Interesting story... but at the end, his children would have all grown up, the wife might have left him and his friends may have all departed from this world.... so is it worth it?

Good to be contended with what we have rather than chase for the riches and lose everything that is important to us.

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  #7932 (permalink)  
Old 20-06-2015, 03:26 PM
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A young businessman was at the pier of a small coastal village when a small boat with just one fisherman docked. Seeing several large yellowfin tuna inside the small boat, the businessman complimented the fisherman on the quality of the fish and asked how long it took to catch them. "Only a little while", the fisherman replied.

A little surprised, the young business man asked, "Why didn't you stay out longer and catch more fish?" The content fisherman said, "This is enough to support my family's immediate needs. I don't need any more." "But what do you do with the rest of your time?" asked the confused young man. "I sleep late, fish a little, play with my children, take a walk with my wife, stroll into the village each evening where I sip wine and play guitar with my buddies; I have a full and busy life."

The lad scoffed, "I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds buy a bigger boat with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to LA and eventually NYC where you will run your expanding enterprise."

The fisherman asked, "How long will this all take?" to which the young man replied, "15-20 years." "But what then?" The business man laughed and said "That's the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions."

"Millions, sir? Then what?"

"Then you would retire, move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a walk with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your buddies."
It takes wisdom to appreciate that life does not consist in the abundance of one's possessions.

But, of course, even the foolish come to realise this (albeit a little too late) when they are on their deathbeds.

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  #7933 (permalink)  
Old 20-06-2015, 05:33 PM
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That is why we are determined to retire from salaried work by 50. We are 45 & 42 yo, earning a good income. We manage to save S$50k pa. Our condominium unit is fully paid up and currently valued at S$1.2m. We have investments which yield us a passive income of S$80k pa. Without a car and a maid, this is more than enough for us. We have set aside funds for our kids' education. Our net worth is currently close to S$2m.

We want to do lots of charity work when we retire, we are determined to give back to society as we were from low income families ourselves. Life is meaningless if we only think of ourselves and just our families. There many suffering people out there in the world who desperately need our help not just donations but our personal outreach to them. We were helped by others in the past and now it is our turn to make a small difference to the lives of others.

A life well lived is not living in luxury, boasting your wealth, playing golf all day, etc but it is a life full of good deeds, feeding the poor, orphans and the aged. Leave behind a legacy which is truly meaningful.


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Originally Posted by Unregistered View Post
It takes wisdom to appreciate that life does not consist in the abundance of one's possessions.

But, of course, even the foolish come to realise this (albeit a little too late) when they are on their deathbeds.

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  #7934 (permalink)  
Old 20-06-2015, 06:30 PM
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Quote:
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A young businessman was at the pier of a small coastal village when a small boat with just one fisherman docked. Seeing several large yellowfin tuna inside the small boat, the businessman complimented the fisherman on the quality of the fish and asked how long it took to catch them. "Only a little while", the fisherman replied.

A little surprised, the young business man asked, "Why didn't you stay out longer and catch more fish?" The content fisherman said, "This is enough to support my family's immediate needs. I don't need any more." "But what do you do with the rest of your time?" asked the confused young man. "I sleep late, fish a little, play with my children, take a walk with my wife, stroll into the village each evening where I sip wine and play guitar with my buddies; I have a full and busy life."

The lad scoffed, "I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds buy a bigger boat with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to LA and eventually NYC where you will run your expanding enterprise."

The fisherman asked, "How long will this all take?" to which the young man replied, "15-20 years." "But what then?" The business man laughed and said "That's the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions."

"Millions, sir? Then what?"

"Then you would retire, move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a walk with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your buddies."
As with all cautionary tales, there are limits to its applicability....

The Harvard man may not have the same needs as the fisherman. For myself, what is my best fantasy?

Permanent retirement at a club med like facility with 2/3 maids, 1 driver and etc. so to get this kind of retirement scenario, how is it possible to stop working so early?

Every man wears a different underwear... What fits one, may not fit another....
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  #7935 (permalink)  
Old 21-06-2015, 12:40 AM
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Quote:
Originally Posted by Unregistered View Post
A young businessman was at the pier of a small coastal village when a small boat with just one fisherman docked. Seeing several large yellowfin tuna inside the small boat, the businessman complimented the fisherman on the quality of the fish and asked how long it took to catch them. "Only a little while", the fisherman replied.

A little surprised, the young business man asked, "Why didn't you stay out longer and catch more fish?" The content fisherman said, "This is enough to support my family's immediate needs. I don't need any more." "But what do you do with the rest of your time?" asked the confused young man. "I sleep late, fish a little, play with my children, take a walk with my wife, stroll into the village each evening where I sip wine and play guitar with my buddies; I have a full and busy life."

The lad scoffed, "I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds buy a bigger boat with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to LA and eventually NYC where you will run your expanding enterprise."

The fisherman asked, "How long will this all take?" to which the young man replied, "15-20 years." "But what then?" The business man laughed and said "That's the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions."

"Millions, sir? Then what?"

"Then you would retire, move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a walk with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your buddies."
This story is often quoted but also misunderstood. By remaining as he is, there is no choice or safety net. If his circumstances don't change for 60 years, he will survive as he is. But if something happens like shortage of fish, or wife falls sick, then everything will be different. By having money you have something to fall back on in times of crisis.
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  #7936 (permalink)  
Old 21-06-2015, 10:01 AM
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Totally agreed. I believe this story is dreamt up by people who are lazy, and could not make it.

When you have wealth, you have choices and options. The businessman can choose to fish, but the fisherman can only fish.

By any account, the businessman would lead a fuller and more exciting life but the fisherman's life is narrow and boring.

Bottomline is, don't fall for this. Work hard, save and invest. When you build up your wealth, you can choose to fish - anywhere, anytime.

Quote:
Originally Posted by Unregistered View Post
This story is often quoted but also misunderstood. By remaining as he is, there is no choice or safety net. If his circumstances don't change for 60 years, he will survive as he is. But if something happens like shortage of fish, or wife falls sick, then everything will be different. By having money you have something to fall back on in times of crisis.
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  #7937 (permalink)  
Old 21-06-2015, 12:51 PM
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My family and I plan to move from our landed home this year to a condo to take advantage of our landed property price. Our landed property price rose too much and we decided to take profit and so we can make a 100 tons of money. After that we will move to a new condo and pay for it in cash. We are going to enjoy staying in a condo because of the beautiful landscaping and the amenities.

We realized that living in our landed home had a few advantages: (1) we can park many cars in our compound (2) people walk pass looking into our home to admire (3) can do DIY little for fun and hobby (4) high standard of living (5) keep 5 dogs (6) private security with Gurka (7) Driver by the side. The only not so good thing about staying in too big landed property is must communicate with family members using hand phone.

When my wife and I finally retire, we plan to retire in a condo not because we love condo living. We rather stay in a small studio condo unit rather than moving to a even bigger bungalow in the park. I will be able to see my wife every moment as and when I like, minus the telephone communication as what we are doing now. We then buy a studio condo unit for $800k, we will have $100m cash to buy dividend stocks which can give us dividends.
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  #7938 (permalink)  
Old 21-06-2015, 01:20 PM
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Humble and simple guy, 46. Spouse, 44.
Total HH income, $194k pa.
Savings, $50k pa.
Home: 3 bedroom condo, worth $1m. Outstanding loan $200k.

Retirement plan at 65:

1. Retire in our condo.
2. Earn CPF Life payout $3500 pm.
3. Other passive income $2000 pm.
4. Two children's parent allowance ($500 pm each) $1000 pm.
5. Total passive income $6500 pm.
6. Total expenditure $3500 pm.
7. Savings (reinvested) $3000 pm.

Expenses during retirement:

1. Food and utilities $1200 pm.
2. Car (fully paid) expenses such as petrol, road tax, insurance, etc $600 pm
3. Medical insurance $800 pm.
4. Holidays $400 pm (pro rated).
5. Misc $500 pm.
6. Total $3500 pm.
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  #7939 (permalink)  
Old 21-06-2015, 02:04 PM
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Quote:
Originally Posted by Unregistered View Post
My family and I plan to move from our landed home this year to a condo to take advantage of our landed property price. Our landed property price rose too much and we decided to take profit and so we can make a 100 tons of money. After that we will move to a new condo and pay for it in cash. We are going to enjoy staying in a condo because of the beautiful landscaping and the amenities.

We realized that living in our landed home had a few advantages: (1) we can park many cars in our compound (2) people walk pass looking into our home to admire (3) can do DIY little for fun and hobby (4) high standard of living (5) keep 5 dogs (6) private security with Gurka (7) Driver by the side. The only not so good thing about staying in too big landed property is must communicate with family members using hand phone.

When my wife and I finally retire, we plan to retire in a condo not because we love condo living. We rather stay in a small studio condo unit rather than moving to a even bigger bungalow in the park. I will be able to see my wife every moment as and when I like, minus the telephone communication as what we are doing now. We then buy a studio condo unit for $800k, we will have $100m cash to buy dividend stocks which can give us dividends.
Living on landed property is too bland for such a rich guy like you lah.....
You should buy a block of condo. And then every day you can play hide and sick with your Gurkha guards, eat in unit #05-07, shi.t in unit 11-08, brush your teeth in unit 03-03, urinate in unit 07-02 & read newspaper in unit 08-04.

What do you think?
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  #7940 (permalink)  
Old 21-06-2015, 03:17 PM
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Quote:
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Living on landed property is too bland for such a rich guy like you lah.....
You should buy a block of condo. And then every day you can play hide and sick with your Gurkha guards, eat in unit #05-07, shi.t in unit 11-08, brush your teeth in unit 03-03, urinate in unit 07-02 & read newspaper in unit 08-04.

What do you think?
I think you are full of BS.

Like the OP.

Lol.
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