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How much are you earning per annum?

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  #8491 (permalink)  
Old 05-09-2015, 03:37 PM
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You must remember that for most ordinary folks, savings from work income will not result in high net worth. Saving is an important step, but it is through investment that will be able to multiply your networth.

This was what the old multi millionaire did. Being from the older generation, his salary cannot compare with what younger people are earning nowadays, but yet he is able to achieve a networth of $5m+.

From the majority of the postings, it seemed many achieved about $2m networth or less, and the posters are already in their late 40s. So it does not look like they will ever be able to catch up.

Even if the old millionaire were to be careless and lose 40% of his wealth, he will still have $3m+. It is a comfortable sum to retire with.

But remember, if the economy tanks, many people would have lost their jobs like in 97/98 and 08/09 financial crises. With his $3m+, the old multi millionaire will again be in a good position to invest and multiply wealth many times when the economy recovers.

This was what savvy investors did in the last two crises and they were rewarded handsomely.

The old multi millionaire is just a small fry when compared to other successful investors that he know. And he is trying to share how he made it, even though he was not earning a big salary. But apparently, people here are not appreciative but jealous instead.

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Originally Posted by Unregistered View Post
There's someone here with net worth of $5m. If he lose 20% of his net worth, he would lose a cool $1m. If lose another 20%, he will lose another $800k.

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  #8492 (permalink)  
Old 05-09-2015, 04:59 PM
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You are not the only person people here are jealous of. There is this young multi millionaire in his 40s who already retired. People are more jealous of him because of his superior success.


Quote:
Originally Posted by Unregistered View Post
You must remember that for most ordinary folks, savings from work income will not result in high net worth. Saving is an important step, but it is through investment that will be able to multiply your networth.

This was what the old multi millionaire did. Being from the older generation, his salary cannot compare with what younger people are earning nowadays, but yet he is able to achieve a networth of $5m+.

From the majority of the postings, it seemed many achieved about $2m networth or less, and the posters are already in their late 40s. So it does not look like they will ever be able to catch up.

Even if the old millionaire were to be careless and lose 40% of his wealth, he will still have $3m+. It is a comfortable sum to retire with.

But remember, if the economy tanks, many people would have lost their jobs like in 97/98 and 08/09 financial crises. With his $3m+, the old multi millionaire will again be in a good position to invest and multiply wealth many times when the economy recovers.

This was what savvy investors did in the last two crises and they were rewarded handsomely.

The old multi millionaire is just a small fry when compared to other successful investors that he know. And he is trying to share how he made it, even though he was not earning a big salary. But apparently, people here are not appreciative but jealous instead.


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  #8493 (permalink)  
Old 06-09-2015, 09:01 AM
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Rightly so. In fact many people thinks he is lying. He never shared how much his networth is and never shared any tips/advise.

All he kept repeating was he was a successful executive who earned big bucks and retired young. He didn't say what he has and what he invested in to derive his retirement funding.

If I am not wrong, I read in another forum posting, someone similarly boasting about making it good and then retired young. But then that poster said his networth was $1.8m. I think this amount cannot last long. If he retired in his mid 40s, I bet that he will join back the workforce in his late 50s. This time doing menial or low level job.


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You are not the only person people here are jealous of. There is this young multi millionaire in his 40s who already retired. People are more jealous of him because of his superior success.

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  #8494 (permalink)  
Old 06-09-2015, 10:38 AM
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Quote:
Originally Posted by Unregistered View Post
Rightly so. In fact many people thinks he is lying. He never shared how much his networth is and never shared any tips/advise.

All he kept repeating was he was a successful executive who earned big bucks and retired young. He didn't say what he has and what he invested in to derive his retirement funding.

If I am not wrong, I read in another forum posting, someone similarly boasting about making it good and then retired young. But then that poster said his networth was $1.8m. I think this amount cannot last long. If he retired in his mid 40s, I bet that he will join back the workforce in his late 50s. This time doing menial or low level job.
Yes, he could be lying. But then, many here could be lying too, including you. It is normal for people who are jealous to say he is lying as they choose not to believe that he is more succesful. Everyone here thinks they are the most successful. Human nature.
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  #8495 (permalink)  
Old 06-09-2015, 01:06 PM
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Old millionaire jealous of young multi millionaire. LOL.
Jealousy in life will never end if you keep comparing with others more successful than you.


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  #8496 (permalink)  
Old 06-09-2015, 03:45 PM
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Quote:
Originally Posted by Unregistered View Post
Old millionaire jealous of young multi millionaire. LOL.
Jealousy in life will never end if you keep comparing with others more successful than you.

What is that to jealous those who make it at a younger age?
Look at their financial commitments.
Do they still have to service their mortgage?
Their children's education?
Their parents' medical expenses?
Still has to worry whether their children will perform better than them?

Investment skill will be your permanent asset. No body can rob it from you.
Those who survive in 1997/98 Asia Financial Crisis is going to add more to their wealth.
No need to worry about the old but rich.

Yes. I am having 5m+ right now.
My children are earning way above the average Singaporean.
I am certain I can make my wealth grow to 7.5m, or even 10m in 2015/16 market crash.
What do you have to say?


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  #8497 (permalink)  
Old 06-09-2015, 06:53 PM
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5m is nothing and it doesn't belong to you alone. Belongs to you and wife, which means your net worth is only $2.5m. Talk big.
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  #8498 (permalink)  
Old 06-09-2015, 10:08 PM
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Quote:
Originally Posted by Unregistered View Post
5m is nothing and it doesn't belong to you alone. Belongs to you and wife, which means your net worth is only $2.5m. Talk big.


Sour grape.

How much you have now?

Clarification, 5m is cash asset not inclusive of houses and cars.

I believe my children earn very much more than you. Believe or not?
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  #8499 (permalink)  
Old 06-09-2015, 10:46 PM
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Wahhh Big Shot!(Ps I'm not the guy you're debating with)

Care to share what's your total current net worth plus the estimated net worth of your children once they reach mature age?

I'm just curious how much the middle class think they are worth muhahaha


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Sour grape.

How much you have now?

Clarification, 5m is cash asset not inclusive of houses and cars.

I believe my children earn very much more than you. Believe or not?
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  #8500 (permalink)  
Old 08-09-2015, 08:03 PM
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It seems many people as condo owners have the plan to sell their condos and fund their retirement as they trade down to a BTO, I would like to pose the following issue. Given that there is an increasing proportion of retirees vs those in the work force (unless there is continued increase in foreigners) there will be increasing supply of condos for sale over the next 10-20 years due to this, driving prices lower unless developers stop building and keep supply low.
The only way to guarantee higher prices is to allow more foreigners to come in large numbers. Do you agree?


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We have worked out our retirement plan. We will retire at 58. First we will sell our condo and get $1.2m. Then we buy a totally brand new 2 room BTO flat for the elderly for $100k, pay in full cash. We invest $1m in high dividend yield stocks giving us 5% dividend yield, $50k pa. Our 3 children will give us allowance of $2k pm in total or $24k pa. Total passive income $74k pa. When we reach 65, we will get $3.6k pm or $43.2k pa from CPF Life. Total passive income at 65 will be $117.2k pa. Our expected spending during retirement will average $50k pa as we no longer need to own a car. We will save and reinvest the balance or spend on round the world holidays. Living in a 2 room flat has many advantages such as utility rebates. We may even get free food if some welfare organisations come to all the 2 room flats to give out food for the elderly as they usually think those staying in 2 room flats are poor. In fact there are many people who live in HDB flats are rich and they own multiple private properties.
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