How much are you earning per annum?

Originally Posted by Unregistered

A lot of people here too free, so spend time fantasising about leading a rich life.

Do you think a couple earning 300-500k pa needs to ask people on the internet for advice on how to manage their wealth?

He is either a liar or a stupid person.

Originally Posted by Unregistered

He is either a liar or a stupid person.

Personally, I don't think there is anything wrong to ask others on how to manage wealth. I come from a very poor family, where we would skip meals or eat leftovers because our parents could not afford.

Now, I am earning around 55k per annum, which is a lot for us when I compare it to my parents 7k to 8k per annum. We were able to survive at 7k per annum back then and we are still able to. We can manage our money so that we can buy the basic necessities but we do not know how to sustain and grow our wealth. Thus, my only way is to ask others in forum and take their advice on how to grow my money.

Originally Posted by Unregistered

Personally, I don't think there is anything wrong to ask others on how to manage wealth. I come from a very poor family, where we would skip meals or eat leftovers because our parents could not afford.

Now, I am earning around 55k per annum, which is a lot for us when I compare it to my parents 7k to 8k per annum. We were able to survive at 7k per annum back then and we are still able to. We can manage our money so that we can buy the basic necessities but we do not know how to sustain and grow our wealth. Thus, my only way is to ask others in forum and take their advice on how to grow my money.

How old are you? Are you a grad? Which industry are you working in?

I can assure you it is not a sad life at all to have $5m+ networth and with annual savings of $300K+.

I know it is difficult to tell apart my posts from the other posts, but in my posts you will find the following consistent themes:

1. Work hard, save and invest well. Start as early/young as possible
2. Work as long as you can. Dont quit too young even though you may think you have saved enough because of inflation plus the many unknowns that could pop up along the way
3. The "golden period" for savings is when you are around 50+ to early 60 where your major loans are paid up, children are grown up and your salary is at its peak. Here, at 55, I have shared that for every year of work, my wife and I could save for 3 years of retirement expenses
4. Dont put additional burden on your children by expecting them to give you allowance in your old age because they would have their own family to support. They might also need to provide for their in-laws!
5. Retiring without proper planning or hobby to occupy your time will lead to boredom and slowing of the mind.
6. Dont burden your children by staying with them. Give them the space and privacy to live their own lives. By all means help to look after your grand children, but not to stay with them unless it is a big spacious house.
7. In Singapore, no real need to own cars, because we are small city and public transportation is good and cheap. Having said this, we own two cars - Jap cars.

I also shared how I could only achieved a mere 2.5% return on the $5m+ networth or around $130K pa in passive income cash flow. This is because the primary home will not be generating cash flow, and the fact that we also minimise risk by putting a chunk of savings in bonds and FDs. Rest are in blue chips stocks and rental property.

The $130k pa passive income was able to cover our expenses so it should not be surprising to you that we could save $300k+ pa -- our salaries.

And I never asked how we are doing, how we could retire etc..... I am not that poster!

Originally Posted by Unregistered

Haha, how true. My favourite is when he said his own net worth is $5m and he saves $300k pa. Classic. Sad life.

You are lying. Your net worth alone is not $5m+. It is a COMBINED net worth with you AND your wife. So please stop lying. Who knows, your net worth alone could just be $1m and your wife's net worth could be $4m+.

Originally Posted by Unregistered

I can assure you it is not a sad life at all to have $5m+ networth and with annual savings of $300K+.

I know it is difficult to tell apart my posts from the other posts, but in my posts you will find the following consistent themes:

1. Work hard, save and invest well. Start as early/young as possible
2. Work as long as you can. Dont quit too young even though you may think you have saved enough because of inflation plus the many unknowns that could pop up along the way
3. The "golden period" for savings is when you are around 50+ to early 60 where your major loans are paid up, children are grown up and your salary is at its peak. Here, at 55, I have shared that for every year of work, my wife and I could save for 3 years of retirement expenses
4. Dont put additional burden on your children by expecting them to give you allowance in your old age because they would have their own family to support. They might also need to provide for their in-laws!
5. Retiring without proper planning or hobby to occupy your time will lead to boredom and slowing of the mind.
6. Dont burden your children by staying with them. Give them the space and privacy to live their own lives. By all means help to look after your grand children, but not to stay with them unless it is a big spacious house.
7. In Singapore, no real need to own cars, because we are small city and public transportation is good and cheap. Having said this, we own two cars - Jap cars.

I also shared how I could only achieved a mere 2.5% return on the $5m+ networth or around $130K pa in passive income cash flow. This is because the primary home will not be generating cash flow, and the fact that we also minimise risk by putting a chunk of savings in bonds and FDs. Rest are in blue chips stocks and rental property.

The $130k pa passive income was able to cover our expenses so it should not be surprising to you that we could save $300k+ pa -- our salaries.

And I never asked how we are doing, how we could retire etc..... I am not that poster!

Don't get all upset about this. You don't have to believe anything here.

The fact is that we don't really feel rich. I have posted about this before, somewhere, among the thousands of postings in this forum.

The reason being that the wealth is all invested - in shares, properties, CPF, FDs, bonds and single premiums insurance, and the 2 cars. As a result we hold very little cash in our regular banking accounts. At most, on pay days the amount may hit $80k to 100k. On bonus months or dividend paying months (especially in May and August) the amount may cross $150k. We will then reinvest the excess leaving about $50k for emergency expense.

Someone posted about earning $1000 a day. Looking at our income, including the passive income, we averaged (combined) about $1370 per day.

As we don't feel that we are rich, our lifestyle has not changed much since the day we got married. The only indulgences we gave ourselves are to have a car each, live in a condo and have the annual holiday. That's about it.

Originally Posted by Unregistered

You are lying. Your net worth alone is not $5m+. It is a COMBINED net worth with you AND your wife. So please stop lying. Who knows, your net worth alone could just be $1m and your wife's net worth could be $4m+.

Originally Posted by Unregistered

Don't get all upset about this. You don't have to believe anything here.

The fact is that we don't really feel rich. I have posted about this before, somewhere, among the thousands of postings in this forum.

The reason being that the wealth is all invested - in shares, properties, CPF, FDs, bonds and single premiums insurance, and the 2 cars. As a result we hold very little cash in our regular banking accounts. At most, on pay days the amount may hit $80k to 100k. On bonus months or dividend paying months (especially in May and August) the amount may cross $150k. We will then reinvest the excess leaving about $50k for emergency expense.

Someone posted about earning $1000 a day. Looking at our income, including the passive income, we averaged (combined) about $1370 per day.

As we don't feel that we are rich, our lifestyle has not changed much since the day we got married. The only indulgences we gave ourselves are to have a car each, live in a condo and have the annual holiday. That's about it.

Then I hope you aren't accumulating your money because you think you can bring it with you. Being prudent and saving for retirement is one thing, saving excessively and not spending is another. Money is meant to be used, not saved. Don't be the couple who worked their entire lives and end up giving all their hard earned money to their children when they pass on, without enjoying life themselves.

[aplover]

Maybe you all should post with nicks of being unregistered. Seriously who is going to track you when you are posting behind a nick? Need to hide what?

Also pple are here to learn from one another. Those who have made it already. Be happy and give back to charity and share your tips without exaggerating and bragging.

Money and net worth shouldn't be the ultimately goal as when we die, we really can't take it along with us. So just enjoy moderately the fruits of our labor but remember to give back to charity and society actively.

You should work harder. Your net worth of just $2.5m each is not enough to retire. You must each have $5m of net worth or $10m of total net worth to retire. You can quit your current company and move to a company that pays you more, at least $30k pm or $500k pa. Don't retire so early. Retire when you reach 75. You can retire comfortably at 75 and if you die at 80, you can leave behinds millions to your children.

Originally Posted by Unregistered

Don't get all upset about this. You don't have to believe anything here.

The fact is that we don't really feel rich. I have posted about this before, somewhere, among the thousands of postings in this forum.

The reason being that the wealth is all invested - in shares, properties, CPF, FDs, bonds and single premiums insurance, and the 2 cars. As a result we hold very little cash in our regular banking accounts. At most, on pay days the amount may hit $80k to 100k. On bonus months or dividend paying months (especially in May and August) the amount may cross $150k. We will then reinvest the excess leaving about $50k for emergency expense.

Someone posted about earning $1000 a day. Looking at our income, including the passive income, we averaged (combined) about $1370 per day.

As we don't feel that we are rich, our lifestyle has not changed much since the day we got married. The only indulgences we gave ourselves are to have a car each, live in a condo and have the annual holiday. That's about it.

Retiring in Penang is not a bad idea at all. For a retired couple, you just need RM3,000 per month. If you can generate S$1,000 per month of passive income, you can already retire. Many Singaporean retired couple rent out their HDB flat for S$3,000 per month and when they convert to RM, they get RM9,000 per month. So they can save RM6,000 per month.

Their expenses
1. Condo rent for a 3 bedroom unit RM1,000 per month
2. Car expense RM400 per month (assume they bought a resale car for RM30k paid in cash)
3. Food and utilities RM1,000 per month
4. Medical and misc RM600 per month

So, you don't need to save up to S$1m cash to retire. Your HDB flat is your asset.

Originally Posted by Unregistered

We are not as successful as you. We are around your age. Our retirement plan is to rent out our fully paid 5 room EA for $3k pm. On top of this we have other sources of passive income giving us another $2k pm. With $5k pm, we can get RM15k pm. We will then retire in Penang, where we can rent a big bungalow with swimming pool for RM5k pm. Our other expenses will be RM3k pm so our total retirement expenses will be RM8k pm. We will save RM7k pm. We envisage our children will be working and married when we reach 58. We will retire at that time. The bungalow will have 5 rooms so our children and our future grandchildren can visit us twice a year. They can enjoy the pool with complete privacy.

So we will have a luxurious retirement in Penang and living in a big bungalow. In Spore, such bungalows will cost $20m and above.