How much are you earning per annum?

Originally Posted by Unregistered

Congrats. Hard to replicate this for the next generation. Any property bought 20 years ago will make a lot of money. Nowadays with all the cooling measures, hard to make as much money they property investment. Enjoy ur retirement!

The next generation can still make money from property by buying cheap BTO flat and selling in the open market after MOP. They can do this twice. They can also buy cheap EC and sell at open market price to foreigners after 10 years and make big profits.

Thanks everyone for your congrats and well wishes. We are humbled by our achievements. We feel blessed.

Originally Posted by Unregistered

$205k pa is a lot. How much does your husband make? How many children do you have?
Do you live in a landed property?

Thank you very much-but looking at all the financially-savvy posters here, I must say I am greatly humbled. I would endeavour to maintain $205k pa/higher for another 10+Yrs, since I still have "youth"(energy) and ability to work now and enjoy later(when it's harder to accumulate such proceeds and will emphasise less on retirement funds-building. There is no husband nor children in the equation. But why do you ask? I mean what's the relevance? Lol people here often make (false)assumptions and I am rather amused by it. Seriously. (I wonder if the singapore statistics of approx.370,000 unmarried Citizens 29-49 ever sink in to them-marriage is not the natural/expected choice for many and over two decades now).I live in my parent's apartment. My apartment is currently rented out.

Originally Posted by Unregistered

Well done. I have been trying to get my two children who had just entered the workforce to start thinking about savings and investing for their future.

For myself, I am 56+, $300k pa work income, and passive income at $140kpa. Spouse's income $150k pa.

The way we see it, we ourselves are the still our best asset. Our passive income cannot replace our work income. Hard to stop work and forgo all these income.

Firstly, thanks. Same to you and your spouse too. I must say you both have come a long way in your career (be it in terms of seniority in position or experience) I believe work always pay in the long run, even though you may have started off with more decent pay. Also happy for you to also enjoy rental passive income. As for your kids, you might wish to try saving for them in a lump sum on a sound investment project (be in endowment funds, sound alternative o/seas service apartment of reasonable sum) and getting them to pay you/put aside a manageable sum with you monthly,after they are settled in paying off any debts or regular expenses and have enjoyed a few years of self managing their financial freedom). That's how I encouraged my less prudent sis-in-law to save, got her to save by instalments with me and I forked out lump sum to save in a good attractive yielding project. Your kids will realise the joy of savings once they see the matured sums given to them to enjoy (travel or buy something they fancy) and save the rest plus additional tops-up again. From personal experience, I splurged on myself and family members for 4years after working and after that save religiously. Of course rewarding myself with my savings, motivated me to continue saving and it had been a decade and a half. As we save we want to be able to enjoy part of them concurrently when we have not retired yet,too, otherwise, really, what's the meaning of it?

Originally Posted by Unregistered

Old man, you're addicted to wealth.

Poster didn't even indicate his gender. Don't assume it's not a female writing (despite the writer's spouse earning less) let's stay neutral and open/Minded. Gone are the days where women are less educated/earn less. It is cool not to think or assume women aren't as capable as men in this era.

Originally Posted by Unregistered

I'm 27 and earning 90k pa. I hope I am able to give up my 300k pa job in the future. All the posters seem to have enough money to retire but unwilling to give up the income. How to enjoy life if u have to spend all ur time working

It's up to you. You can save and at the same time enjoy life. What's stopping you, really? It doesn't have to be a be-all or end-all situation. Think about it, young person.

Congratulations! You are on track towards a good retirement.

Owning two FULLY PAID UP condos put you among the top 5% of the local population.

Originally Posted by Unregistered

Middle income, 47 & 45, $190k pa in total.
We are savvy property investors. Bought our condos at the right time.
Home is a 3 bedroom condo, paid up.
Investment condo (high quality, high demand for rental, investment grade), paid up.
Car paid up.

We plan to retire in ten years time, at 57 & 55. Our passive income from investment condo rental and annuities will be more than our projected expenses as a retired couple. When we reach 65, our CPF Life starts paying us.

When we retire, our children (we are blessed with smart children) will likely be working and expected to earn good salaries. Once they got married, they will be staying with their spouses in their own BTO flats. Our children and future grandchildren can visit us over the weekends to enjoy our condo's facilities.

We are looking forward to a good retirement.

Fully agreed, well said.

Earn enough to live and have some spare money... be happy and contented with it. Important is to be happy with family love / life / work / friends / any good cause or whatever it is... cos' these are the things that I will remember / treasure when I am going to die ...

It is not wealth/money that will make me think whether I have spend my life time well ... isn't it? But it is important that we are not trapped in financial difficulty in modern times - no money also has its problems. I have not reached the enlightenment to be able to live without some material comfort but help others if we can lah ...

Originally Posted by Unregistered

Wealth Addiction

"He who knows when he has enough is rich (Lao-Tzu. ca. 565 B. C.)"

"Everything in excess is opposed to nature (Hippocrates, ca. 400 B.C.)"

"Luxury and avarice—these pests have been the ruin of every state (Cato, 234-149 B.C.)"

"The greatest crimes are due to excess rather than want (Aristotle)."

"The poor have little, beggars none, the rich too much, enough not one (Benjamin Franklin, 1743)."

"The production of wealth is not the work of any one man and the acquisition of great fortune is not possible without the cooperation of multitudes of men (Peter Cooper, l79l-1883)."

"The rich have become richer and the poor have become poorer, and the vessel of state is driven between anarchy and despotism (Percy Bysshe Shelley, 1821)."

"The rich get rich and the poor get poorer...(from song 'Ain't We Got Fun' by Gus Kahn, Bernard Eagan, Richard Whiting, 1921)."

"To have plenty is to be confused. He who knows when he has enough is rich (Lao Tze, ca. 565 B. C.)"

"The life of money-making is one undertaken under compulsion (Aristotle, 384 - 322 B. C.)"

"A great fortune is a great slavery (Seneca, 4 B. C. - 65 A. D.)"

"His money owns him rather than he owns it. (St. Cyprian, ca. 200 A. D.)"

Wow! Awesome!
Those who own a condo in Singapore are already considered high flyers given that 80% live in public housing. Many of these condo dwellers are still paying their mortgage until their 60s.
For you to own 2 condos and some more fully paid is a very big achievement in Singapore.
You could be in the top 1% - 3% in social status in Singapore!
You are a super high flyer!

Originally Posted by Unregistered

Middle income, 47 & 45, $190k pa in total.
We are savvy property investors. Bought our condos at the right time.
Home is a 3 bedroom condo, paid up.
Investment condo (high quality, high demand for rental, investment grade), paid up.
Car paid up.

We plan to retire in ten years time, at 57 & 55. Our passive income from investment condo rental and annuities will be more than our projected expenses as a retired couple. When we reach 65, our CPF Life starts paying us.

When we retire, our children (we are blessed with smart children) will likely be working and expected to earn good salaries. Once they got married, they will be staying with their spouses in their own BTO flats. Our children and future grandchildren can visit us over the weekends to enjoy our condo's facilities.

We are looking forward to a good retirement.

Originally Posted by Unregistered

Thank you very much-but looking at all the financially-savvy posters here, I must say I am greatly humbled. I would endeavour to maintain $205k pa/higher for another 10+Yrs, since I still have "youth"(energy) and ability to work now and enjoy later(when it's harder to accumulate such proceeds and will emphasise less on retirement funds-building. There is no husband nor children in the equation. But why do you ask? I mean what's the relevance? Lol people here often make (false)assumptions and I am rather amused by it. Seriously. (I wonder if the singapore statistics of approx.370,000 unmarried Citizens 29-49 ever sink in to them-marriage is not the natural/expected choice for many and over two decades now).I live in my parent's apartment. My apartment is currently rented out.

Generating $100k of passive income a year is impressive. Even more impressive is that this amount is equal to what you are now earning from work. Possible to share how you manage to build up your investment and income?

Our expenses and income per month (pro rated)

Condo mortgage & maintenance $1500 pm
Car loan $800 pm
Car petrol $500 pm
Other car related expenses $500 pm
Food, groceries, restaurants, utilities $2000 pm
Parents allowance $1600 pm
Insurance $1700 pm
Children (2 teenagers) related expenses $1000 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $2500 pm
Total expenses $12,100 pm ($145.2k pa)

Total income (pro rated) $15,600 pm ($187.2k pa)
Total savings $3,500 pm ($42k pa)
Total net worth (home equity+cash+cpf) $1.4m

Our age: 49 & 46.
Is your expenses, income and net worth similar, less or more?