How much are you earning per annum?

Irresponsible and childish as well.

It does not hurt for him to do the simple exercise: https://www.cpf.gov.sg/cpf_trans/ssl...sp?popup=&src=

Originally Posted by Unregistered

You're the one giving alarmist and irresponsible advice.

I do not see much of an issue for you. In fact, you have already achieved financial success. What you and your wife need to do is to maintain your lifestyle such that you have surpluses every year until you both reach 65 years old.

Your assets:

1. A fully paid condo. Assuming this condo is now worth $1.5m (the average value of a condo in Singapore). This condo will surely appreciate in value over 20 years and will be worth at least $3m in 20 years time.

2. A $1m investment portfolio. This portfolio, if managed carefully, will be worth $2m at least in 20 years time.

3. If your family can save $60k a year, in 20 years time, you will have an extra $1.2m cash.

So your grand net worth total in 20 years time will be about $6.2m.

Better for you to take a lower risk of managing your investments rather than going into high risk business ventures, which will likely make you lose all your hard savings of $1m.

Perfectly alright to be a house husband who takes care of your children to grow up to be scholars.

With $6.2m in 20 years time, if you want to live like a king, you can retire in Malaysia. When you convert $6.2m you will get at least RM15m.

All the best.

Originally Posted by Unregistered

Need advice. What should I do?

Hi, I used to be a corporate executive, earning $200k pa. But I was let go due to down sizing. I had a good severance package and with my savings all these years, I am able to invest, earning me a passive income of $40k pa. However I feel inadequate as my wife earns more at $120k pa. As a man, I felt that I should earn more or at least on par with my wife.

Should I liquidate my investment and set up a food business? I have no experience but my friend is willing to partner with me. This option potentially can give me an earning of $150k pa, but the risk is there. I could lose all my money if response for my products is not good.

As for searching for a job, I have done this for many months but not successful. I am either too old or overqualified. I thought of driving a taxi but my wife is against it as she feels embarrassed with our neighbors and relatives. My wife said that she is actually ok with me not working as I do still bring in income of $40k pa and I have paid off our condo mortgage and car loan. Also I have a $1m investment portfolio which will fund both our retirement. Her investment portfolio is only $100k. She said what I can do is to stop the maid's service and then I do most of the household chores and also ferry her and our kids around and coaching the kids. By not having a maid, our household expenses in total will drop to $100k pa. So as a couple, we can still save $60k pa.

What should I do? Follow my ego and do the food business - potential higher income for me but higher risk or follow my wife's idea - lower income for me but lower risk, become house husband (ego down the drain). What should I do? What would you do?

Originally Posted by Unregistered

Irresponsible and childish as well.

It does not hurt for him to do the simple exercise: https://www.cpf.gov.sg/cpf_trans/ssl...sp?popup=&src=

so everyone needs $10m to retire. otherwise they will die poor. can?

[lordlad]

rephrase is needed for those giving their 'millionaire advise'....

everyone 'wants' to have 10m to retire...not 'needs'...

if you 'need' 10m to retire, you might need to evaluate what went wrong with your life, why is there a 'need' (not want) to have 3 estates instead of one, why you 'need' to have 3 porsche instead of just one honda.....

an example....most asian people 'wants' to drink bird nest but no human ever 'needs' bird nest to survive...if you truly 'needs' bird nest to survive, then something is wrong with you..

No normal human 'needs' heroine but to a drug addict, the 'wants' for heroine is greater than the 'real needs' for food & water. It doesn't take an Einstein to deduce the addict got his priorities mixed up.

this thread is quite dangerous because some gullible people will actually believe some of the advises 'the millionaires' here spouted...and get their priorities between 'wants' & 'needs' mixed up..........

Remember, tender to your 'needs' first....if you want to risk your 'needs' to get your 'wants', i don't care who or what you are, billionaire or not, you are wrong. Period.

Originally Posted by lordlad

rephrase is needed for those giving their 'millionaire advise'....

everyone 'wants' to have 10m to retire...not 'needs'...

if you 'need' 10m to retire, you might need to evaluate what went wrong with your life, why is there a 'need' (not want) to have 3 estates instead of one, why you 'need' to have 3 porsche instead of just one honda.....

an example....most asian people 'wants' to drink bird nest but no human ever 'needs' bird nest to survive...if you truly 'needs' bird nest to survive, then something is wrong with you..

No normal human 'needs' heroine but to a drug addict, the 'wants' for heroine is greater than the 'real needs' for food & water. It doesn't take an Einstein to deduce the addict got his priorities mixed up.

this thread is quite dangerous because some gullible people will actually believe some of the advises 'the millionaires' here spouted...and get their priorities between 'wants' & 'needs' mixed up..........

Remember, tender to your 'needs' first....if you want to risk your 'needs' to get your 'wants', i don't care who or what you are, billionaire or not, you are wrong. Period.

This kind of need vs want talk is just excuses by people who have mediocre achievement come up with to justify why they actually are "not too bad" and laugh at people who are more succesful than them for having "wrong priority". Ah Q mentality.

At its most basic level, you really need nothing to survive in Sg. Even if you have $0 some charity will provide you basic shelter and food. A lot of kopitiam uncles have nothing but a 1 room flat and $300 their children give them monthly to buy kopi, ciggies and the occassional whore.

This kind of logic we might as well forget about retirement planning, building a career, upgrading yourself, investment etc since almost everything is just a "want".

Aim for the sky settle for the cloud, never be a frog in the well that keep coming up with justification to settle for less.

[lordlad]

Originally Posted by Unregistered

This kind of need vs want talk is just excuses by people who have mediocre achievement come up with to justify why they actually are "not too bad" and laugh at people who are more succesful than them for having "wrong priority". Ah Q mentality.

At its most basic level, you really need nothing to survive in Sg. Even if you have $0 some charity will provide you basic shelter and food. A lot of kopitiam uncles have nothing but a 1 room flat and $300 their children give them monthly to buy kopi, ciggies and the occassional whore.

This kind of logic we might as well forget about retirement planning, building a career, upgrading yourself, investment etc since almost everything is just a "want".

Aim for the sky settle for the cloud, never be a frog in the well that keep coming up with justification to settle for less.

i agree with you on being ambitious but your ideas of '10mil or get outta of my face' is exactly why i said yours is bad advise.

Aim for the skies...yes. But everyone should determine his or her own values. Not everyone is a hawk or a falcon that can soar in the skies. If you judge a frog by its ability (or inability) to fly and deemed it a failure, then i rest my case.

Just to give you an example. I am 31 this year and I am 'still' getting my IPPT running gold timing of 9:12. I ran a full marathon with a PB of 3:26. Am I going to think that those that ran slower than me are lazy bums and useless wimps? Of course not! Some are just not into running. Some have injuries. Some could careless. Who am I to judge a person based on running time?

Same as investment. If you are asking an individual with less than 50k p.a and lots of loan to play for 20mil retirement, that's unrealistic. That's asking an obese guy to run with a marathon runner. Dream....but dream pragmatically, realistically.


p.s. your 'A lot of kopitiam uncles have nothing but a 1 room flat and $300 their children give them monthly to buy kopi, ciggies and the occassional whore.' reeks of elitism. I hope to whichever deity that you will never be in politics....or else singapore is doom.

the stats is not accurate leh. My relative stay landed with his family.

All not working except his son. Just graduate. I don't think he earn 25k per month.

Originally Posted by Unregistered

EC or PC no difference after 5 yrs lah.

Should really take advantage of your income of $150k pa (or $10k pm) to buy EC.

By the way, with your income and staying in PC will make you the lowest income earners among PC dwellers.

This data from salary.sg:
The average monthly income of households*living in condos is $19,026. For those families living in landed properties, the figure is $25,419. This is according to the Key Household Income Trends 2012 report published by the Singapore Department of Statistics.

[lordlad]

Originally Posted by Unregistered

the stats is not accurate leh. My relative stay landed with his family.

All not working except his son. Just graduate. I don't think he earn 25k per month.

the stats is average...your relative maybe earning lower....it's those earning (much) higher that pushed the average up...

Comparing this to the IPPT is too far a stretch, completely irrelevant actually.

Nobody is asking him to be a multi-millionaire. His main concerns were his ego and image, both of which stem from the money angle - his wife bringing home more money than him.

The advise to review his financial situation is thus reasonable before he decides on his next course of action. Yes, he has a million $ invested somewhere, but without growing this pot, he will have to keep cutting back and lead simpler and simpler lifestyle -- so much for ego and image.

Originally Posted by lordlad

i agree with you on being ambitious but your ideas of '10mil or get outta of my face' is exactly why i said yours is bad advise.

Aim for the skies...yes. But everyone should determine his or her own values. Not everyone is a hawk or a falcon that can soar in the skies. If you judge a frog by its ability (or inability) to fly and deemed it a failure, then i rest my case.

Just to give you an example. I am 31 this year and I am 'still' getting my IPPT running gold timing of 9:12. I ran a full marathon with a PB of 3:26. Am I going to think that those that ran slower than me are lazy bums and useless wimps? Of course not! Some are just not into running. Some have injuries. Some could careless. Who am I to judge a person based on running time?

Same as investment. If you are asking an individual with less than 50k p.a and lots of loan to play for 20mil retirement, that's unrealistic. That's asking an obese guy to run with a marathon runner. Dream....but dream pragmatically, realistically.


p.s. your 'A lot of kopitiam uncles have nothing but a 1 room flat and $300 their children give them monthly to buy kopi, ciggies and the occassional whore.' reeks of elitism. I hope to whichever deity that you will never be in politics....or else singapore is doom.

Hi all, I am a mechanical engineer graduated from NUS working as a project engineer in O&G upstream EPC Company. My annual compensation package is 47k+ including bonus and AWS. My basic is extremely low, less than 3 k but bonus is fairly heavy. I am actually okay with the package as I think I am a fresh grad and I am realistic enough to know that I dont worth too damn much at this moment. What I am more concerned of actually is my future in this industry.

I would like to consult all O&E engineers who has been there/done that and walked through the oil and gas corporate path here on what route should I take to ensure I can climb not just high but fast in the corporate O&E upstream ladder. I wanted to take a masters to upgrade myself but it seems like my colleagues with masters or phD degrees in my company are more or less at the same level and status as me even though they have been here for years. That means it wouldnt really make a difference to me and it would be meaningless to do postgrad at all. I also thought of getting myself certified as a P.E but it is equally meaningless as I cannot endorse anything here due to offshore nature.

So what should I do to equip myself for success if postgrad and P.E is not useful. I really to make a 5 figure salary before I reach 35(10 years goal). Please dont tell me things like switch to banking or finance, I want to make 5 figure in oil and gas, if its not possible can just let me know the truth I can take it.