How much are you earning per annum?

You have done quite average well. You need to work harder so that your net worth will reach $10m by the time you retire at 75. Then you enjoy spending your retirement with $100k pa for 5 years until you kick the bucket at 80. You can then leave $9.5m to your kids and they can just enjoy and retire in their 30s.

Originally Posted by Unregistered

I think not to worry too much as both of you are still young. As you already know, wealth is not everything, but having sufficient wealth is important. So you have to know what that "number" is and aim to make sure you achieved it before you reach retirement age.

To know what that "number" is, you need to know the lifestyle you want to lead in retirement. Do you have or plan to have kids? Let's say you worked out that both of you together needs $80k a year in retirement and you retire at 60, and spend 25 years in retirement, you will need minimally $80k x 25= $2m. I said minimally because I have not factored in inflation.

Engineers are versatile, by virtue of the degree engineering courses and training. I know as I am one. Most engineers will move on to become managers by age 35 and lead big projects and teams. Those staying on in the technical should also progress up the technical skill ladder and earn more.

I am not yet 50, but my net worth is above $5m combined with my wife. So you will get there and retire in comfort. Don't worry.

Originally Posted by Unregistered

I think not to worry too much as both of you are still young. As you already know, wealth is not everything, but having sufficient wealth is important. So you have to know what that "number" is and aim to make sure you achieved it before you reach retirement age.

To know what that "number" is, you need to know the lifestyle you want to lead in retirement. Do you have or plan to have kids? Let's say you worked out that both of you together needs $80k a year in retirement and you retire at 60, and spend 25 years in retirement, you will need minimally $80k x 25= $2m. I said minimally because I have not factored in inflation.

Engineers are versatile, by virtue of the degree engineering courses and training. I know as I am one. Most engineers will move on to become managers by age 35 and lead big projects and teams. Those staying on in the technical should also progress up the technical skill ladder and earn more.

I am not yet 50, but my net worth is above $5m combined with my wife. So you will get there and retire in comfort. Don't worry.

Thanks for your valuable suggestion and giving hope as an Engineer. Your financial achievement is remarkable. I believe you are a high flyer in engineering and thus it was possible. I also feel the same way as you do that engineers with their expertise will be able to have a decent current and retirement life, just need to make sure the needed number is achieved as you advised. I met few engineers who are employed even after retirement age, it gives me feeling that engineering job is little more secured as well.

Originally Posted by Unregistered

You have done quite average well. You need to work harder so that your net worth will reach $10m by the time you retire at 75. Then you enjoy spending your retirement with $100k pa for 5 years until you kick the bucket at 80. You can then leave $9.5m to your kids and they can just enjoy and retire in their 30s.

Actually what did you try to say? Did anyone get it? How your comment and someone's net worth of 5m at age below 50 is correlated?

Originally Posted by Unregistered

Thanks for your valuable suggestion and giving hope as an Engineer. Your financial achievement is remarkable. I believe you are a high flyer in engineering and thus it was possible. I also feel the same way as you do that engineers with their expertise will be able to have a decent current and retirement life, just need to make sure the needed number is achieved as you advised. I met few engineers who are employed even after retirement age, it gives me feeling that engineering job is little more secured as well.

No offence, you can't be really rich in engineering.
The real rich guys are those high flyers in finance sector.
They retire in their late 30s or early 40s. They make so much already, no need to worry.
The engineers have no choice but to work until their 70s.

Originally Posted by Unregistered

are you married? do you own a condo?

No not married. Single.

No car either, I just cab...

No condo, I can't afford one.. Prices are crazy and it's silly to buy now anyways, not that I have much cash.

Originally Posted by Unregistered

Thanks for your valuable suggestion and giving hope as an Engineer. Your financial achievement is remarkable. I believe you are a high flyer in engineering and thus it was possible. I also feel the same way as you do that engineers with their expertise will be able to have a decent current and retirement life, just need to make sure the needed number is achieved as you advised. I met few engineers who are employed even after retirement age, it gives me feeling that engineering job is little more secured as well.

Engineers need employment even after retirement? What do you understand by retirement? If I can read you correctly, engineers should not retire at all. Should work till they kick bucket.

Originally Posted by Unregistered

Technical profession won't earn much unless you be your own boss. Many engineers switch to become doctors or management/ finance. Don't dream much if you want to remain wage earner.

It is true. I have a friend having Master and PhD in Metallurgy, specialist in gas and oil pipe coating, employed with one of the world largest oil company. So what, he still has to fly over the world like no body's business. Spend little time with family. Wife still has to work. Technical professionals are work horse, he does not earn as much compare with oil trader of the same company.

Originally Posted by Unregistered

No offence, you can't be really rich in engineering.
The real rich guys are those high flyers in finance sector.
They retire in their late 30s or early 40s. They make so much already, no need to worry.
The engineers have no choice but to work until their 70s.

Not everybody can work in the finance sector.
Not everyone job in the finance sector pays well
Not everyone can be a high flyer in the finance sector.
Anyway, what's important is not the absolute amount one earns, but the amount that gives one a comfortable and decent lifestyle.
I'm also not sure about the early retirement part. So many people that I know earn so much, but are still beholden to their salaries to want to retire.

Can you define what is rich? Is it $5m, $10m, or what?

If it is $5m net worth, believe me, many engineers or those with engineering background would achieve this amount as a couple by 55.

If it is $10m then not many professionals will be able to achieve this. But the engineers would not be at the bottom either.

Bottomline is not what others earn. It is important what you are earning now. No point always referring to this or that top earner when you are not the one earning the big bucks. Engineers are practical and versatile people. You will see engineers in finance, tuition, lawyers etc... whereever our passion takes us.

Originally Posted by Unregistered

No offence, you can't be really rich in engineering.
The real rich guys are those high flyers in finance sector.
They retire in their late 30s or early 40s. They make so much already, no need to worry.
The engineers have no choice but to work until their 70s.

Nowadays, $5m combined net worth (each $2.5m) is no big deal at all.
Semi-D (fully paid) already worth $3.5m.
Semi-Ds are average type of housing for professionals.
CPF combined, maybe $600k.
Balance for investments, $900k.
$900k investments with 4% yield can only give you $36k pa dividends.
If $10m combined net worth (each $5m), then can be considered rich.
You have $5.9m to invest, gives you $236k pa dividends.