How much are you earning per annum?

Originally Posted by Unregistered

Pay in UK is not that high. Moreover the taxes are extremely high, coupled with their own housing mortgage. BTW, we are not that hard up and we take it as good gesture of appreciation.

Never a good idea to depend on your kids for sustenance in your old age. I believe you are rich enough to retire comfortably.

I thought doctors in UK are paid like 300k pounds pa?

I am now 45 years old. I am determined to retire at 55. I have no more mortgage on my 5 room HDB flat. I am happy staying in my flat and will retire in it. I have saved and invested for many years and now I manage to get a passive income of $65k pa. My target is to reach $100k pa in passive income when I hit 55. My household expenses are not high, only $60k pa. I don't see my expenses rising so much in 10 years time as I don't own a car.

Originally Posted by Unregistered

Never a good idea to depend on your kids for sustenance in your old age. I believe you are rich enough to retire comfortably.

I thought doctors in UK are paid like 300k pounds pa?

It is not true. In UK, Specialist pay about GBP 10k a month. Consultant pay less than GBP 25k a month. In Singapore medical expert gets fantastic pay.

Have you thought through what exactly you are saving money for ?

We work so that we can have a better life for ourselves and our family. The thing is what is this better life?

In our case, we want :

1. Comfortable living environment, preferably with facilities that we can enjoy at our convenience and in privacy and with security. Answer -- condo or cluster housing

2. Travelling in comfort, privacy and at any time - answer -- own a car. We find this almost an essential since our aged parents are staying with us. So an MPV is what we need.

3. Eat well and in comfort, well as least on weekends. Answer - eat in restaurants. Not necessarily high end, but at least with air con, and you dont have dirty plates and cups strewn all over the place.

4. Time to relax and unwind after each day. Answer -- have domestic helper to do the household chores, cook meals and clean the house everyday. We found that we could do a lot more things together and lots of quality time this way.

5. See the world. Answer -- have money to travel. This is what makes our lives rich. Memories of our travels will be with us for a long long time.

6. The list goes on...

So what is it you are saving money for?

Originally Posted by Unregistered

I am now 45 years old. I am determined to retire at 55. I have no more mortgage on my 5 room HDB flat. I am happy staying in my flat and will retire in it. I have saved and invested for many years and now I manage to get a passive income of $65k pa. My target is to reach $100k pa in passive income when I hit 55. My household expenses are not high, only $60k pa. I don't see my expenses rising so much in 10 years time as I don't own a car.

Isn't it obvious that I am saving so that I can invest more to generate more passive income for me to retire at 55?

I am happy with my lifestyle, I don't need a condo and I do go holidays and eat out at restaurants.

To each his own. Don't talk down on others, please.

Originally Posted by Unregistered

Have you thought through what exactly you are saving money for ?

We work so that we can have a better life for ourselves and our family. The thing is what is this better life?

In our case, we want :

1. Comfortable living environment, preferably with facilities that we can enjoy at our convenience and in privacy and with security. Answer -- condo or cluster housing

2. Travelling in comfort, privacy and at any time - answer -- own a car. We find this almost an essential since our aged parents are staying with us. So an MPV is what we need.

3. Eat well and in comfort, well as least on weekends. Answer - eat in restaurants. Not necessarily high end, but at least with air con, and you dont have dirty plates and cups strewn all over the place.

4. Time to relax and unwind after each day. Answer -- have domestic helper to do the household chores, cook meals and clean the house everyday. We found that we could do a lot more things together and lots of quality time this way.

5. See the world. Answer -- have money to travel. This is what makes our lives rich. Memories of our travels will be with us for a long long time.

6. The list goes on...

So what is it you are saving money for?

You are on the right track. You make the right decision to stay put in your flat as this allows you to grow your assets. Given your circumstances, if you upgrade to a condo, you will lose your assets which generate passive income. A condo in today's market will cost you $1.3m for a decent 3 bedroom unit.

We are around the same age. I am fortunate to be able to retire now as I worked in a high paying job before and also because of the gains I made from my investments. I invested in a landed property in 2006 and lived there, and because the property was extremely overvalued, I sold and make lots of money. I then moved to a new 3 bedroom condo unit, paid in full. After all the transactions, I have still a lot of money and plus my savings and other investments, I am able to generate a passive income of $150k pa. As I no longer have any liabilities, my household expenses are only $70k pa. My wife, 35, is still climbing up her career and she earns $100k pa.

Originally Posted by Unregistered

I am now 45 years old. I am determined to retire at 55. I have no more mortgage on my 5 room HDB flat. I am happy staying in my flat and will retire in it. I have saved and invested for many years and now I manage to get a passive income of $65k pa. My target is to reach $100k pa in passive income when I hit 55. My household expenses are not high, only $60k pa. I don't see my expenses rising so much in 10 years time as I don't own a car.

Originally Posted by Unregistered

I am now 45 years old. I am determined to retire at 55. I have no more mortgage on my 5 room HDB flat. I am happy staying in my flat and will retire in it. I have saved and invested for many years and now I manage to get a passive income of $65k pa. My target is to reach $100k pa in passive income when I hit 55. My household expenses are not high, only $60k pa. I don't see my expenses rising so much in 10 years time as I don't own a car.

Why do you not want to retire now when your passive income already covers your expenses?

Originally Posted by Unregistered

It is not true. In UK, Specialist pay about GBP 10k a month. Consultant pay less than GBP 25k a month. In Singapore medical expert gets fantastic pay.

wow this is interesting indeed! thanks for sharing!

is this take home or gross pay? what are taxes like there? do surgical consultants get paid much more ?

Originally Posted by Unregistered

I am now retired for more than a year. I bought 2 terrace houses total 4500sf in 1987 and 2003 respectively. Both fully paid. I have a portfolio of investment, FD, bonds and collectibles. My income now comprises of pension, rental,dividends from mostly Reits, interest income,and contribution from my children which I never decline.

My son earns very good pay. He bought a 3000sf terrace house in 2006. He is giving 4k to my wife every month.

My daughter is a medical specialist, married a medical consultant. Both are now residing and practicing in UK. If both of them decide to come back and practice here, they should be earning not less than 500k each a year. They are now giving 5k a month to my wife.

What I want to say here is nothing is impossible to achieve financial goal. You just need to have set of well plan strategy, and regular explore good investment opportunity. Don't neglect your children's up bringing. You will be rewarded.

May I ask, in your opinion, what were the key ingredients/ lessons learnt in bringing up your children to be so successful and yet filial? I'm sure all of us with young children can learn something for you.

Originally Posted by Unregistered

May I ask, in your opinion, what were the key ingredients/ lessons learnt in bringing up your children to be so successful and yet filial? I'm sure all of us with young children can learn something for you.

Judging from his writing style, he is same crazy guy who writes here everyday. He also replies to himself because nobody cares about him. Maybe you are him, who knows.

He's having another of his hallucinations. Sometimes he is a millionaire retiree, other times he is a millionaire drug lord. But he never forgets to mention he likes doing charity, so he must be a really compassionate man.

The quality of this forum has dropped a lot since its heyday because of people like this. Check out this high-quality post posted 3 years ago:
forums.salary.sg/income-jobs/1230-working-bank-17.html#post10916