How much are you earning per annum?

I see many rich posters here. Most people are however not as rich as these people. A typical family here lives in a hdb flat, owns a small car, dual income and earns a total of $90k pa.

How much do we really need in retirement?
Today, if your hdb flat is paid up, you don't drive, these are what you need for you and wife per month

1. Food and groceries (eat hawker food and home cooked food) $600
2. Utilities $100
3. Public transport (no taxi) (with senior concession) $50
4. Medical insurance $400
5. Medical expenses $100
6. Donations $50
7. Holidays $200
8. Miscellaneous $300

Total $1800 per month or $21,600 pa

So you don't need so much.

Originally Posted by Unregistered

I see many rich posters here. Most people are however not as rich as these people. A typical family here lives in a hdb flat, owns a small car, dual income and earns a total of $90k pa.

How much do we really need in retirement?
Today, if your hdb flat is paid up, you don't drive, these are what you need for you and wife per month

1. Food and groceries (eat hawker food and home cooked food) $600
2. Utilities $100
3. Public transport (no taxi) (with senior concession) $50
4. Medical insurance $400
5. Medical expenses $100
6. Donations $50
7. Holidays $200
8. Miscellaneous $300

Total $1800 per month or $21,600 pa

So you don't need so much.

This one year expense is easily earned by the forumers whose HH income is $30k pm but super stressful.

Originally Posted by Unregistered

This one year expense is easily earned by the forumers whose HH income is $30k pm but super stressful.

This kind of jobs sure die young. Either heart attack or some diseases. Max 60 years old. That's why the super high flying, super stressed bankers who make tons of money retire in their 40s. Super smart and super successful guys.

30k HH income is actually not that difficult for double income families who are relatively well educated.

Let's take a 48 y.o couple.

If Husband is a Director at a stat board and wife is a Snr Mgr or DD at a GLC, then the husband should be drawing about 11k a month and wife is about 9k

With bonuses of about 5 months including AWS, that is 20k x 18months = 360k.

Originally Posted by Unregistered

30k HH income is actually not that difficult for double income families who are relatively well educated.

Let's take a 48 y.o couple.

If Husband is a Director at a stat board and wife is a Snr Mgr or DD at a GLC, then the husband should be drawing about 11k a month and wife is about 9k

With bonuses of about 5 months including AWS, that is 20k x 18months = 360k.

Wow. That's a lot of money. They are likely to own more than one property and more than one car.

No wonder COE is still high. Next week bidding will escalate further.

Huat ah!

Very enlightening post. Makes me wonder why some people with passive income of $100k pa still thinks this is not enough. I think the problem is not the amount be their greed and attachment to this world. Attachment to wealth, status, pride, ego. A truly rich person is one with less needs, no need for status, wealth, pride and ego.

Originally Posted by Unregistered

I see many rich posters here. Most people are however not as rich as these people. A typical family here lives in a hdb flat, owns a small car, dual income and earns a total of $90k pa.

How much do we really need in retirement?
Today, if your hdb flat is paid up, you don't drive, these are what you need for you and wife per month

1. Food and groceries (eat hawker food and home cooked food) $600
2. Utilities $100
3. Public transport (no taxi) (with senior concession) $50
4. Medical insurance $400
5. Medical expenses $100
6. Donations $50
7. Holidays $200
8. Miscellaneous $300

Total $1800 per month or $21,600 pa

So you don't need so much.

32 years old
Assistant Sales Manager
50k-60k pa

My wife is 26 years old making 50k pa
We have a six-year-old kid and a humble HDB flat to live in comfort while planning to build on our portfolio for long term financial security. Just dunno where to start from though, anyone can share some good advice?

Originally Posted by Unregistered

Very enlightening post. Makes me wonder why some people with passive income of $100k pa still thinks this is not enough. I think the problem is not the amount be their greed and attachment to this world. Attachment to wealth, status, pride, ego. A truly rich person is one with less needs, no need for status, wealth, pride and ego.

My Conti car yearly depreciation already $20k/year.
Enough to use that to retire simply if I don't drive a car right?

Stress comes about when a person is not well matched to job, regardless how high or how low his pay is. If a person does not have the skill, personality and the capability to handle a certain job, he will be stressed out.

Contrary to what people think, many top earners are there because they have what it takes to be at the top positions. They have the drive, leadership qualities and the skills to get there and maintain their positions. And these people, after earning their millions, will continue to contribute as advisors or consultants well into their late 60s.

On the other hand, if you do not have the right skillset, drive nor personality, you will be stressed out even at a not-so-high paying job. For eg., the guy earning $150k a year said he is very stressed out by his job, but $150k pa is not that much! There are posters here who can save $350k pa! Top bankers, lawyers, doctors and other specialists earned more than a $1m each year. Are they stressed? Yes, but I think they can handle it.

Originally Posted by Unregistered

This kind of jobs sure die young. Either heart attack or some diseases. Max 60 years old. That's why the super high flying, super stressed bankers who make tons of money retire in their 40s. Super smart and super successful guys.

Originally Posted by Fiery

32 years old
Assistant Sales Manager
50k-60k pa

My wife is 26 years old making 50k pa
We have a six-year-old kid and a humble HDB flat to live in comfort while planning to build on our portfolio for long term financial security. Just dunno where to start from though, anyone can share some good advice?

Wife 26 kid 6 yo. Your wife married you at 19? Having college education? Fantastic for her to earn 50k. Believe she must be doing her own business.