How much are you earning per annum?

I'm 50 and happily retired. I worked hard all my life from primary school all the way to my career. My dream of early retirement finally came true when I stopped working for others.

Today, I own a beautiful three bedroom condo in a luxurious upper end condo development which is the envy of many. I drive a good, sporty and reliable car.

I earn passive income from my investments. I also manage my portfolio actively.

Life is wonderful now as I no longer need to report to anyone. I am my own boss. I don't have to be stuck in morning traffic jams too! LOL!

My advice to the younger folks here is to work hard in your career so that you can enjoy a happy early retirement. I've never been so happy! LOL!

Bravo Sashti. I must congratulate you on achieving a 6 figure income in your first year of work. With that kind of income, I think you are way ahead of your peers and many older workers.

As you are still young in your working life, you should temper your early achievement with humility. Much as we want to shout out to the world of our achievements, we should always be cognizant of the fact that we cannot know what the future has in store for us. Will it be one where we will achieve one success after another or will it be full of ups and downs?

Speaking as someone who has worked more than 30 years, I dare say life is seldom smooth. There will be ups and downs. I always advise my children and younger colleagues that in good times, when the income is good (eg. good bonuses), save some for a rainy day, when in bad times, don't give up hope. Tell yourself, bad times don't last, on the other hand good and resilient people do.

So, yes while we may earn a lot at this moment, think and plan ahead a few years to ensure that when times are bad, we have the savings to tide over.

There are both pros and cons being your own boss and working for others. I have worked 30+ years for the same company since graduation. My company has taken care of me all these years:

1. giving my family and I medical coverage (outpatient as well as hospitalization and surgery)
2. Contribution of employer CPF (substantial amount over 30+ years)
3. Paid leave (annual, maternity & paternity, medical and others)
4. Transportation allowance
5. Paid Training courses
6. Overseas trip allowances
7. Business class tickets for company trips
8. Good working environment and colleagues
9. Scholarships for staff and children of staff.
10. Subsidized company D&D
11. Housing and car loan at competitive rates
and many more

And I guess the more important aspect is that you see yourself moving ahead in your career, taking responsibility for a department etc...

While there is the "freedom" of being your own boss, your income depends entirely on yourself. Especially as a financial planner, what you earn this year is no guarantee that you will earn the same next year. You don't see yourself working for promotion to the next level. It is just yourself. When you are sick and can't work for a few days, you are not earning income for that few days. There is no employer CPF contribution.

I don't know if that little "freedom" of being your own boss is that worth it. However, I can understand it if you have already built up your retirement fund and want to try being your own boss for a change. Like my retired neighbour. He retired from a stat board, and with his children already working, he became his "own boss" by becoming a financial planner and a property agent simultaneously.

Originally Posted by Unregistered

I made $108k last year. Fresh Grad (June 2015 from SMU) doing Financial planning at AXA. Be your own boss, have your own dreams and work towards it. Stop slogging for others and then whine about having a 'low' income, no work-life balance, etc.

-Sashti

PS: Feel free to look me up on linkedin

Congratulations sir on your huge success in life. You inspire me. I also want to retire early as I have many areas of interest which I want to pursue but can't right now. I will work harder to retire early. Time is a precious commodity on this earth. I want to make the best of my time. Thanks for the inspiration.

Originally Posted by Unregistered

I'm 50 and happily retired. I worked hard all my life from primary school all the way to my career. My dream of early retirement finally came true when I stopped working for others.

Today, I own a beautiful three bedroom condo in a luxurious upper end condo development which is the envy of many. I drive a good, sporty and reliable car.

I earn passive income from my investments. I also manage my portfolio actively.

Life is wonderful now as I no longer need to report to anyone. I am my own boss. I don't have to be stuck in morning traffic jams too! LOL!

My advice to the younger folks here is to work hard in your career so that you can enjoy a happy early retirement. I've never been so happy! LOL!

For those retrenched ex-PMETs out there, such as ex-engineers and ex-bankers, do not be sad. You have worked so hard all your lives, now is the time to celebrate life. Open your mind. Your life on this earth is limited. Time to retire. Enjoy your retirement!

Good retirement plan in KL or Penang (retire in luxury) for a retired couple at 55 years old (assuming no dependents)

Passive income at 55
Rent out fully paid HDB flat S$2.5k pm
Stocks dividends S$1k pm
Total S$3.5k pm or RM10.5k pm

KL or Penang cost of living
Rent a 3 bedroom condominium RM2k pm
Car expenses RM500 pm (assume buy car in cash RM50k)
Food, groceries, restaurants and utilities RM2k pm
Medical and entertainment RM1k pm
Misc RM500 pm
Total spending RM6k pm
Savings RM4.5k pm

Passive income at 65
Rent out fully paid HDB flat S$2.5k pm
Stocks dividends S$1k pm
CPF Life (Enhanced Retirement Scheme), couple gets S$3.5k pm
Total income S$7k pm or RM21k pm
Total spending RM8k pm
Savings RM13k pm

This retirement plan allows you to live in a nice condo and drive a nice car. You can go holidays all over the world every year if you want to since you will have lots of savings.

Your key retirement assets are: 1. HDB flat 2. CPF Life 3. Dividend blue chip stocks.

The most precious thing in life is not wealth or money.

It is your FREE TIME to do whatever you want (of course assuming you're healthy).

The new rich is not those who have millions or billions but still stuck worrying about their wealth.

The new rich are those who have enough to sustain themselves physically (food, shelter and other needs) and the have lots of free time to pursue their passion in life such as their hobbies, reading lots of books, learning new knowledge, helping the poor, etc.

The longer you trade your time for money, the lesser time you have. Not forgetting, you never know when you will die. You can die any time, it can be even be today. Think about it.

Have you made a difference to the world? What's your legacy?

Alamak, what a letdown. I thought you were going to say something profound like the most precious thing is your soul or your health.

You totally miss the point. Time is meaningless when you are in prison serving 10 years, or when you are poor or when you are old and want to get back into employment or when you have no health and no wealth.

Time is meaningless when you waste it and when not contributing to society but sitting at home and watching TV.

The rich knows how to make full use of their time. They focus it on what matters to them and employ people to do those things they don't want to waste their time on. For eg., house keeping, washing their cars, gardening, etc...

Originally Posted by Unregistered

The most precious thing in life is not wealth or money.

It is your FREE TIME to do whatever you want (of course assuming you're healthy).

The new rich is not those who have millions or billions but still stuck worrying about their wealth.

The new rich are those who have enough to sustain themselves physically (food, shelter and other needs) and the have lots of free time to pursue their passion in life such as their hobbies, reading lots of books, learning new knowledge, helping the poor, etc.

The longer you trade your time for money, the lesser time you have. Not forgetting, you never know when you will die. You can die any time, it can be even be today. Think about it.

Have you made a difference to the world? What's your legacy?

Job title: VP, Structured Finance, Banking.
Annual comp: SGD380k (excluding non cash stock options).
In banking, everyone has big titles like Vice Presidents and Director.
Would say I would be equivalent to a manager in corporate, but in a banking environment.

Originally Posted by Unregistered

Job title: VP, Structured Finance, Banking.
Annual comp: SGD380k (excluding non cash stock options).
In banking, everyone has big titles like Vice Presidents and Director.
Would say I would be equivalent to a manager in corporate, but in a banking environment.

Hi, mind sharing your total number of years of work experience and basic package? Thanks

1. If you are in prison, you don't have free time as you are not free to do what you like, you can't do charity work, you can't travel overseas, you can't go to your favourite restaurants anytime you wish, etc.

2. The premise of enjoying free time is that you must be financially independent (your passive income is greater than your expenses) and you must be healthy.

3. Only lazy fools spend all day in front of the TV. A truly full life is filled with activities that benefits oneself and others.

You totally missed the point. LOL.

Obviously, you are a jealous person, who is still at the beck and call of some young bosses. LOL.

Originally Posted by Unregistered

Alamak, what a letdown. I thought you were going to say something profound like the most precious thing is your soul or your health.

You totally miss the point. Time is meaningless when you are in prison serving 10 years, or when you are poor or when you are old and want to get back into employment or when you have no health and no wealth.

Time is meaningless when you waste it and when not contributing to society but sitting at home and watching TV.

The rich knows how to make full use of their time. They focus it on what matters to them and employ people to do those things they don't want to waste their time on. For eg., house keeping, washing their cars, gardening, etc...

Those of you who are waiting to buy a new car, esp Cat B cars, better buy now. There is a huge crowd in car showrooms, everyone is buying a new car since COE price has plunged. Over the next few COE bidding exercises, COE price will surely shoot up. Cat B COE will go up to at least $50k over the next few bidding exercises. Hurry! Now is your last chance to get a new car for a cheap price.