How much are you earning per annum?

Originally Posted by Unregistered

With the abundance of COE quota upcoming

I will try to time the market and buy at lowest COE. I think it will crash below $10k

Then I will buy 2 or 3 cars with cheap COE

And sell and make profit when the COE supply shrinks by 2019.

Huat ah..

If COE crash to below $10k, I will scrap my one year old car and buy a new car. Huat ah!!!!!

Let's hope this will happen soon. Huat ah!!!!!

Someone said Wealthy people tend to be happier. I would like to think that this is a secular worthy mindset devoid of real meaning of happiness that is more soulful/spiritual/being at peace. So, the reverse to me - "happy/blessed" people tends to invite prosperity and goodwill into them, tangible wealth as well as wealth in other realms of life. But I do agree with this poster on his/her overall stand.

Don't worry.

For those retrenched ex-PMETs out there, such as ex-engineers and ex-bankers, do not be sad. Instead of worrying so much, you can just retire assuming you no longer have any dependents at age 55.

Good retirement plan in KL or Penang for a 55 years old retired couple.

Passive income
Rent out fully paid HDB flat S$2.5k pm or RM7.5k pm

KL or Penang cost of living
Rent a 2 bedroom condominium RM1.5k pm
Car expenses RM500 pm (assume buy used car in cash RM30k)
Food, groceries and utilities RM1.5k pm
Misc RM1k pm
Total spending RM4.5k pm
Savings RM3k pm

This retirement plan allows you to live in a condo and drive a car.

Your key retirement asset: HDB flat (we are very fortunate since we all get to buy cheap BTO HDB flats when we got married)

Originally Posted by Unregistered

If COE crash to below $10k, I will scrap my one year old car and buy a new car. Huat ah!!!!!

Let's hope this will happen soon. Huat ah!!!!!

Many of my rich colleagues are also waiting to jump in. The next big thing is to speculate in Cars COE. We can buy new cars at low COE ($30+k), and then resell it 3 years later when the COE spikes to $100k. You get to drive a free car for 3 years and still make a profit. Dont miss this chance that garment has given to you. This ang pow only comes once per 10 years.

As I didn't get any negative response from my last post on the CPF statement, I thought I would share the rest of the "tricks" that I used to achieve over a $1m in my overall CPF account in my 30+ years of working life.

1. First, you must have continuous contribution. This one is a no brainer. No work means no salary. No salary means no CPF contribution. Don't quit especially when you are reaching your peak in your earning capacity at age 50 to 60. I see some forummers trying to convince people to quit early - this is a wrong move which is very detrimental to your CPF build up. Not only that, people often forget the employer's contribution. Over many years, this can be a substantial amount which goes directly into your CPF.

2. As early as possible in your working life, and whenever you can afford it, transfer funds from your OA to your MA and SA. MA and SA attracts 4-5% interest pa and is compounding yearly. Again, over 30 years, it will bring you a princely sum. We started transferring our spare OA funds into our SA and MA in our late 40s. After a short while, we found that the interest earned each year was able to keep up with the yearly limit adjustments set by the government, meaning we didn't need to transfer to the 2 accounts any more. Not only that, the excess interest from MA actually flows back to our OA.

3. As mentioned in my previous post, top up your CPF contribution to the maximum allowed ($37k+ this year). Your top up attracts tax relief.

4. As we reached our 50s, and after paying off our condo loan, we found we could save more money. The period 50 to 65 is the golden period to save money, so don't quit your job just yet. Your income peaked while your expenses decline. With the extra money saved, we decided to return the money which we withdrew from our CPF to pay our housing loans. This portion is represented in the CPF statement pie-chart in red color. We since returned over $350k to our CPF this way.

Oops, need to go to work. That's all for now.

Originally Posted by Unregistered

Many of my rich colleagues are also waiting to jump in. The next big thing is to speculate in Cars COE. We can buy new cars at low COE ($30+k), and then resell it 3 years later when the COE spikes to $100k. You get to drive a free car for 3 years and still make a profit. Dont miss this chance that garment has given to you. This ang pow only comes once per 10 years.

Yes, buy two or three new cars in full cash when COE crash to $5k. Then sell them when COE reach $100k in 2018/2019 when there is a drought of COEs. You get to use the cars for free and make profit. Huat ah!!!!!!!

My advice to younger forumers here is to choose your course of study and careers carefully. Avoid low paying sectors and jobs, especially engineering. If you work in these low paying sectors, you will have to work until you're 65 or older.

Choose high paying sectors and careers which will allow you to earn a lot. Then invest wisely with your huge salaries. Be a top performer in these high paying sectors. You can become a multi millionaire, retire early and become your own boss.

I'm 50 and happily retired. No longer need to report every morning to some bossy bosses. LOL.

Can you provide some figures so that we know the difference?

Your previous salary, networth etc...

We know the old "engineer" is from low paying sector but his networth is >$5m.

I think I will be very happy with that when I am 55.

Originally Posted by Unregistered

My advice to younger forumers here is to choose your course of study and careers carefully. Avoid low paying sectors and jobs, especially engineering. If you work in these low paying sectors, you will have to work until you're 65 or older.

Choose high paying sectors and careers which will allow you to earn a lot. Then invest wisely with your huge salaries. Be a top performer in these high paying sectors. You can become a multi millionaire, retire early and become your own boss.

I'm 50 and happily retired. No longer need to report every morning to some bossy bosses. LOL.

Poor performers anywhere will fail.

When I started off in engineering, I drew 6 figures annual salary before 30. By 35 I was managing a department of 20 with 2 tiers ie 3-4 managers and 15 engineers.

Originally Posted by Unregistered

As I didn't get any negative response from my last post on the CPF statement, I thought I would share the rest of the "tricks" that I used to achieve over a $1m in my overall CPF account in my 30+ years of working life.

1. First, you must have continuous contribution. This one is a no brainer. No work means no salary. No salary means no CPF contribution. Don't quit especially when you are reaching your peak in your earning capacity at age 50 to 60. I see some forummers trying to convince people to quit early - this is a wrong move which is very detrimental to your CPF build up. Not only that, people often forget the employer's contribution. Over many years, this can be a substantial amount which goes directly into your CPF.

2. As early as possible in your working life, and whenever you can afford it, transfer funds from your OA to your MA and SA. MA and SA attracts 4-5% interest pa and is compounding yearly. Again, over 30 years, it will bring you a princely sum. We started transferring our spare OA funds into our SA and MA in our late 40s. After a short while, we found that the interest earned each year was able to keep up with the yearly limit adjustments set by the government, meaning we didn't need to transfer to the 2 accounts any more. Not only that, the excess interest from MA actually flows back to our OA.

3. As mentioned in my previous post, top up your CPF contribution to the maximum allowed ($37k+ this year). Your top up attracts tax relief.

4. As we reached our 50s, and after paying off our condo loan, we found we could save more money. The period 50 to 65 is the golden period to save money, so don't quit your job just yet. Your income peaked while your expenses decline. With the extra money saved, we decided to return the money which we withdrew from our CPF to pay our housing loans. This portion is represented in the CPF statement pie-chart in red color. We since returned over $350k to our CPF this way.

Oops, need to go to work. That's all for now.

First, thank you for the teachings. Appreciate people for sharing. I am in my late 40s(so I am not your younger co-Singaporeans of the general, well even older mostly think likewise-this is the Singaporean and safe path most take). I am in late 49s and have "walked the path" (means a bit qualified to give comments in this context). What I am trying to say is simply 2points 1) cpf is as good as for investment or housing or draw-down after 65. (Can't withdraw totally at all. Though it is your money, some can't be used unlike other more flexible liquid assets you have 2)apart from cpf, one can build up money in other ways that provide even higher (and safe) returns with due diligence done. For eg. Though my cpf amount is around 670,000 now, my other portfolios stand at 1.5 mil. Still, it's about comfort level as well as taking some courage to take on a less traditional conservative (yet safe) way of savings. I think I am but one of many many others who are doing v well by not relying on just cpf or other conventional way of savings. Work hard buddy-yes I realise you are back to work