How much are you earning per annum?

Thanks for sharing. If a 30+ guy like you makes more than $250k, not surprising why there are those successful high flyers in their mid 40s can already retire. Those not in the financial sector would not have a clue.

Originally Posted by 36SG

Prior to the 5 years i was making around 120 base + commission doing financial sales. Took an overall paycut to move to a non sales role to business development.

In truth its probabably a mixture if hard work, opportunity and luck.
Less than a year I was offered 25% increment to a new firm. Then i had a series of small increments. Thereafter I also moved to a regional role to a different firm and they gave me a 50% increment on my old base.

Make connections and ensure that you have a good reputation in the market.
I was lucky to have been approached by recruiters and senior management from competitors to join them.

All along i have been in the financial industry.

Originally Posted by Unregistered

Thanks for sharing. If a 30+ guy like you makes more than $250k, not surprising why there are those successful high flyers in their mid 40s can already retire. Those not in the financial sector would not have a clue.

Don't mention. There are many folks who earn more than me and are younger than me. There is no need to compare with other people. The only person we need to compete with is ourselves.

I do know many who are not in the financial sector who are earning good income. the money in the financial industry is not like the days before though.

Ai yah, all of you are wrong. If I am debt free with 2K pm, I can retire comfartably in SG lah, food 500 pm etc for rest (mrt, utlisities etc) 500 pm... why bother to rent condo in KL, small bike in Ipoh etc

Sorry, comments above in wrong blog.

We are 48 & 45 years old. Our total household income is $150k pa and our total cash savings is $30k pa. We are debt free. We own a paid up car and go for overseas holidays once a year. We eat at expensive restaurants once or twice a week. We enjoy the good life.

We plan to retire in 10 years time in our fully paid up luxurious, well renovated 3 bedroom condo unit. By 2027, we should have about $500k cash savings, enough for us to retire in our condo without the need to downgrade.

We will set aside the most $4k pm for our retirement expenses over the ten years from 55 to 65 years old, after taking inflation into consideration. This amounts to $480k. $4k pm is more than what we need in our retirement years.

Our expected expenses per month (for two retired persons) will be:

Food, groceries, utilities, condo fees, internet, mobile phone $1500
Public transport $100
Medical fees & insurance $800
Holidays (pro rated) $400
Misc $200
Total $3000

We are heavily insured so that we don't have to worry about any big medical expenses in our old age.

Our CPF Life annuity (ERS) will give us passive income of $48k pa ($4k pm) starting from age 65 until we die.

We are very happy with our success. We have successfully upgraded from a HDB flat to a modern luxury 3 bedroom private condominium.

We are contented and feel very fortunate and grateful since we have moved up the social ladder to be in the top 10% of Singapore's society. This is a big achievement for us because we both used to live in small HDB flats when we were growing up.

Comparing with the rest of the world, we are in the top 0.5% of the global population. A world where more than a billion people still live in poverty.

Originally Posted by Unregistered

We are 48 & 45 years old. Our total household income is $150k pa and our total cash savings is $30k pa.

We are contented and feel very fortunate and grateful since we have moved up the social ladder to be in the top 10% of Singapore's society. This is a big achievement for us because we both used to live in small HDB flats when we were growing up.

Comparing with the rest of the world, we are in the top 0.5% of the global population. A world where more than a billion people still live in poverty.

There is nothing wrong with being contented.

BUT, please get the data right...

$150k pa is TOP 10%?? - please check the salary.sg household income calculator. $150k is about 70th percentile.
Condo is TOP 10%??? - please check percentage of lte property housing stock in singapore. In2016, 27% of housing stock in Singapore is Pte (non-HDB)....

Read carefully. He said he is debt free. This makes him among those on top as many people who owns a condo and a car are in debt. Just ask around. Some more his condo is a luxury private condo not an exec condo, this means his condo is expensive. Nowadays owning an exec condo is easy, they are very cheap and easily affordable.

Originally Posted by Unregistered

There is nothing wrong with being contented.

BUT, please get the data right...

$150k pa is TOP 10%?? - please check the salary.sg household income calculator. $150k is about 70th percentile.
Condo is TOP 10%??? - please check percentage of lte property housing stock in singapore. In2016, 27% of housing stock in Singapore is Pte (non-HDB)....

Originally Posted by Unregistered

Read carefully. He said he is debt free. This makes him among those on top as many people who owns a condo and a car are in debt. Just ask around. Some more his condo is a luxury private condo not an exec condo, this means his condo is expensive. Nowadays owning an exec condo is easy, they are very cheap and easily affordable.

Show me the data on debt free Singaporeans. Or else You are imagining that being debt free means TOP 10% ..

Congrats! You have done extremely well given your past circumstances.

Originally Posted by Unregistered

We are 48 & 45 years old. Our total household income is $150k pa and our total cash savings is $30k pa. We are debt free. We own a paid up car and go for overseas holidays once a year. We eat at expensive restaurants once or twice a week. We enjoy the good life.

We plan to retire in 10 years time in our fully paid up luxurious, well renovated 3 bedroom condo unit. By 2027, we should have about $500k cash savings, enough for us to retire in our condo without the need to downgrade.

We will set aside the most $4k pm for our retirement expenses over the ten years from 55 to 65 years old, after taking inflation into consideration. This amounts to $480k. $4k pm is more than what we need in our retirement years.

Our expected expenses per month (for two retired persons) will be:

Food, groceries, utilities, condo fees, internet, mobile phone $1500
Public transport $100
Medical fees & insurance $800
Holidays (pro rated) $400
Misc $200
Total $3000

We are heavily insured so that we don't have to worry about any big medical expenses in our old age.

Our CPF Life annuity (ERS) will give us passive income of $48k pa ($4k pm) starting from age 65 until we die.

We are very happy with our success. We have successfully upgraded from a HDB flat to a modern luxury 3 bedroom private condominium.

We are contented and feel very fortunate and grateful since we have moved up the social ladder to be in the top 10% of Singapore's society. This is a big achievement for us because we both used to live in small HDB flats when we were growing up.

Comparing with the rest of the world, we are in the top 0.5% of the global population. A world where more than a billion people still live in poverty.

Originally Posted by Unregistered

Congrats! You have done extremely well given your past circumstances.

why the f are you answering yourself