Don't dispair

You still can work for 27 years in your career

30 yo

Dividend stocks: 2k pm
Rental of condo unit: 4k pm
Cpf interest: 11k pa
Bonds: 1k pm
Fd + high interest savings account: 1k pm

well done. you are on track to early retirement.

Wa .. 9k passive income from 30 yr old still cannot retire... A quick calculation of his networth is

1.CPF - Approx 300k (dunno know how he get there so fast but guess everything is possible)
2. FD - Approx 400 k to 1 m depending on his spread
3. Bond - Also approx 400k-1 m depending on his spread
4. Dividend from stock - [300k to 800k]
5. Property [Value of property likely around 1m but dont know debt size].

Networth : 1.6m - 4m ...

Still cannot retire at 30...
sigh

Income Tax
 

Its income tax filing season again.

Here's the combined income tax we had to pay for the last 5 years

2013 - $29,000
2014 - $33,000
2015 - $35,000
2016 - $37,000
This year, we will have to pay $41,000. The increase comes about as we can no longer claim relief for our children as they are working now.

Each time when we see the tax we have to pay we cringed. Thats where a chunk of our passive income goes. Sigh.

thank you for contributing to nation building

That's very low already, at least Sg don't charge capital tax. If like other countries charging gains tax, I would be paying close to $1 million everytime I make a successful investment.

wow.... you are really successful.

the income tax that you pay is equivalent to the annual salary of average singaporean.

39 yr old
my income tax is around $1200
I am a regular employee

can you guys give tips on how to start building passive income? I don't want to spend money taking courses or asking bank staff for these details. Bank staff just tell us what is the best deal for them. They are not customer oriented and they fool us into taking something that is not worth for us.

1. Pump 7K into cpf SA every year
2. If possible, top up SA till it hits ERS
3. Sit back and enjoy the compounding at Super Low risk levels