Maybe he had a cash cpf infusion at young age and that was transferred from OA to SA.
Agree that maybe unlikely someone to have so much cpf interest now but I think not the same next time as I have heard of well off parents giving up to FRS for their toddler. So never say never Quote:
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It is of course possible to give your offspring a cash infusion amounting to FRS in his SA.
Read that again - SA. We did that for our children by the way. Now, go and read post #45 again. The fake 43 yo said he used his CPF money to buy property thereby reducing his CPF interest from $34k to $18k. This money has to come from his OA not his SA. That is $16k of OA interest or $640k of OA money. And I am already assuming he is contributing the max every year since day 1 of working life. Most people dont even earn that much per year in their early years of working, not to mention contribute $37,740 to their CPF! Go figure if the numbers add up! Quote:
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My take is that you dont need to be "successful" to attain some wealth, you just need the following (or to be more precise, to attain a $1m by your 40s):- 1. Upon graduation, start work immediately in a company that pays you a decent salary (eg. $4k pm) 2. Do not have any employment gap. That is, work continuously from 23 or 25 to your 40s. 3. Save at least 25% to 40% of your salary each year. 4. Get married early, and to a working wife. Here, you will realise why "1 + 1 > 2". Here if you both work, you will find that you can save much more, take less loan etc.. 5. Enjoy the subsidies and grants of a BTO 6. Invest your savings My and wife did all the above 6 steps and our networth hit $2.5m when we were in our early 40s. We dont consider ourselves as successful in any way. If I had remained single I doubt I could even accumulate $1m in my 40s. When we were in our late 40s, we were able to just survive on one salary, meaning we could save the other person full salary every year! Now in our mid 50s, we are able to survive on just our passive incomes, meaning both our salaries are saved! |
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To save 30% of salary from age 24 to 40 for 16 years, you need to make $200K from Year 1 -16 to save $960K. If we just look back 25 years ago, starting salary is only $2K pm. You probably achieve your net worth through property gain, good career (makes >$100k in your early 30s, 25 years ago) or been successful in investing your $. (Not those safe 3-4% return type of investment but riskier one. |
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Singapore is a famous playground for the rich. There are so many investment opportunities be it properties, stocks, derivatives, alternatives, online businesses etc. If one has as stable and decent well paying job, it shouldn't be hard to reach at least 1 mil before 40 at all.
The problem is many people are just too lazy too care. They either spend most of their money with little savings or worse still, save money diligently every month but too lazy to even figure out what to do with the savings. Either leave it to rot in the banks or just dump everything to garbage like life insurance, endowments or mutual funds. Then when they are fired in their 40s and 50s, go around whining about foreigners, "stupid HR/boss", uncaring government and default to another brain dead overwork underpaid option like driving Uber/Grab. Worse still some get jealous and lash out at similar people like them who have succeeded by labeling them as just simply lucky in investment or have rich parents. |
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