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01-05-2017, 12:33 PM
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This thread full of people boasting that 200k pa not enough to retire. In reality they can't even make that amount with their active income right now. They are only dreaming online.
I have arranged a modest sum of 5k/month for my retirement, or 60k pa. Big expenses like housing should be gone by retirement time. This money is purely for expenses and none of it needs to be saved.
Car installment - 1k/month for basic car
Car expenses - 500/month for petrol, insurance, road tax
Food - 1-2k/month depending on how often eat good food
Travel - 1k/month can be accumulated for a few months
As a middle class family we don't expect to go holiday every month or eat in restaurant for 3 meals daily. 1 or 2 trips a year is more than enough for travel. The hawker centre next to our house is great for breakfast and $5 meals. Weekend restaurant meals will only add up to $800/month at most.
Above all, don't wait until retirement to enjoy life. Some may not make it.
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02-05-2017, 03:27 PM
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Quote:
Originally Posted by Unregistered
Don't be silly, a 2 week holiday in Europe will easily burn $20k alone.
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Passive Income is meant to support your regular lifestyle. If you want a 2 week holiday in Europe, then either you dig into your retirement savings or reduce your expenses elsewhere. If you don't know how to budget properly, no amount of money is enough.
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02-05-2017, 11:23 PM
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My passive income is currently 2k per month, 1.6k from renting out spare rooms and 400 from dividends/interest. Enough to cover my regular expenses per month. Target to hit 3k passive income in my early 40's then will worry less about job security.
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03-05-2017, 12:10 AM
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Quote:
Originally Posted by Unregistered
This thread full of people boasting that 200k pa not enough to retire. In reality they can't even make that amount with their active income right now. They are only dreaming online.
I have arranged a modest sum of 5k/month for my retirement, or 60k pa. Big expenses like housing should be gone by retirement time. This money is purely for expenses and none of it needs to be saved.
Car installment - 1k/month for basic car
Car expenses - 500/month for petrol, insurance, road tax
Food - 1-2k/month depending on how often eat good food
Travel - 1k/month can be accumulated for a few months
As a middle class family we don't expect to go holiday every month or eat in restaurant for 3 meals daily. 1 or 2 trips a year is more than enough for travel. The hawker centre next to our house is great for breakfast and $5 meals. Weekend restaurant meals will only add up to $800/month at most.
Above all, don't wait until retirement to enjoy life. Some may not make it.
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LOL car installment + expense 1.5k? Maybe 10 years ago bah. And your life only got car, food and travel expense?
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03-05-2017, 12:26 AM
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Quote:
Originally Posted by Unregistered
LOL car installment + expense 1.5k? Maybe 10 years ago bah. And your life only got car, food and travel expense?
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Not only are the calculations unrealistic leaving out many other expenses, he assume the costs are going to be the same when he retire. Just look at car alone, 10 years ago a Altis goes for 55k now its almost double to ~100k.
No wonder so many in sg need to work beyond 67, very poor planning...
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03-05-2017, 01:13 PM
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You are apparently not aware that Singapore has one of the highest concentration of millionaires and high net worth individuals in the world. All it takes is for 3 to 5 of them to come and share their incomes here and it will give the impression that this forum is full of rich people.
There are hoards of people earning above $200k pa and there are also many working professional couples with HH incomes of above $400k pa.
Our HH passive income is $150k pa only because I am a cautious investor preferring to keep a huge chunk of our wealth in safer but lower yielding instruments (yes including the CPF).
And dont also think of retirement and opting out of the rat race. You can actually enjoy most if not all the things that retirees do, while you are still working!
Read here to understand the risks of retiring too early: financialsamurai.com/the-dark-side-of-early-retirement-risks-dangers/
And it is written by none other than the Financial Samurai, who retired early.
Quote:
Originally Posted by Unregistered
This thread full of people boasting that 200k pa not enough to retire. In reality they can't even make that amount with their active income right now. They are only dreaming online.
I have arranged a modest sum of 5k/month for my retirement, or 60k pa. Big expenses like housing should be gone by retirement time. This money is purely for expenses and none of it needs to be saved.
Car installment - 1k/month for basic car
Car expenses - 500/month for petrol, insurance, road tax
Food - 1-2k/month depending on how often eat good food
Travel - 1k/month can be accumulated for a few months
As a middle class family we don't expect to go holiday every month or eat in restaurant for 3 meals daily. 1 or 2 trips a year is more than enough for travel. The hawker centre next to our house is great for breakfast and $5 meals. Weekend restaurant meals will only add up to $800/month at most.
Above all, don't wait until retirement to enjoy life. Some may not make it.
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03-05-2017, 02:43 PM
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Quote:
Originally Posted by Unregistered
You are apparently not aware that Singapore has one of the highest concentration of millionaires and high net worth individuals in the world. All it takes is for 3 to 5 of them to come and share their incomes here and it will give the impression that this forum is full of rich people.
There are hoards of people earning above $200k pa and there are also many working professional couples with HH incomes of above $400k pa.
Our HH passive income is $150k pa only because I am a cautious investor preferring to keep a huge chunk of our wealth in safer but lower yielding instruments (yes including the CPF).
And dont also think of retirement and opting out of the rat race. You can actually enjoy most if not all the things that retirees do, while you are still working!
Read here to understand the risks of retiring too early: financialsamurai.com/the-dark-side-of-early-retirement-risks-dangers/
And it is written by none other than the Financial Samurai, who retired early.
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I am surprise in this day & age still got ppl get excited over 200k+ pay. It is very common, those with proper qualification and cannot even reach this level by 40 should learn & improve themselves instead of jealous and calling people names.
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05-05-2017, 02:33 PM
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Way to go!
How old are you? Do you have passive income for other months?
It would be nice to have dividends income every month!
Quote:
Originally Posted by Unregistered
really excited and looking forward to receive the first bumper dividends from the SGX stocks in May. Just calculated and should be collecting $9k this May. Huat ah!
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05-05-2017, 05:48 PM
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Quote:
Originally Posted by Unregistered
really excited and looking forward to receive the first bumper dividends from the SGX stocks in May. Just calculated and should be collecting $9k this May. Huat ah!
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Wow very impressive! First time in stock market already generating 9k monthly dividends. Huat ah!
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