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Having more zeros in your bank account means fine dining, traveling to exotic destinations in style, first class medical care, best education overseas for your children. If you are happy at hawker center, trips to Batam and polyclinic and polytechic, then fine, don't work hard. |
which debcpia
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How much fine dining can you go when you get old and have health problem, why you need to pay extra to go exotic places where most of those location are in third world countries. Best uni is only for smart student, not for rich parents. So many good and cheap hospital, why you need to pay lux bed when your whole body can't even feel the comfort. |
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My wife and I are in our early 60's. We have just retired. We live in a big HDB flat which we bought for $80k many years ago and now it is worth $800k. Our investment in the flat has grown by 10 times, so we strongly support our country's asset enhancement policy. We will give our flat to our son when we both die.
We are both very keen savers and over the years, our CPF and cash grew to about $1m each. While many of our friends incur more debt by upgrading to landed and condos, we stick to our HDB flat. These friends are still working because they don't have much cash savings and they can't bring themselves to downgrade to public housing due to face issue. They also buy big cars while we use public transport. Today, my wife and I are retiring comfortably from the monthly payout of our annuities. $1m each of annuity gives a decent amount every month. |
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You're so lucky that your house price is increase by 10x. But I have a question to you. How are you going cash out those $800k and still maintain the same standard of life? If you sell it out you also need around $800k to buy a new one for you to live.
So that's the reason why "net worth" should not include your primary resident, and your debt. Quote:
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You should ask yourself, $2mil cash on the bank, for what? I means, for those 60 years of savings, no holiday, no fine dining, no car, no entertainment, nothing to enjoy, just working-working and collects money. Simply I couldn't live with this kind of lifestyle. And after we are 60 years old we have no appetite for all these things anymore, we only need basic stuff.
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