Whats your net worth

You must be crazy. We don't need $4.8m to retire. When we reach 60 years old in 12 years time, assuming a 4% annual inflation, we will need $8k per month in expenses (food, utilities, medical, holidays). We will have $3.2m, which we can invest to get 5% pa, or $160k pa or $13k pm. If we can't retire with $3.2m, then 99% of all Singaporeans can't retire.

You are either an ignorant person or a fear monger. I know of relatives who are comfortably retired with $3k a month as they have no debt and just need money for basic expenses. These relatives don't drive, smoke, drink, gamble, party or womanize. That's how you can maintain low expenses.

Originally Posted by Jeff

Hi,

With your current net worth of $2.5m, $3.5m will be too little for you, as it only represents a return of 2.62% pa over the next 13 years.

I think you probably mean $3.5m in real terms (2013 dollars). This means you are aiming for $4.8m in 2026 dollars, which should probably be possible for you if you are still working and saving.

[Jeff]

Originally Posted by Unregistered

You must be crazy. We don't need $4.8m to retire. When we reach 60 years old in 12 years time, assuming a 4% annual inflation, we will need $8k per month in expenses (food, utilities, medical, holidays). We will have $3.2m, which we can invest to get 5% pa, or $160k pa or $13k pm. If we can't retire with $3.2m, then 99% of all Singaporeans can't retire.

You are either an ignorant person or a fear monger. I know of relatives who are comfortably retired with $3k a month as they have no debt and just need money for basic expenses. These relatives don't drive, smoke, drink, gamble, party or womanize. That's how you can maintain low expenses.

Crazy, ignorant, fear monger - abuse me however you want. I've seen lots of people like you and will meet more in the future.

[lazyplane]

Originally Posted by Jeff

Life is tough nowadays and will only get tougher for our kids. You just need to look at China - there are 300m youths coming out, competing on par with our Singapore youths. Our kids can speak poor English and poor Chinese. They speak perfect Chinese and good English.

I don't think the young in Singapore really know what they are coming up against when they grow up. And neither do their parents.

Actually, i beg to differ. China kids dont speak perfect chinese. They speak their dialects more Eg shanghainese and have local variants of Chinese slangs. If you bring them together from these different states, they sometimes dont even understand each other while we can understand them.

Language as a means of communication is such that people in a "society" or a group will change it to reflect their environment. Just like our Singlish may not be British standard or American standard .

I sat in a room before where there are Australians, British, French and Americans using "English" to communicate and surprisingly i was able to understand what they were saying despite being the only Asian in room but realised that many others did not understand each other. And very interestingly, because i understood their "tones" and was able to look past that, everyone started speaking to me to translate their message and get their point across.

So, yes , Singapore is rather "rojak" as we term it. But this is not necessary bad as this makes us more adaptable... well in my view, at least in the area of communication.

Originally Posted by Unregistered

You must be crazy. We don't need $4.8m to retire. When we reach 60 years old in 12 years time, assuming a 4% annual inflation, we will need $8k per month in expenses (food, utilities, medical, holidays). We will have $3.2m, which we can invest to get 5% pa, or $160k pa or $13k pm. If we can't retire with $3.2m, then 99% of all Singaporeans can't retire.

You are either an ignorant person or a fear monger. I know of relatives who are comfortably retired with $3k a month as they have no debt and just need money for basic expenses. These relatives don't drive, smoke, drink, gamble, party or womanize. That's how you can maintain low expenses.

I tot the purpose of you posting here is for discussion? No one says 3m is insufficient, just that your investment yield is low..

Or you are just boasting your wealth here...

Originally Posted by lazyplane

Actually, i beg to differ. China kids dont speak perfect chinese. They speak their dialects more Eg shanghainese and have local variants of Chinese slangs. If you bring them together from these different states, they sometimes dont even understand each other while we can understand them.

Language as a means of communication is such that people in a "society" or a group will change it to reflect their environment. Just like our Singlish may not be British standard or American standard .

I sat in a room before where there are Australians, British, French and Americans using "English" to communicate and surprisingly i was able to understand what they were saying despite being the only Asian in room but realised that many others did not understand each other. And very interestingly, because i understood their "tones" and was able to look past that, everyone started speaking to me to translate their message and get their point across.

So, yes , Singapore is rather "rojak" as we term it. But this is not necessary bad as this makes us more adaptable... well in my view, at least in the area of communication.

Language is important but it doesn't mean you will be successful in life like we were told when young.. Chinese majority are not well verse in English but it is the courage that they have, they want to live a better life. Ppl here are just shaped and do what others have been doing.. If you look at newly operate business or may be down o hawker stalls, most are occupied by them.. when you ask the locals, they will tell you the rental is high, risky, thousands of reasons not to start a business or even a stall.. but look at the prc, they have the courage to start one.. and eventually earning more than many managers..

[Jeff]

Originally Posted by Unregistered

Language is important but it doesn't mean you will be successful in life like we were told when young.. Chinese majority are not well verse in English but it is the courage that they have, they want to live a better life. Ppl here are just shaped and do what others have been doing.. If you look at newly operate business or may be down o hawker stalls, most are occupied by them.. when you ask the locals, they will tell you the rental is high, risky, thousands of reasons not to start a business or even a stall.. but look at the prc, they have the courage to start one.. and eventually earning more than many managers..

I agree with the above posts on China and chinese. I think both are right.

Our young still have superiority in WRITTEN english, and western cultural immersion. And yes, chinese speak a mixed bag of local dialects, however, anyone born post 90s will be speaking standard Mandarin.

I say language is important because the world is shrinking fast, and whoever can bridge the barrier in language and distance will be advantaged. There is already no barrier in distance actuallly, with the internet.

[Jeff]

I am working overseas for the past 10 years, and many of my friends (including Singaporeans) send their kids to private international schools. Some kids have followed their parents to many countries, so when they grow up, they say they have lived in singapore, new york, london, shanghai, hong kong, tokyo....very impressive. But behind this, what really is happening? Actually, they are sent to and from school by car. They stay most of the time in school and with their 'international' school mates. But they have never even walked alone a stretch of the local streets in their years in the country.

So it may be tougher to compete with local students, but one of the best things to do for kids is NOT to send to international schools...especially in developed countries (but not NY though)

Originally Posted by Jeff

I am working overseas for the past 10 years, and many of my friends (including Singaporeans) send their kids to private international schools. Some kids have followed their parents to many countries, so when they grow up, they say they have lived in singapore, new york, london, shanghai, hong kong, tokyo....very impressive. But behind this, what really is happening? Actually, they are sent to and from school by car. They stay most of the time in school and with their 'international' school mates. But they have never even walked alone a stretch of the local streets in their years in the country.

So it may be tougher to compete with local students, but one of the best things to do for kids is NOT to send to international schools...especially in developed countries (but not NY though)

local may be dependent, but that's it.. look at our neighbour children, wake up at 4+ am, take bus and mrt to schools in Singapore, while the locals needs maid to carry bag.... the determination to succeed in life is important...

I am now 55 years old and retired. I have finished paying the mortgage for my 4 room HDB flat. I earn a passive dividend income of $2,000 per month from my stocks investments. My wife, 50, is still working, earning $4,000 per month. We spend $3,500 per month. Our combined net worth, including of flat, is about $800k. I invest in the stock market actively, do the household chores, cook and go to market to buy groceries. We don't have a maid and we don't have a car. We use the bus and MRT and sometimes taxi. Because I got no debt, I spend mainly on food and utilities.

Married couple with two kids. Early 40s. Combined annual income $183k, annual expenditure $143k, annual savings $40k. Current net worth $2.5m. We plan to work for another 20 years and then retire. By then we should have a combined net worth of $4m. My wife always remind me that we are only average Singaporean workers, so she make sure I don't buy a continental car. So I bought a resale, small Asian car.