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Whats your net worth

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  #2071 (permalink)  
Old 31-10-2014, 06:56 AM
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You can definitely retire now. Your passive income of $280k is a lot. As you get older and your kids move out and your parents pass on, you will have less financial responsibilities. A couple can easily retire with a passive income of $100k pa provided they are debt free and do not have luxuries such as a car and a maid. Food, utilities, condo maintenance, medical, insurance, etc will be $5k pa the most. The rest of passive income can be spent on holidays and entertainment.

Can you share how do you accumulate so much at such a young age?
Never believe everything you read here.

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  #2072 (permalink)  
Old 31-10-2014, 09:33 AM
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This world is just a temporary place.

What matters most is:

Are you able to answer correctly the "3 questions in the grave?"

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  #2073 (permalink)  
Old 31-10-2014, 12:16 PM
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Learn to manage your wealth by saving while spending.

Many people think cash is king. But make use of your credit cards to earb rebates, discounts etc. Credit cards are like fire. Be a master of them and not let your credit cards climb over your head!

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  #2074 (permalink)  
Old 31-10-2014, 01:42 PM
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I used all my 100k savings and another 100 overdraft. That's why I got wiped out.

In hindsight I wouldn't recommend this strategy to anyone.

The second round of attempts I used 30k borrowed, and it turned into a million within 18 months. This was a physically demanding business. 7 day weeks. 18 hour days.

The last round, for the successful one, was 1.8m turning into about 8 within 3.5 years.

All bricks and mortar businesses, not property related.

Have omitted the failures... there were lots of them. Probably lost a couple of mill along the way. But without the losses I don't think I would have been able to act on the successful ones.

The worst part of this journey is no monthly pay cheque (even up to 12 months) and it feels very insecure at times.

It's also very lonely at times because most of my peers stayed in their corporate roles and climbed the ladder I was supposed to climb. Their lifestyle "advanced" nicer homes, nicer cars, etc. while mine regressed.

Best part is the downgraded lifestyle which allows one to achieve financial freedom far sooner.

So no 5m dollar home, sports car etc, and life is simple and manageable now.
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  #2075 (permalink)  
Old 31-10-2014, 02:04 PM
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I am buying a brand new car before the lunar new year. Before COE prices go up further. Any suggestion on a cheap, reliable car?
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  #2076 (permalink)  
Old 31-10-2014, 02:37 PM
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Hi

I want to quit the corporate world to do biz. I got $500k capital and aim to grow that to $10m in 10 years. Which biz should I go into?

Quote:
Originally Posted by Unregistered View Post
I used all my 100k savings and another 100 overdraft. That's why I got wiped out.

In hindsight I wouldn't recommend this strategy to anyone.

The second round of attempts I used 30k borrowed, and it turned into a million within 18 months. This was a physically demanding business. 7 day weeks. 18 hour days.

The last round, for the successful one, was 1.8m turning into about 8 within 3.5 years.

All bricks and mortar businesses, not property related.

Have omitted the failures... there were lots of them. Probably lost a couple of mill along the way. But without the losses I don't think I would have been able to act on the successful ones.

The worst part of this journey is no monthly pay cheque (even up to 12 months) and it feels very insecure at times.

It's also very lonely at times because most of my peers stayed in their corporate roles and climbed the ladder I was supposed to climb. Their lifestyle "advanced" nicer homes, nicer cars, etc. while mine regressed.

Best part is the downgraded lifestyle which allows one to achieve financial freedom far sooner.

So no 5m dollar home, sports car etc, and life is simple and manageable now.


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  #2077 (permalink)  
Old 31-10-2014, 03:23 PM
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Hi

I want to quit the corporate world to do biz. I got $500k capital and aim to grow that to $10m in 10 years. Which biz should I go into?
moneylending. then get a banking licence, followed by a casino licence.
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  #2078 (permalink)  
Old 31-10-2014, 05:45 PM
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lazyplane is on a distinguished road
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Hi

I want to quit the corporate world to do biz. I got $500k capital and aim to grow that to $10m in 10 years. Which biz should I go into?
Wow. 35 % yoy growth. Sadly, even after 30 years with such growth, we still cannot be richer than warren buffet.

To be as rich as him, you must start off with 5 million and grow 35% for 30 years....

Sigh
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  #2079 (permalink)  
Old 31-10-2014, 05:53 PM
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I am buying a brand new car before the lunar new year. Before COE prices go up further. Any suggestion on a cheap, reliable car?
Cheap and good cars? Go for the Koreans. They have improved a lot over the last decade. Love their external looks.
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  #2080 (permalink)  
Old 31-10-2014, 08:07 PM
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Hi

I want to quit the corporate world to do biz. I got $500k capital and aim to grow that to $10m in 10 years. Which biz should I go into?
My failures were in businesses I wasn't very familiar with.

My successes were in businesses I had deeper knowledge and passion for.

Unless you can handle it on your own, partner selection is so very important. It will make or break the success.
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