Spoiling the children?
 

It is strange that people talked about their children like they will never grow old.

These people said they dont intend to leave money to their children when they passed on because they dont want to spoil the children. But have they thought that by the time they passed on, their children would be in their 50s or maybe retired from work too!

As the children will have their own family to take care of, they may find it difficult to build up their retirement nest egg. Thus if we can bequeath something for the children when we passed on, it would help lessen their burden tremendously. This would also help them their children (the grand children).

How old are you? Why wait until 55 to retire? If you sell your paid up condo, you can get $1m cash. With your $1m cash savings, you will have $2m cash in total. Convert this to RM, you will get RM6m cash! You can retire like a rich tycoon in Malaysia. No need to wait until 55. Enjoy your life now!

Cut back on lifestyle or earn more?
 

There are two main ways to achieve financial independence (FI).

One way is to cut down your lifestyle eg, downgrade from condo to 3 rm hdb flat, sell off your car, dont travel overseas, cook your own food, dont go out with friends for tea etc.... In this way, you will be able to achieve FI. After a while of living this way, you will wonder if you were missing out something in your life.

The other way to achieve FI is to go and earn more. Here you achieve more income by trying to get a higher paying job, and creating passive income streams. Passive incomes come from making your savings work hard for you - through investment (either shares or property).

My wife and I are used to our current lifestyle and are reluctant to downgrade. We currently live in a 4 bedroom condo, have a car each, travel twice a year for holidays overseas, and employ a domestic helper to do household chores. We knew long ago that we could not be forever working to earn the income to support our lifestyle. So we have been building up our passive income streams for more than 10 years already with the aim that the passive income will eventually take over our earned income (ie when we retire).

To maintain our current lifestyle, we would need a passive income of $10k pm or $120k pa. Last year, our passive income hit $160k pa. As we are still working, we invested all our salaries to increase our passive income. This year we are targeting to hit $170k in passive income. If we work till 60, our passive income with consistent injection of investment fund, will hit $200k pa.

My advise is not to retire too early. The period from 55 yo to 60+ is the period where your financial commitment taper off while your salary is at its peak ! This is where savings accelerates and forms the bulk of your retirement savings.

I’m worth a billion.

Can’t believe you guys actually believe what’s posted anonymously on the internet.

Ps actually I’m worth two billion. See what I did there? Lol.

Is 100k in total savings and CPF a norm for a 30 yrs old?

Another stock take
 

34 years old now

Ppty: $1.18m
Debt: $700k
Shares/SRS: $200k
Cash: $180k
CPF: $167k

Net: $1.027m

Finally a millionaire!

38 yrs old
hdb 4 rm
cash 250k
cpf 130k

9 years ago
 

Hard to believe that the first post in this forum was written on 26 Jan 2010, a good 9 years ago.

In fact, TS was Avatar (age 35) who wanted to see where he stood in terms of his networth. At that time his networth was $370k after working over 10 years in the IT sector. Today Avatar should be 44 yo. We wonder whats his networth now.

Besides knowing our networth at a specific point in time, it would also be interesting to see how it grows or decline over time.

For myself, 9 years ago, in 2010, our household networth was just recovering from the GFC. The 2008/9 GFC wiped out almost 45% off the value of our investment (paper losses) in stocks & property. Our networth in 2010 was around $3.3M. Today, 9 years later, our networth has grown to above $7M.

The big question now is when will the next economic crisis strike (people are nervous about yield inversion happening now). In the past, yield inversions have led to big recession.

If and when it happens, how much will it affect our household networth? Especially now that it is higher and we have much of that invested.

As a precaution, we have "kept" substantial amount of money in our CPF earning above $80k in combined interests last year.

You have impressive CPF interest as passive income.

May I ask how did you manage to have around $40K of interest each? Are you in the age of early 50's?

I am 47yrs and maximum CPF interest that I could attain is $22K for all account.

40k CPF a year and per individual and not as a couple !

Wa.. that guy got more than a million dollars in CPF. And his wife also.

Even this guy lose to him. And he has been showing his cpf records regularly unlike the unknown person posting here..

CPF interest earned in 2018. | A Singaporean Stocks Investor (ASSI)