Whats your net worth

Originally Posted by Unregistered

These are the most reasonable numbers I've seen. Most graduate couples should be able to attain this level of wealth, and should rightfully aspire to do so.

My wife and I, graduate couple, has 1.4mio in wealth. But our income is quite high at 250k+++ (low in the eyes of ministers and top 1000 earners of course).

Landed property 2.3M
Cash and stocks 800K

Loan 800K

i think we are above average, but not spectacular

Originally Posted by Unregistered

These are the most reasonable numbers I've seen. Most graduate couples should be able to attain this level of wealth, and should rightfully aspire to do so.

My wife and I, graduate couple, has 1.4mio in wealth. But our income is quite high at 250k+++ (low in the eyes of ministers and top 1000 earners of course).

Single income family (me, my wife and a kid)

1.1 million in assets (property, cash, stocks...) no loans

How am I doing? I am 40.

Having been exposed to people from various backgrounds, I think most of the stories here are highly possible. I know of a group who drives around in Lambor, Maserati etc. to find roti prata to eat ... at the other extreme, a group who can't even smell a 3k per month salary after 10 years of work life. This is fate. They have a role to play in this world.

As a middle income earner, and solely from salaried job, it can only help ya achieve the 1st 100k, anything more will be at turtle pace if ya gonna do it via savings. Ya need to use your guts and brains thereafter ie. business or investments. With luck, guts and abit of good timing, your 1st 100k can be the next couple of hundreds, and then the first million, followed by the couple of millions. Like someone here has mentioned, only those who are successful in doing so, posts. Many who did'nt achieve this, probably are in the hiding or are just silent readers. Of course, there are also successful people here with humility or are too lazy to share their stories.

Having said the above, I am quite sure that only 20% of Singapore population can achieve the above. The ill fated 80% probably will remain as the sandwiched class or the poor trapped firmly by poverty due to the high number of dependents. The 80/20 ratio rules, just like the fibonaci golden number ... somehow it just makes sense. In life, there is always a part of absolute, and the other part of relativity. Who you are, and where you are born will make a huge impact ... life is never fair in this sense.

In anycase, life is more than making money. It is vital to learn to be content as chasing the materials can never end.

[Hermit]

Originally Posted by Unregistered

Having been exposed to people from various backgrounds, I think most of the stories here are highly possible. I know of a group who drives around in Lambor, Maserati etc. to find roti prata to eat ... at the other extreme, a group who can't even smell a 3k per month salary after 10 years of work life. This is fate. They have a role to play in this world.

As a middle income earner, and solely from salaried job, it can only help ya achieve the 1st 100k, anything more will be at turtle pace if ya gonna do it via savings. Ya need to use your guts and brains thereafter ie. business or investments. With luck, guts and abit of good timing, your 1st 100k can be the next couple of hundreds, and then the first million, followed by the couple of millions. Like someone here has mentioned, only those who are successful in doing so, posts. Many who did'nt achieve this, probably are in the hiding or are just silent readers. Of course, there are also successful people here with humility or are too lazy to share their stories.

Having said the above, I am quite sure that only 20% of Singapore population can achieve the above. The ill fated 80% probably will remain as the sandwiched class or the poor trapped firmly by poverty due to the high number of dependents. The 80/20 ratio rules, just like the fibonaci golden number ... somehow it just makes sense. In life, there is always a part of absolute, and the other part of relativity. Who you are, and where you are born will make a huge impact ... life is never fair in this sense.

In any case, life is more than making money. It is vital to learn to be content as chasing the materials can never end.

Rightly observed, bro. But cannot blame some. It is well known that the poor cannot even understand how much the rich makes. But maybe ignorance is bliss.

I believe everything in moderation is the best. Rich enough not to want for much more. But poor enough to know what other important things in life are.

Hard to believe for some, but the very rich have problems too. And some have problems that cannot be solved by money. Relationships break down. Family ties destroyed. Many of my friends who went all out for money when considering their career ended up with divorces. Too bad, because money is a double-edged sword.

Having too much misleads us to believe we are a better or more capable person than the one who has less. Problems of the rich are not solved when they upgrade from a Merc to a Maserati, or change their $15M home for a $20M one, or divorces one woman for a new (mostly younger) one. The problems stay with them. But they try to put up a good show despite the emptiness inside.

Once in a while I have dinner with this chap in the banking business. Miserable chap. But he tries to impress me with his new watches, Leica cameras, new car etc etc. It gets very tiring after a while because this guy has no depth. He fell out with his father when he was young. And now history is repeating with him and his son.

So... for the rest of us. Let us be content. Like they say "Be careful what you wish for. Because you might just get it."

God bless.

Originally Posted by Hermit

Rightly observed, bro. But cannot blame some. It is well known that the poor cannot even understand how much the rich makes. But maybe ignorance is bliss.

I believe everything in moderation is the best. Rich enough not to want for much more. But poor enough to know what other important things in life are.

Hard to believe for some, but the very rich have problems too. And some have problems that cannot be solved by money. Relationships break down. Family ties destroyed. Many of my friends who went all out for money when considering their career ended up with divorces. Too bad, because money is a double-edged sword.

Having too much misleads us to believe we are a better or more capable person than the one who has less. Problems of the rich are not solved when they upgrade from a Merc to a Maserati, or change their $15M home for a $20M one, or divorces one woman for a new (mostly younger) one. The problems stay with them. But they try to put up a good show despite the emptiness inside.

Once in a while I have dinner with this chap in the banking business. Miserable chap. But he tries to impress me with his new watches, Leica cameras, new car etc etc. It gets very tiring after a while because this guy has no depth. He fell out with his father when he was young. And now history is repeating with him and his son.

So... for the rest of us. Let us be content. Like they say "Be careful what you wish for. Because you might just get it."

God bless.

Another case of sour grapes. There are rich people who are happy too. In fact, there are more poor people who are miserable and unhappy than rich ones who are as miserable. It's a well researched topic. Go google.

And many people are miserable regardless of their wealth.

For me, I'd rather be rich and miserable than poor and sad.

Originally Posted by Unregistered

Another case of sour grapes. There are rich people who are happy too. In fact, there are more poor people who are miserable and unhappy than rich ones who are as miserable. It's a well researched topic. Go google.

And many people are miserable regardless of their wealth.

For me, I'd rather be rich and miserable than poor and sad.

His view is of moderation. I wouldn't classify him as a sour grape. However, you've pointed out something interesting, that is the rich is better off in general. I hold a similar view, if u look at Abraham maslow hierarchy of needs, the poor have problems satisfying these needs. The rich problems are more related to non critical wants. I've quoted the 3k salary example, now let me give another example. I know of a family of 5 whose household income is 2.5k, the 3 children are still schooling. Their income is just sufficient to buy food, pay utilities, etc, there is no extra to pay for tuition. The parents can't speak English, never studied pass psle. They want the best for the kids but don't know how to achieve that ... It's this poverty trap I am talking about which our singapore youngins don't see, and the elites have casually forgotten.

[Hermit]

Originally Posted by Unregistered

Another case of sour grapes. There are rich people who are happy too. In fact, there are more poor people who are miserable and unhappy than rich ones who are as miserable. It's a well researched topic. Go google.

And many people are miserable regardless of their wealth.

For me, I'd rather be rich and miserable than poor and sad.

Hi bro. Thanks for your view. I respect that and agree there are many rich people who have found enduring happiness too. But I am certainly no case of sour grapes because I have been there and done that. My family is well provided for even if our income stops tomorrow. But it is my choice not to change the way I live so that my children will learn to fend for themselves when they grow up. I hope my input here helps encourage some to get their footing especially in their mid life. That is all. Peace.

While we conscientiously build up our nest egg, we should also consider establishing steady sources of passive income. Pension used to be a good and secure source of income upon retirement, but now only a very select group of employees enjoy this. And we know CPF payout even with annuity life plans is dismal and cannot maintain a decent quality of life.

Many retired and lived by drawing down on savings. Unless one has millions in savings, drawing down savings is treacherous at best, it can be very depressing seeing the savings dwindle down and devalued by rising inflation. Dont even have to think about being sick or worse, hospitalised. The savings can quickly dissappear.

So, I would like to appeal to the more savvy among the forummers to share tips/avenues for building up sources of passive incomes. Thanks in advance.

Originally Posted by 4evermoney

While we conscientiously build up our nest egg, we should also consider establishing steady sources of passive income. Pension used to be a good and secure source of income upon retirement, but now only a very select group of employees enjoy this. And we know CPF payout even with annuity life plans is dismal and cannot maintain a decent quality of life.

Many retired and lived by drawing down on savings. Unless one has millions in savings, drawing down savings is treacherous at best, it can be very depressing seeing the savings dwindle down and devalued by rising inflation. Dont even have to think about being sick or worse, hospitalised. The savings can quickly dissappear.

So, I would like to appeal to the more savvy among the forummers to share tips/avenues for building up sources of passive incomes. Thanks in advance.

Passive income. Interesting.

The easy ones are:
- rental
- high-yield blue chip stocks

The hard ones are:
- businesses (as sleeping partner)
- products (royalties from books, software, mobile apps)

Even the easy ones are already quite unachievable for most people.

This is my situation (combined with wife):
Below 55 yrs old - current passive income stream
Dividends (shares & bonds) - 25K a yr
Rental - 36k (gross, a yr)

At 55 yrs - expecting
Interest from CPF - 28k
Dividends - 30k
Rental - 36k

At 65 yrs - expecting
Interest from CPF - 28k
Dividends - 30k
Rental - 36k
Annuity life - 24k