Whats your net worth

The reasons I am quitting is because:

1. It has been been my objective all this while to quit after I achieved a net worth of $1m, excluding my primary home, and I have achieved that. I'm able to generate 5% pa or $50k pa. from my investments.

2. I am tired of the office politics, being a minion to the big bossy, big ego bosses.

3. I'm quite sickly due to the years of high stress, afraid I will just get a heart attack and die.

4. I'm a religious man at heart, I want to spend more time deepening my understanding of my religion and to be prepared when I am finally back home. I have this feeling that I will not live that long more on this earth, I will be called back home soon, I sense.

5. Life is not all about money, there is more to life, we don't actually need a lot, we just want a lot. So, I will live within my lesser means. Anyway, all these years my salary went a lot into savings and investments and I have achieved the critical amount for me to generate sufficient income from my investments.

Originally Posted by Unregistered

I am curious why people want to quit at a point in their career when their salary is high or at their highest? Can you share your reason?

My spouse and I also think about retirement but that is because we are approaching 55. As we have not achieved our target net worth of $5m, we decided to slog another 3 yrs till we accrue $5.5m. The $0.5m is our buffer against the uncertainties in the market. Already the current stock market correction wiped out $65k of our holdings - ouch!

Currently we invested $2.5m in properties, stocks, bonds, single premium insurance that is giving us a measly $70k pa (3% ROI). Our home is valued at $1.6m, CPF minimum sum $400k, Medisave $87k - total current net worth $4.5m.

With the additional $1m we hope to accrue in 3 yrs, we hope to invest that to augment our passive income to $100k pa. Then, we will really feel ready to retire. Can't wait to do all the things we have been putting off.....

It is perfectly understandable then when health is at stack. No amount of money is more important than life itself. I always bear this saying in mind "People spent their lives working for money, and then spent their money getting back their lives / health".

It would be tragic and totally miss the point when one is unable to enjoy the fruits of one's labour. Balance is key.

I wish you all the best!

Originally Posted by Unregistered

The reasons I am quitting is because:

1. It has been been my objective all this while to quit after I achieved a net worth of $1m, excluding my primary home, and I have achieved that. I'm able to generate 5% pa or $50k pa. from my investments.

2. I am tired of the office politics, being a minion to the big bossy, big ego bosses.

3. I'm quite sickly due to the years of high stress, afraid I will just get a heart attack and die.

4. I'm a religious man at heart, I want to spend more time deepening my understanding of my religion and to be prepared when I am finally back home. I have this feeling that I will not live that long more on this earth, I will be called back home soon, I sense.

5. Life is not all about money, there is more to life, we don't actually need a lot, we just want a lot. So, I will live within my lesser means. Anyway, all these years my salary went a lot into savings and investments and I have achieved the critical amount for me to generate sufficient income from my investments.

Thanks. Wishing you the best too!

Originally Posted by Unregistered

It is perfectly understandable then when health is at stack. No amount of money is more important than life itself. I always bear this saying in mind "People spent their lives working for money, and then spent their money getting back their lives / health".

It would be tragic and totally miss the point when one is unable to enjoy the fruits of one's labour. Balance is key.

I wish you all the best!

Originally Posted by Unregistered

I am curious why people want to quit at a point in their career when their salary is high or at their highest? Can you share your reason?

Back in 2007, I decided to retire when I was less than 50 years old. My wife doesn't work. Net worth was about $5m then. But it was extremely boring as all my friends were still working and the children were still in secondary school, which basically required me to be in Singapore rather than wander round the world. At that point, I found that I was just able to live on my investment and property income without a decline in net worth so I would consider myself financially independent, with a reasonable lifestyle.

After a year of a rather monotonous life, I went back to work and felt extremely happy to do so. There I was making decisions, running a department and interacting with younger people. It felt good. Fast forward to July 2013 and I'm now worth $15m and my net worth is generally still rising despite the fact that I spend about $500K a year (part of this expenditure is temporary due to kids' overseas education) and not considering the $1m hit from the recent stock market downturn. My net worth rose from a combination of my high earnings, rise in property values and stocks but I don't think I would have been so aggressive in my investments if I had remained retired.

So, you're absolutely right that it's probably wrong to retire early and give up the best earning years of your life as I would rather be in this position of having $15m and where I can freely spend $500K per year without thought, rather than have $5m and be a little careful (at least relative to my normal spending). Now that I'm past 50, I'm pondering if I should continue pushing to expand $15m to $50m so that I can try to buy a GCB or retire again. Difficult decision but I'm leaning to retire again since a GCB will probably be quite troublesome to maintain and the kids are finally gone, which gives me the freedom to go traveling.

In 2009, when everyone was selling, I bought 3 GCBs. Now their value has more than doubled. My net worth is now $60 mil. I plan to sell the 3 GCBs and retire in a condo. I plan to travel the world with $30 mil to spend. I am now 55. I should be able to spend the $30 mil by the time I die, estimated to be by 90 the most.

Originally Posted by Unregistered

Back in 2007, I decided to retire when I was less than 50 years old. My wife doesn't work. Net worth was about $5m then. But it was extremely boring as all my friends were still working and the children were still in secondary school, which basically required me to be in Singapore rather than wander round the world. At that point, I found that I was just able to live on my investment and property income without a decline in net worth so I would consider myself financially independent, with a reasonable lifestyle.

After a year of a rather monotonous life, I went back to work and felt extremely happy to do so. There I was making decisions, running a department and interacting with younger people. It felt good. Fast forward to July 2013 and I'm now worth $15m and my net worth is generally still rising despite the fact that I spend about $500K a year (part of this expenditure is temporary due to kids' overseas education) and not considering the $1m hit from the recent stock market downturn. My net worth rose from a combination of my high earnings, rise in property values and stocks but I don't think I would have been so aggressive in my investments if I had remained retired.

So, you're absolutely right that it's probably wrong to retire early and give up the best earning years of your life as I would rather be in this position of having $15m and where I can freely spend $500K per year without thought, rather than have $5m and be a little careful (at least relative to my normal spending). Now that I'm past 50, I'm pondering if I should continue pushing to expand $15m to $50m so that I can try to buy a GCB or retire again. Difficult decision but I'm leaning to retire again since a GCB will probably be quite troublesome to maintain and the kids are finally gone, which gives me the freedom to go traveling.

Before Apollo 11 landed on the moon, I had already developed the technology and sent my guys to colonize the place at a very low cost. Now the price has quintillioned. Richard Branson pays me in advance a license and landing fee of $1 trillion for every lunar space flight he is _planning_.

Originally Posted by Unregistered

In 2009, when everyone was selling, I bought 3 GCBs. Now their value has more than doubled. My net worth is now $60 mil. I plan to sell the 3 GCBs and retire in a condo. I plan to travel the world with $30 mil to spend. I am now 55. I should be able to spend the $30 mil by the time I die, estimated to be by 90 the most.

GCB prices hardly declined in 2009, so you can't even get your facts right in your feeble attempt to "joke". In reality, you are probably some boh liao dreamer who can't stand rich people.

Originally Posted by Unregistered

Before Apollo 11 landed on the moon, I had already developed the technology and sent my guys to colonize the place at a very low cost. Now the price has quintillioned. Richard Branson pays me in advance a license and landing fee of $1 trillion for every lunar space flight he is _planning_.

Are you an alien or human?

So many ********er here claimed their networth worth million dollars. Infact, avg Singapore networth is just $300k-400k. Many are just desperate debtors, considering the fact that Singapore living cost are pretty expensive, and low quality of life.

What's makes you better off by having a $50m of GCB? While neighbouring countrymen also can build a beautiful bungalow at fraction of cost. What's makes you enjoy better by having $5m condos while average peoples in other country could also get it at much lower price. What's the point of having $1m asset in the bank and you're walking on foot, while those who has fraction of money in another country could have a car.

I mean this is life. You don't need to collect a lot of money and you couldn't even enjoy it until you die. A house is just a house, to protect you from rain and shine, a car is also just a car to move you from point A to B. You need to enjoy the life, which by itself is a blessing. Having more zero in your banks doesn't make your life different from others. You just need all these basic things as normal and most important is happiness, joy, and health.

Originally Posted by currents ityngg

So many ********er here claimed their networth worth million dollars. Infact, avg Singapore networth is just $300k-400k. Many are just desperate debtors, considering the fact that Singapore living cost are pretty expensive, and low quality of life.

What's makes you better off by having a $50m of GCB? While neighbouring countrymen also can build a beautiful bungalow at fraction of cost. What's makes you enjoy better by having $5m condos while average peoples in other country could also get it at much lower price. What's the point of having $1m asset in the bank and you're walking on foot, while those who has fraction of money in another country could have a car.

I mean this is life. You don't need to collect a lot of money and you couldn't even enjoy it until you die. A house is just a house, to protect you from rain and shine, a car is also just a car to move you from point A to B. You need to enjoy the life, which by itself is a blessing. Having more zero in your banks doesn't make your life different from others. You just need all these basic things as normal and most important is happiness, joy, and health.

dun be childish, most rich mega millionaires have multiple PRs, vacation villas and cars overseas. they only keep sg passport for tax and security reason. u really think anyone with $2-3mil passive income stay and walk around in sg like u?