Whats your net worth

Hi guys, am 22 this year and this is my net worth.

Cash 200k
-70k in fixed deposits (I know, the interest rates are low, but this is to just to safe keep my money in case of any circumstances)
-100k in savings account in various banks
-30k in cashbox at home

Shares 120k in cash trading account
-80k in long term shares investment with growth stocks (examples, Nokia, groupon)
-40k for trading daily and playing highly speculative stocks

Property overseas
-1 unit fully paid up unit condo at iskandar Malaysia which have not top yet. Name of condo is paragon residences. Paid 200k in early 2012 for a unit there.

Net worth
Total net worth 520k

Net worth mainly comes from playing highly speculative stocks.
Wealth is totally self made. Used money that I earned from doing freelancing and working to start in speculative stocks, money grew in an explosive state thereafter.

Not bad at all for a 22 yr old.

Seeing that you build this wealth through speculative trading (akin to gambling), there is always the danger that you will lose it all.

Most wealthy people build their wealth from having good careers or successful business. Gambling seldom leads to richess in the long run.

It is hard to say what your future will be like, but it is easier to say that a young doctor, lawyer, accountant, even engineer will have a bright future. For them, becoming millionaires is a given.

Originally Posted by Unregistered

Hi guys, am 22 this year and this is my net worth.

Cash 200k
-70k in fixed deposits (I know, the interest rates are low, but this is to just to safe keep my money in case of any circumstances)
-100k in savings account in various banks
-30k in cashbox at home

Shares 120k in cash trading account
-80k in long term shares investment with growth stocks (examples, Nokia, groupon)
-40k for trading daily and playing highly speculative stocks

Property overseas
-1 unit fully paid up unit condo at iskandar Malaysia which have not top yet. Name of condo is paragon residences. Paid 200k in early 2012 for a unit there.

Net worth
Total net worth 520k

Net worth mainly comes from playing highly speculative stocks.
Wealth is totally self made. Used money that I earned from doing freelancing and working to start in speculative stocks, money grew in an explosive state thereafter.

Originally Posted by Unregistered

Nope, with a net worth of $15m, I figured it is enough to retire comfortably. My passive income from my investment portfolio is more than 5 times my expenses. As for you, continue to work harder, $4m is too little to retire. You should only retire when you have at least $10m.

Are you sure your asset 15m is by investment and working in a MNC??

Originally Posted by Unregistered

Good for you, $40k annual expenses is very low, that is why I won't retire so young, any simple job these days would get another $30k or so and keeps you interacting with others and mind active. My $4m is getting a very, very modest yield of 2% plus only or about $8k per month....I don't drive and have never driven a conti car (BMW or Merc) and I hope to achieve this when I retire, I guess I would be one of the few security guards coming for work in a BMW in future LOL!

50 years old is young to retire for you??
it is ald 2/3 of life and you have merely 1/3 to enjoy and do things you like...
Sigh, people are becoming working machines.. whats the point of living..

It all depends on your circumstances. The situation in Singapore might follow that of developed countries eg the US where most people have given up hope of ever retiring by 60.

Americans need to work longer to save for retirement | Fox Business Video

Many Singaporeans are actually clueless how much they need to sustain their retirement. It is a pity because in this day and age because there are many financial tools where they can easily access and do simple calculations to find out.

Originally Posted by Unregistered

50 years old is young to retire for you??
it is ald 2/3 of life and you have merely 1/3 to enjoy and do things you like...
Sigh, people are becoming working machines.. whats the point of living..

[RYRR]

Depending on your definition of Retirement as it means differently to everyone. E.g. It may may mean:
1)stop work altogether and just bar long long whole day
2) start working part time, ie slow the pace
3) starting something one likes full time, can sport, a hobby etc
4) for those with skill set still required, they may be engaged as advisor and with flexible wotk arrangement.
5) still need to work past official retirement age for a living.
6) for the love of one's job!

We have been told to work as long as we can, supposedly because of longer lifespan and insufficient savings to last us through. But even if we wanted to work, will there be work for us?

This post by Kelvin shows the reality on the ground: How to Survive in Your Job Till Retirement

His observations are very real. Among my cohort in the 50 yr age group, not a small number have already "retired" from their primary careers. Some have totally stopped work while others are doing jobs that they were over qualified for. Consequently they are earning lower salaries. I am among the fortunate few who been with one and the same employer since I joined the workforce 25 yrs ago. No one can guarantee that the job will be there when I turn 55 not to mention 65.

So, on the financial front, I always believe and advocate that we should plan for "retirement" at 55 or earlier if our income permit the higher savings required for "early retirement". Financially, my spouse and I are ready for retirement (now at 50) but we still work. Each day, month and year will be bonus for us. We live to work, not work to live.

Originally Posted by Unregistered

Did the government cut the financial sector budget/increased tax or whatever relevant? Instead, the banks got more freedom from the government. And the economy collapsed due to greed. Do you understand what is going on? How old are you? You speak like a boy..
Trying to be biased and not discussing on a topic neutrally.

You speak like a fool

Originally Posted by Unregistered

50 years old is young to retire for you??
it is ald 2/3 of life and you have merely 1/3 to enjoy and do things you like...
Sigh, people are becoming working machines.. whats the point of living..

It is not about young or old, but having the means to retire, what is your target?

Originally Posted by Unregistered

Care to share how you made your $15m by salaried??

Yah, I am curious too.