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13-10-2014, 05:29 PM
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Good plan indeed.
Besides doing good for your parents, you also do good for the next guys taking over your and your wife's jobs. Give others a chance to earn !
Just be mindful that most of the things that we want and planned to do in retirement can be completed all within 1 year. Then you will face the next many years wondering what to do.
Quote:
Originally Posted by Unregistered
45, 44, total net worth $6m.
Planning to retire in Penang next year.
Looking forward to meet my old friends and family members there.
We are going to spend more time with our old parents and bring them to see the world.
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13-10-2014, 05:54 PM
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Quote:
Originally Posted by Unregistered
45, 44, total net worth $6m.
Planning to retire in Penang next year.
Looking forward to meet my old friends and family members there.
We are going to spend more time with our old parents and bring them to see the world.
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If you convert your S$6m to RM, you will get RM15m. You are very rich by Malaysian standards, a multi-millionaire!
Why not spend your retirement in doing charity works? You can use a small amount of your wealth to set up a charitable cause. You can gather all your rich friends to set up an orphanage or a shelter for the destitutes.
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18-10-2014, 12:40 AM
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25 years old and after working for 2 years after graduating from local uni...i have around $80k networth (which is inclusive of $20+k of cpf) .....
is it good? still cannot afford a car yet...but i believe can plan for marriage le...
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18-10-2014, 09:03 AM
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Quote:
Originally Posted by Unregistered
25 years old and after working for 2 years after graduating from local uni...i have around $80k networth (which is inclusive of $20+k of cpf) .....
is it good? still cannot afford a car yet...but i believe can plan for marriage le... |
If you want to provide a nice condo for your wife and kids, you should save more. A condo would cost $1.2m. So you must work harder and save.
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21-10-2014, 08:44 PM
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Condo dweller.
Condo fully paid up.
My net worth, $1.5m. 52 yr old.
Wife's net worth, $0.8m. 48 yr old.
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23-10-2014, 04:46 PM
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Super Member
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Join Date: Aug 2010
Posts: 335
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Quote:
Originally Posted by Unregistered
We have about the same net worth as you but we are in our mid forties.
Long way to go towards retirement. Our target is to accumulate a net worth of $6m by the time we retire at 75. We will then travel the world with the $6m and by the time we finished traveling, we should be about 85. Then we will relax.
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Can i understand why you want to delay your retirement to 75 and start travelling only at 75 ?
My view is it is tough to start travelling the world at 75 .
At that age, you are restricted to taking only guided tours and not the free and easy kind of travels. And it becomes hard to navigate and drive at unfamiliar places , enjoy outdoor cooking , do beach holidays and any physically tougher travelling.
Only can do the see and look kind of holidays which i find is rather boring.
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28-10-2014, 08:20 PM
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Our assets (both husband (42) and wife (40)):
1. 2 bedroom condominium unit $1m
2. CPF funds and cash $500k
3. Stocks $300k
Liabilities:
1. Mortgage $250k
2. Car loan $50k
Net worth $1.5m
Income $160k pa
How are we doing?
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29-10-2014, 07:15 AM
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It is not so important as to where you stand now, what is more important is your growth/career potential.
Let me explain. I grew up in a kampung at a time where if you have completed "O" level your parents expected to go out and work and support the family.
My neighbours did just that. After "O" levels they started work. Within a few years, you can see them buying new TVs, sofas and other household appliances. For us, my parents believed we should continue with our studies where our results permitted. And study we did, all the way up to our honours degree, all this while still living in our old home with all the old appliances.
When we graduated and started work, some of our neighbours even managed to own cars. In their eyes, we were very far behind in status. I remembered one of my neighbours even told my mother "what's the use of studying so much? Look at my son, got his own flat already and bought a car also".
Fast forward 30 yrs, the kampung is no longer around, all of us resettled to HDBs. We are now staying in a condo, have 2 cars and our net worth is above $5m. My neighbours are still staying in their 4 room HDBs and the sons have been drifting from job to job with long stretches of unemployment. I am not saying this to look down on them, but to highlight that measuring your success at one point in time is not indicative of where you will head in future. Your career potential, investments and health are other important factors. You may be ahead today, but tomorrow, you will fall behind.
In fact, don't compare with others, just do your best, don't rest on your laurels, but enjoy the journey!
Quote:
Originally Posted by Unregistered
Our assets (both husband (42) and wife (40)):
1. 2 bedroom condominium unit $1m
2. CPF funds and cash $500k
3. Stocks $300k
Liabilities:
1. Mortgage $250k
2. Car loan $50k
Net worth $1.5m
Income $160k pa
How are we doing? |
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29-10-2014, 07:29 AM
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In case you are curious/interested, when we were 40/42 (roughly 15 years ago), our networth was around $2.4m.
Back then, we could not imagine that we could grow our net worth to what it is today. It was a combination of salary increases from promotions and property investments.
Quote:
Originally Posted by Unregistered
It is not so important as to where you stand now, what is more important is your growth/career potential.
Let me explain. I grew up in a kampung at a time where if you have completed "O" level your parents expected to go out and work and support the family.
My neighbours did just that. After "O" levels they started work. Within a few years, you can see them buying new TVs, sofas and other household appliances. For us, my parents believed we should continue with our studies where our results permitted. And study we did, all the way up to our honours degree, all this while still living in our old home with all the old appliances.
When we graduated and started work, some of our neighbours even managed to own cars. In their eyes, we were very far behind in status. I remembered one of my neighbours even told my mother "what's the use of studying so much? Look at my son, got his own flat already and bought a car also".
Fast forward 30 yrs, the kampung is no longer around, all of us resettled to HDBs. We are now staying in a condo, have 2 cars and our net worth is above $5m. My neighbours are still staying in their 4 room HDBs and the sons have been drifting from job to job with long stretches of unemployment. I am not saying this to look down on them, but to highlight that measuring your success at one point in time is not indicative of where you will head in future. Your career potential, investments and health are other important factors. You may be ahead today, but tomorrow, you will fall behind.
In fact, don't compare with others, just do your best, don't rest on your laurels, but enjoy the journey!
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