Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
Why should this apply to Leongsam?
This article is written to address rich people.
Why should this apply to Leongsam?
This article is written to address rich people.
ur 1 shot bursa oredi a few k, hor?! ...But a few thousand dollars is really not a lot of money wat, isit?
One more thing to add, people don't choose to be poor
CPF cannot help you to retired, so you no need to complain say you cannot take out.
People who got balls no need CPF to retired.
ur 1 shot bursa oredi a few k, hor?! ...
People don't WANT to be poor but most do make daily choices that perpetuate the state of their finances.
If you ask me to name just ONE attitude that, when changed, will kick start your journey towards accumulating wealth, it is the ability to defer gratification.
In order to acquire this ability, all you need to do is adopt a mindset that what others think of you does not matter.
It is that simple. I know because I made the transformation myself. There were no withdrawal symptoms when I gave up my status symbols. In fact, I felt much better not having to keep up with the Joneses.
I have never advocated being rich. That's a personal choice and each individual has to decide just how important having lots of money is to him.
What I'm stressing is the importance of being financially independent so that you don't have to be beholden to others all your life.
If you can't see the difference between the two, I have nothing further to add.
One thing about early retirement! I don't think u can realistically foresee the costs increases ...eg in properties or medical costs in say 10 to 15 years time
What's the difference between early retirement and working till you're 65? You can't forecast cost increases as an employee either.
There's no guarantee your salary will keep up with inflation. If you get fired or retrenched, your earnings will go South while costs go up which would put you in an even more precarious position financially.
My formula is simple. In Singapore, financial independence should be around the $5 million figure.
At 4% return after taxes, this should give you a comfortable $200,000 per annum income without having to touch your principal sum. If you can save some of the returns and compound the interest, you'll be very secure.
Should anything untoward happen along the way, simply dip into your principal to make up the difference and return the amount in subsequent years in order to maintain that figure of $5 million in productive assets.
As you can see, achieving financial independence and retiring early offers you far more financial security than living from hand to mouth as an employee where you have no control whatsoever over your destiny.
Thank you Uncle. Based on your roadmap, I can retire by 2020 if I save a million $ a year.
What can safely yield net 4% a year thereafter?
What's the difference between early retirement and working till you're 65? You can't forecast cost increases as an employee either.
There's no guarantee your salary will keep up with inflation. If you get fired or retrenched, your earnings will go South while costs go up which would put you in an even more precarious position financially.
My formula is simple. In Singapore, financial independence should be around the $5 million figure.
At 4% return after taxes, this should give you a comfortable $200,000 per annum income without having to touch your principal sum. If you can save some of the returns and compound the interest, you'll be very secure.
Should anything untoward happen along the way, simply dip into your principal to make up the difference and return the amount in subsequent years in order to maintain that figure of $5 million in productive assets.
As you can see, achieving financial independence and retiring early offers you far more financial security than living from hand to mouth as an employee where you have no control whatsoever over your destiny.