How to have $1 million by age 65

[no_faith]

u can have 1 million before 65 depending which currency u prefer.

 

[popdod]

Every mon & thurs hoot.

:o :( :o

 

[johnny333]

Every month i will get v anxious about my credit card bills and try to settle everything. But from talking to some friends, i realized many are just rolling over and paying slightly more than the minimum payment amount each month!

I don't know how Sporean can be so foolish as to NOT clear their credit card bills. If I could charge those obscene interest rates those banks are charging, I would soon be a rich(er) person

In the US, the Obama administration are cracking down on those Shylocks, but don't expect the Spore gov't to do the same since the PAP owns the banks.

I'm really surprised that Spore Inc. is still solvent despite all its debt
Hope I'm wrong for no one likes to see all those suicides

 

[cooleo]

I don't know how Sporean can be so foolish as to NOT clear their credit card bills. If I could charge those obscene interest rates those banks are charging, I would soon be a rich(er) person

In the US, the Obama administration are cracking down on those Shylocks, but don't expect the Spore gov't to do the same since the PAP owns the banks.

I'm really surprised that Spore Inc. is still solvent despite all its debt
Hope I'm wrong for no one likes to see all those suicides

The banks are charging ridiculous interest rates for credit cards. Couple that with late payment fees, and those people who owe chunks of credit card bills are just asking to get screwed!

 

[manokie]

The banks are charging ridiculous interest rates for credit cards. Couple that with late payment fees, and those people who owe chunks of credit card bills are just asking to get screwed!

Just pay at one fixed day of the month and you will be fine. Some credit cards give you lots of perks so just ride with it!

 

[johnny333]

I can't help but disagree. Balance is most important.

Life is unpredicable, regardless of age, some may not even have one more day, even when one believe and plan for the next 50 years.

I don't understand, what don't you agree with

Being frugal doesn't mean living in poverty

I didn't spend on unnecessary things like a car. I didn't even buy a home until much later in life & when I did it was somewhere near town.

I always set aside about 20% for investing. When I did go for holidays I saved for it. I've holidayed in Europe, US & Canada, and always travelled economy. Going to the US was easier because whenever the company sent me to the US office I would try to clear my leave & do some sight seeing.

Nowadays I holiday closer to home in places like Malaysia, Thailand & Indonesia.

The important thing is to do it regularly, to put aside a portion of ones income aside & over time you'll see your net worth grow. It's a gradual process that took me 10+ years before I started to see real big gains.

The markets are in a mess now so maybe you won't make as much, but it's better than spending or putting it in a bank for the pittance they call interest

 

[jw5]

I don't understand, what don't you agree with

Being frugal doesn't mean living in poverty

I didn't spend on unnecessary things like a car. I didn't even buy a home until much later in life & when I did it was somewhere near town.

You said that you "totally agree about sacrificing short term gratification for long term financial independence".
Unrepented said that he disagreed and that it's about balance.
Actually, there's nothing to disagree because both of you believe in the same thing.

You are not totally sacrificing short term gratification, but simply making choices, living within your means, investing wisely and giving up some things which are not so important to you. That's balance.

There are multi millionaires notably some sportsmen and celebrities who made 8 or 9 figures, but subsequently had to file for bankruptcy or were charged in court for failing to pay their debts, due to the posses they had, buying houses and cars for their friends and "hanger-ons", gambling, whoring, silly "investments", etc etc.

There are also multi millionaires, possibly even billionaires, who eat porridge for their lunch or homecooked food everyday. Don't think they are being frugal, or even sacrificing short term gratification, it has become their habit and way of life and they genuinely like it.

At the end of the day, it's about living within your means and making wise choices.
Sometimes people assume life in perpetuity, (hence the need to be frugal) but as we know from past experience, that never happens.

 

[Unrepented]

You are right.

You said that you "totally agree about sacrificing short term gratification for long term financial independence".
Unrepented said that he disagreed and that it's about balance.
Actually, there's nothing to disagree because both of you believe in the same thing.

You are not totally sacrificing short term gratification, but simply making choices, living within your means, investing wisely and giving up some things which are not so important to you. That's balance.

There are multi millionaires notably some sportsmen and celebrities who made 8 or 9 figures, but subsequently had to file for bankruptcy or were charged in court for failing to pay their debts, due to the posses they had, buying houses and cars for their friends and "hanger-ons", gambling, whoring, silly "investments", etc etc.

There are also multi millionaires, possibly even billionaires, who eat porridge for their lunch or homecooked food everyday. Don't think they are being frugal, or even sacrificing short term gratification, it has become their habit and way of life and they genuinely like it.

At the end of the day, it's about living within your means and making wise choices.
Sometimes people assume life in perpetuity, (hence the need to be frugal) but as we know from past experience, that never happens.

 

[johnny333]

You are right.

Oh Sorry for misunderstanding.

 

[johnny333]

You are not totally sacrificing short term gratification, but simply making choices, living within your means, investing wisely and giving up some things which are not so important to you. That's balance.

Yes I never thought I was sacrificing anything because I had simple expectations. However I'm from the older generation which leads me to question where the newer generation has picked up their mis-spending behaviour

That is something the PAP must answer to as they control the media in Spore.

 

[krafty]

cancel all credit cards, use debit card if you need to.

 

[johnny333]

i onli got one credit card, getting my Corporate AMEX card soon...

Had an AMEX Card when my employer was paying for it. Not too thrilled with the AMEX card because in the US it's not that widely accepted.

Good thing the company moved away from AMEX & moved to a visa because I've never any problems with a merchant declining the visa card.

I've learned to travel with at least 2 visa cards from 2 different banks because sometimes one bank has problems & that's why you have a backup.

 

[knowwhatyouwantinlife]

wrong conception...its good to have a little debt, help builds up your credit record for banks, you never know when you will need a loan for emergency purposes (e.g. hospital emergencies), of course the best loan imho is car loan usually same or slightly higher than HDB loan...the issue is not to roll over and try to pay in full every month, if this done, then the credit card company earns no interest, and you get to enjoy the perks, e.g. cheaper petrol...

 

[johnny333]

wrong conception...its good to have a little debt, help builds up your credit record for banks, you never know when you will need a loan for emergency purposes (e.g. hospital emergencies), of course the best loan imho is car loan usually same or slightly higher than HDB loan...the issue is not to roll over and try to pay in full every month, if this done, then the credit card company earns no interest, and you get to enjoy the perks, e.g. cheaper petrol...

Maybe in the US credit history is important, but in Spore when I went looking for a housing loan I had no problems whatsoever in getting one.

Maybe its because banks can easily penalize loan defaulters

When I had to go to hospital in Spore I had 4 credit cards to fall back on

 

[Talking Donkey]

You can buy 3 bungalows in USA with $700k!

Bro,the bungalow in so cheap? which part of USA?..i had very bad experience in buying property in msia.. in 96 bought a rm200k resort condo in johore in full cash,completed but developer run road..no news till now..my apt in KL bought rm270k in 98 now only rm200k..is it safe buying property in US?

 

[DASHUANGXI]

My boyfiend earned his 1st million in his early 30s, you guys Sinkie men forever work but not enough money to support us, useless!!!

 

[Talking Donkey]

Good luck to you. You have taken a $400,000k loan. Guess it must be HDB, as you stated a Pigeon Hole in your profile. Hope that your job be stable for the next 30 years. By then you would then be a millionaire then at 65.

Thanks Bro,hopefully i can live beyond 65.. nevermind not being a millionaire as long as happy and contend enough already.:p

 

[manokie]

Bro,the bungalow in so cheap? which part of USA?..i had very bad experience in buying property in msia.. in 96 bought a rm200k resort condo in johore in full cash,completed but developer run road..no news till now..my apt in KL bought rm270k in 98 now only rm200k..is it safe buying property in US?

Most parts of USA other than NYC and SFC
You can buy a couple if you live 1 hour + away from NYC and SFC

In Midwest, you can buy 5 houses with $700K

 

[johnny333]

.i had very bad experience in buying property in msia.. in 96 bought a rm200k resort condo in johore in full cash,completed but developer run road..no news till now..my apt in KL bought rm270k in 98 now only rm200k..is it safe buying property in US?

I've thought about buying property in Bangkok, Pattaya, Changmai.... but it is to stay & not speculation. I finally decided it was better to rent first & see if I like the neighbourhood, lifestyle,.. before committing to buying.

 

[chowka]

My boyfiend earned his 1st million in his early 30s, you guys Sinkie men forever work but not enough money to support us, useless!!!

We'll see about that when you the fake PRC gets repeatedly assed by the OA.