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The RETIREMENT thread

iamfree

Alfrescian
Loyal
Great to see another retiree who decided not to live his life according to the PAP script.

Did you plan to retire at the age that you did or did you just decide one day that you'd had enough, did your sums and discovered that you had enough to be financially independent?

I actually planned to retire at 45! But missed it by 2 years as I had young children (ie I had them later than I had planned).

I knew that I need to be financially independent before I can retired and had planned accordingly. I had a spreadsheet that tracked my net-worth and my expenses for many years before D-day. Once I reached FI, I actually waited a few more years to build my safety net. The final decision was easy.

I am the opposite of you, I think. I have lived oversea for many years before coming back to Singapore about 6 years ago. I still spend lots of time outside of Singapore and I will do more once my children are bigger.
 
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iamfree

Alfrescian
Loyal
I spent 18 months "helping the poor". Far from joyful melody, it made me realise that the poor deserved to be the shit hole they dug for themselves.

Interesting.

The last 3 years of retirement is great, I am now at the stage of considering doing my share of "helping the poor". How did you arrive at your conclusion? Was it due to the group of people, that you were helping, not doing their fair share? Where (ie which country) was that?

As for me, I am interested in a group that is doing work mainly in Cambodia and starting work in Thailand. I am still thinking, no rush. Hey I have all the time in the world!
 

shctaw

Alfrescian (Inf)
Asset
To success in retirement early; you need certain things.

1. Mentors
2. High energy level
3. Always motivated
4. Stay away from doom and gloom people
5. Stay curious
6. Love to learn
etc etc

This is one of my mentor.

[video=youtube;k1De5XdTbhM]http://www.youtube.com/watch?v=k1De5XdTbhM[/video]
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Interesting.

The last 3 years of retirement is great, I am now at the stage of considering doing my share of "helping the poor". How did you arrive at your conclusion? Was it due to the group of people, that you were helping, not doing their fair share? Where (ie which country) was that?

Because of experiences like this one and many other similar cases : http://www.sammyboy.com/showthread....h-lambasts-Lee-Yi-Shyan&p=1038442#post1038442

You may have better luck in Cambodia. I wish you well.
 

enterprise2

Alfrescian
Loyal
As long as you're an employee, you're bound by the rules and regulations set by your employer regardless of your age. You may be comfortable in your job but you've sacrificed your freedom.

I do not recommend working for someone else beyond the age of 35. It ties you down and limits your options.

Have a friend like that, had his own biz and 'retired'. Then one day got a call from him. He's in financial straits as his biz has run up huge losses. Had to help him out in the end. So being 'your own boss' got it's own pitfalls.
 

Thick Face Black Heart

Alfrescian (InfP)
Generous Asset
Inflation - the silent killer


Inflation is the silent killer that ruins many a retirement plan. Inflation is no longer stable at 2-3%p.a. With all the central banks printing money like crazy, inflation is creeping up and likely to remain high.

If inflation is 5%p.a., your purchasing power decreases by half every 15 years. Factor this into your retirement planning.

In inflationary environment, plan to live off income (interest) rather than assets.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Have a friend like that, had his own biz and 'retired'. Then one day got a call from him. He's in financial straits as his biz has run up huge losses. Had to help him out in the end. So being 'your own boss' got it's own pitfalls.

If you're running a business that is capable of making huge losses, it means you have not retired yet. You're still in the wealth creation phase and you may have to work 20 hour days just to stay profitable

When a retiree runs an enterprise, the business that he started is there for entertainment and for tax write offs and not to make money. I currently have 3 companies to my name. None of them make much money. They are there mainly for tax purposes. I keep the turnover high enough so that the taxman does not get suspicious and think that I'm just a front for a money laundering scheme but nothing more than that.
 

Thick Face Black Heart

Alfrescian (InfP)
Generous Asset
Positive mental attitude

Don't let your past failures get to you, whether finance related or otherwise.

Always believe you are capable of creating wealth and bringing value to your clients.

I can't overstress the importance of a positive attitude
 

tonychat

Alfrescian (InfP)
Generous Asset
Itu joyful melody which is purportedly good for the soul, suddenly turned into a drug-fuelled rock concert !

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.
 

soIsee

Alfrescian
Loyal
If you're running a business that is capable of making huge losses, it means you have not retired yet. You're still in the wealth creation phase and you may have to work 20 hour days just to stay profitable

When a retiree runs an enterprise, the business that he started is there for entertainment and for tax write offs and not to make money. I currently have 3 companies to my name. None of them make much money. They are there mainly for tax purposes. I keep the turnover high enough so that the taxman does not get suspicious and think that I'm just a front for a money laundering scheme but nothing more than that.

Writing this post shows you are a total idiot.

To make yourself look more like one who has compassion or charitable, perphaps?

You can't fool me.

If you had passed a 1/4 of your wealth for me to managed you would have been much more well off than today.

Anyway, don't try to be two conflicting personality here.

If you want to be a rich bad ass, be one.

No apology or reasons needed.

Or maybe you would perfer to be a poorer Sinkie, getting screwed day in day out, complaining in your own forum but still try to act nice?LOL
 

erection2015

Alfrescian (InfP) + C
another perspective....


retiring.jpg
 

GoldenDragon

Alfrescian (Inf)
Asset
Forgot to add one more point:

(G) Hanging flowers is a disease (credit to Goldendragon). Do not hang flowers or you will become addicted!

Hang in moderation. Hang what you can afford. No need to flower-fight with other customers. Hang $50 or $100 once or twice a night still ok. Good place to pass time.
 

tonychat

Alfrescian (InfP)
Generous Asset
Hang in moderation. Hang what you can afford. No need to flower-fight with other customers. Hang $50 or $100 once or twice a night still ok. Good place to pass time.

Hang flower is a sinkie thing which losers trying to compete each other on who is a bigger loser or someone who is bigger in feeling inferior.
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
dedicated to Leongsam: 4 Things Rich People Should Stop Saying

i don't agree with everything, but points 1 and 2 should apply to LEONGSAM:


[h=2]4 Things Rich People Should Stop Saying[/h] By Ryan Ong in Featured Post, Money Talks | May 10, 2013 <fb:comments-count href="http://www.moneysmart.sg/money-talks/things-rich-singaporeans-should-stop-saying/" fb-xfbml-state="rendered">6</fb:comments-count> Comments


I have nothing against rich people. Hell, I’m hoping to become rich too. And if you ask around, some people would place me in…would place me in the “not poor” category, let’s leave it at that. But that being said, I want to point out that there are some seriously annoying rich people in this country. Not because they have money, but because they like to say the following crap. If you’re one of them, please stop it:

Actually, the city lights are off. That’s the glint of money.


[h=4]1. If You’re Not Rich, It’s Your Own Fault[/h]Ah, the meritocracy argument. The belief that effort always correlates to success.
This belief conveniently ignores context. See, certain professions pay better at different times and places. If this were the 1940s, for example, my pay as a writer would kick seven shades of faeces out of a movie director. And if we were in the Middle Ages, we’d probably point at doctors and say “That’s what happens when you don’t study hard“.
Now, let’s look at 21st century Singapore: No matter how much effort a mechanic, cleaner, or childcare teacher puts in, that person will not earn more than an investment banker.
That isn’t necessarily because investment bankers work harder, or somehow contribute more to society (in fact, the closer to manual labour a job is, the more likely it is to directly benefit society). It’s just that the current economy makes banking a more profitable trade.

If we can save the company $5 million, we might get an extra sandwich at lunch.


The investment bankers, like the app developers who work five hours a week, happened to be in the right place at the right time. They’re rich partly due to circumstance, and not because they’re inherently superior beings launched from Krypton.
I’m not suggesting they didn’t do any work to get there. Or that they don’t have talent. I’m just saying they need to acknowledge it’s not just will, but also circumstance (including educational opportunities) that gave them their success. And maybe following us on Facebook, because we talk about career upgrading all the time.
And that sometimes, people can’t succeed because they’re in the wrong place or time. Not because they don’t try as hard.

[h=4]2. Mocking the Amount of Money Involved in Scandals[/h]When a scandal hits the front page, there’s a lot of public indignation. Maybe someone seriously overpaid for bicycles, or the director of a charity fund decides “Hey, you know what would help impoverished kidney patients? A golden tap in my office.”
When that happens, we’re all shaken. It ruins our trust in charities, government bodies, etc. But then a small percentage of our population (typically the rich) will say something stupid. Stuff like:
Come on, $X dollars only? That sort of money is nothing! Why are you people getting worked up over what is, to me, a tiny amount?”
It gets even worse when backed by arguments like:

  • $2,000+ is an okay price for a bicycle. I mean, who can’t afford to pay that money for a bit of convenience?
  • Compared to how much swindler X made for charity / the government / a company, the money he took is no big deal
Those arguments are (1) a slap in the face, and (2) missing the point.

Eh, I provide a LOT of policemen with jobs okay? Now put the money in the bag.


A few thousand, or hundred thousand, is not a small amount of money. It might seem that way, if you have a District 9 condo worth a Saudi Prince’s harem.
But for many Singaporeans, an amount like $57,000 could pay their HDB loan for years. When rich people roll their eyes at the “trivial” amounts, it’s no less than a wealthy, fat tourist waving a a drumstick at hungry villagers. We’re happy you’re rich and all, but you don’t have to act like a contemptuous dic…person.
Second, we’re not outraged at the amount of money involved. We get that, when someone commits a commercial crime, it isn’t so he can buy a $2 Slurpee. We’re outraged at the betrayal of trust.
It’s not about whether $10,000 or $10 was wrongfully taken. The point is that it was wrongfully taken. If your 10 year old son steals $20 out your wallet, how would you feel? Betrayed and alarmed? Or would you laugh and say “Hell, it’s just $20?”
That’s what we’re pissed about. And that’s why rich people need to lay off the “He may have stolen $X, but he made $Y” argument. It misses the point.

[h=4]3. Dispensing Advice That Only Other Rich People Can Use[/h]
“Well if it takes that long to maintain the building, you ought to hire yourself a secretary.”


Rich people who were born poor will never do this. But Singapore is home to the occasional heir, who never had to earn his money. And when that person gives advice, I cringe.
Mostly, the advice sounds like this:
Poor Man: I don’t even have a bowl of Yong Tau Foo, I’m starving man.
Rich Brat: Then why don’t you drink some Bird’s Nest? It’s very filling.
Other examples are:

  • Suggesting your relieve stress by taking a one month holiday, and not understanding why you can’t do this
  • Wondering why you won’t go on an all salmon diet and sign up for a $3,000 Yoga class, when it’s for your own health
  • Asking why you don’t just “take a cab there”. Every. Damn. Time.
  • Suggesting you cure your poverty by investing in property or gold. Because he thinks someone who makes $1,200 a month is in a position to do this.
Look, if you inherited money, congratulations. We’re all happy for you. But if you’re going to walk around dispensing advice, may I suggest you listen first?
Perhaps if you spent less time talking, and more time understanding the issues of the less fortunate, you’d be able to make a real contribution.

[h=4]4. Saying That Money Trickles Down, Even if You Won’t Invest in Us[/h]
Think of it as importing gold, except it walks, talks, and has a worse attitude.


Do you invest in local start-ups? Contribute a lot to charity? If you do, you sort of have a right to use the “trickle down” argument.
But you need to realize some rich people are just here to stash money, or for the tax breaks. Or to buy our property. And that money doesn’t “trickle down”. It sloshes around in their bank account, never circulating into our society.
Saying it “trickles down” is like putting a bag of plasma in my hand, and telling me if I hold it long enough I’ll have a full blood transfusion.
So if you’re one of those rich people who walk around saying: “Singaporeans suck, they have no creativity, I’ll never invest here, blah blah blah“, then stop using terms like “trickle down” or “a rising tide lifts all boats”. You do nothing for us. We’re doing you the service, by giving you a low-tax residence that you contribute diddly squat to.
Now back in the ’70s and ’80s, people didn’t put their money here because we’re a tax haven. Or because it’s easy to import cheap labour here. They came here to set up businesses and invest in our workforce, because we had the best and brightest.
They believed in us. Hell, we believed in ourselves. And as a consequence, we got richer together. Now that’s a trickle down effect. If we’re lucky, we’ll recapture that spirit.
But in the meantime rich guy, unless you actually invest in us, lay off the trickle down arguments.
 
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