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.
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The RETIREMENT thread
- Thread starter Leongsam
- Start date
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
ur 1 shot bursa oredi a few k, hor?! ...But a few thousand dollars is really not a lot of money wat, isit?
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
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.
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.
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
One more thing to add, people don't choose to be poor anymore than they being able to choose to be rich. Who do not want to be financially comfortable and independent?
Unfortunately poverty creates its own trap, and the longer one remains trapped inside, the harder to extricate oneself from poverty. You can't get out of poverty by working harder, or smarter, or adopting a rich man's attitude. It takes a lot more than mindset to turn the tide, although its been proven the right mindset helps.
For most of us who are considered average in Singapore, we are just not that badly off compared to many other countries. Unfortunately it's the human nature of pride and inferiority complex that makes us feel lousy when compared to our peers who may be better off than us.
One more thing to add, people don't choose to be poor anymore than they being able to choose to be rich. Who do not want to be financially comfortable and independent?
Unfortunately poverty creates its own trap, and the longer one remains trapped inside, the harder to extricate oneself from poverty. You can't get out of poverty by working harder, or smarter, or adopting a rich man's attitude. It takes a lot more than mindset to turn the tide, although its been proven the right mindset helps.
For most of us who are considered average in Singapore, we are just not that badly off compared to many other countries. Unfortunately it's the human nature of pride and inferiority complex that makes us feel lousy when compared to our peers who may be better off than us.
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
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.
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.
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
When I first started the coffee shop, I wanted to help Singaporeans get out of Singapore. I'm happy to say that based on the feedback over the years, I have actually changed the lives of many who have gone on to live far more satisfying lives beyond the shores of the snot island.
I now want to help as many as possible become financially independent.
I don't start threads on this subject to show off. I'm not trying to belittle anyone else. I can say this in all honesty because I write from a position of anonymity. Even my close friends are blissfully unaware that I have anything to do with this site. I achieve this simply by altering little details here and there that would throw my friends off track if they were to read my posts.
When I first started the coffee shop, I wanted to help Singaporeans get out of Singapore. I'm happy to say that based on the feedback over the years, I have actually changed the lives of many who have gone on to live far more satisfying lives beyond the shores of the snot island.
I now want to help as many as possible become financially independent.
I don't start threads on this subject to show off. I'm not trying to belittle anyone else. I can say this in all honesty because I write from a position of anonymity. Even my close friends are blissfully unaware that I have anything to do with this site. I achieve this simply by altering little details here and there that would throw my friends off track if they were to read my posts.
Should be ... to retire ... You low life lowly educated skunk
I told you many times we all know that you skunk never passed PSLE dunt come here and show off your inability so often
:oIo::oIo::oIo::oIo::oIo:
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
Also include the ability to avoid large, obvious financial mistakes. Examples would include:
(a) starting a family too soon
(b) chasing financial bubbles without proper understanding of how markets work
(c) getting sucked into high cost business ventures you haven't researched thoroughly
(d) credit card debt (this was what did me in a long time ago)
(e) financial scams like bucket shop firms
Also include the ability to avoid large, obvious financial mistakes. Examples would include:
(a) starting a family too soon
(b) chasing financial bubbles without proper understanding of how markets work
(c) getting sucked into high cost business ventures you haven't researched thoroughly
(d) credit card debt (this was what did me in a long time ago)
(e) financial scams like bucket shop firms
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
I agree with you on the need to gain financially independent as soon as possible.
One of earliest thing I learnt in my journey to somewhat early retirement, I realised that it is not really about how much I made. But rather how much I spend. It is not just about managing your spending but also to know how much you really spend, and hence how much net-worth is needed to gain financially independent.
I had developed a spread-sheet to track my spending and also my net-worth at an early age. This is one of the most useful tool I used.
I agree with you on the need to gain financially independent as soon as possible.
One of earliest thing I learnt in my journey to somewhat early retirement, I realised that it is not really about how much I made. But rather how much I spend. It is not just about managing your spending but also to know how much you really spend, and hence how much net-worth is needed to gain financially independent.
I had developed a spread-sheet to track my spending and also my net-worth at an early age. This is one of the most useful tool I used.
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Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
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
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
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
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.
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.
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
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?
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?
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
Investment property, bonds, securities etc.
Seek professional advice on what your risk appetite should be.
Investment property, bonds, securities etc.
Seek professional advice on what your risk appetite should be.
Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying
Chey!!!! Dont need all these complicated analysis...if I got $5m, I also know I can retire.....$4m also can!! (Ooops , sorry I meant financially independent!!)
Chey!!!! Dont need all these complicated analysis...if I got $5m, I also know I can retire.....$4m also can!! (Ooops , sorry I meant financially independent!!)
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