The RETIREMENT thread

[Leongsam]

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!!)

You can actually retire on $1 million. That's $40,000 per year or $3333 per month. However, life isn't much fun as an entry level retiree and there's no safety buffer should things go wrong.

With $3 million, things are beginning to get comfortable. $5 million is my Goldilocks zone.

Ultimately, you decide for yourself what your target is and shoot for it.

 

[iamfree]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

You can actually retire on $1 million. That's $40,000 per year or $3333 per month. However, life isn't much fun as an entry level retiree and there's no safety buffer should things go wrong.

With $3 million, things are beginning to get comfortable. $5 million is my Goldilocks zone.

Ultimately, you decide for yourself what your target is and shoot for it.

I also use the "rule of thumb" of 4% to determine what can be spent without touching the principal.

IMHO, $5 million is a bit much for Singaporean as most Singaporean do not need $200k per year. Even saving $1 milllion can be a stretch for many.

For those who are unable to save anywhere near this figure, can consider retiring in other countries. I know of a Singaporean who "retired" to Chiangmai and is able to live on the rental of his HDB flat alone. He has invested in some padi field and do some part-time tour guide service mainly for Singaporeans visiting there. He has been there for many years and have a Thai wife. Life is good for him there and it highly unlikely he will return to Singapore.

 

[Thick Face Black Heart]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

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.

Delayed gratification is an important issue only if you have expensive tastes or whims. Most Singaporeans indulge in stuff like iPads or trips to the watering hole. These are no big deal.

I still think the key lies in avoiding big financial mistakes and acquiring that entrepreneurial knack. Some will never develop that knack.

 

[tonychat]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Delayed gratification is an important issue only if you have expensive tastes or whims. Most Singaporeans indulge in stuff like iPads or trips to the watering hole. These are no big deal.

I still think the key lies in avoiding big financial mistakes and acquiring that entrepreneurial knack. Some will never develop that knack.

why the fuck do i have the feeling that you are a ball carrier of Sam. what ever he post, you like to yeah yeah correct correct... knn,, you got no fucking brains of your own?

sound like a parrot mimicking on the post of others.

must be a seasoned RC members who carry balls daily to go through life.

 

[Leongsam]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Delayed gratification is an important issue only if you have expensive tastes or whims. Most Singaporeans indulge in stuff like iPads or trips to the watering hole. These are no big deal.

Each trip to a watering hole may not be a big deal but they all add up.

When I was doing the lounge crawl scene, the bill added up to a whopping $800 per month which was a huge amount in those days. A bottle of premium whisky was close to a hundred bucks.

The biggest mistake is buying a car which is beyond your means to own just so you can impress your friends. It will suck you dry and spit you out with nothing.

 

[Leongsam]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

why the fuck do i have the feeling that you are a ball carrier of Sam.

I thought you were my biggest balls carrier.

 

[eatshitndie]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

The biggest mistake is buying a car which is beyond your means to own just so you can impress your friends. It will suck you dry and spit you out with nothing.

with a car in sg, at least you can crash it and get insurance coverage for it. the biggest mistake in sg for anyone is a combo of gambling and marrying the mistress who works in an hfj or ktv lounge. all the chaps i know who took the latter path are now penniless but still trying to impress their new found wives by borrowing from loan sharks.

 

[Leongsam]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

with a car in sg, at least you can crash it and get insurance coverage for it. the biggest mistake in sg for anyone is a combo of gambling and marrying the mistress who works in an hfj or ktv lounge. all the chaps i know who took the latter path are now penniless but still trying to impress their new found wives by borrowing from loan sharks.

The power of the pussy.

There's a simple reason why men succumb to that.... low self esteem... the same malady that causes someone to buy a car they can't afford.

 

[eatshitndie]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

The power of the pussy.

There's a simple reason why men succumb to that.... low self esteem... the same malady that causes someone to buy a car they can't afford.

pussy meets pistons.... very powerful cash reducing double agents.

 

[tonychat]

I thought you were my biggest balls carrier.

I thought you are the one who keep saying you are my clone..isn't that ball carrying me?

 

[yinyang]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

pussy meets pistons.... very powerful cash reducing double agents.

Both need juice, lube in a monetary sense:p

 

[eatshitndie]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Both need juice, lube in a monetary sense:p

one lubricant smells like sushi and the other smells like a mechanic who hasn't showered. :o

 

[Leongsam]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

I've received a few PMs over the last week regarding this thread from people asking me for "ideas" on what sort of enterprise to start.

There is no "one answer fits all" as we all have our strengths and our weaknesses and we have to choose paths which capitalise on the strengths. There's no point aspiring to be a Soprano if you can't hold a note.

Here's what I would do in today's world. I'd put in a solid 6 months of effort to fully understand Google Adwords.. how it works, how to configure it, how to track stats, how to set pricing, what each option does etc.

I would then start marketing my services to small companies. I'm not talking about giving SEO seminars which are nothing more than con jobs promising everyone a number one ranking. I'm talking about actual management of a company's on line presence.

When I first arrived in Perth, I made good money fixing Apple computers. Very few techs serviced the Apple market at the time. This was way back in the early 90s where each city had no more than a handful of Mac resellers who were horrendously expensive. Getting Macs going again was actually quite easy provided there were no hardware issues. Most of the time it involved zapping the PRAM and running the disk utility to repair permissions. However, the artsy fartsy Mac users were photographers and graphic designers not computer nerds so they didn't have a clue. It was a market that was ripe for the picking

When I left Perth, I sold my client base and made a bit more money.

In my opinion, providing a google adword service has similar opportunities. Most companies don't understand how adwords works and web design companies don't have specialists in this field. They help set up the basics but they don't help on an ongoing basis and adwords requires a proactive approach over time in order to get the best returns for the money spent. Here's where someone who is an adwords "guru" can make a buck.

 

[tonychat]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

I've received a few PMs over the last week regarding this thread from people asking me for "ideas" on what sort of enterprise to start.

There is no "one answer fits all" as we all have our strengths and our weaknesses and we have to choose paths which capitalise on the strengths. There's no point aspiring to be a Soprano if you can't hold a note.

Here's what I would do in today's world. I'd put in a solid 6 months of effort to fully understand Google Adwords.. how it works, how to configure it, how to track stats, how to set pricing, what each option does etc.

I would then start marketing my services to small companies. I'm not talking about giving SEO seminars which are nothing more than con jobs promising everyone a number one ranking. I'm talking about actual management of a company's on line presence.

When I first arrived in Perth, I made good money fixing Apple computers. Very few techs serviced the Apple market at the time. This was way back in the early 90s where each city had no more than a handful of Mac resellers who were horrendously expensive. Getting Macs going again was actually quite easy provided there were no hardware issues. Most of the time it involved zapping the PRAM and running the disk utility to repair permissions. However, the artsy fartsy Mac users were photographers and graphic designers not computer nerds so they didn't have a clue. It was a market that was ripe for the taking.

When I left Perth, I sold my client base and made a bit more money.

In my opinion, providing a google adword service has similar opportunities. Most companies don't understand how adwords works and web design companies don't have specialists in this field. They help set up the basics but they don't help on an ongoing basis and adwords requires a proactive approach over time in order to get the best returns for the money spent. Here's where someone who is an adwords "guru" can make a buck.

Thanks for the suggestion. Maybe i will try this out too.

 

[LeMans2011]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Why do you guys make life sound so complicated?
I am happy working for a corporation as i do my own stuff 50% of the time.
I come to office and leave as and when i like. I can do my work with one eye closed.
I see my salary credited into my account every month even if i do nothing for the month.
I have a very young child and i am happy spending a lot of time at home playing with my baby.
I do not have an awful lot in the bank account hence i live with the risk my unrealised asset gains might disappear anytime.
But what the heck? I am as happy and free as i can be, not that my personal life or worklife has no constraints... but constrainst and imperfections are part and parcel of life and these challenges drive me, keep me alert, keep me from slip-sliding.

Everyone has his own version of living a fulfilling life hence i don't believe there is a set of standard characteristics.

 

[tonychat]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Why do you guys make life sound so complicated?
I am happy working for a corporation as i do my own stuff 50% of the time.
I come to office and leave as and when i like. I can do my work with one eye closed.
I see my salary credited into my account every month even if i do nothing for the month.
I have a very young child and i am happy spending a lot of time at home playing with my baby.
I do not have an awful lot in the bank account hence i live with the risk my unrealised asset gains might disappear anytime.
But what the heck? I am as happy and free as i can be, not that my personal life or worklife has no constraints... but constrainst and imperfections are part and parcel of life and these challenges drive me, keep me alert, keep me from slip-sliding.

Everyone has his own version of living a fulfilling life hence i don't believe there is a set of standard characteristics.

there is no such thing as a set of standard... it is just that the more accomplished and intelligent ones want more than what you have now and it feels right to be at that standard.

just like some people are contented to be a low life sinkie and be screwed by their govt daily.

there are others who think that getting screwed by govt is a total disgrace and doesn't fit to be a human being, so they make an effort to stay away from that and will not need to rely on the govt for a living.

 

[LeMans2011]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

there is no such thing as a set of standard... it is just that the more accomplished and intelligent ones want more than what you have now and it feels right to be at that standard.

just like some people are contented to be a low life sinkie and be screwed by their govt daily.

there are others who think that getting screwed by govt is a total disgrace and doesn't fit to be a human being, so they make an effort to stay away from that and will not need to rely on the govt for a living.

OK. What do you have?

 

[Leongsam]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Why do you guys make life sound so complicated?
I am happy working for a corporation as i do my own stuff 50% of the time.
I come to office and leave as and when i like. I can do my work with one eye closed.
I see my salary credited into my account every month even if i do nothing for the month.
I have a very young child and i am happy spending a lot of time at home playing with my baby.
I do not have an awful lot in the bank account hence i live with the risk my unrealised asset gains might disappear anytime.
But what the heck? I am as happy and free as i can be, not that my personal life or worklife has no constraints... but constrainst and imperfections are part and parcel of life and these challenges drive me, keep me alert, keep me from slip-sliding.

Everyone has his own version of living a fulfilling life hence i don't believe there is a set of standard characteristics.

As long as you're confident that the cushy position you're currently enjoying is there for the long term, I guess you have nothing to worry about.

However, at some point, you may have to end up facing the fact that your job is on the line for one reason or another because of circumstances which are beyond your control. Putting this thought to the back of your mind may enhance your current state but burying your head in the sand is not a good long term strategy. Your baby is going to cost you lots of money over the next 2 decades. You need to factor this into your life plans.

I recommend aiming for financial independence as early as possible in life as a hedge against loss of employment. However, if you have an iron rice bowl , count yourself lucky as such jobs are rapidly disappearing.

 

[Thick Face Black Heart]

There is no such thing as an iron rice bowl these days.

But that being said, being under the employ of a credible company for at least several years is often a necessary step first to gain real world experience and knowledge of industry.

Not many people can be an entrepreneur from scratch

 

[Froggy]

Re: dedicated to Leongsam: 4 Things Rich People Should Stop Saying

Why do you guys make life sound so complicated?
I am happy working for a corporation as i do my own stuff 50% of the time.
I come to office and leave as and when i like. I can do my work with one eye closed.
I see my salary credited into my account every month even if i do nothing for the month.
I have a very young child and i am happy spending a lot of time at home playing with my baby.
I do not have an awful lot in the bank account hence i live with the risk my unrealised asset gains might disappear anytime.
But what the heck? I am as happy and free as i can be, not that my personal life or worklife has no constraints... but constrainst and imperfections are part and parcel of life and these challenges drive me, keep me alert, keep me from slip-sliding.

Everyone has his own version of living a fulfilling life hence i don't believe there is a set of standard characteristics.

LeMans2011 I'm actually inspired by your positiveness. I think all of us including myself should seek to have suck positiveness no matter in what situation.