savings

bros and sis,

Two questions,

1) how much do you guys save each month?
2) What do you think should a person at 43 years old have in cash savings.

i'm don't drive,don't splure and living a simple life.. saving around 6k + each month..
At 43, besides having properties, ( still servicing) savings only around 50k.. Too low right??? What much should a 43years have? Any 40s years old here to share?

Knn.. i'm living simple life now coz i'm scared that retirement liao no money...sianz... so many people living high live while i super frugal

you dont sound too bad. Got properties and can save 6k per month. Your 50k should grow at a healthy pace ...especially since you've indicated that

you are super frugal

SirRichard said:

bros and sis,

Two questions,

1) how much do you guys save each month?
2) What do you think should a person at 43 years old have in cash savings.

i'm don't drive,don't splure and living a simple life.. saving around 6k + each month..
At 43, besides having properties, ( still servicing) savings only around 50k.. Too low right??? What much should a 43years have? Any 40s years old here to share?

Knn.. i'm living simple life now coz i'm scared that retirement liao no money...sianz... so many people living high live while i super frugal

Click to expand...

SirRichard said:

... i'm don't drive,don't splure and living a simple life.. saving around 6k + each month..
At 43, besides having properties, ( still servicing) savings only around 50k ...

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ur figs correct? ... u save 6+k each mth n u haf savings now 50k? ...

po2wq said:

ur figs correct? ... u save 6+k each mth n u haf savings now 50k? ...

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Indeed TS has mathematical problem. If he save 6k per mth his saving cannot be 50k. If he had used his savings to pay for property, he should not have used the word "savings" . Savings of 6K cash per mth is extraordinary for a employee, by now should have 500k min.

Bro, I used to squandered all my limited income by living high on credit. Learn my lessons and started changing . It was only few years ago that I quit the spending habits,got a better paying job , save hard and channel the money to properties.it is my way of redeeming myself for the poor handling in the past. I have 3 overseas properties at the moment, which is why limited cash now an rebuilding saving again. Feels like a rat on a wheel.

SirRichard said:

bros and sis,

Two questions,

1) how much do you guys save each month?
2) What do you think should a person at 43 years old have in cash savings.

i'm don't drive,don't splure and living a simple life.. saving around 6k + each month..
At 43, besides having properties, ( still servicing) savings only around 50k.. Too low right??? What much should a 43years have? Any 40s years old here to share?

Knn.. i'm living simple life now coz i'm scared that retirement liao no money...sianz... so many people living high live while i super frugal

Click to expand...

Penetrate into Media Corpse and in no time you'll be a billionaire.

SirRichard said:

bros and sis,

Two questions,

1) how much do you guys save each month?
2) What do you think should a person at 43 years old have in cash savings.

i'm don't drive,don't splure and living a simple life.. saving around 6k + each month..
At 43, besides having properties, ( still servicing) savings only around 50k.. Too low right??? What much should a 43years have? Any 40s years old here to share?

Knn.. i'm living simple life now coz i'm scared that retirement liao no money...sianz... so many people living high live while i super frugal

Click to expand...

Don't compare yourself with others. You are uniquely you. They are they.

Also, may I suggest retiring elsewhere, rather than in this congested shithole. Slower pace of life, better quality of air, cheaper medical costs, lots of nature etc.

It boggles the mind that anyone would want to retire in Singapore. What do you want to do here? Sing karaoke in your pigeon hole at around 10am every morning? Watch 黄金年华 on tv? Go to community centres for activities? Golf, golf, golf? Taichi? Wander around in any of the cookie-cutter 'seen one = seen all' mall on weekends? Punt away your savings at the casinos? Gossip with neighbours at coffee shop or void deck? Gazing at bird cages?

Go somewhere else. Travel a bit. You may or may not want to give up SG citizenship, doesn't matter. If you miss Singapore, fly back for a couple of days and makan/shop a bit before returning.

Singapore is like NS: do your bit, bide your time, then say goodbye and don't look back. Beyond a certain age, you're also worthless to the SAF.

Merl Haggard said:

Penetrate into Media Corpse and in no time you'll be a billionaire.

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that's necrophilia. yucks! however, if you can pimp out artistes to get regional high end connections, you may get lucky with a few early bird investments. in south east asia and china, it's all about knowing the who's who movers and shakers.

You should include your networth (total asset incl your property - total liability-any debt) as comparison. Putting a 50K cash saving without disclosing ur property worth is pretty misleading.

SirRichard said:

Bro, I used to squandered all my limited income by living high on credit. Learn my lessons and started changing . It was only few years ago that I quit the spending habits,got a better paying job , save hard and channel the money to properties.it is my way of redeeming myself for the poor handling in the past. I have 3 overseas properties at the moment, which is why limited cash now an rebuilding saving again. Feels like a rat on a wheel.

Click to expand...

SirRichard said:

bros and sis,

Two questions,

1) how much do you guys save each month?
2) What do you think should a person at 43 years old have in cash savings.

Click to expand...

By your mid 40s, you should aim to be financially independent. In Singapore, this should equate to net assets (excluding the home you live in) of about $2 million minimum.

$5 million would be ideal.

It is impossible to achieve these sorts of sums by depending on a salary and saving a portion of what you earn. You have to invest in yourself and make your own money.

Leongsam said:

By your mid 40s, you should aim to be financially independent. In Singapore, this should equate to net assets (excluding the home you live in) of about $2 million minimum.

$5 million would be ideal.

It is impossible to achieve these sorts of sums by depending on a salary and saving a portion of what you earn. You have to invest in yourself and make your own money.

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Thanks bro for the sharing. I feel inadequate at this age with this low level of cash savings.

Bro Sam, can you elaborate on investing in yourself ? For me my plan is to start a side business while holding to this job, until side biz is secured can I give up this regular income. Anyone with experience in doing biz while doing full time job? I'm sure it's not easy to juggle but that's the path I'm planning to take.

Please give me your constructive suggestions. Thanks!

You only started saving har? 6k a month you will hit 50K in less than 10 months leh.

SirRichard said:

Please give me your constructive suggestions. Thanks!

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In my early 30s, I had zero savings and negative equity even though I was drawing a good salary. I was spending it all trying to give the impression to my peers that I was rich. My pride and joy was my BMW and my Amex gold card. These status symbols broadcast to the world that I had made it in life.

I then decided to change my mindset. I realised that it wasn't important what others thought of me. What was more important was the opinion I had of myself.

I sold my fancy car and bought myself a cheap Toyota and used the money I saved to start a business printing instant name cards. I saw this niche when I found that many overseas business travelers ran out of name cards while doing Far East visits because of the large number of business cards they had to exchange in countries like Japan, Taiwan and Korea. By the time they got to Singapore, they had run out.

With this little enterprise, I managed to turn $5000 into $50,000 in less than a year and half. I then quit my day job and decided that it was time to work 100% for myself as it was a lot more lucrative.

My next goal was to master photoshop so that I could start a business restoring old photos that had deteriorated. This doubled the annual turnover of my business.

The internet then exploded onto the scene so I decided to learn HTML coding. HTML was all that was required in those days. No fancy flash, ajax, javascript, java, cold fusion etc was required in those days. It was a fantastic cash cow. I could charge $5000 for a simple website that took less than a week to construct.

I sold the whole business as a going concern for a 7 figure sum in the mid 90s, emigrated, and have not done a stroke of proper work since.

Had I carried on working in Singapore as a salary earner, I'd be driving a taxi to earn a living today.

boss...he asked for constructive suggestions ...not chest thumping or-ee ors ala Tarzan.

SirRichard said:

Please give me your constructive suggestions. Thanks!

Click to expand...

Leongsam said:

In my early 30s, I had zero savings and negative equity even though I was drawing a good salary. I was spending it all trying to give the impression to my peers that I was rich. My pride and joy was my BMW and my Amex gold card. These status symbols broadcast to the world that I had made it in life.

I then decided to change my mindset. I realised that it wasn't important what others thought of me. What was more important was the opinion I had of myself.

I sold my fancy car and bought myself a cheap Toyota and used the money I saved to start a business printing instant name cards. I saw this niche when I found that many overseas business travelers ran out of name cards while doing Far East visits because of the large number of business cards they had to exchange in countries like Japan, Taiwan and Korea. By the time they got to Singapore, they had run out.

With this little enterprise, I managed to turn $5000 into $50,000 in less than a year and half. I then quit my day job and decided that it was time to work 100% for myself as it was a lot more lucrative.

My next goal was to master photoshop so that I could start a business restoring old photos that had deteriorated. This doubled the annual turnover of my business.

The internet then exploded onto the scene so I decided to learn HTML coding. HTML was all that was required in those days. No fancy flash, ajax, javascript, java, cold fusion etc was required in those days. It was a fantastic cash cow. I could charge $5000 for a simple website that took less than a week to construct.

I sold the whole business as a going concern for a 7 figure sum in the mid 90s, emigrated, and have not done a stroke of proper work since.

Had I carried on working in Singapore as a salary earner, I'd be driving a taxi to earn a living today.

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Erect,


Let the man brag a bit lah...not many chance to do so leh.

erection2011 said:

boss...he asked for constructive suggestions ...not chest thumping or-ee ors ala Tarzan.

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That was my constructive suggestion. :p

By telling my story, I am illustrating what "investing in yourself" means.

Anyone can do the same. You decide what you're good at and passionate about and you take steps to turn it into an enterprise which you can throw your heart and soul into.

When turnover is healthy, you take steps to increase it further.

When the price is right, you sell and retire.

If that isn't constructive advice I don't know what is.

Good point boss. I have been "investing" in myself too.

2 breakfasts every morning (at 8am and 10.30am)
1 lunch (at 1pm)
1 tea-break (at 4pm)
1 dinner (at 7pm)
1 supper (at 10pm)
and ends off with a nice warm milk just before sleep so that I sleep well.

Leongsam said:

That was my constructive suggestion. :p

By telling my story, I am illustrating what "investing in yourself" means.

Anyone can do the same. You decide what you're good at and passionate about and you take steps to turn it into an enterprise which you can throw your heart and soul into.

When turnover is healthy, you take steps to increase it further.

When the price is right, you sell and retire.

If that isn't constructive advice I don't know what is.

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Sounds more like @Buikia is investing in heart-attack

ah ok bro....will do

BuiKia said:

Erect,


Let the man brag a bit lah...not many chance to do so leh.

Click to expand...

BuiKia said:

Erect,


Let the man brag a bit lah...not many chance to do so leh.

Click to expand...

It isn't really bragging because I'm not revealing my real identity.