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The RETIREMENT thread

Thick Face Black Heart said:
I agree no one should suffer the indignity of being at the beck and call of a boss forever. But everyone should keep active beyond the age of 65, not just tending to hobbies, meeting and making friends, but also engaged in some form of productive work that keep both mind and body active. Some form of income should always be earned, no matter what age and no matter how little.
Click to expand...

With the internet all pervasive, this can be achieved simply by blogging. Millions of retirees do just that. The mind is kept working. Goals can be set on achieving website milestones.

Google ad words can earn pocketmoney.
 
johnny333 said:
The PAP has a bad habit of moving the goal post making it difficult to do any long term plans. For example those who expected the CPF to help them in their old age have now to go back to the drawing board.
Click to expand...

The best thing to do with CPF is to withdraw it and use it as cashflow in the building of investment properties in another country.
Unfortunately, those good days of capital gains are almost over in Australia but properties are still a vital part of the nest egg plans.

Those who migrated to Australia in the 1990s and early 2000s should be sitting on at least 7 investment properties that you refresh every 10-12 years. With min rent at $450 per week these days, it is difficult to do negative gearing. But it is OK. :)
 
Leongsam said:
With the internet all pervasive, this can be achieved simply by blogging. Millions of retirees do just that. The mind is kept working. Goals can be set on achieving website milestones.

Google ad words can earn pocketmoney.
Click to expand...


That takes care of the mind, but what about body and spirit. You have to get out of the house, talk to people, interact.
 
joetys said:
Just wanna say that personally yes we need to have financial independence this is something we should strive for relentlessly but the amount to have is very individual, I shall not share what is my target but one thing I like to stress is it is ok if one want to continue to work until he drop dead if he feels happy about it. This is actually my aim, I like to continue to work and work as it is something that I like as I enjoy the traveling and challenges. However I am still able to go for 2 long holidays (2 weeks each) per year and many smaller holidays like weekend escapes to destress. When I get older (47 now) I would like to have more long holidays and let the younger ones do the running more but at no time am I retiring because I really like what I do and my future plans (new businesses) and projects (building house or something, helping the community etc) keeps me alive. So its ok not to retire, at least for me.
.
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I share your sentiment. I've many older friends who have the positive psychological effect of being active in their golden years. Their minds remain sound and they don't succumb to depression so easily. They also have much more self-esteem compared to those who just remain sedentary.
 
Earn money only what..why some sinkies here make it sound so complicated.
 
neddy said:
...Those who migrated to Australia in the 1990s and early 2000s should be sitting on at least 7 investment properties that you refresh every 10-12 years. With min rent at $450 per week these days, it is difficult to do negative gearing. But it is OK. :)
Click to expand...


My uncle did that & that's why he was able to make $$$$$$:)
However being a landlord is not always that great when one is dealing with Australians:(
 
joetys said:
Just wanna say that personally yes we need to have financial independence this is something we should strive for relentlessly but the amount to have is very individual, I shall not share what is my target but one thing I like to stress is it is ok if one want to continue to work until he drop dead if he feels happy about it. This is actually my aim, I like to continue to work and work as it is something that I like as I enjoy the traveling and challenges. However I am still able to go for 2 long holidays (2 weeks each) per year and many smaller holidays like weekend escapes to destress. When I get older (47 now) I would like to have more long holidays and let the younger ones do the running more but at no time am I retiring because I really like what I do and my future plans (new businesses) and projects (building house or something, helping the community etc) keeps me alive. So its ok not to retire, at least for me.

Sam I hope I'm not crashing your thread by saying the above just wanna say it cos many thought retirement is spending time at home and with wife or driving grand children around, I'm sick and tired of seeing my older friends doing this and after a while want to get back but its already too late and they got to suck thumb.
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bro, you told me this before. you are right. if can work, work. me, made the mistake. now, regret.
 
Leongsam said:
Retirement - what does it mean?


Everyone is different so there's no fixed threshold that defines what financial independence is. What's enough for me may well be far too little for you. More of that later.

How is financial independence achieved?
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.
///
robert kiyosaki ::: start small to Win BIG.
.
///
xxx
.
 
Grace said:
.
///
robert kiyosaki ::: start small to Win BIG.
.
///
xxx
.
Click to expand...


//
i do not trust that chap
//
Robert Kiyosaki's words are designed to be
//
clever sounding, even intellectual
//
but does little good in promoting what financial responsibility
//
or true wealth creation really is
//
don't be fooled by Robert Kiyosaki
.
.
XOXOXO
.
.
 
Basically, the model that got him started was in real estate. He got lucky, turned some props into cap gains, bought some more real estate to derive income from rentals. Nothin breath-taking, as I have also achieved financial indep doing that. But it's not a model that one can replicate anywhere, and even in S'pore, those halcyon days are over.

His book on 4th quadrant is basically what Sam here is saying, albeit graphically easier to see. Thereafter all his other books are more like MLM selling his Cashflow game or something, and giving seminars on BS to newbies. nothing new.



Thick Face Black Heart said:
//
i do not trust that chap
//
Robert Kiyosaki's words are designed to be
//
clever sounding, even intellectual
//
but does little good in promoting what financial responsibility
//
or true wealth creation really is
//
don't be fooled by Robert Kiyosaki
.
.
XOXOXO
.
.
Click to expand...
 
Last edited:
What about real estate?

There is nothing wrong with real estate. It's almost always a winning investment if you don't over gear and you aren't forced to sell in a buyer's market. Buy the cheapest property in the best district and you won't go wrong. If you have the finances and the confidence, buy during a recession for the best deals.

I bought two small studio apartments in district 9/10/11 in 1985. The slump was in full swing. Each cost me about a quarter of million bucks. I took 80% financing and CPF helped pay the mortgage which was a godsend.

I sold them in 1994 after I'd moved to Perth. Both had more than doubled in price so it was a nice little bonus to my bottom line... nothing spectacular but far better than leaving the money in my CPF account.

People get into trouble with real estate investments when they take too big a gamble with their finances. Those earning a salary should always factor in the possibility that they might end up jobless for extended periods during a downturn where housing prices go south along with your salary. You need to be able to continue servicing the mortgage. If you default and the bank forces a mortgagee sale, you could well end up bankrupt which isn't exactly a pleasant interruption to your retirement plans.

When I bought my investment properties, I made sure I had sufficient financial reserves to pay the loans for up to 20 months without any income. Everyone's appetite for risk is different but just make sure you know the difference between risk management and financial suicide.

It is possible to make big money from real estate. Many have achieved financial independence from this method alone. The key is to ensure that you have holding power. To do this, you must build up a cash reserve before you get in too deep.
 
Retirement is the time of your life when you are financially independent.

Many do travel frequently to see the world and discover new things.

For example, recently I travelled to the beautiful and exotic kingdom of Jeram. At their night bazaar, I managed to get an antique nail clipper that was exquisitely crafted.:o:rolleyes:

Incidentally, the kingdom is ruled by a lord by the name of Atlixco.:o:rolleyes:
 
Robert Kiyosaki and other financial gurus.

They provide guiding principles. They do not provide magic formulas. Some of the guidance is useful to your circumstances. Some may well be inapplicable.

Kiyosaki's books helped me considerably. I didn't go down the same route that he did but I took his advice regarding taxes to heart and it has been my guiding light whenever I make any financial decisions.

I own very little nowadays. Everything is in the name of a company or a trust. When you earn a salary, you're taxed at source. The govt takes the first bite of your pie and leaves you with a big chunk missing.

However, when it comes to taxing a company, only the profits are taxed so if a company makes no profits, you pay no taxes. It's that simple.

If you have a hobby, turn it into a business. The cost of your hobby becomes a business expense rather than personal expenditure.

EG, you're into motor sports. Instead of racing a car you own paid with your income after taxes, you start a company that soups up cars for the race track. Your company then buys a car and races it regularly as part of it's advertising and publicity budget. Your hobby now becomes a business overhead on the balance sheet and is deducted against earnings.

Tax laws vary around the world but the principle is the same. A good accountant will structure the venture to meet local tax laws.

Running a company as part of your hobby also takes care of the concerns raised in this post by TFBH. There will be lots of interaction. You'll meet your accountant regularly to discuss issues. Your hobby will fill your life with activities that you share with like minded individuals. You'll be travelling with friends to far out places as part of your pursuit to expand the scope of your hobbies beyond your immediate neighborhood.

As I mentioned in an earlier post, I have just returned from a whole lot of business travel that was scheduled before the 31st of March which is when tax returns for companies have to be filed. My sole aim was to spend all the profit accrued over the last financial year. Had I not turned my passion into a business, I would have had to pay all my personal taxes first and then spend what is left. Now that it's a business, I spend as much as I can first and the government then taxes what is left over.
 
Thanks for sharing.

Years ago, I went to this place called Gulmarg, which is situated on the border of Jammu and Kashmir. I went during the peace period between India and Pakistan. There is a golf course there which I played of course. It is the highest golf course in the world. But during the time I was there, the place was a bit turn down due to the wars, there was goat shit everywhere around the links, and the people were just strolling, talking and sitting on the grass while we played golf. And we (the golf pro was the only one who loaned me his clubs and we played together) had to shout "Fore!" each time we hit the shot.I understood that during its heyday, the place is a popular resort for skiing. Now I believe it is in season again due to the ceasefire.

Worth a trip too.

Equalisation said:
Retirement is the time of your life when you are financially independent.

Many do travel frequently to see the world and discover new things.

For example, recently I travelled to the beautiful and exotic kingdom of Jeram. At their night bazaar, I managed to get an antique nail clipper that was exquisitely crafted.:o:rolleyes:

Incidentally, the kingdom is ruled by a lord by the name of Atlixco.:o:rolleyes:
Click to expand...
 
Last edited:
Does LUCK play a part in any success?

Of course it does. Bad luck can wipe you out. Natural disasters, a fire at your factory, sudden and unanticipated changes in legislation, the death of a key associate etc can all derail an otherwise successful project.

In your personal life, there are a thousand and one things that can go wrong on a daily basis but that doesn't stop you from living your life to the fullest and to the best of your ability. You deal with the bad and capitalise on the good.

The same applies to business ventures. Things can go wrong but that shouldn't stop you from trying. You put in contingency plans and soldier on towards your targets. If things go wrong, you pick yourself up and start over. As the saying goes, people make their own luck. If you're not there to take advantage of the opportunities that present themselves, it makes no difference what sort of luck you're having.

In order to win a race, you have to line up at the start line first. The more races you take part in, the better your chance of winning something. You don't even have to come first. In many cases, 2nd place has turned out to be more lucrative so give it a go and enjoy the ride.
 
The MLM and life insurance thread got me thinking. An important part of retirement planning is being smart enough to avoid the obvious con jobs and marketing scams that will deplete your resources.

You must also be aware of changing market conditions and adjust your savings/investment plans according, lest you be caught in a trap.

(A) Buy only term insurance, not whole life insurance. Insurance is an expense not an investment. It is meant to protect you in the early years, but not after retirement.

(B) Avoid obvious scam jobs like MLM, which is also known as network marketing, social media marketing, direct selling, etc.

(C) Going forward, the Singapore property market will no longer provide the fabulous returns found in yesteryears. You must look to other countries, such as Malaysia which has positive demographics.

(D) Invest in high-yielding currencies like the NZD or AUD by buying a little bit each month or each quarter, using the principle of dollar-cost averaging to ride out market fluctuations.

(E) Keep abreast of financial developments and upgrade your financial knowledge, and you'll be able to avoid the pitfalls as well as foolish advice that pseudo-advisers dish out.

(F) Save up cash when times are good and get ready to plunge into the stock market and gold market at the deepest point of the recession. When the market gets frothy and greed is abound (like the current situation), sell and prepare to buy when the next downturn hits.
 
Forgot to add one more point:

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

Those who are stuck in a dead end jobs and insufficient incomes probably think that retiring with $20 million in the bank would make them the happiest people in the world. In truth, if they did win millions in a lottery and they quit their jobs for a life of leisure, their happiness would be short lived once the initial euphoria evaporated.

In order to be happy and content while not having to work for living, goals and targets still have to be set in order to lead a fulfilling life.

Happiness does not come from owning stuff. A garage full of luxury cars won't make you happy. However, preparing a car for an important motorsport event and then going on to win a championship is immensely fulfilling even if it's just a small local motor sports club.

Too many singaporeans lead miserable lives because they concentrate solely on the pursuit of possessions rather than the pursuit of achievements. Many don't distinguish between the two. "Owning a Merc" is considered an achievement. However, it rings hollow pretty quickly because you'll soon come across someone who owns a Ferrari and your balloon will deflate rapidly once you realise that one of your friends or colleagues has more material possessions than you have.
 
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