Is My Salary OK?

[Leongsam]

i find this unacceptable. if u want to zap me and before u zap me, warn me instead. dont zap me for no reason!

You seemed to be fine with asking others to ADD to your points for no reason. The system works both ways.

 

[chonburifc]

That sounds more like the definition for "s t u p i d i ty".

Bill Gates or Richard Branson or the late Steve Fossett or Jim Clark???!!!!

Your idea of retirement doesn't sounds any wiser.

 

[KNNBPCB]

why do u need to do that!

You must be honoured. Leongsam hardly zap anybody here in SBF.
Leongsam, can you zap my arse too. :o

 

[lifeafter41]

My former colleague retired last year at age 52 with 300K. Told me expected this sum to last for 13 years until he reaches 65 whereupon CPF Life will kick in with monthly cash payout.

He is single and his HDB flat fully paid up. On average, his 300K yield him a monthly income of around 2K. Enough he told me even with inflation factored in for he lives modestly and does not smoke or drink nor visit the casino. To enjoy life a bit, my friend goes for massage at least twice a month and occasionally go for short trips to nearby places such as Penang, Pattaya and Xiamen.

Without children he intends to die broke leaving only a small sum for funeral expenses. Well, for someone like my friend he can manage it with 300K but for those of us with children and esp so when we have to save up to pay for their overseas university education then definitely not sufficient lah....

As long as your friend is healthy and happy, that is all that matters.
Since he is single, can also consider reverse mortgage in the even the cash runs out.

Just a though there, as for CPF life, i doubt it is sufficient.

 

[Leongsam]

As long as your friend is healthy and happy, that is all that matters.
Since he is single, can also consider reverse mortgage in the even the cash runs out.

Just a though there, as for CPF life, i doubt it is sufficient.

300k is not sufficient because it doesn't yield enough and you have to draw on the principle in order to make ends meet.

A single bout of serious illness can take a huge bite out of the equation too.

In my opinion, you're skating on thin ice to retire on such a small sum.

$2,000,000 million in low risk investments is a much better bet. At 3% return after taking into account taxes and inflation, it yields $60,000 per year or $5000 per month which is reasonably comfortable living. You can still afford a car, holidays abroad and keeping yourself up to date with the latest gadgets.

You also keep the principle intact in case of emergencies.

 

[KNNBPCB]

You must be honoured. Leongsam hardly zap anybody here in SBF.
Leongsam, can you zap my arse too. :o

Ahhh..... shefosai:o Thank you for your zapping. Up you!

 

[eatshitndie]

$2,000,000 million in low risk investments is a much better bet. At 3% return after taking into account taxes and inflation, it yields $60,000 per year or $5000 per month which is reasonably comfortable living.

i recommend exactly the same amount. it's a proven number. moreover in sg, there's no capital gains tax so the yield of $60k per annum can be fully used for expenses or partially plowed back to increase the principal, although that won't be necessary. a younger retiree can take slightly more risk by hedging half the amount on moderate growth investments while keeping the other half on low risk ones, such as bonds. a 5% return is quite normal, and that will yield an additional $40k p.a. for expenditure. 3% is a very safe, conservative, do-able and realistic return for those in their 60s, and $60k p.a. in sg is more than enough for any frugal couple, not to mention any single.

 

[Liquigas]

We are here talking about your Average Joe who are mostly HDB dwellers while Sam is refering to the old money/new rich staying on landed properties at District 9/10/11......

 

[Leongsam]

We are here talking about your Average Joe who are mostly HDB dwellers while Sam is refering to the old money/new rich staying on landed properties at District 9/10/11......

On the contrary I'm talking about anyone in Singapore who has received a sound education, has a computer, has internet access, has a reasonable level of intelligence and is hardworking and determined.

That is all you need in order to become financially independent. It doesn't matter which postal district you're from or what sort of home you live in.

All you need to do is to decide what you want to be good in based on your own assessment of your abilities, work very hard to become amongst the best in your chosen field and then capitalise on your abilities to generate an income stream.

The venture doesn't have to be high tech. You can make a million bucks easily even if your ability is limited to making the best coffee in Singapore. As long as you're tops at what you do, the ability can be turned into money.

 

[shawna]

You seemed to be fine with asking others to ADD to your points for no reason. The system works both ways.

of coz. wd u want to lose money if u know it's going to affect u? if i know it is going to affect my points, why wd i ask from u? this is logical thinking.

there is always no harm asking. i didnt know by asking u, u will zap my points without warning. far out!!!

have u heard of saying? ask and yr prayers will be answered...

there is no rule in here which says points will be deducted for asking...

 

[shawna]

i just wonder y he wd do that for asking... crazy!!!!

You must be honoured. Leongsam hardly zap anybody here in SBF.
Leongsam, can you zap my arse too. :o

 

[Leongsam]

there is no rule in here which says points will be deducted for asking...

There is no rule that prevents anyone from deducting points from those who ask for them.

 

[shawna]

then y do u want to set this rule? are u saying we will be penalised if we ask? far out!!!

There is no rule that prevents anyone from deducting points from those who ask for them.

 

[Leongsam]

then y do u want to set this rule? are u saying we will be penalised if we ask? far out!!!

Some will add to your points if asked. Others may not like it and zap you instead. In your case, you pissed me off by actually sending me private message asking for points so I deducted some to show my displeasure.

 

[shawna]

u can warn me. can u? it doesnt mean u can do what u want.

how did i piss u? u mean by asking u i pissed u?

if someone sent me a private message to ask for it, i wd either help or turn down. but i will never zap points.

asking for help doesnt piss me... sorry. i dont know why helping people wd piss u off...

Some will add to your points if asked. Others may not like it and zap you instead. In your case, you pissed me off by actually sending me private message asking for points so I deducted some to show my displeasure.

 

[eatshitndie]

How much buffer is enough?

$1,700,000 if $300,000 is the current principal. i've already mentioned in a prior post that $2m is required, and that includes fully paying off one's residence.

 

[Clone]

On the contrary I'm talking about anyone in Singapore who has received a sound education, has a computer, has internet access, has a reasonable level of intelligence and is hardworking and determined.

That is all you need in order to become financially independent. It doesn't matter which postal district you're from or what sort of home you live in.

All you need to do is to decide what you want to be good in based on your own assessment of your abilities, work very hard to become amongst the best in your chosen field and then capitalise on your abilities to generate an income stream.

The venture doesn't have to be high tech. You can make a million bucks easily even if your ability is limited to making the best coffee in Singapore. As long as you're tops at what you do, the ability can be turned into money.

Uncle Sam,

What's your marital status?
Were you single or married with kids?

 

[Leongsam]

u can warn me. can u? it doesnt mean u can do what u want.

how did i piss u? u mean by asking u i pissed u?

if someone sent me a private message to ask for it, i wd either help or turn down. but i will never zap points.

asking for help doesnt piss me... sorry. i dont know why helping people wd piss u off...

Warn??? that wouldn't be required if I had added to your points would it so why is it required when deducting?

Different people react to situations in different ways. That's what diversity is all about. I don't like it when people invade my privacy and ask for stuff. It's like a beggar knocking on my door and rattling his begging bowl. I have therefore shown my displeasure by deducting your points. That's what the reputation system is for.

 

[Leongsam]

Uncle Sam,

What's your marital status?
Were you single or married with kids?

What difference does that make? If you're implying that being married with kids requires makes taking risks a lot harder, then I'd like to point out that working as an employee is a lot riskier than running your own show.

Imagine having 3 children and a wife to support plus a mortgage and suddenly finding that your job has been taken over by FT.

On the other hand, if you're running your own company, you have the ability to cut overheads or diversify when times are tough to keep your head above water.

 

[shawna]

Boss Leongsam,
If u have added back the points, thank u...

explain to me what u meant by invading your privacy. by sending u a msg means invading into your privacy?

It's very weird to accuse me of being a beggar. I have only asked u ONCE, not being a pest.

Warn??? that wouldn't be required if I had added to your points would it so why is it required when deducting?

Different people react to situations in different ways. That's what diversity is all about. I don't like it when people invade my privacy and ask for stuff. It's like a beggar knocking on my door and rattling his begging bowl.