The RETIREMENT thread

[Scrooball (clone)]

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.

 

[Clone]

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

But a few thousand dollars is really not a lot of money wat, isit?

 

[po2wq]

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

But a few thousand dollars is really not a lot of money wat, isit?

ur 1 shot bursa oredi a few k, hor?! ...

 

[Leongsam]

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.

 

[ILoveIHP]

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

I Love Leongsam.

 

[Troll]

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.

 

[jw5]

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

His adviCe usually comes tinged with a little of the establishment mentality.
There's a kaypohchee in this forum who tries to sound like the ordinary man man, but it's tinged with A LOT.

 

[tonychat]

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

Financial independence should be sought first before being rich.

 

[Leongsam]

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

One more thing to add, people don't choose to be poor

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.

 

[Leongsam]

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.

 

[looneytan]

CPF cannot help you to retired, so you no need to complain say you cannot take out.

People who got balls no need CPF to retired.

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:

 

[Clone]

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

ur 1 shot bursa oredi a few k, hor?! ...

I rest my case.

 

[Thick Face Black Heart]

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.

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

 

[iamfree]

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 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.

 

[enterprise2]

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

 

[Leongsam]

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

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.

 

[Clone]

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.

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?

 

[tonychat]

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

just want to share this:

 

[Leongsam]

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?

Investment property, bonds, securities etc.

Seek professional advice on what your risk appetite should be.

 

[enterprise2]

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.

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!!)