How much do u need to go slow/retire in singapore?

[Louisckp]

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You have indeed shouted at me.

 

Regards,

 

hi both,

stay cool, this thread topic is good & good for discussions. If really cannot take it living here, then move out. at least make space for other PR...hahahaha

[Machspeed]

hi both,

stay cool, this thread topic is good & good for discussions. If really cannot take it living here, then move out. at least make space for other PR...hahahaha

 

http://news.asiaone.com/News/AsiaOne%2BNew...802-158581.html

 

The eighth challenge

 

This question was meant for the Minister of National Development:

 

"How much more land can we reclaim over the next 50 years? As our population and economy continue to grow, how will we deal with the challenge of limited land for economic expansion while preserving sufficient space for housing and recreational needs? Will Singapore be over crowded?"

 

Think you've answered the question.. We leave and FT takes our place.. 1 to 1 replacement..

[Chickensoup]

problem is singaporean don't want to live humbly, they want face, show off, from old generation to youngster.

so they have to stress themselves, talk big & bullshi.t.

Everyone wants to improve their living and out do each other. In school, parents also push their children to do better.

 

As for home upgrading, it is usually the ladies that are pushing hard and peer pressure. The Queen will come to say their friends will be shifting to condo, to landed and how large is their house.......

[Chickensoup]

http://news.asiaone.com/News/AsiaOne%2BNew...802-158581.html

 

The eighth challenge

 

This question was meant for the Minister of National Development:

 

"How much more land can we reclaim over the next 50 years? As our population and economy continue to grow, how will we deal with the challenge of limited land for economic expansion while preserving sufficient space for housing and recreational needs? Will Singapore be over crowded?"

 

Think you've answered the question.. We leave and FT takes our place.. 1 to 1 replacement..

Take alook at the google earth image, you will realised much land is available but not released out, reason is somple reserved for army training.

[Jolie888]

Whether or not you can live comfortably after retirement, depends on good forward planning.

 

Forget about the studies done to say that one needs $1M for standard and $2-4M for comfort living etc.

 

My (own) guiding principles are:

 

(1) When you start out on property, in your twenties, focus only on D9/10 FH property. Nothing less.

 

(2) Upgrade, as you go along, toward a D9/10 FH Semi-D or Bungalow, if financing permits.

 

(3) Use only CPF to pay housing loan by the time you reach 35 yrs old onwards. Keep all the cash for other things - e.g. children's overseas university education (which can cost a bomb).

 

(4) Make sure you cover yourself and your spouse with 100% MDTA insurance, at least until 50 years old - in case something happens and the mortgage will be protected.

 

(5) Target to be mortgage-free (free of any housing loan) by 50 yrs old.

 

(6) Buy your last brand-new, reliable, small Lexus by 55 yrs old (to be used just before/after you retire). Generally worry-free. You should junk all conti cars by that age, unless you plan to keep as a collector's car.

* By then, you should still have 5-7 years to pay off the last car loan, before you fully retire and be 100% debt-free.

* If you do live beyond 65 years old, just renew COE of the Lexus for another 10 years. That Jap of a car should still run fine over 20 years.

 

(7) Also at 55 yrs old, consider selling your D9/10 FH Semi-D or Bungalow. Since you are loan-free by then, all proceeds go back to your CPF and the balance is all cash!

 

(8) From the profits (at least $5-20M, or more, depending on your last investment) you could get a combination of the following:

 

- HDB flat or small terrace house to live in, with your spouse (children should already be independent by then)

 

- Purchase two to three small condos for continued investment / hedging against inflation. Keep whatever rest you have in FD. No structured deposits. No more gambling in share market.

* You can either sell these condo units later when appropriate, or better still, transfer them to each of your children

* This way, you will be able to provide that upstart hedge to your children, to begin their own lives.

 

It is workable, I can tell you.

I am just a couple of years nearing step (5) above already, right now.

Edited August 3, 2009 by Jolie888

[Machspeed]

Take alook at the google earth image, you will realised much land is available but not released out, reason is somple reserved for army training.

 

err.. so more FT = less citizen = smaller army = lesser land for army training = more land for development?? smart wor!!!

[Rickster]

if the definition of retirement is a state of mind, then i'm already retired LOL

 

I'm not interested in building wealth, so my work doesn't take centrestage....my mind is constantly occupied by my hobbies, my kids, my pets, what i should cook today, which wine to drink....even MCF LOL but never work hehe

 

Thats very very good. Congrats!

 

To me, the way u r living life is what I aspire to be. Not to be super rich, but comfortable enough to not be living for the sake of the job.

 

[Dumb]

And many are still queuing up to buy condos to escape from their pigeon hole dwelling!

 

Rdgs

 

They are just flying from one pigeon hole into another, may be smaller than their present ones, because they got some money to fly.

 

If I go private, it must be bigger than any hdb flat. Otherwise, it's still a pigeon hol.

[Skunk]

I'm currently only working part-time, i spend most of my time taking care of my kids, cooking, playing with my dogs, doing housework...I only earn around $3K+, but i would consider it not bad for P/T work, home-based somemore. Whenever i buy things, i hardly even consider the price, and at the end of the day, still got money leftover to save. I guess the reason is because i'm naturally not inclined towards extreme luxury.

 

A little bit of luxury, who doesn't want? I spend $300-$400 a month on wines and the occasional cigar, but that's an amount that'll hardly make anyone broke.

 

my flat is very cheap, use wife's CPF pay, still got leftover, car is so cheap and hardly used, just use it to go to the beach or supermarket do groceries.

 

I wonder why ppl always think about "retirement" or "how much they need for retirement." I mean, if your life's a stretch today when u r young, what makes u think it'll get better when u age? If no money, then spend less, if make more then spend more. what's there to debate/worry about?

 

like i said, Live Life Today, Tomorrow will take care of itself when u take care of Today :)

[Tashi]

Well said mate! I love your last sentence about things will sort out themselves (especially imho, when the mindset is right and calm).

 

peace

[Wbucket]

......

Then I will "retire" by getting a simple, stress free job that pays maybe 4k/month, enough to cover my expenses, travel twice a year. The condo can rent out and be sold when my single kid needs to go uni.

......

Simple job can get 4k/month, am I really so under-paid or just in the wrong field.

 

Uni need so much money? I supposed the rental for condo should be more than enough to cover for kid's expenses.

 

[Wbucket]

I'm currently only working part-time, i spend most of my time taking care of my kids, cooking, playing with my dogs, doing housework...I only earn around $3K+, but i would consider it not bad for P/T work, home-based somemore. Whenever i buy things, i hardly even consider the price, and at the end of the day, still got money leftover to save. I guess the reason is because i'm naturally not inclined towards extreme luxury.

 

A little bit of luxury, who doesn't want? I spend $300-$400 a month on wines and the occasional cigar, but that's an amount that'll hardly make anyone broke.

 

my flat is very cheap, use wife's CPF pay, still got leftover, car is so cheap and hardly used, just use it to go to the beach or supermarket do groceries.

 

I wonder why ppl always think about "retirement" or "how much they need for retirement." I mean, if your life's a stretch today when u r young, what makes u think it'll get better when u age? If no money, then spend less, if make more then spend more. what's there to debate/worry about?

 

like i said, Live Life Today, Tomorrow will take care of itself when u take care of Today :)

You reminded me of who's the boss. Is your wife earning more than you? I always wonder how to sustain a family with 3k plus income. You seems to be doing fine.

[Skunk]

my wife's making $4K+....a whopping $1K more than me LOL

 

but it's ok, i get to hand-raise my children, care for my family personally rather than leaving it to a maid. Best of all, because of my short working hours, i get to have a permanent tan from going to the beach, my stress level is virtually zero.

 

If i continue living like this, (l've done this for 2 years now) i've got a feeling i'm gonna live a long and healthy life. I don't think i need to ever "retire" in the conventional sense of the word...just work a little, play a lot, and live happily ever after LOL

 

cheers.

[Wind30]

Simple job can get 4k/month, am I really so under-paid or just in the wrong field.

 

Uni need so much money? I supposed the rental for condo should be more than enough to cover for kid's expenses.

 

good overseas uni like stanford, harvard are expensive. Dunno 0.5mil is enough or not. If my kid can get in, I want her to be able to afford it without taking scholarship. This is probably the only really expensive thing I will give her. Rest of it, she can earn herself.

 

 

[Throttle2]

Skunk, dont forget the cigars.....

 

you need that to live long....and happy...hah

[Hotisland]

if the definition of retirement is a state of mind, then i'm already retired LOL

 

I'm not interested in building wealth, so my work doesn't take centrestage....my mind is constantly occupied by my hobbies, my kids, my pets, what i should cook today, which wine to drink....even MCF LOL but never work hehe

 

I noticed most of the Aussies I met in Austrlia have such mindset. I guess that's why they enjoy their work/life more...

 

btw, if someone doesn't mind migrating to other countries, he/she can happily retire already if he/she has got over 1mil SGD (just as the TS). Why bother trying so hard in SG!

[Skunk]

nowadays hardly smoke 'em....not like at my dad's house, the smoke can escape....inside HDB flat, wah, my wife and kids kenna LOL

 

U sold me some cheaper range of Cohiba quite a few years ago, remember? :)

[Skunk]

incidentally, i travel to Darwin, Australia for fishing, camping holiday roughly once a year. Maybe been hanging around with the rednecks too much that's why i also become like that LOL

 

my best friend having a cigar beside the campervan

 

best friend's wife cooking up the barbee

 

that's me fishing off Stokes Hill Wharf

 

sorry for OT, hope u guys enjoyed the pics hehe