Can I FIRE?

[HumHum22]

I've a fully paid flat

 

[sg_investor]

Double that number then say.

 

[tangent314]

I've a fully paid flat, $150000 savings, $150000 stocks and meet the minimum sum for CPF. My annual dividends from stocks is around $6000. I've a term insurance worth $100000. My monthly expenses is at most $600. Can I stop working full time at 40 years old? No dependents.

Theoretically yes. You only need to make your $300k last 25 years before CPF Life kicks in. Even assuming 0% interest and 3%/year inflation on that $600/month expense, that $300k is enough.

 

[d9_lives]

Why not....

 

[a4973]

I've a fully paid flat, $150000 savings, $150000 stocks and meet the minimum sum for CPF. My annual dividends from stocks is around $6000. I've a term insurance worth $100000. My monthly expenses is at most $600. Can I stop working full time at 40 years old? No dependents.

mind sharing what goes into monthly expense $600?
thanks

 

[HumHum22]

mind sharing what goes into monthly expense $600?
thanks

Utilities bills, etc. Groceries, insurance, transport, etc. Basic expenses

 

[Geeezz]

Double that number then say.

true this. the margin of safety is nt high enough imo. gt take into acc dividends suay suay drop nt?

 

[HumHum22]

What do you suggest is a good safety margin?

 

[Geeezz]

i a bit scared die huan. sho to me ish at least 2x my expenses. but diff ppl diff huan

since u no dependent u need term life fr what? get medical n something like careshield, to pay fr expenses like hiring ppl to take care of u if suay suay disabled

but huai stop working sia. me no intend to leetire

 

[revhappy]

If you are alone, make use of it. Go to a foreign country, like China, your English skills will be valuable there, take up job you like. I can't understand being alone and not working. How will you spend your time?

Sent from Dont Take Any Of My Statment As Investment Advice. Do Your Own Due Diligence. using GAGT

 

[bigrooster]

Possible. For some addition buffer, if can up savings and stocks to $200K each would be better. If no dependent your term life may need to review to continue or not. Must be adequately covered under MediShield IP.

Best of luck.

 

[yisme?]

rent out your hdb rooms = extra buffer

 

[starlight318]

Utilities bills, etc. Groceries, insurance, transport, etc. Basic expenses

$600 not enough.. For sure. Unless u want to live like a refugee.. Any extra income like room rental.? If yes, maybe still possible to FIRE

 

[HumHum22]

Thanks for all the responses. At some point I have to think of retirement and the big question of how much is enough in today's society especially in this country. I intend to do freelance or part time job, basically work that interests me. As for the term insurance, I thought it could pay for terminal illnesss if touch wood e.g. at second or third stage of cancer. All these years I did not buy insurance and I only picked it up last year. Any advice is appreciated.

 

[ocs_woodlands]

Utilities bills, etc. Groceries, insurance, transport, etc. Basic expenses

Let me explain why your $600/mth will not be possible.

Assuming you are thrifty..
Haircut = $10
Breakfast = $1 × 30 =$30(3 Slides of bread + kaya/nutella/jam + 1 glass of milk from milk carton)
Wi-Fi = $39
Utilities = $40 (elect) + $15 (water) + $10 (gas) + $14sanitary charges = $89
S&C = $70
Data plan =$19
Transport = 2 trips of $1 each x 30 = $60
Toothpaste/facial cream/soap/shampoo = $15
Doctor consultation and medicine (once in 2 mths on avg) = $40/2 =$20
Meals $3.50 x 2 x 30 = $210
Newspaper = $30
Toilet paper = $5

That's a grand total of $600 already..
No insurance. No replacement cost of anything spoil. No red bomb. No white bomb.. and you better hope that you don't get any sicker than ordinary cold and flu..

At the risk of sounding offensive, I would say that I typically see this kind of post in EDMW....

 

[HumHum22]

This is a serious question I posted it on money mind not EDMW...

 

[ocs_woodlands]

This is a serious question I posted it on money mind not EDMW...

Ok. Since you say so, will give you the benefit of doubt.

Perhaps you are not telling us something. I don’t see how your monthly expenses can be $600... describe to us your lifestyle...

Posted with Common Sense HardwareZone Forums app

 

[mummy1234]

I am also hoping to FIRE in Sg comfortably with my family by taking up Aesthetic Medicine. Heard can earn up to S$100k/mth even if very good.

 

[SBC]

Single? Hum hum can get around.

 

[eD1s0n]

Let me explain why your $600/mth will not be possible.

Assuming you are thrifty..
Haircut = $10
Breakfast = $1 × 30 =$30(3 Slides of bread + kaya/nutella/jam + 1 glass of milk from milk carton)
Wi-Fi = $39
Utilities = $40 (elect) + $15 (water) + $10 (gas) + $14sanitary charges = $89
S&C = $70
Data plan =$19
Transport = 2 trips of $1 each x 30 = $60
Toothpaste/facial cream/soap/shampoo = $15
Doctor consultation and medicine (once in 2 mths on avg) = $40/2 =$20
Meals $3.50 x 2 x 30 = $210
Newspaper = $30
Toilet paper = $5

That's a grand total of $600 already..
No insurance. No replacement cost of anything spoil. No red bomb. No white bomb.. and you better hope that you don't get any sicker than ordinary cold and flu..

At the risk of sounding offensive, I would say that I typically see this kind of post in EDMW....

i wouldn't assume anyone, especially someone thrifty, buying newspapers at this day and age...
whats S&C?