Can I FIRE?

[grenoble]

No, that's just not factually correct -- and it doesn't require any particular "chasing." The majority in Singapore can and do reach that lofty perch.

Let's start with income. According to the World Bank, global GDP per capita in 2017 was US$10,714.47. GDP per capita in Singapore was US$55,235.51 in 2017. According to the Ministry of Manpower, median gross income from work of full-time employed residents, annualized, was S$50,784, or about US$37,000 at an exchange rate of 1.37. That strong income base if you take advantage of it is powerful.

OK, that's income, the fuel for wealth accumulation. Wealth is even more heavily skewed in favor of Singapore and Singaporeans relative to the rest of the world. In fact, according to Oxfam a total net worth of US$770,000 would put you in the global top 1%. If you "merely" acquire paid up equity in a (heavily subsidized) HDB leasehold and a respectable but certainly not outsized CPF balance -- the classic middle class combination in Singapore -- you would easily rank among the global top 5%.

So I call b.s. on this sort of defeatist thinking. Simply find something you enjoy doing -- and I also call b.s. on not being able to find anything that you enjoy doing in one of the world's great cities -- and then enjoy life much more than most of the rest of humanity.

Yes, but thats not the key point dude.

1. You should learn how to get to point and avoid wall of texts, honestly speaking i usually skip your wall of text replies. no offence.

2. to each his own, grass is greener on the other side, who says no ?

 

[BBCWatcher]

1. You should learn how to get to point and avoid wall of texts, honestly speaking i usually skip your wall of text replies.

That’s called sourced data. Your post was much longer than my data-based reply.

 

[HumHum22]

Singapore stock market is not that great, too heavy weighted by property and Telco, both industry which won't do well in the near future.

Do you suggest exiting the Singapore market or reducing one's exposure to maybe 10% of the portfolio? The rest will be used to buy the world's etf, which currently is at an all time's high and always going up (which makes it impossible to enter?). What is a good time to enter?

 

[HumHum22]

Chill everyone. It's good to hear everybody's opinions though. I'm currently looking for a new job and if I really quit without a job lining up, I could always rejoin my industry or my company after a break if I can't find any job ( although I would not like to do so but no choice. Industry is very small).
I do agree that Singapore is a good place to accumulate wealth and not give up on a regular and stable income if one is already employed.

 

[HumHum22]

Today's article

https://www.todayonline.com/world/how-retire-your-30s-s137-million-bank

If one stayed in a bigger country one could always reduces expenses by moving to a cheaper town or countryside to attain FIRE. Here in Singapore we are trapped unless we move overseas.

 

[xtwis7]

Well not exactly. I had the same thoughts but there are very clear districts within Singapore that are planned differently.

If someone is staying in CBD, there’s the option to move to the west or north too. It’s whether that person is willing to.

If one stayed in a bigger country one could always reduces expenses by moving to a cheaper town or countryside to attain FIRE. Here in Singapore we are trapped unless we move overseas.

 

[grenoble]

That’s called sourced data. Your post was much longer than my data-based reply.

yeah but stick on point, no use talking and getting lots of sourced data proofing oranges have seeds or not, when the post is talking about apples in general, get it ?

 

[HumHum22]

Well not exactly. I had the same thoughts but there are very clear districts within Singapore that are planned differently.

If someone is staying in CBD, there’s the option to move to the west or north too. It’s whether that person is willing to.

Most people do not stay in town. For me where I stay, going to JB is nearer than going to town.

 

[antonpoh]

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.

How much monthly expenses do you say you need 20yrs ago? Maybe aro $300? What amount you're comfortable with now may not be enough 20-30yrs down the road.

If you know how to invest, 150k could give you aro 15k of dividend. Then you can use the 6k and save/reinvest the rest.

 

[jetblack]

What's the meaning of life to you? Retiring with $600 dividend income can't do much, except rotting at home. You are to eat sh!t sleep ONLY for next 60 yrs?

Have u heard of something called inflation? Expenses will double in 20 yrs time

 

[Toni90]

Dividend also increase if he put money at the right stock. Can match the inflation one.

 

[jetblack]

Haha what happens if put into the wrong stock? Even if your dividend increases, will it be as fast as inflation?

Dividend also increase if he put money at the right stock. Can match the inflation one.

 

[HumHum22]

Haha what happens if put into the wrong stock? Even if your dividend increases, will it be as fast as inflation?

No issue. I will collect cardboards as a form of exercise.

 

[Toni90]

Haha what happens if put into the wrong stock? Even if your dividend increases, will it be as fast as inflation?

U put anything at the wrong place also got problem lah. How ah.

 

[rrr2015]

上海一对夫妻不工作！没孩子不交际！全年只花2万元！

this shanghai couple lives on S$4000 (RMB20,000) annually
while they can certainly afford spend more, i think they're trying to show how little one needs to live happily

 

[HumHum22]

上海一对夫妻不工作！没孩子不交际！全年只花2万元！

this shanghai couple lives on S$4000 (RMB20,000) annually
while they can certainly afford spend more, i think they're trying to show how little one needs to live happily

Retiring in China is a not bad option. Their elderly folks mostly look healthy and active.

 

[havetheveryfun]

Retiring in China is a not bad option. Their elderly folks mostly look healthy and active.

so have decided whether u are going to FIRE or not at 40 ?

 

[HumHum22]

so have decided whether u are going to FIRE or not at 40 ?

No easy answer. Here is after all a money sucking place.