How to accumulate wealth to lve a comfortable life

[Perisher]

From I left my trading job while young and started a few businesses I have never looked back since. All of them operate without me now and all I do is count my money. I don't rely on cpf/investments to retire but I do have a few properties though.

Any examples of automated business?

 

[OngHuatHuat]

$7000-$10 000 is my average income not including rentals for the properties but the rental for properties will be used to pay for loans of the house and the moment, dont seem like i can quickly dump all the money to repay the loaner faster to prevnt mney being paid for interest rate with fed rate likely to go higher again with trump in office.

What i mean was the true average?
Since you own so many properties, you should have accumulated quite a big net amount trapped in your properties. Right?

 

[svm22m]

From I left my trading job while young and started a few businesses I have never looked back since. All of them operate without me now and all I do is count my money. I don't rely on cpf/investments to retire but I do have a few properties though.

Same bro i am in trading job what i aim is to be like you however, i think i am getting old and do not have the energy i used to do like my younger days...

 

[svm22m]

What i mean was the true average?
Since you own so many properties, you should have accumulated quite a big net amount trapped in your properties. Right?

Yes i do have a few properties but i do not have what u imagine in your mind as "many" haha. You are right to say all my money is trapped in it..

 

[OngHuatHuat]

Okay.... I think you are doing much better than most of us already.

Yes i do have a few properties but i do not have what u imagine in your mind as "many" haha. You are right to say all my money is trapped in it..

 

[Earnasyougrow]

First world problem.

 

[Yachtmaster]

Any examples of automated business?

Eg F&B. Actually u can automate any business as long as u have a good team and most importantly a good manager. All u need to do is treat them well.

 

[havetheveryfun]

Eg F&B. Actually u can automate any business as long as u have a good team and most importantly a good manager. All u need to do is treat them well.

Definitely need to put in the hard work and hours at the start though and some moolah

 

[WindBoi]

honestly, i do not know what you are looking for here. You seem to be lost which of those things you mentioned is a higher priority.

The forumers here look at your case and pin point that selling of one or two of your 'multiple' properties will make the situation immensely better. You agreed but not willing to do that.

So what you are looking for is a magical pill. You did not state how much capital other than your home, you could deploy. You state that your cash flow is getting very thin.

So what is it you want?

#1 stability and security?
#2 making it best for your kids and family?
#3 pushing wealth accumulation to the absolute best with very little capital?

You cannot have all.

"I want to live a better than average life , now have 4 child maybe have quite a few cars and bigger landed house to stay in"

"Although i own multiple properties, my bank account has been bleeding partly due to the bad housing market, resulting in lower rental yields, higher cost of living and stagnant salary.My salary will be used up quite quickly and sometimes i maybe have problems paying $1000-$2000 during month end for premiums or loans"

You want everything, with limited inputs. Basically you want a magic pill. I dunno about the others but I have no solution when a person is so confused as to what he really want.

 

[maumu]

as we get older, we should look towards less risky 'investments' and more stable (although passive) cash growth over time...

that's me. so I think it's kinda late to venture into new areas like setting up a business because unless you have strong partnership, the risk of losing everything (including capital) if business could not grow is high.

 

[wira]

Sounds like TS properties are giving negative cash flow.
I would get it of them if I could rather than holding on to it and bleeding more money.

 

[Yachtmaster]

Same bro i am in trading job what i aim is to be like you however, i think i am getting old and do not have the energy i used to do like my younger days...

If your youngest son is 6 and when he reaches sec sch you are in 50s that means u are in 40s now. I dont think that's old? There's no free lunch in this world, u want something, u go get it. KFC boss started at 60+ yo

 

[laksa2003]

honestly, i do not know what you are looking for here. You seem to be lost which of those things you mentioned is a higher priority.

The forumers here look at your case and pin point that selling of one or two of your 'multiple' properties will make the situation immensely better. You agreed but not willing to do that.

So what you are looking for is a magical pill. You did not state how much capital other than your home, you could deploy. You state that your cash flow is getting very thin.

So what is it you want?

#1 stability and security?
#2 making it best for your kids and family?
#3 pushing wealth accumulation to the absolute best with very little capital?

You cannot have all.

"I want to live a better than average life , now have 4 child maybe have quite a few cars and bigger landed house to stay in"

"Although i own multiple properties, my bank account has been bleeding partly due to the bad housing market, resulting in lower rental yields, higher cost of living and stagnant salary.My salary will be used up quite quickly and sometimes i maybe have problems paying $1000-$2000 during month end for premiums or loans"

You want everything, with limited inputs. Basically you want a magic pill. I dunno about the others but I have no solution when a person is so confused as to what he really want.

lol u got the main juice...
he just needs a toto ticket

 

[useless]

What you need to do is to read "Rich Dad Poor Dad" by Robert Kiyosaki. The problem to me seems that you are acquiring liabilities, thinking that they are assets.

 

[havetheveryfun]

lol u got the main juice...
he just needs a toto ticket

think he win toto also no use..

to many forumers, he is already living a good and comfortable life.. $7k with 4 kids is by no means shabby... not a lot but not too little either

 

[SBC]

I am having similar pay range. With 4 kids too.

Thinking of the same question every weekend.

 

[Mecisteus]

Same bro i am in trading job what i aim is to be like you however, i think i am getting old and do not have the energy i used to do like my younger days...

Your income is already higher than majority of Singaporeans.

I think what you are lacking is some divine intervention.

 

[highsulphur]

reduce your liabilities.

reduce your expenses

lower your expectations

You may be happier.

 

[homer123]

1 kid nowadays can cost 300K to 500K to raise till they start working. If you don't have 4 kids, you probably be enjoying the life you just described below.. LOL

For example maybe a porsche(fun car to drive), a used one i dont mind. Can relax life, no need work.Can fly to malaysia or thailand cos cheap whenever i want.Eat whatever i want, buy anything i want. Not as in restaurant and luxury goods but just a pretty decent life.

 

[useless]

This very much looks like your situation under 'middle class'.

Get rid of liabilities that generate negative cashflow, get your priorities right and accumulate assets.