Target networth

[havetheveryfun]

The funniest thing is that when life ends, those $$$$ cannot even be brought along.

Thats the irony of it all!

If you had to choose, what would you choose?

1) Die with a million dollars, having lived a scrooge and stingy life and never enjoyed yourself much.
2) Continue to live but always having difficulties making ends meet. Always unable to pay back your debts and always out of a job. But have enjoyed life a lot.

Some people will choose 1 and some people will choose 2. It depends on their characters and the kind of environment they were brought up in. But for those people who choose 1, they would never want to be in the shoes of 2 at all, which is why they would rather not enjoy life than to end up in a place where they do not have enough money. They rather have a lot of money and not enjoy life than to have enjoyed life but always do not have enough money.

 

[buttercracker]

It is important to save for a rainy day, but not to forget health is wealth too.

 

[What2do4life]

Moderation is the key!

 

[revhappy]

If you had to choose, what would you choose?

1) Die with a million dollars, having lived a scrooge and stingy life and never enjoyed yourself much.
2) Continue to live but always having difficulties making ends meet. Always unable to pay back your debts and always out of a job. But have enjoyed life a lot.

Some people will choose 1 and some people will choose 2. It depends on their characters and the kind of environment they were brought up in. But for those people who choose 1, they would never want to be in the shoes of 2 at all, which is why they would rather not enjoy life than to end up in a place where they do not have enough money. They rather have a lot of money and not enjoy life than to have enjoyed life but always do not have enough money.

Actually, the "never enjoyed yourself much" part is a bit difficult to quantify. Some people can be content with spending little. You seem to indicate that people who are frugal are not happy, which is not true. In fact people who spend a lot of money trying to find happiness, often keep running behind it and stay unhappy.

People who slog very hard for that year end vacation to Iceland, what is the point? After the vacation they will be unhappy slogging again. They just are telling themselves that slogging is necessary for that exotic vacation. But others may find happiness in their daily lives and travel maybe to Bali only instead of Iceland and still enjoy their trip.

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[havetheveryfun]

Actually, the "never enjoyed yourself much" part is a bit difficult to quantify. Some people can be content with spending little. You seem to indicate that people who are frugal are not happy, which is not true. In fact people who spend a lot of money trying to find happiness, often keep running behind it and stay unhappy.

Not my indication but what a lot of ppl in Money Mind claim. When people like Daimon sometimes post about how he can live on less than $200 per month, or Master Leong in the past who claimed he was retired at 30+ living on less than $1k a month, they got laughed and scorned at, about what is the point of them living such lives.

 

[limster]

People who slog very hard for that year end vacation to Iceland, what is the point? After the vacation they will be unhappy slogging again. They just are telling themselves that slogging is necessary for that exotic vacation. But others may find happiness in their daily lives and travel maybe to Bali only instead of Iceland and still enjoy their trip.

From your previous posts you seem to be unhappy in your job. I think the learning point is that one should choose your career path very carefully.

(1) which field to go into - choose something you are genuinely interested in, rather than something that earns the big bucks
(2) which company to work for - choose a company culture that suits your personality and be prepared to change jobs till you find a good fit. Don't just go for the highest salary.

I also don't get those that want to quit and retire in their 30s or 40s. Shouldn't you instead be searching for a better job or more suitable job?

Of course, there are those that cannot make it in the workforce, could be personality problem (for example, stalking co-workers, like they stalk other forum members). These are the ones that should stop working and take early retirement ASAP for the sake of their co-workers. The rest, I'm sure are still able to contribute to society in their 30s and 40s.

 

[malthead]

its human nature + the aversion to risk.

last time when i have $0, i thought 200k with a 5% yield will be good enough for me. But when I got closer to 200k, I felt that I couldn't put my whole 200k into something that gives 5% yield, in case of a market crisis. So I felt that I had to like put 100k in something safer like fixed deposits or SSB and the other 100k in 5% yield instruments. so naturally the average yield would have reduced, and 200k isn't enough anymore.

And then once you have like 400k, you would be like, oh god, 400k is a big risk to take to put them all in the stock market especially if it took years to build it up. so you be like "Wouldnt 1 million in fixed deposits or bonds with just 2% yield be better? and a lot safer?" and so your target ended up being from 200k to a million.

And so you keep revising your target once you reach your original goalpost. as if not, it feels a bit pointless. its like "alright, i have achieved this. now what ? "

perhaps its time to quit the job if you don't like it and look for something you have always wanted to try? I did thought about joining the police when i was younger but now past 40, i think no chance already.

 

[revhappy]

From your previous posts you seem to be unhappy in your job. I think the learning point is that one should choose your career path very carefully.

(1) which field to go into - choose something you are genuinely interested in, rather than something that earns the big bucks
(2) which company to work for - choose a company culture that suits your personality and be prepared to change jobs till you find a good fit. Don't just go for the highest salary.

I also don't get those that want to quit and retire in their 30s or 40s. Shouldn't you instead be searching for a better job or more suitable job?

Of course, there are those that cannot make it in the workforce, could be personality problem (for example, stalking co-workers, like they stalk other forum members). These are the ones that should stop working and take early retirement ASAP for the sake of their co-workers. The rest, I'm sure are still able to contribute to society in their 30s and 40s.

My view has been that most people are unhappy at their job. People just choose the career that has good prospects. Most people choose STEM careers because of the job prospects and when you are young and choose your degree, it is too early to know what you want to do.

I personally hate the rigidity of having to wake up and go to office at a specific time and stay there until the clock turns 6. I calculated yesterday, we need to stay 9 hrs in office and 2 hrs for travel and 8 hrs sleep. So we actually get only 5 hrs for ourselves. What a waste of life is this. Those 19 hrs are the downtime of our life. I wish we had longer weekends. Like 4 days weekend and 3 days work. That would be perfect.

If you tell me why not do something I like, there is nothing I like doing, other than posting on forums and watching TV. I wish someone would pay me for that. I am currently, in my view, having the best ratio of salary/effort in job. So I am okay.

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[havetheveryfun]

perhaps its time to quit the job if you don't like it and look for something you have always wanted to try? I did thought about joining the police when i was younger but now past 40, i think no chance already.

some ppl aspire to be professional gamers, musicians, magicians, singers, street performers... not easy to just say look for something you like to try.

if you ask me honestly, i would be content with doing straightforward admin work getting just ~2.5k-3k a month gross for the rest of my life and spend my free time trying to build up other sources of income. But when you tell employers that you have such an "aspiration", they will look at you like as though you are an alien.

Nobody in their right mind would tell their employer "Hey, Im going to join your company, but Im also going to try and start my own company during my free time when I dismiss from work."

 

[What2do4life]

It is important to save for a rainy day, but not to forget health is wealth too.

Hey

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[limster]

My view has been that most people are unhappy at their job. People just choose the career that has good prospects. Most people choose STEM careers because of the job prospects and when you are young and choose your degree, it is too early to know what you want to do.

I personally hate the rigidity of having to wake up and go to office at a specific time and stay there until the clock turns 6. I calculated yesterday, we need to stay 9 hrs in office and 2 hrs for travel and 8 hrs sleep. So we actually get only 5 hrs for ourselves. What a waste of life is this. Those 19 hrs are the downtime of our life. I wish we had longer weekends. Like 4 days weekend and 3 days work. That would be perfect.

If you tell me why not do something I like, there is nothing I like doing, other than posting on forums and watching TV. I wish someone would pay me for that. I am currently, in my view, having the best ratio of salary/effort in job. So I am okay.

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if you have an IT qualification and have an interest in investments, there are many IT-related openings in the Fintech space. You could send your resume to robo-advisors, or brokerages that are expanding their online presence in Asia. Maybe you could help set up an electronic exchange in Singapore to compete with SGX.

 

[What2do4life]

if you have an IT qualification and have an interest in investments, there are many IT-related openings in the Fintech space. You could send your resume to robo-advisors, or brokerages that are expanding their online presence in Asia. Maybe you could help set up an electronic exchange in Singapore to compete with SGX.

I am an IT idiot

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[revhappy]

if you have an IT qualification and have an interest in investments, there are many IT-related openings in the Fintech space. You could send your resume to robo-advisors, or brokerages that are expanding their online presence in Asia. Maybe you could help set up an electronic exchange in Singapore to compete with SGX.

Talking about investments is one thing and actually working is another thing. I am already working in a bank in IT. So atleast the terminology used like Loans and deposits, money market funds etc sound nice to the ears compared to say working in manufacturing and hearing terms like inventory etc.

Working in IT in fintech takes lot of cutting edge IT skills which I don't have. I actually hate learning any new IT skills. I like finance but my skills in finance are not high enough to get a well paid job. Maybe I will do something related to entry level personal finance, advisory kind of role, into semi retirement.

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[havetheveryfun]

if you have an IT qualification and have an interest in investments, there are many IT-related openings in the Fintech space. You could send your resume to robo-advisors, or brokerages that are expanding their online presence in Asia. Maybe you could help set up an electronic exchange in Singapore to compete with SGX.

he already earning 100k per annum. It is considered quite decent already and better than a lot of people. As long as he doesn't hate his job , really no point taking the risk to leave his job anymore. even if he feels bored at his job but as long he doesnt dread going to work, it is good enough as a way to past time and get some loot.

as what he hates is not the job itself, but the reason behind why we even need to work in a job. or why we even need to work.

 

[revhappy]

he already earning 100k per annum. It is considered quite decent already and better than a lot of people. As long as he doesn't hate his job , really no point taking the risk to leave his job anymore. even if he feels bored at his job but as long he doesnt dread going to work, it is good enough as a way to past time and get some loot.

as what he hates is not the job itself, but the reason behind why we even need to work in a job. or why we even need to work.

Thanks, you said it better than me.

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[malthead]

he already earning 100k per annum. It is considered quite decent already and better than a lot of people. As long as he doesn't hate his job , really no point taking the risk to leave his job anymore. even if he feels bored at his job but as long he doesnt dread going to work, it is good enough as a way to past time and get some loot.

as what he hates is not the job itself, but the reason behind why we even need to work in a job. or why we even need to work.

except the retrenchment is high in banks. just have to live with the sword and die with the sword i guess

 

[rrr2015]

at least they have the courage to live their own dreams & not follow others

who knows, they may live on little but spend their passive income on whatever they love to do

Not my indication but what a lot of ppl in Money Mind claim. When people like Daimon sometimes post about how he can live on less than $200 per month, or Master Leong in the past who claimed he was retired at 30+ living on less than $1k a month, they got laughed and scorned at, about what is the point of them living such lives.

 

[What2do4life]

except the retrenchment is high in banks. just have to live with the sword and die with the sword i guess

Survival is the key!!!

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[revhappy]

except the retrenchment is high in banks. just have to live with the sword and die with the sword i guess

Some foreign banks retrenchment is high, example, Barclays, Credit Suisse etc.

Most local banks perm staff there is no retrenchment.

Some foreign banks too don't have retrenchment for permanent staff, especially at the lower levels. They typically have contractors. In case of cost cutting they let go contractors and shuffle perm staff into their place.

Typically banks that cater only to the Asian business, from Singapore don't have retrenchment. Banks that in the past used Singapore as an offshore low cost location for global business have been retrenching as now there are cheaper offshore locations like Manila and India.

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[BBCWatcher]

And as I recall, Revhappy, you took advantage of your one-time PEP income protection plan, as it were, so well played, sir!