Target networth

[iamveryguailan]

Back to my question. How many can actually step off the pedal once you hit your target net worth?

I think this varies a lot. I know some people who are very contented with their lives even though they may not be earning a lot. Ok the other hand I have an Uncle who has a high 8 figure net worth, and still running his businesses into his 70s. Maybe he is passionate about it, I don't know. Just imagine just 1-2 weeks after a major heart bypass surgery, he went back to his company..

 

[Sinkie]

Yes, that's the correct approach.

And then calculate in detail how each part of your remaining asset will give you the expected returns..

Primary residence can also rent out a few rooms and make rental income too

 

[ocs_woodlands]

Primary residence can also rent out a few rooms and make rental income too

True. So most important is to know thyself. Know what you can bear and know what you cannot bear. Know what is a sustainable std of living for the last 20-30 years of your life..

 

[malthead]

I think this varies a lot. I know some people who are very contented with their lives even though they may not be earning a lot. Ok the other hand I have an Uncle who has a high 8 figure net worth, and still running his businesses into his 70s. Maybe he is passionate about it, I don't know. Just imagine just 1-2 weeks after a major heart bypass surgery, he went back to his company..

What about you?

 

[hwmook]

IMO, you should take out about the value of a 3rm resale flat from your residence and the balance can be construed to your net worth. That's because you minimally need a roof over your head

Yes, that's the correct approach.

And then calculate in detail how each part of your remaining asset will give you the expected returns..

Disagreed, primary residence can be sold or rent out so it's still part of your net worth. Government allow you to sell the remaining lease or even the house itself so you do not need to keep a 300k primary residence just to have a roof over your head. It also help to remind you that as the lease run down, your property is depreciating and will have a impact on your networth.

 

[Sinkie]

Disagreed, primary residence can be sold or rent out so it's still part of your net worth. Government allow you to sell the remaining lease or even the house itself so you do not need to keep a 300k primary residence just to have a roof over your head. It also help to remind you that as the lease run down, your property is depreciating and will have a impact on your networth.

It’s true, before any ssi warrior do any sort of equity financing of their primary condo residence with any bank, they will first rent out a room to convert their primary residence from liability into an asset de

 

[malthead]

Disagreed, primary residence can be sold or rent out so it's still part of your net worth. Government allow you to sell the remaining lease or even the house itself so you do not need to keep a 300k primary residence just to have a roof over your head. It also help to remind you that as the lease run down, your property is depreciating and will have a impact on your networth.

My point was its more conservative to not include or include only part of it for determining networth for the purpose of retirement as selling your house to fund your retirement should a last resort

 

[Sinkie]

My point was its more conservative to not include or include only part of it for determining networth for the purpose of retirement as selling your house to fund your retirement should a last resort

To be even more conservative, we should also not include our cpf and also only regard max $50,000 of our cash in each bank account in our net worth calculation too

 

[malthead]

To be even more conservative, we should also not include our cpf and also only regard max $50,000 of our cash in each bank account in our net worth calculation too

I don't see how including cpf and cash is comparable to including primary residence

 

[Sinkie]

I don't see how including cpf and cash is comparable to including primary residence

Cpf is not your money and only $50,000 of your deposit is insured

Then for those who are married, networth should be halved also

That will be your true value

 

[BBCWatcher]

Cpf is not your money....

I'm very happy to give you some real money -- how about $10? -- if you'd like to pay some housing costs with your not real CPF Ordinary Account funds. Deal?

 

[Sinkie]

I'm very happy to give you some real money -- how about $10? -- if you'd like to pay some housing costs with your not real CPF Ordinary Account funds. Deal?

Maybe you can considering opening a WTB your cpf thread in edmw

There are tons of bbfa who regards cpf as not their money lol

 

[havetheveryfun]

I think this varies a lot. I know some people who are very contented with their lives even though they may not be earning a lot. Ok the other hand I have an Uncle who has a high 8 figure net worth, and still running his businesses into his 70s. Maybe he is passionate about it, I don't know. Just imagine just 1-2 weeks after a major heart bypass surgery, he went back to his company..

People like Gabe Newell, Steve Jobs (before he passed away), Bill Gates, Warren Buffet are such examples.

 

[spiritGate]

Some people are going for fame and power, which is why even when they reach their financial freedom and yet they still continue to work

People like Gabe Newell, Steve Jobs (before he passed away), Bill Gates, Warren Buffet are such examples.

 

[Toni90]

Cpf is not your money and only $50,000 of your deposit is insured

Then for those who are married, networth should be halved also

That will be your true value

Like this stock and bond no count as they are not insured at all???

 

[Sinkie]

Like this stock and bond no count as they are not insured at all???

Same logic as primary residence is not counted as everyone needs a roof

 

[havetheveryfun]

Some people are going for fame and power, which is why even when they reach their financial freedom and yet they still continue to work

Donald trump lor

 

[rrr2015]

actually the more difficult part is finding out what you REALLY want to do for rest of your life

also have self discipline to keep self healthy

Back to my question. How many can actually step off the pedal once you hit your target net worth?

 

[Toni90]

Really want to do and got a GOOD pay lah

 

[V_for_Vanilla]

actually the more difficult part is finding out what you REALLY want to do for rest of your life

also have self discipline to keep self healthy

I find the key is to keep the mind active and remain curious about the world.