I’d be retiring or working less in 8 years, and considering this financial recession, I’m deciding to begin taking up skilled trades. I’m curious to know best how people spilt their pay, how much of it goes into savings, spendings or investments, I earn about $140k per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don’t come to TH-cam for advise, consult a financial firm about your situation
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time…. I’m 57 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once I consulted an advisor to stay afloat and with subsequent investments, I’m only 15% short of $1m as of today.
This is huge, would love to grow my reserve regardless of the economy situation, my 401k has lost accrued since early 2019, at this point, I’m in need of guidance, can you point me?
Certainly, Eric Paul Elmer provided me with tailored financial strategies that not only protected my investments but also helped optimize them during periods of economic turbulence. His insights were truly invaluable.
This is good video because it gives a good overview of how you can generate income when you hit retirement. What is missing is the cost and risk factor that is required to sustain these income generating vehicles. For example, what is the cost to finance the property that is rented out? Whats is the cost lost to CPF life to generate the CPF life payouts? What is the cost of risk of stock value erosion to generate the dividends? The term cashflow means INs minus OUTs. The INs are clear, the OUTs are not.
At 14:00min, if the plan is to live in comfort, there is no need to drive old car and clean bedroom lah. We people need to finish poor, the smart ones will plan to spend most before go go. No point keeps saying not enough. Not enough. I'm sure we all can cope like many who had nothing much, worst case.
people just like to criticize but never think or take the positivity out of the sharing.. we each have our own lifestyle, we may not even have 1 million, but with this knowledge sharing we should be more motivated to achieve financial freedom or independence n start planning for our retirement early on in our lives.. at least know where we are right now n work hard towards better future.. that should be the way to learn n make a difference..
The cash saved before retirement must be considered as principal which cannot be used for expenses! Only the returns from the principal should be used for expenses during retirement! So the principal should produce a return higher than inflation!
Good case study. I agree that around 10K per month of expense should be a comfortable retirement amount for a couple. This is the number I am working towards too.
I was one of the early buyers of JB house. Trust me Mr Loo, the JB geographical arbitrage plan looks very logical and sound on paper but in reality.....u will soon discover for yourself in due time after a few years. I am currently 52. stopped working since 45 after achieving what patrick is planning to do when he retires. There are more ways to generate passive income in a safe way but is not widely known and mentioned, misunderstood or underrated. Looking at your current plan, its like driving a petrol guzzling car, not efficient. but it will still get u to where u wanna go. no doubt.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
The difficulty is buying good assets. How to know if the risk asset u buy is good (buy at good price and consistently producing good income) and know how to monitor and dispose of it when it becomes bad and replace them? It's about knowing how to invest in order to generate good income and maintain your wealth and that is difficult. It's easy to lose money in your investments. As such, even with good amount of money in retirement, it may be worse to invest your monies in lousy asset and lose them.
Thanks for sharing Mr. Loo! If the asset generating income is sufficient to fund the expenses (liabilities), the draw down of the asset can also be considered. How’s is this taken into consideration?
No one asking how come cpf life annual payout can reach $72,000? I been scratching my head when i see the cpf life payout (basic plan) that has annual payout as $72,000. Someone can help advise?
The chart at16:30 shows that the portfolio generates $10 mil in income over the retirement period. Obviously, unless you put your money under the pillow, you are not going to need $10 mil in assets at the point when you retire.
In Indonesia 1 million SGD is enough to retire comfortably. In SG 2 million probably enough provided you already have a fully paid place to stay with. But of course you live basicly. Enough to shop and cook at home and eat out occasionally at hawker centre. Go cheap holiday yearly.
Let’s not be too fixated on the magic number, with regard to net worth, to be attained for a comfortable retirement. As long as we’ve accumulated sufficient savings and investments to generate passive income or cash flows that will cover our basic and lifestyle expenses during retirement, I believe we’re already on the right track. It all depends on our lifestyle and choices we make.
I think this is good sharing, especially for folks who have decent savings built up over years of working and have a fortunate choice of planning a deliberate retirement. Of course there will always be less fortunate people who never plan for retirement simply because it’s impossible. They will work until they are forced to retire and then it will be rather gloomy after that, and this sort of content is probably not interesting to them in first place.
I won't say your grandma putting her savings in bank is a disaster. During her times, she can easily score 10% yield in her savings. Then again, different generations require different strategies according to the world phenomenon. In her latter years, perhaps with old age, money doesn't matter much and it is probably a mental hassle to deal with money, esp. if you are 80 or 90-ish
Good to plan but not overplan. When one needs another to change his diapers, what use is a big house? All he needs is a bed and a few pairs of pyjamas. Work so hard to carry mortgages, accumulate assets, eventually, strangers will enjoy your wealth. Just live meaningfully. "世人都晓神仙好，唯有金钱忘不了。终朝只恨聚无多，到得多时眼闭了。"
10m is actually not a lot of money. Me and my wife already has in excess this amount and we don't think it is good enough. If you ask my wife, she will definitely say that no less than a 100m would suffice.
I’d be retiring or working less in 8 years, and considering this financial recession, I’m deciding to begin taking up skilled trades. I’m curious to know best how people spilt their pay, how much of it goes into savings, spendings or investments, I earn about $140k per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don’t come to TH-cam for advise, consult a financial firm about your situation
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time…. I’m 57 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once I consulted an advisor to stay afloat and with subsequent investments, I’m only 15% short of $1m as of today.
This is huge, would love to grow my reserve regardless of the economy situation, my 401k has lost accrued since early 2019, at this point, I’m in need of guidance, can you point me?
Certainly, Eric Paul Elmer provided me with tailored financial strategies that not only protected my investments but also helped optimize them during periods of economic turbulence. His insights were truly invaluable.
Check out Eric Paul Elmar…. Google search the name for more information
This is good video because it gives a good overview of how you can generate income when you hit retirement. What is missing is the cost and risk factor that is required to sustain these income generating vehicles. For example, what is the cost to finance the property that is rented out? Whats is the cost lost to CPF life to generate the CPF life payouts? What is the cost of risk of stock value erosion to generate the dividends? The term cashflow means INs minus OUTs. The INs are clear, the OUTs are not.
At 14:00min, if the plan is to live in comfort, there is no need to drive old car and clean bedroom lah. We people need to finish poor, the smart ones will plan to spend most before go go. No point keeps saying not enough. Not enough. I'm sure we all can cope like many who had nothing much, worst case.
people just like to criticize but never think or take the positivity out of the sharing.. we each have our own lifestyle, we may not even have 1 million, but with this knowledge sharing we should be more motivated to achieve financial freedom or independence n start planning for our retirement early on in our lives.. at least know where we are right now n work hard towards better future.. that should be the way to learn n make a difference..
The cash saved before retirement must be considered as principal which cannot be used for expenses! Only the returns from the principal should be used for expenses during retirement!
So the principal should produce a return higher than inflation!
Good case study. I agree that around 10K per month of expense should be a comfortable retirement amount for a couple. This is the number I am working towards too.
I was one of the early buyers of JB house. Trust me Mr Loo, the JB geographical arbitrage plan looks very logical and sound on paper but in reality.....u will soon discover for yourself in due time after a few years. I am currently 52. stopped working since 45 after achieving what patrick is planning to do when he retires. There are more ways to generate passive income in a safe way but is not widely known and mentioned, misunderstood or underrated. Looking at your current plan, its like driving a petrol guzzling car, not efficient. but it will still get u to where u wanna go. no doubt.
How to get 72,000 interest per year from (CPF)
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Dont count on phase 3 - most people are not so lucky to live so long. If you reach beyond this, then you are blessed.
The difficulty is buying good assets. How to know if the risk asset u buy is good (buy at good price and consistently producing good income) and know how to monitor and dispose of it when it becomes bad and replace them? It's about knowing how to invest in order to generate good income and maintain your wealth and that is difficult. It's easy to lose money in your investments. As such, even with good amount of money in retirement, it may be worse to invest your monies in lousy asset and lose them.
Is the aggregate expenses based on time value of money adjusted for inflation (whether it be 10 mil or otherwise)
I have been following Patrick’s CPF Wealth Tree. I agree that his Kuek Lapis approach is very inspiring.
Thanks for sharing Mr. Loo! If the asset generating income is sufficient to fund the expenses (liabilities), the draw down of the asset can also be considered. How’s is this taken into consideration?
For Singaporean who retired in JB really smart move 🎉
No one asking how come cpf life annual payout can reach $72,000?
I been scratching my head when i see the cpf life payout (basic plan) that has annual payout as $72,000. Someone can help advise?
The chart at16:30 shows that the portfolio generates $10 mil in income over the retirement period. Obviously, unless you put your money under the pillow, you are not going to need $10 mil in assets at the point when you retire.
I reckon most people will feel demoralize after seeing such a big sum of money needed to retire gracefully~
I feel seriously demoralized...
@@eileentan198me too
Me too
In Indonesia 1 million SGD is enough to retire comfortably. In SG 2 million probably enough provided you already have a fully paid place to stay with.
But of course you live basicly. Enough to shop and cook at home and eat out occasionally at hawker centre. Go cheap holiday yearly.
I also don’t have so much of cashflow, but the retirement plan is useful for us to adapt with
retiring when HH networth hits $5m or so... if primary residence is 2m and the remainder can generate 4-5% pa can have $10k - 12k pm. should be enough
These are for the high income group .
@sallylim6841 but high income earners don't need such advice. They would already know what to do.
Let’s not be too fixated on the magic number, with regard to net worth, to be attained for a comfortable retirement. As long as we’ve accumulated sufficient savings and investments to generate passive income or cash flows that will cover our basic and lifestyle expenses during retirement, I believe we’re already on the right track. It all depends on our lifestyle and choices we make.
I think this is good sharing, especially for folks who have decent savings built up over years of working and have a fortunate choice of planning a deliberate retirement. Of course there will always be less fortunate people who never plan for retirement simply because it’s impossible. They will work until they are forced to retire and then it will be rather gloomy after that, and this sort of content is probably not interesting to them in first place.
I won't say your grandma putting her savings in bank is a disaster. During her times, she can easily score 10% yield in her savings. Then again, different generations require different strategies according to the world phenomenon. In her latter years, perhaps with old age, money doesn't matter much and it is probably a mental hassle to deal with money, esp. if you are 80 or 90-ish
Hi mr loo any advice for TLT?
Ji Ba Bom
I will retire in Mlysia big freehold landed with huge land, convert S$5k mthly rental to RM17500 & live like a Sultan
Retiring in Singapore is not worth it. Will probably live out my last days in Malaysia where no such thing has having to renew coe
Me too!
Good to plan but not overplan. When one needs another to change his diapers, what use is a big house? All he needs is a bed and a few pairs of pyjamas. Work so hard to carry mortgages, accumulate assets, eventually, strangers will enjoy your wealth. Just live meaningfully. "世人都晓神仙好，唯有金钱忘不了。终朝只恨聚无多，到得多时眼闭了。"
I agree with you but most people think happiness comes from $
@@eiooopsa financial planner advised me some 30 years ago that I would need $1m each to send my children to local uni.
Don’t over-save (it’s hoarding). Use money as one needs to facilitate a comfortable and enjoyable life.
@@allantankl yes, don't be enslaved to money. The $10m plan man is just working hard to make you spend money. 😂
What is this person's networth to achieve this
Mr Loo, gone are the days that you can have huge capital gains from property.
Excellent presentation. Thanks Mr Loo
May need a caregiver, not a caretaker
Agree… 🤣🤣
Funny le
Wrong echelon
How poignant! Travelling expenses will be replaced by medical expenses! Ouch!!!
Not a very useful video because the bar is just too high for most of us lah 😂. I’d rather empty the savings as it goes more practical.
Thanks for sharing!
One billion Sing dollars
hi mr loo
10m is actually not a lot of money. Me and my wife already has in excess this amount and we don't think it is good enough. If you ask my wife, she will definitely say that no less than a 100m would suffice.
Money no enough. The more money,the higher cost of lifestyle,it will never be enough if you are never satisfied with things.
If your retirement plan includes a yacht or private jet, 100m is not enough
why not 1000 million? isn't that better and more comfortable?
@fielddaysg07 human nature is even w $1 billion also not enough
Then your wife will be on the liability side of the equation for you. Right at the top.
Nothing new, only haulien
cnf jiak buay liao