$250K to bring up a child in Singapore? Still want a comfortable retirement? Consider these 5 steps.
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- เผยแพร่เมื่อ 30 เม.ย. 2024
- Retire worry free in Singapore soon.
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Retirement drawdown strategy? Passive income plus CPF savings.
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CNA Insider's video:
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More than $1.1 million in CPF savings.
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4Q 2023 passive income: Why the smile?
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Unemployed AK grew his passive income from $100K to $200K per year.
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$2 million in passive income! If AK can do it, so can you!
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Grow $100K to $225K in 20 years by doing nothing!
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If you decide to have kids, then own up to the financial responsibility. If you don't want to have that responsibility, don't have kids. Don't be somewhere in between.
Thanks to you and your blog I will retire comfortably without relying on my 4 children allowances. Even when I started as a late bloomer at 49
I retired at 50 from my active employment when my 2 teenage children were about to go university, and supporting my mother (housewife) too. If I had continued to work for another 3-5 years, based on my vested / unvested stocks, the reward would have been well above 7-figure. But with careful planning decades ago, I decided to retire and could still live comfortably well into my 90s (longevity?, haha)…Also, at that time, I already had enough savings for both my children to go overseas university if they wanted to, but both decided on local university, saving me hundreds of thousands of dollars. Indeed, spend what you can afford, especially on children - my view is that it’s NOT expensive to raise children in Singapore! Just have to identify and separate their needs and wants (and your own too) which will make the world of difference!
As a single parent since my youngest child was born, covering insurance for all of us & parent easily cost me 5 digits annually, thats excludes vacations, tuition, enrichment classes, and parent allowances. Despite having a slightly above-average income and facing numerous challenges, both financial and emotional, during my children's formative years, there's no guarantee of returns like in certain investments. Parenthood can be mentally draining and full of disappointments. If given the chance to choose again, I might opt out of having kids altogether. Now that my children are married, I can finally focus on restarting my savings plan.
AK, a small suggestion to increase your video the audio volume if possible :) Almost need to max to hear you.
Well said. I'm a parent and im shocked at how much some parents lock themselves up financially with their self-imposed lifestyle upgrades that are mostly unnecessary.
While I was at college I spent each summer working for the next year's living expenses. Jobs included working in a factory, as a waiter and on a building site. During term, I worked 2 nights a week. But kids don't want to do that stuff anymore - they want Mummy and Daddy to pay for everything - do nothing at school, spend all day on their phone - yet then want to go to college in Australia....!!
Hello AK! What platform do U use for buying/selling shares?
Agreed the logical brain at work on child expenses till the expert emotion of wives come in to rebalance it
Thanks AK for sharing that we should keep our needs simple and our wants few 😀
Some people think they can retire after their kids hit 20 and leave "the nest". Wrong! Most kids will come back to you to borrow money for 1) marriage and wedding banquet which cost a bomb these days 2) downpayment for a centrally located hdb or condo 3) help them out with their kids expenses 4) for some charsiews payment for a car. Some would even kick their parents out of their parents HDB/condo because they deem it as theirs. There are horror stories in the press on this. Most kids just abandon their parents like an afterthought
Actually several youtubers talked about similar topic on those married and generally it is still possible to retire. However i need to emphasize that as a family, the financial decision actually depends on BOTH husband and wife. If both husb and wife agrees to be frugal, good! It is easy to get into millions of dollars in portfolio. However, if your wife disagrees and wants to spend otherwise will nag at u nonstop, then how?
Having kids is not an investment with returns but a long term liability which u hope will be able to be self-sustaining one day and not drag on your retirement plan. Is AK hoping to have?
Marriage and family are like gravity..very hard to resist. And they are actually bondages to life. Looking back, I am glad to remain single. Free from bondages and all kinds of stress. Having children is a gamble, not an investment. I am happy to progress spiritually, cultivating myself, meditating and praying and traveling. Family is not for me. Period.
I'm here...number 8 :(
Just like single vs married, kids or no kid, each has its own pros and cons, frustration and freedom. Also, we wouldn't be here if our parents decided not to have kid.
Indeed a lot of means comments in that video. Good thing that AK is hiding his identity🎉
my plan is to retire in thailand after my children hit 20s
Have 4 kids, sometimes I wonder how I managed to reached this point. 1st graduating this year, 2nd & 3rd admitting uni this year. 4th kid doing IB one more year to army. Wife no longer work but tiger mum for sure. Hardly splurge on tuition if not sure die. Staying in HDB & renting out pte to supplement family income. My job just a humble lifeguard. Kids are from God and yes can sometimes feel like a liability but the love is priceless 🥰
AK definitely against the concept in the book