How much is enough for retirement in Singapore?
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tyeogh\" post_id=\"1935888\" time=\"1568815782\" user_id=\"94399:
True that. If I thrift until buy 2nd hand clothes, 2nd hand shoes, no car, stay 4 room flat, dun renovate house, no holiday.....just to save $1m, I think my wife ah bish my face. Take my kids away. Find another man.lee_yl\" post_id=\"1935885\" time=\"1568814175\" user_id=\"17023:
Maybe it’s ok for the females to be thrifty but not the males? I recall my mum telling me not to find a husband who is “giam siap” (stingy) kind or else the rest of my life will be very miserable.
Sometimes, money is not everything. Dont stinge or worship it.
You are humorous
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Yeah I don’t think I can keep to the 12 commandments too…life is short so live within your means comfortably. Raise responsible children and I think we should be fine?
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I feel that at my age I could follow many of the points probably coz I have tasted some of the sweetness as well as the bitterness… for a younger generation, I guess good to share with them that end of the day we may not need that much so maybe dont slave yourself all the way to the end. It is ultimately up to them if they want to achieve the more materialistic things but with those ideas at the back of their mind. Different people has different preference on how they want to live their lives and that may change along the way…to me important thing is for the couple (from different families with different values) to be able to come to an agreement of what they want as a family unit ba…
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Guess that is Hercules' preferred lifestyle and how she guides her children. Think of it as a base line and you slide your rule along that line according to what you think is suitable or practical for you.
For me, I did not have the privilege of buying a brand new HDB and making a windfall from that as we exceeded the income ceiling. EC was not available then, so the option was open market HDB or private. Given the property prices at that time, we went for freehold private.
I don't believe in 2nd hand clothes and stuff. Way I see it, I can afford brand new items so I get them brand new, instead of competing with others who are really in need for 2nd hand stuff. In any case, I don't shop excessively. I am still wearing some clothes(jeans, shorts, pullovers) from when I was in my 20s. :oops: Even furnitures and dining wares have been following us from house to house.
I spend less than 50% of what I earn since my 20s. Of course when kids came along expenses did go up somewhat but overall we are comfortable and retirement finances are on track. If there are things that I can afford and it improves the quality of life, I will not stinge on it. -
We have the 4-room HDB flat so that we can not follow the rest of the advice - especially with regard to travel.
Except the last one about leaving the Earth a better place - I'm not sure I follow it, exactly, but it's a good guide for life.
(I would wear the same jeans I wore in my 20s if I could! Unfortunately I seem to need bigger clothes all the time...) -
Some random thoughts:
1.\tThe phrase of ‘life is short’ is a double edged sword. From my perspective is coz of this, then we should not be chasing after money over a run that is longer than necessary. Earn, save, and invest enough to retire earlier to give ourselves meaningful years to pursue our life’s interests and true missions (this is under the assumption of most are not so fortunate enough to be working ‘happily’ till their late 50s or 60s).
2.\tThe phrase of ‘living within our means’. This is more applicable if one is only making enough to make basic ends meet but it’s not so relevant when one is making more than enough for ends purposes. I am having about $10K of passive income now and so if I were to ‘live within my means’, I could spend much more than the $1K that I am currently spending per month. My girl’s and boy’s monthly comfortable expenditures per month are about $1,200 and $1,500 respectively, and so they have been stashing away more than 50% of their salary per month.
3.\tAbout ‘giam siap’. My family is more towards conserving environment with money saved as a collateral advantage. Eg, when we travel overseas, most of the time we will leave those FOC mineral water and general supplies in the hotel rooms untouched. It is in us this habit of not to create rubbish and willing to make efforts to bring own bottles/supplies and go to refill etc. This mentality is nothing to do with ‘giam siap’.
4.\tAbout 2nd hand goods. My best catch so far is the 3+2 full leather sofa set that I got to replace my old sofa at $350 (brand new at about $4000). Seller was an old lady. Her son bought for her the set but she found it too big for her flat and so asked the son to remove it and it was offered at $350 even though it looked as if new (saw it had been in the market for more than a month).
Other smaller catches include a pair of brand new sketchers walking shoes at $20 and a relatively new trekking Nike boots at $25. I am always willing to pay more for proper footware and have been paying 3-digits for most of them in the past, but now will go carousell etc to look for ‘relatively new’ or brand new items at a fraction of the price if I need to replace my walking/trekking shoes (need some luck to get).
My girl was elated to get her this CNY dress at $20 from a second hand store. She wore it twice and sold it off again also at $20. She has many second hand clothing and active in buying and re-selling whenever she needs a ‘special’ dress.
My son is into buying/selling of his electronic gadgets and sports equipment.
My hubby does not involve much in this as he hardly buys anything.
There are enough wasteful people around for one to find good catches nowadays.
5. It is important for one to find a spouse who shares similar belief. I am happy for my son whose girlfriend is all excited about this FIRE concept (since she is also someone who is saving more than 50% of her salary. Her dream is to write a novel and so if really can retire at around 50, then she can pursue this dream).
6.\tOverall, spending money does not give me joy but giving away money to those in needs will make me feel very happy (I give away a few times of my personal monthly expenses every month). This is the kind of intangible happiness that I hope my kids can fully realize one day.
We ‘worship’ money in different ways. -
Is it me or my poor tastes in clothes, or poor choice of fabrics, but I find that clothes from 20 years ago, seem to be lasting. However clothes that I have bought in the past few years, the quality doesn’t seem to hold up as well. They won’t last the years…
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doodbug\" post_id=\"1935931\" time=\"1568860933\" user_id=\"13281:
I agree! But jeans do last and the older they are the more comfy they are.
Is it me or my poor tastes in clothes, or poor choice of fabrics, but I find that clothes from 20 years ago, seem to be lasting. However clothes that I have bought in the past few years, the quality doesn't seem to hold up as well. They won't last the years....
I tend to wear loose fitting clothes so gain or lose weight, I can still wear them.
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Funz\" post_id=\"1935932\" time=\"1568861525\" user_id=\"6230:
I agree! But jeans do last and the older they are the more comfy they are.doodbug\" post_id=\"1935931\" time=\"1568860933\" user_id=\"13281:
Is it me or my poor tastes in clothes, or poor choice of fabrics, but I find that clothes from 20 years ago, seem to be lasting. However clothes that I have bought in the past few years, the quality doesn't seem to hold up as well. They won't last the years....
I tend to wear loose fitting clothes so gain or lose weight, I can still wear them.
I have a pair of 'branded' kaki bermuda that I bought for $5 in a Japan second-hand store. Wore it for about 2 years and now the zip spoilt. To change the zip cost $6-7. So I am still thinking what to do with it (coz other parts are still all OK).
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