Comments on: Case Study 5 – Shrewd Millionaire Employee

By: TNT

TNT — Wed, 18 Jun 2008 05:46:15 +0000

i guess it’s a matter of striking a balance. As long as you set aside a portion of your savings every month for your vacation (or any other thing you term as luxury or lifestyle cost), i don’t think Europe or Bali matters. For eg. you may take x months to save for you to go Bali but x+y months for you to go Europe.

By: Matter of Choice and Balance « 10ha10ha

Matter of Choice and Balance « 10ha10ha — Mon, 09 Jun 2008 15:49:53 +0000

[...] At the end of the day, hard work, sacrifice & perseverance are necessary pre-conditions but not a guarantee for success. Well, luck and timing play a part too – but as the saying goes, fortune favours the prepared mind. – whizzard via Salary.Sg [...]

By: wait and wait

wait and wait — Sat, 07 Jun 2008 06:39:10 +0000

Howcome,

That’s good for you. Seems like you are a disciplined saver. I save about $3k to $5k a month, recently less because prices are going up for almost everything, so I spend and buy alot recently. The product that you want to buy may increase price as soon as tomorrow. Somemore malaysia increase petrol price, better buy more now, don’t wait. Sure 100% increase price.

Btw don’t intend to comment so frequently, cos sometimes the truth hurts and people cannot take the truth straight in the face. Kena rap for nothing. $$ is getting smaller by the day, $3k a month pay is really nothing. Cheers!

By: Howcome

Howcome — Fri, 06 Jun 2008 15:52:04 +0000

eh, don’t stop lah, no arrogance and no attitude boring leh
Anyway I don’t save 3k/month. That was my salary many years ago. I save as much as my salary a few years ago only, not so many years ago…

By: wait and wait

wait and wait — Fri, 06 Jun 2008 09:25:40 +0000

When I commented that earning $3k a month is not alot of money, many people flame me and say I am arrogant and attitude. Ask me not to post any more comments. Well, then why 1 million dollars CASH is not enough? 3% return is very conservative. About 6% to 8% return is very acheivable. That makes it $60k to $80k a year passive income. Beats $36k a year earned income.

To howcome,
you can save about $3k a month, thats pretty good!

Anyway think I don’t post anymore. Get flame again for nothing. Cheers!

By: e

Tue, 03 Jun 2008 04:16:32 +0000

inflation will eat away your capital..

though having said that 5m is prob enough. but having 1m is hardly enough to retire…

By: Howcome

Howcome — Mon, 02 Jun 2008 23:12:53 +0000

Enough la. You have 5 million in the bank, with 3% return, that’s 150k/year. 12.5k/month. Even if you have 2 kids, that’s comfy enough already.

By: e

Sun, 01 Jun 2008 23:35:58 +0000

And even if you’re a millionaire, it’s probably not enough to survive comfortably without working

By: tang

tang — Sat, 31 May 2008 11:38:21 +0000

you only live once…

By: Howcome

Howcome — Sat, 31 May 2008 01:27:48 +0000

I really don’t get people who spend beyond their means. I know a lot of people like this. When I talk to them, they say, “Of course you can save, you earn so much!”
But then I could save about 1500 while I was earning 3000 (take home pay 2400) many years ago. Even after paying my rent.
I still take the MRT and bus these days, taxi when needed. Many of my friends earning less than half of what I earn already have cars. On installments.
Many of them eat at 100+bucks/pax restaurants regularly. I’m happy with bringing my loved ones to Sakae Sushi or Din Tai Fung.
Many of them saves for a few months then burn it all away on a 14-day Europe vacation or whatever. I’m happy with going to Thailand or Bali at most twice a year–food there is much better (and cheaper!) than in Europe anyway.
My point is, saving up is not that hard. Right now I save/invest almost as much as what my entire salary was a few years ago. Much harder is to increase your income radically. Because just by saving up, sure, people can become millionaires relatively easily with a reasonable pay and careful investment decisions.
It’s a question of how fast? Do you prefer to be millionaires in your 40s or 60s? How about being one in your 30s?