I think the norm is having a min saving of at least 6 months worth of spending commitments as an emergency fund
Quote:Because we all like to compare, the easiest way to feel rich is to make friends with poor people...". [It will save them a lot of money in the future.]
Haha. Very true indeed. When one is down and out, it is depressing to attend reunions with old friends/fiends, hear them boast about their latest achievements (new condos, new cars, new promotion) and then turn around and ask you "how about you?"
On the other hand, networking means mixing around with successful people so that you get more money-making opportunities. But this sort of you-make-use-of-me-I-make-use-of-you kind of networking should be limited to business associates and not to friends and relatives because sincerity counts in forming valuable relationship with people that you care about.
(18-01-2012, 10:01 PM)pianist Wrote: [ -> ]what enables the 'rise'?
I am expecting a raise, but will endeavour to maintain my current lifestyle. Therefore, the % should increase assuming I continue to spend the same amount every month.
I saved about 60%-70% of my pay each year and is not hard at all. Maybe i am quite used to it already as i seldom party and spoil for holidays. Due to early effort i manage to amass sufficient capital for DIY investment now. In addition to that, my investment gains are 6 Figure range so this helps a bit.
For 2012 onwards, my future earning will be more focus on improving my lifestyle. May end up with 40% saving rate instead.
(19-01-2012, 01:24 AM)corydorus Wrote: [ -> ]I saved about 60%-70% of my pay each year and is not hard at all. Maybe i am quite used to it already as i seldom party and spoil for holidays. Due to early effort i manage to amass sufficient capital for DIY investment now. In addition to that, my investment gains are 6 Figure range so this helps a bit.
For 2012 onwards, my future earning will be more focus on improving my lifestyle. May end up with 40% saving rate instead.
Hi Corydorus,
Your comments got me interested and was wondering that, if your investment gains are 6 figure which means you get minimum of 100,000 dollar.
Would you mind sharing whats your invested capital to get gains of 100,000 dollars?
Also are they paper gains ( unrealized) or realized gains ( cash in the bank).
Thank you for sharing.
Percentages lie and distort.
http://singaporemanofleisure.blogspot.co...money.html
If my annual salary is like minister 1 million and save "only" 10% - who's your daddy?
Compared to if my annual salary is 50,000 and I save 80% - you mean I better off in preparing for retirement?
I am sometimes surprised that Financial Planners, whom I assume would know better, still say things like save X% of your salary... Maybe it's to avoid telling the unpleasant truth:
At your salary, no need to do financial planning. You have to focus on earning more! Never mind active or passive kind.
(19-01-2012, 08:29 AM)Jared Seah Wrote: [ -> ]Percentages lie and distort.
http://singaporemanofleisure.blogspot.co...money.html
If my annual salary is like minister 1 million and save "only" 10% - who's your daddy?
Compared to if my annual salary is 50,000 and I save 80% - you mean I better off in preparing for retirement?
I am sometimes surprised that Financial Planners, whom I assume would know better, still say things like save X% of your salary... Maybe it's to avoid telling the unpleasant truth:
At your salary, no need to do financial planning. You have to focus on earning more! Never mind active or passive kind.
I concur with you completely. Most of us ordinary wage earner if we can save some money in this high cost of living city of ours, will be considered most blessed already. Then you must learn how to make your saving grows till you are not working anymore. By then you may be 55-65; and if you still don't have enough $$$ to last you the rest of your life, may GOD continue to bless you. Or go back to work. Do you see a lot of old people(look like locals to me) clearing tables and cleaning toilets? Sad! These are the people who wants to save in their younger days but unable to; because they can hardly make enough to survive till today.
But people who are blogging here of course are a different group. They are the more "blessed" ones. We should count our blessings. Amen.
Shalom.
Wow, that is an excellent result. For the year ended 2011, my portfolio ended as flat as Changi Airport.
Please share your way to riches with all of us ......
(19-01-2012, 01:40 AM)flinger Wrote: [ -> ] (19-01-2012, 01:24 AM)corydorus Wrote: [ -> ]I saved about 60%-70% of my pay each year and is not hard at all. Maybe i am quite used to it already as i seldom party and spoil for holidays. Due to early effort i manage to amass sufficient capital for DIY investment now. In addition to that, my investment gains are 6 Figure range so this helps a bit.
For 2012 onwards, my future earning will be more focus on improving my lifestyle. May end up with 40% saving rate instead.
Hi Corydorus,
Your comments got me interested and was wondering that, if your investment gains are 6 figure which means you get minimum of 100,000 dollar.
Would you mind sharing whats your invested capital to get gains of 100,000 dollars?
Also are they paper gains ( unrealized) or realized gains ( cash in the bank).
Thank you for sharing.
I do not differentiate them so is total. Not recognizing unrealized loss as losses is cheating.
Is hard to estimate but prior to 2011, is 15% XIRR for the past 5 years.
Cory
Jared, as i always said, nothings beat a proper career for layman. Saving is important so are investment but certainly not the nirvana.
Cory