4 in 10 S'poreans not saving for retirement

I think to some, the definition of necessities can be quite wide and hence the minimum spending one is perceived to need differs. Most ppl won't argue food is a necessity but if someone places a value to health gained from eating well, the person would not hesitate to pay more for food, even if there is the 1.50 chicken rice downstairs. What is a need to u might be a want to me, vice versa. There is no easy logic to this.

I see where Temperament is coming from, he defined rich as being able to sustain basic necessity spending. I guess it's like a company generating free cash flows. Many may argue that is not the usual definition of rich. Some say rich is financial freedom, some equate to mass accumulation of wealth, being top 100 rich list. To each his/her own.

(23-04-2013, 12:16 AM)FatBoi Wrote: I think to some, the definition of necessities can be quite wide and hence the minimum spending one is perceived to need differs. Most ppl won't argue food is a necessity but if someone places a value to health gained from eating well, the person would not hesitate to pay more for food, even if there is the 1.50 chicken rice downstairs. What is a need to u might be a want to me, vice versa. There is no easy logic to this.

I see where Temperament is coming from, he defined rich as being able to sustain basic necessity spending. I guess it's like a company generating free cash flows. Many may argue that is not the usual definition of rich. Some say rich is financial freedom, some equate to mass accumulation of wealth, being top 100 rich list. To each his/her own.

Thank you. You put it so elegantly.
i put it too simply.

i also want to say, you can try to be as rich as you can but at the end of the day, you only need very basic things to survive. So some born rich and live rich their whole life may not be able to. So from rag to riches may be a blessing; from riches to riches may not be.

i couldn't agree more. recently, i had a 6figure paper gain in one of my stock in a day. delighted? no. strangely. i guess i am getting numb to.all these so long as i.dun.end up broke. i just carried on eating my 2.50 lunch n parking at a nearby park to walk to a shopping centre to save on that parking fee. one's basic needs still the same whatever ur status may be.
i still hope my health ok, kids will do well in school, wife happy, family ok. upgrade house/car? wat for? since i am in my extreme comfort now. y venture into new realm?

(23-04-2013, 07:46 AM)paullow Wrote: i couldn't agree more. recently, i had a 6figure paper gain in one of my stock in a day. delighted? no. strangely. i guess i am getting numb to.all these so long as i.dun.end up broke. i just carried on eating my 2.50 lunch n parking at a nearby park to walk to a shopping centre to save on that parking fee. one's basic needs still the same whatever ur status may be.
i still hope my health ok, kids will do well in school, wife happy, family ok. upgrade house/car? wat for? since i am in my extreme comfort now. y venture into new realm?

Sometimes when I have my lunch in a coffee shop, I refuse to buy the can drinks from the stall. Instead, I will buy it from a nearby provision shop which is the same thing but could costs 50% lesser.

Paul, I see myself in you, only difference is I don't have a 6 figure paper gain . But even if I do one day, I believe my lifestyle will not change much.

(23-04-2013, 09:19 AM)Ben Wrote:

(23-04-2013, 07:46 AM)paullow Wrote: i couldn't agree more. recently, i had a 6figure paper gain in one of my stock in a day. delighted? no. strangely. i guess i am getting numb to.all these so long as i.dun.end up broke. i just carried on eating my 2.50 lunch n parking at a nearby park to walk to a shopping centre to save on that parking fee. one's basic needs still the same whatever ur status may be.
i still hope my health ok, kids will do well in school, wife happy, family ok. upgrade house/car? wat for? since i am in my extreme comfort now. y venture into new realm?

Sometimes when I have my lunch in a coffee shop, I refuse to buy the can drinks from the stall. Instead, I will buy it from a nearby provision shop which is the same thing but could costs 50% lesser.

Paul, I see myself in you, only difference is I don't have a 6 figure paper gain . But even if I do one day, I believe my lifestyle will not change much.

paul low sifu, suddenly i see hk star chow yun fatt in you. he also leads a simple lifestyle - no car, takes mrt and buses and cook at home with fishes and vegetables bought from wet markets..and he is at least SGD200mio in net worth

I am new to this forum and I would like to share my views.

In my line of work, I meet many people from a wide range of backgrounds, gender, marital status and age and income groups.
Casual conversations reveal that most do not track their expenses and do not bother to compare prices of day to day items.

All lament that they do not have enough money. Not surprising.

Simple ways such as asking how much is a kilo of 'chye sim' to comparing prices for 65gm eggs at supermarket against wet market is regarded as 'too much'. It is these little details that bring forth the concept of saving yet not suffering. You could get the same product for 20% or maybe 50% cheaper. How can people be more discerning?

I used to carry a little '555' note book with me and I would record prices of my commonly used items from bath soaps to dried assam. A data base of prices for me to review and plan my purchases. Does it help? It certainly helped determine where I go to buy certain products based on price and quality. Of course with the advent of tablets etc, records can be kept more efficiently.
Simple ways can provide information that people can use to make informed decisions. Yet most people view it as troublesome, citing:

"no time"
"too troublesome"
and the crux of it all: " its only a few cents lah!"

I attended one 'seminar' on retirement planning and the speaker brought up an example of eating a breakfast of soft cooked eggs, toast and coffee at local coffee shops. A lunch of chicken rice and dinner was 'tinggkat' service.
I ask myself if that is the 'expectation' of a life retired from employment?

How difficult is it to buy 10 eggs, cook it in boiling water,fix coffee or tea and toast the bread, all at home? And I do not think one can eat this combination every day! Sometimes I think people buy homes with the kitchen as a show piece, never to be used except to boil water for instant noodles.

The key to having enough is to know how much is the expense. Once expenses are accounted for, the amount left over from the income is what can be saved. <b>Income minus expenses = savings. </b>

1month into retirement at 37. i think i couldn't have made a better decision in life.
its time i reflected on those days when i put in 16hr work days. din really see my children grow up from baby to preschool n din really spend tine with my parents who painstkingly brought me up n saw me thru university.
for the past mth, at times, i stayed at home doing nothing while my kids do their homework. this to me, is good enough. to be by their side
on some weekdays, i would go explore msia with my parents.
i dunno how many more yrs can they be mobile enough to accompany me on my journeys.
on one friday afternoin, i sit my the beach at pontian with dad.
i thoght to myself, life is indeed a rat race.
i was able to exit it early by sacrificing my early yrs, working 16hr days at expense of spendimg less time with my loved ones, andbuilding up a successful business n quickily channelling it to my investemts, all this happening while living a very simple non extravagant life.

(27-04-2013, 10:26 AM)paullow Wrote: 1month into retirement at 37. i think i couldn't have made a better decision in life.
its time i reflected on those days when i put in 16hr work days. din really see my children grow up from baby to preschool n din really spend tine with my parents who painstkingly brought me up n saw me thru university.
for the past mth, at times, i stayed at home doing nothing while my kids do their homework. this to me, is good enough. to be by their side
on some weekdays, i would go explore msia with my parents.
i dunno how many more yrs can they be mobile enough to accompany me on my journeys.
on one friday afternoin, i sit my the beach at pontian with dad.
i thoght to myself, life is indeed a rat race.
i was able to exit it early by sacrificing my early yrs, working 16hr days at expense of spendimg less time with my loved ones, andbuilding up a successful business n quickily channelling it to my investemts, all this happening while living a very simple non extravagant life.

After reading what you wrote, i feel "sad & touch" of how much you have to sacrifice your time in your early stage of your life for the present comfortable lifestyle of your family now. But i happy for you for choosing to spend more time with your family now then with your business. You are indeed very wise.
i think very few people can or want to do that - Become less active in business and more on family, once they have tasted the fruits of success in their business world. They become crazy or mesmerised about money and power and fame in the business world.
i always think it is best to have the best of both worlds - business & family (if possible). But then of course you can not "retired" at the age of 37.
Shalom.

(27-04-2013, 10:26 AM)paullow Wrote: 1month into retirement at 37. i think i couldn't have made a better decision in life.
its time i reflected on those days when i put in 16hr work days. din really see my children grow up from baby to preschool n din really spend tine with my parents who painstkingly brought me up n saw me thru university.
for the past mth, at times, i stayed at home doing nothing while my kids do their homework. this to me, is good enough. to be by their side
on some weekdays, i would go explore msia with my parents.
i dunno how many more yrs can they be mobile enough to accompany me on my journeys.
on one friday afternoin, i sit my the beach at pontian with dad.
i thoght to myself, life is indeed a rat race.
i was able to exit it early by sacrificing my early yrs, working 16hr days at expense of spendimg less time with my loved ones, andbuilding up a successful business n quickily channelling it to my investemts, all this happening while living a very simple non extravagant life.

Hi Paullow,

Congrads to you on your new upcoming status. Hopefully I can join you in 5yrs time too.