Retirement, any takers?

He said,
"One of the good things about investing is that there is no mandatory retirement age; you only get wiser as you get older. My father has gone through the best and the worst of times in the stock market, and he has taught me to remain calm in both crises and frenzies. In fact, his presence also helps to calm our clients in times of uncertainty."
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Again, he said,
"My father is now 106 and shows no signs of slowing down. He comes to the office to carry out research and talk to companies for about four hours a day for five days a week. Not bad at his age! Sometimes i will phone a company to chat with management, and they will tell me my father beat me to it. My goal is to follow his footsteps, and i too have no intention of retiring."

Unquote:
Now who is talking about retiring in investing? Me!? i 'm 2/3 of his age. Still thinking of retiring in investing when you reach X point of financially free?
God bless us all.
Amen.

Just relax lah, stay healthy and pursue ur passion!

life is to be enjoyed!!

very true. i think i am swinging towards a decision to get either an s class or a ls460 as i don't think this shd hurt my finances significantly. safety n comfort over the rest.
just that i keep thinking what effect that extra amount spent towards my purchase would have compounded to many more millions over the next 20yrs. i am convincing myself which path to take.
i know it might sound silly to you guys.

(21-07-2013, 10:51 AM)paullow Wrote: very true. i think i am swinging towards a decision to get either an s class or a ls460 as i don't think this shd hurt my finances significantly. safety n comfort over the rest.
just that i keep thinking what effect that extra amount spent towards my purchase would have compounded to many more millions over the next 20yrs. i am convincing myself which path to take.
i know it might sound silly to you guys.

Go ahead lah! I bought my super car last year and it was worth it. I drive jap car all my life b4 that. My rule is all depreciable asset like car, watches, jewellery must be less than 2% of total asset. If so, then ok.

(21-07-2013, 11:24 AM)greypiggi Wrote:

(21-07-2013, 10:51 AM)paullow Wrote: very true. i think i am swinging towards a decision to get either an s class or a ls460 as i don't think this shd hurt my finances significantly. safety n comfort over the rest.
just that i keep thinking what effect that extra amount spent towards my purchase would have compounded to many more millions over the next 20yrs. i am convincing myself which path to take.
i know it might sound silly to you guys.

Go ahead lah! I bought my super car last year and it was worth it. I drive jap car all my life b4 that. My rule is all depreciable asset like car, watches, jewellery must be less than 2% of total asset. If so, then ok.

Woah! 2% of total assets. This will mean that to buy a Vios, the total assets will be at leasr $5M! Think most people will not be able to afford that kind of luxury...

Will need 25 mil to buy a 500k hdb flat...

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Maybe should base on amount of annual depreciation instead?

Will need $150k to buy a MacBook Pro......

The situation is not like needing 25M to buy a 500k HDB flat or needing 150k cash to buy a mac.

Ask you a simple question,

Which car on the road is more common? altis/nissan or rolls royce/lambo?

The answer is quite clear.

And the bread and butter 100k car is very likely to be under loan, and more often than not, the owner only owns one car.

the 1M car on the other hand, is unlikely to be under loan and more often than not, the owner owns not one, but a series of high end cars.

To a HNW person of 25m-50M and above, spending 1-5M on his cars is totally different from a HDB 500k or condo dweller 1M (whose home is more likely to be mortgaged), and taking a 50-100k loan for his car.

That person with 25-50m and above would find it hard to exhaust his money buying his cars, because at that level, he is able to use money as a tool to make money earn more money for him.

A middle class earner husband and wife earning 10-15kpa might seem a lot, but after deducting various expenses, might find it a trying task even to save up a few hundred K. The money just flows out each time the pay check comes in. And most of them need to EXCHANGE THEIR TIME TO WORK FOR MONEY. People who are in this situation would know what I am talking.

So the ultra rich stays ultra rich and even gets richer each year even with his expensive toys but most of the middle class and poor stays status quo.

that's life, in most countries its like that.

I reckon now that the richest 10% in s'pore controls 90% of the country's wealth. It used to be 80:20 before.

Thus the majority 90% of the people have only 10% of the wealth.

"So the ultra rich stays ultra rich and even gets richer each year even with his expensive toys but most of the middle class and poor stays status quo.
that's life, in most countries its like that.
I reckon now that the richest 10% in s'pore controls 90% of the country's wealth. It used to be 80:20 before.
Thus the majority 90% of the people have only 10% of the wealth."

That's why must TAX the richest more!

The rich would have thousands of ways to "lawfully evade" whatever comprehensive tax regime we have in this world....
What is actually taxed is merely a small portion of their wealth...