i believe everyone of us would have thought about it:
how do we feed ourselves and our family?
and more importantly, how do we do that when we stop working?
seeing that we have such a diverse group of people here, i thought it would be interesting to see what is everyone's plan for retirement.
for me,
after obtaining a diploma in information technology, serving national service for 3 years, working for my dad at his workshop for 1 year and now pursuing a degree in accounting and finance, i decided that i love taking calculated risks and hope to trade my local market for a living.
i have about 90k in cash and investments. so if i can yield a compound annual growth rate of 10% over 30 years, i would have about 1.5mil. put that in a fixed income asset that yields 5% per annum and i can live off that yield.
after i die, i can leave that 1.5mil in assets to my children and hope they have the abilities to roll that even more.
thats my simplistic plan.
what about you?
=)
You and Your Money
Moderator: EG Members
you would be taxed on your income when you make this money. i worked in an accountancy firm for 2 years now i work for the national health service.
what i have borrow money from the bank and buy houses, i have bought 3 and am buying the 4th, what i do is buy the house and the rent pays for the mortgage and the interest for the mortgage i pay goes against my income tax bill. thats my plan.
what i have borrow money from the bank and buy houses, i have bought 3 and am buying the 4th, what i do is buy the house and the rent pays for the mortgage and the interest for the mortgage i pay goes against my income tax bill. thats my plan.
here in singapore, there is no capital gains tax.Sura wrote:you would be taxed on your income when you make this money. i worked in an accountancy firm for 2 years now i work for the national health service.
what i have borrow money from the bank and buy houses, i have bought 3 and am buying the 4th, what i do is buy the house and the rent pays for the mortgage and the interest for the mortgage i pay goes against my income tax bill. thats my plan.
thats the beauty of it. so basically if i know what i am doing i will be making profits without paying tax.
nice plan, sura. are your houses freehold?
here 90% of our population live in government-built apartments.
they have a leasehold of 99 years.
even so-called 'freehold' private housing actually have 999 years lease. so everything eventually goes back to our fine gov.
=)
you will have to pay income tax on your earnings for example if you make 20k in one year you will have to pay 4k tax here in the uk.
my houses are freehold, not may people can buy their first house in the Uk, but because i have capital from the first house i can invest it in the next and the next et.
my houses are freehold, not may people can buy their first house in the Uk, but because i have capital from the first house i can invest it in the next and the next et.
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panasonic
- Augh! Bright sky fire burn eyes!
- Posts: 361
- Joined: Thu Jan 13, 2005 11:40 pm
- Location: the place above the US
well, i dont really care about saving cash since inflation may devaluate it or things just get more expensive. i rather buy assets like stocks and preferably real estate
Last edited by panasonic on Wed Mar 08, 2006 7:32 pm, edited 1 time in total.
"Education is the foundation upon which you build your entire lust for cash"-Onizuka
http://www.striporama.com/edits/main.html
http://www.striporama.com/edits/main.html
yes, of course. hard money is the worst kind of 'investment'. it just does nothing. worse still, the supply of it is ever increasing.panasonic wrote:well, i dont really care about saving cash since inflation may devaluate it or things just get more expensive. i rather by assets like stocks and preferably real estate
