Mickey J - Seedly
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MJ

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Mickey J

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Mickey J

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  • Questions (1)
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SeedlyTV S2E08

Giveaways

CPF

[GIVEAWAY] What is your retirement safety net strategy? How are you currently using your CPF?
MJ
Mickey J
Level 3. Wonderkid
Answered on 10 Jun 2020
1) Enough money in CPF OA to pay for my mortgage even if I choose not to work early. 2) Hit FRS in CPF SA early to let CPF pay for the yearly FRS increase with CPF interest. 3) Continue to invest with cash to grow a separate source of retirement funds. 4) Grow a few more sources of income that can pay for annual expenses.
ūüĎć 0

Retirement

Investments

FIRE Movement

Any advice for a newbie trying to plan for retirement?
MJ
Mickey J
Level 3. Wonderkid
Answered on 27 Mar 2020
The best way is to start understanding your lifestyle. How much you earn (easily known) and how much you spend (take a bit of calculation and tracking) each month. That will help you form some sort of projection towards how much you need to retire. Here's a simple template to help you understand how your money is flowing in and out - http://retireby50.me/simple-salary-allocation-budgeting-template Once you know how much you need to retire, then you can plan an investment portfolio towards your retirement. Here's another template to help you plan out how much you need to retire - http://retireby50.me/free-singapore-retirement-planning-simulation-spreadsheet/ Sounds like a lot of work before you can actually make your first investment. But once you know where you want to go, then you can choose the best way to get there. Hope this helped.
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Retirement

FIRE Movement

How can you determine when you can FIRE? I know 25x is the general rule, but how foolproof is it?
MJ
Mickey J
Level 3. Wonderkid
Answered on 26 Mar 2020
The 25x rule works as long as your expenses do not change and you can guarantee yourself at least 4% returns from your income generating assets. If your expenses go up due to lifestyle creep or hyperinflation, or your investment returns fall below 4%, and you aren't able to make the necessary adjustments to balance it out, the rule will fail.
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FIRE Movement

Investments

Property

Lifestyle

Retirement

Career

Savings

Entrepreneurship

Asking on behalf of a friend, how to get to FIRE starting at 30 or even 40 ?
MJ
Mickey J
Level 3. Wonderkid
Answered on 15 Jan 2020
I feel that the best way to get started is to build a plan that's tailored to you. 1) Know your expenses and optimise them, removing the ones that you don't need. 2) Give yourself a FIRE number. How much do you need to stop working, based on your expenses. A simple formula could be 25X your annual expenses, but factor in your personal milestones (e.g. getting married, having a kid, etc.) 3) Create a plan on how you intend to achieve your FIRE number and identify ways to accelerate it. Whether is it to rise up the corporate ladder faster, create other side incomes, etc. Hope this helps.
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Level 3. Wonderkid
12PointsGoal 40
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