At what age do you foresee yourself achieving financial freedom? What are some obstacles that you foresee may disrupt your plans to reach that milestone? - Seedly
 

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Asked by Ng Wei En

Asked on 13 Aug 2018

At what age do you foresee yourself achieving financial freedom? What are some obstacles that you foresee may disrupt your plans to reach that milestone?

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Answers (16)

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I aim for financial independence before 55. That is when my income streams should cover my basic needs. My entire investment philosophy is built and strategized around this, ensuring that by 55 I have my predictable, reliable income streams in place. And since I center it around guaranteed income sources, there is little risk that my plans will be disrupted.

Naturally, I have variable income sources as well, but if they don't pan out so well, I won't be too impacted from it.

Financial freedom, to me, is the point where money is no object. That might be a lot harder, since you can have wants that require a lot of money. So if you ask me, probably never, although it is a goal to work towards.

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Wallace Chai
Wallace Chai
Level 9. God of Wisdom
Answered on 07 Dec 2019

Before 50!

What could go wrong is if there's some misfortunate happens and have to incur large amount of money.

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Dawn Fiona
Dawn Fiona
Level 7. Grand Master
Answered on 14 Aug 2018
  1. Family and healthcare would be my biggest obstacles - I singlehandedly support my ailing father, married an only son, and not to mention our own kids ... We have a LOT of dependents to pay for, and if their health suffers, one single massive medical bill could wipe us out easily. Moreover as they didn't plan for their retirement and do not have sufficient insurance.

This keeps me awake at night.

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Yanisa Koh
Yanisa Koh
Level 6. Master
Answered on 24 Dec 2019

I aim to reach financial freedom before I turn 60. I hope to get consistent income streams that will be able to sustain myself in retirement. Some obstacles that I foresee might be health or other unforeseen issues that will impact my ability to work or find a job.

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Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 8. Wizard
Answered on 22 Dec 2019

Ideally 50.

What can go wrong? Business failure.

As a businessman, I am saddened by how government just changed the rules for PMD before 11.11 (a huge sales day) and bankrupt many small PMD merchants (and also staf retrenched)

These merchants didn't do anything wrong. They stocked up because

  • 11.11 is coming

  • market has a huge demand for new PMD that are UL2272 fire compilant that LTA set up and taken license fee from merchants, so many riders are going to buy such PMDs

Then whoooa bankruptcy. Or at least very difficult debts.

As long as I don't have any bad business failures, hopefully I can retire by 50, and if I am lucky enough in next few years, maybe 45yo.

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Isabel Wong
Isabel Wong
Level 6. Master
Answered on 07 Dec 2019

Around 50? I haven't really started planning yet though I do forsee that the biggest obstacles would be health issues and the number of children

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Leong Wen Fong
Leong Wen Fong
Level 7. Grand Master
Answered on 14 Aug 2018

It really depends on when you start saving/investing, and what forseeable expenses you have. Things like marriage, buying a house, paying for education, are forseeable things that can set you back. But the best thing you can do is to have a plan. Split your income into expenses, savings, investments.

If you want to learn more, go on to https://blog.seedly.sg/read-me-first-your-personal-finance-journey-starts-with-this-article/ as a good start!

There are many options and choices there!

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Tan Siak Lim
Tan Siak Lim
Level 4. Prodigy
Answered on 14 Aug 2018

48.

Market crash.

Business failure.

Some personal stupid decision/action (unlikely).

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L
LVJ
Level 6. Master
Answered 1h ago

I'm planning to achieve FF by 52 based on 4% withdrawal rule.

The biggest obstacle could b whether I would loss my job for next 15 years or so and any illness could jeopardy my whole plan.

So I'm taking these 2 aspects very carefully.

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I do not think I could achieve financial freedom do matter how hard I save or invest for my retirement!

Main obstacles :

Family expenses are increasing with increasing costs of living.

Healthcare expenses are increasing with aging parents and with myself growing older every year.

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MT2020
MT2020
Level 6. Master
Answered 2h ago

I foresee my achieving financial freedom before the age of 55. Some things that may disrupt me is my own self-discipline. There is a long time before i even reach that age so many things can happen and disrupt me from reaching my goal.

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Soh Yew Wei
Soh Yew Wei
Level 4. Prodigy
Answered on 22 Dec 2019

30 year old is my target.

I think my biggest obstacle currently is distractions.... by many many luxuries goods, travels, car etc.

I am forcing myself not to buy a car :D

i feel a car is a great expense sucker

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Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 22 Dec 2019

I aim 40! Some obstacles I see would be family and healthcare. These expenses might suddenly happen as well so it's important that sufficient buffer is set aside and insurance are in place to prevent the "sudden shock".

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Choon Yuan Chan
Choon Yuan Chan
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 07 Dec 2019

60.

for now i forsee the expensive resale hdb flats as my main obstacle. I am single and my pay will not entitle me to be eligible for a 2 room BTO. This means if I want to have my own home, it is likely I will have to expend a significant portion of my life savings and rebuild it at age of 35, while sustaining a loan

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Between age 45 and latest by age 55.

Health. That is my biggest worry as I can never get any form of life insurance.

Here is everything about me and what I do best.

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Ericsson Ting
Ericsson Ting
Level 4. Prodigy
Answered on 29 May 2019

Well,if you are single,you could probably be well on your ways to retirement in mid thirties if you are frugal,unforeseen circumstances such as illness may of course affect you

But take it one step at a time

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