What do you believe?
When government increases the official retirement age, do you rejoice? I like to discuss this topic whenever I have coffee session with colleagues, friends and even subordinates. In Singapore, our official retirement age moved up from 55 previously to 62 now. The big question I always ask is whether you rejoice over this move? Do you see that as a blessings? Is that what you really want? Somehow, many aunties and uncles are happy about it. They wanted to work for as long as possible. But I am certainly upset when people choose to work forever. Don’t get me wrong. I am upset not because they chose to slog, but because they do know the truth.
So do you think longer retirement age is a blessing? Do not give yourself an answer yet, not until I tell you the truth. There are many people around the world today retired early. It is not isolated cases and certainly not a miracle. There are many people with the power of retiring early and enjoy wonderful life after retirement.
Retire with financial freedom?
For a start, let’s not discuss about early retirement but just to retire with financial freedom. While the former is a great challenge and a difficult task, the latter is easy. I had said many times that the ultimate objective of successful investment is not to buy big houses and cars so that one can show off. Instant gratification has a price to pay – your future. Investment, savings, climbing corporate ladder and buying tottery have only one ultimate objective. Along the way, we set up a family and provide for our family, but ultimately, we want to retire comfortably and preferably early. How often have we seen parents retired with very little savings thus depends heavily on their children?
“But aren’t the children suppose to take care of their retired parents?”
I fully agreed. But think it over again on the term “need” and “want”. Let me give you these two scenarios and you pick one.
1) Parent has very little savings and they seriously need monthly allowance from their children. Their survival depends on it. It is not optional. And this becomes a burden to their children as they also need to provide for their families. And financial hardship compounded on both sides when someone hospitalized.
2) Parents retired financially free. Their children want to give allowance out of love and not because their parents need it for their daily necessities. Parents accepted children’s love offering not because they need it. They take it to show that they accept their children’s love. If the children for whatever reasons have greater financial needs, the parents can choose not to receive monthly allowance from their children. There is always an option.
So which scenario do you prefer? Unless you are a total idiot, the answer is obvious. Is scenario 2) above a “mission impossible”? Definitely not. In fact with proper financial planning, it is very easy to achieve scenario 2). Again, I am not talking about early retirement here but about retiring financially free.
Scenario 1) usually occurs in previous generations or during our father’s time. It happens to many families and we had came across many unfortunate stories reported on newspaper. But with better economic growth/stability and education, scenario 2) is more prominent now.
Early retirement – correct your mindset
Back to the topic on early retirement. No doubt government has been helping people to work longer age. But
let’s don’t get involved in political decision. Let’s just focus on personal well-being. To retire early, you and I only need one thing – financial freedom. One great teacher in area of financial freedom is Robert Kiyosaki. And I bet lots of aunties and uncles along the road never heard of him, and certain never heard of the term “financial freedom”. To gain financial freedom, you will need to accumulate passive income. Investment income is only one of it. If you want to know more about financial freedom and passive income, buy Robert Kiyosaki’s “Rich Dad Poor dad”. Today I want to share on the correct mindset on retirement. As to how, I leave it Robert Kiyosaki.
“You think so easy ah, early retirement!”
That is a wrong mindset. It is definitely difficult, but not impos
sible since many people around the world have made it. Besides Robert Kiyosaki, I know of people in (renowned) network marketing company earning hundreds of thousands and even millions yearly with very minimum effort – after he/she establish the foundation. Adam Khoo, at his mid-20 already earned his first million dollars. His training and books are selling good and I believe he is a potential candidate for early retirement.
“Retired early for what, waiting to die meh!”
That is a terrible mindset. It is an “older generation” mindset. Early retirement has no connection to “waiting to die (等死)”. It all depends on a person’s life style and again, mindset. During my army days, my branch head was a retired senior officer (Lt Col). He holds the appointment because the country needs his service, not because he needs the money. He owned a condo and two sport cars and his wife was then a director of a company. He was looking forward for the day. He shared with us that he hope to spend time meeting up old friends, golfing and going for holidays. His life style will remain the same and active. But he will sell his cars away since he has ample of time after retirement.
What about me? Well, my dream, should I retired early, is to spend my days at the stock exchange wearing jean, sandal and with my laptop. Alternatively I may also conduct my investment activities at the Sentosa while sipping coffee. And if possible, I would like to conduct training for people who want to know more about value investment. Not because I need the money, but I love to. And I waiting to die? Certainly not.
Conclusion
Early retirement is a blessing. Working until you are about to enter the coffin is not. The correct mindset is we should set early retirement as a personal goal and work towards it. Yes, it’s extremely difficult and not many will make it (including myself). But do not use that as an excuse not to try. Get the mindset correct.
When government increases the official retirement age, do you rejoice? I like to discuss this topic whenever I have coffee session with colleagues, friends and even subordinates. In Singapore, our official retirement age moved up from 55 previously to 62 now. The big question I always ask is whether you rejoice over this move? Do you see that as a blessings? Is that what you really want? Somehow, many aunties and uncles are happy about it. They wanted to work for as long as possible. But I am certainly upset when people choose to work forever. Don’t get me wrong. I am upset not because they chose to slog, but because they do know the truth.
So do you think longer retirement age is a blessing? Do not give yourself an answer yet, not until I tell you the truth. There are many people around the world today retired early. It is not isolated cases and certainly not a miracle. There are many people with the power of retiring early and enjoy wonderful life after retirement.
Retire with financial freedom?
For a start, let’s not discuss about early retirement but just to retire with financial freedom. While the former is a great challenge and a difficult task, the latter is easy. I had said many times that the ultimate objective of successful investment is not to buy big houses and cars so that one can show off. Instant gratification has a price to pay – your future. Investment, savings, climbing corporate ladder and buying tottery have only one ultimate objective. Along the way, we set up a family and provide for our family, but ultimately, we want to retire comfortably and preferably early. How often have we seen parents retired with very little savings thus depends heavily on their children?
“But aren’t the children suppose to take care of their retired parents?”
I fully agreed. But think it over again on the term “need” and “want”. Let me give you these two scenarios and you pick one.
1) Parent has very little savings and they seriously need monthly allowance from their children. Their survival depends on it. It is not optional. And this becomes a burden to their children as they also need to provide for their families. And financial hardship compounded on both sides when someone hospitalized.
2) Parents retired financially free. Their children want to give allowance out of love and not because their parents need it for their daily necessities. Parents accepted children’s love offering not because they need it. They take it to show that they accept their children’s love. If the children for whatever reasons have greater financial needs, the parents can choose not to receive monthly allowance from their children. There is always an option.
So which scenario do you prefer? Unless you are a total idiot, the answer is obvious. Is scenario 2) above a “mission impossible”? Definitely not. In fact with proper financial planning, it is very easy to achieve scenario 2). Again, I am not talking about early retirement here but about retiring financially free.
Scenario 1) usually occurs in previous generations or during our father’s time. It happens to many families and we had came across many unfortunate stories reported on newspaper. But with better economic growth/stability and education, scenario 2) is more prominent now.
Early retirement – correct your mindset
Back to the topic on early retirement. No doubt government has been helping people to work longer age. But
let’s don’t get involved in political decision. Let’s just focus on personal well-being. To retire early, you and I only need one thing – financial freedom. One great teacher in area of financial freedom is Robert Kiyosaki. And I bet lots of aunties and uncles along the road never heard of him, and certain never heard of the term “financial freedom”. To gain financial freedom, you will need to accumulate passive income. Investment income is only one of it. If you want to know more about financial freedom and passive income, buy Robert Kiyosaki’s “Rich Dad Poor dad”. Today I want to share on the correct mindset on retirement. As to how, I leave it Robert Kiyosaki.“You think so easy ah, early retirement!”
That is a wrong mindset. It is definitely difficult, but not impos
sible since many people around the world have made it. Besides Robert Kiyosaki, I know of people in (renowned) network marketing company earning hundreds of thousands and even millions yearly with very minimum effort – after he/she establish the foundation. Adam Khoo, at his mid-20 already earned his first million dollars. His training and books are selling good and I believe he is a potential candidate for early retirement.“Retired early for what, waiting to die meh!”
That is a terrible mindset. It is an “older generation” mindset. Early retirement has no connection to “waiting to die (等死)”. It all depends on a person’s life style and again, mindset. During my army days, my branch head was a retired senior officer (Lt Col). He holds the appointment because the country needs his service, not because he needs the money. He owned a condo and two sport cars and his wife was then a director of a company. He was looking forward for the day. He shared with us that he hope to spend time meeting up old friends, golfing and going for holidays. His life style will remain the same and active. But he will sell his cars away since he has ample of time after retirement.
What about me? Well, my dream, should I retired early, is to spend my days at the stock exchange wearing jean, sandal and with my laptop. Alternatively I may also conduct my investment activities at the Sentosa while sipping coffee. And if possible, I would like to conduct training for people who want to know more about value investment. Not because I need the money, but I love to. And I waiting to die? Certainly not.
Conclusion
Early retirement is a blessing. Working until you are about to enter the coffin is not. The correct mindset is we should set early retirement as a personal goal and work towards it. Yes, it’s extremely difficult and not many will make it (including myself). But do not use that as an excuse not to try. Get the mindset correct.
