oh sorry, then his allocation must have changed by now. thanks for picking this up.

This post has been edited by gashout: Aug 30 2024, 12:41 PM

As much as possible. I usually maintain 50% savings rate as minimum. My usual is around 70%.

Building wealth will always require the active income to do the heavy lifting initially before the passive income can do it's lifting. There is no way around it.

This post has been edited by Ramjade: Aug 30 2024, 03:46 PM

That’s most kind of you to say that, much appreciated. I agree with wha you said in the last line wholeheartedly

I’ve come to a point where our annual passive returns have exceeded our usual annual expenditure with excess to spare.

But old habits die hard. We got here by being prudent, chronic savers, blessed with outsized incomes. Wealth didn’t land on our laps, but was earned by hard work and long hours.

Hard to shake those habits off…

Need to tell that to all the girls i date with...

They will said need to experience life. It is worth to chase it.
😁

I am telling that to all girls I meet.

So true. They are not ready to sacrifice their life. So I just move on or they tell me, we are not compatible.

yes, mine is around 70% currently. leaving me with a few hundreds to enjoy life every month.

i don't demand much in life, even a curry puff, char kuey teow makes me happy... simple life, happy life...

aduh. a couple should have similar mindset in terms of:

religion
finance
kids

those girls want instant gratification, you want delayed gratification, it won't work

sorry but I don't really agree that everyone should think this way.

if everyone thinks that way, then a child wouldn't want to study because he thinks he will die tomorrow and want to enjoy playing only today.

the keyword is know your FIRE target and just delay gratification until you achieve the target.

FIRE requirement for everyone is different based on the lifestyle they want.

Delay gratification is not asking you to scarifies your health and happiness in life but understands that you need to make a decision whether to enjoy those "nice to have" for a short period now and suffer later for a long period or vise versa.

They did. That is why MDRT, TOT, COT appeared.

What is TOT and COT.

Title of honour in circle of insurance filed

Ah. Court of the table and top of the table in insurance field.

the key is balance. either extreme end might not be the best. some things are meant to enjoy when we are young. when we are older, perhaps other things to enjoy.

dont be a pak turut

sure. ur life ur way.

I second the balance approach.

I see life like a long road trip. You want the whole trip to be enjoyable. Its bad if the first half is enjoyable only for second half to be miserable. But also doesnt make sense to intentionally make the 1st half to be miserable, to ensure a nice second half.

Tldr, do save and invest, but dont be so stingy. Its ok to spend on yourself and your loved ones.

Just came across this post, to be honest, i used to think like that, but after involved in car accidents, i changed my mind now.

Car is not only a transport tool, but it is a life-saving tool too. Imagine accident happens and imagine the differences if you are in a Mercesdes/BMW/Volvo (newer cars are super keras nowadays) compare to a myvi/local cars/vios/city? It makes huge difference, really huge difference. Cheaper cars can be destroyed easily, and those luxury cars probably still in a situation that only suffer a minor/medium damages.

Btw, congrat to all the guys who built lots of networth!

This post has been edited by HolyCooler: Sep 2 2024, 01:01 PM

Seconded that.
It's so true that the pillars frame of the vehicle can save life

There's a lot of things that I feel people are penny-wise, pound foolish. A car is one of them. Is it a liability, financial wise? Yes.

But given the average person would spend 1-2hrs a day travelling on car, which is around one month of the year in total just sitting in a car, in a jam, driving mindlessly to work, to travel, etc.. So, why wouldn't you want to be comfortable and happy with that otherwise miserable experience?

What I do agree on, is there is a diminishing return on money spent on cars. Safety wise, some of our local cars are almost on par with the conti's, we can also look to ANCAP rating as a guide on what they have and don't. The rest are more towards comfort level, noise level etc but I genuinely doubt a BMW is 3x better than say X70, even though thats the price diffentiation.

Secondly, 60% of road fatalities are motorcyclist, so I'd always say even a Kancil is better than a 2 wheeler to increase your survival chances in accident. Another two big contributors to accidents are drunk driving and that only 48 per cent of Malaysians were recorded to have worn their seatbelts. All these are totally preventable and it doesn't matter what car one drives.

Another thing is mattress / pillows. We spend 6-8hours daily sleeping, but don't want to spend money on a good mattress, rather change the cheapo one every year or two when it kemek and your backpain. A good mattress last you 15-20 years, and prevent you from body aches or bad sleep. Penny wise, pound foolish.

Last one is having comfort in spending on enriching experiences. Keep all the money to retire and do what if your body and mind can't enable you to experience things you should have done when you are younger like trying out new food, new places, meet new people, play new sport, etc etc