The bolded part is the usual problem with "retirement".

When we retire, we are at the absolute PEAK of our career, which translate into maximum earning potential.

Hence our lifestyle tend to reflect that. Say you retire when you are earning 50k a month, can you really continue to "enjoy" your 50k a month lifestyle for the rest of your life? Highly unlikely, hence people's lifestyle take a hit and their retirement is unhappy.

That is also why people these days tend to delay their retire into their 60s... to hang on to that peak for as long as possible.

I agree, this might be true for most people. But for some minority people (people like Ramjade), they live well below their income. They might earn RM50k a month, but they live like they earn RM5k a month. So there is no problem with retirement when the time comes.

Majority of people who live well below their income is due to their income being relatively small. I think our bro RamJade ....could improve on his earning potential.

Its very very rare these days to see people who have 7~8 digit NW continuing to live like a pauper.

I guess you refering to 7 figures millionaires in RM terms, there are many out there... in USD term, around 43,000 as of 2016 as stated here (https://www.straitstimes.com/asia/se-asia/malaysias-rich-drive-demand-for-high-life)

Millionaires not neccessary want to stay in "million" worth of properties and take up loan for that. Instead, pseudo affluent may... this article is well written (https://thinksaveretire.com/pseudo-affluent)

And, imnotabot speak it out and loud where everyone had different financial goal.

UHNW is different league... Showtime747 will be a better person to tell.

Added:
I'm enjoying millionaires interview series..... https://esimoney.com/category/millionaires/page/9/;
And come across money critics article and I shared the same views (https://esimoney.com/ignore-money-critics/)


This post has been edited by sky18: Sep 4 2018, 02:08 PM

It doesn't matter if it's rare, they exist. Not everyone wants to live like millionaires.

Also they're not that rare nowadays. Go visit https://www.mrmoneymustache.com/. It's a community full of these kind of people with the same mindset. If you want a local example, I'm pretty sure Mr Stingy is that kind of person.

This post has been edited by imnotabot: Sep 4 2018, 01:31 PM

Wanna contribute to the discussion.

Below is my monthly budget.

26, dating.

Income
Fixed 4000 (Basic)
Variable 0-2500 (Commission)

Fixed Expenses
Car 760
PTPTN 270
Unifi 139
Maintenance Fees 300
Insurance 200

Living Expenses
Petrol 200
Toll 100
Food 660 (includes eating out with GF once a week)
Entertainment 300 (movies, games, etc)
Netflix 30
TNB 50
Syabas 10

Other household items 300

Total
FE 1669
LE 1350
Grand Total Expenses 3019.

I try to save and invest what is left.

It'd be great if I can get some comment on the above on what I can do to further cut my expenses.

Cheers.

i see maintenance, i dont see rent. staying with parents or something?

Living with gf, I help her start and maintain (on weekends) a small business which she draws income from.

She takes care of the monthly payments from the business accounts. I take on the maintenance and the household expense and go work because stable income.

don't think can comment much. it's pretty flexible and pretty much well planned for. just have a six months emergency funds and the rest, invest, FD or whichever you fancy. i personally think it's ok.

Try change from "I try to save and invest what is left" to "I spend what is left after saving and investment".

yeah..but then...kinda insecure as well...at least for me..

To put things into perspective, if you have RM1000, RM200 spending to you is very reasonable, right ?

With that’s perspective, put 3 zero behind the number, it would be reasonable as well, right ?

“My friend” is close to 60 years old. For you, would you still be servicing loan when you are at that age ?

He has business loan though, all under his companies...none under personal name.

it really depends what's yr view on living like millionaires, not saying that millionaires cannot have their lunch at kopitiams or eat dinner at kfc, mcd. 7-figure net worth is nothing in malaysia, sure u can live comfortably.

however even HNW will most definitely want to indulge in fine living. no point working up to that point and not enjoying life.

These days everyone's a millionaire.

So am I.

But I still can only afford to live in a terrace house, driving local car (until recently, my wife anyway) while still having to work 9 to 5 (or more like 10 to 7).

its a different millionaires world now, even a terrace house at a above average upscale neighborhood runs 700k now. to go onto the next step, you would have to hit 8-figures, there's when the real indulgence come in. adding a zero is the big hurdle

we are in malaysia i guess in RM terms should apply whether millionaires would want to stay in a multi-million house or terrace house is entirely up to their preference. regardless they will most likely take out a loan to finance it.

Added :
I also share the same view on money critics, those that don't have should not give advice. However the vice versa holds true too.

in USD term.. means RM4m...

Only 43,000 Malaysian have NW amounting to 1M USD? Cannot be so little.. doesnt make sense. I look at my circle of friends, the % should be way higher then 43,000/30,000,000

Wait...I ask my other UHNW friend for you....I travelled in his private jet to south africa to play golf....

Just about 10-15 pages back, I brought up the daddykasi issue for bro ramjade, who I doubted he can live in a modern society without bank loans....

Looks like my rich friend also got people doubted he can live their lives without bank loans. Conclusion : modern society must have bank loans !

ramjade is this called karma ?

People can't believe got people able to be so frugal or rich. Like you said extreme of both.