Rich will get poorer just like the poor remains poorer if they don't differentiate a need from a want. Just ask 4 of my uncles, 12 years ago they were left with 6 petrol stations, 2 hardware shops, 7 shops in prime KL locations and if I recall correctly around 20 residential properties of mostly freehold single storey terraces in KL and PJ area.
Today? These are what still remains in the same family:-
1) 2 petrol stations though none of the 4 uncles are shareholders any longer.
2) 1 hardware shop, again none of the 4 uncles are owners of it any longer. Only reason this one survives is my aunt, cousin and me couldn't bear with the indignity of a shop bearing my late grandfather's name being auctioned off, so we bought over the shares and kicked out the 4 uncles.
3) 2 residential property and very soon only 1 will be left. Why only 1 left? Because it is a PJ Oldtown Sec2 house that cannot be easily sold due to the leasehold title.

Where did all the money go? Well Genting was the biggest recipient of it. 2nd would be mistresses, pubs, clubs and fuck-joints.

I was fortunate and lucky all the turning points, 2nd and 3rd as well as 5th chances in life, I always knew to keep a straight and high road.
Always invest in kids education and their health. Money they can lose but the education will always remain with them.
Thank you.
The real turning point in life was his gift to send me to an international school.

The others were just opportunities in life not really turning points.

If they were turning points my 4 uncles on the mother's side would be worth RM50mil each today.

Your experiences are up and down,... not a straight-line up all the way,.. which is normal,...

You had your family advantages :-
1) your grandpa sent you to the international school. You got your education from here.
2) another relative sent you to Birmingham to further your education. You got your exposure from there.
3) your grandfather left part of a house to you.
4) your dad loaned you money to buy-out the house.Yes, you paid him back later,... this is good and independance.

Many of us would not have all these family-based advantages !

I'm not saying you don't have the necessary qualities to survive and do well,....

Exactly,... depending on how you measure then, since you uttered the statement "to be FULLY attributed to their efforts ALONE" - how far you need to run and how hard you need to climb to reach the same target as another would then come into the benchmarking.

Yes - Donald Trump is a failure if we are to attribute to efforts ALONE. He knows that too,... that's why he always insisted everywhere that he paid back the USD1Million that his dad loaned to him for some properties that he first started with.

I don't know the history of two of the men you mentioned, but Bill Gates climbed hard too, to first convince IBM World Trade Corporation to accept his Disk Operating System. He did not have much help from his parents, unless you count that shed that he worked in as a big family advantage..

I did say he has his great qualities too, which you may have missed,... 

I have to plan my own time.  otherwise, it will be very boring.  I seek a few jobs as pass time (not part time ya), I really mean passing time.

1st NGO
- visit home alone ppl once a month.  will do more if got special request
- monitor a special kids training centre
- attend ad hoc cases upon public making a report to this NGO
- disaster event

2nd NGO
- visit B40 family with this NGO staff

3rd NGO
- look look see see what can we do for assisting the cancer patient or their family in financial aspect

and others small small one.

Besides that, attend AGM, go equity/future seminar, take a short course and etc...

I did not feel like retire as I still got job to do with 2 days off per week.  just the day off no necessary fall on Sat and Sun.

The cons part is difficult to apply credit card, loan.

I end my story here. 

I'm sure he has, bro,... he's just alerting us to this challenge only if we needed to apply a card after retirement.

I think SG is a great place to invest but most of my wealth is tied up in my super (which i am paying 15% tax on investment earnings now). Once i retire, i will pay 0% tax on investment earnings (as i am over my preservation age) - this is the best thing for retirees in Aust as all earnings inside super are tax-free. There is no limit on how much you can withdraw (tax-free) once you have reached 60 (fully-retired).

However, I still have to pay tax on my investments outside super - i try not to sell now as i have to add the capital gain as income and is taxed at my marginal tax rate (37%). I probably won't sell those investments outside super unless i really have to. I estimate my super should give me enough income to live on upon retirement. My wife also has quite a fair bit of super which she has started drawing (as she is fully retired now)- she is so happy as after so many years of working, she is seeing the rewards of her hard work.

Just to share here.

Bond in very poor family
But I believe good education can get a better job and better salary

I am believe that I am quite lucky

Brought a property at age 25 at rm120k. Manage to settle home loan on 2017 and
Just dispose it last year 2018 at rm350k

And save 50-60% of the salary and able to get around 150k.

I have sacrificed a lot with a very boring lifestyle.

Very seldom go back to my home town. And until now still ride kapchai moto bike.

Get married at age 31. And have 1 child now.
Wife is fully house wife.

found out most of the examples presented here are from working overseas and coming back to Malaysia to retire. Guess retirement by base in Malaysia seems impossible?

Wah, missing all the points.

I was not talking about wealth being either time or money.

This was my real point: "It makes more sense to find something sustainable to do over your working life, rather than make monetary achievements and earlier retirement the objective.
"

My points are:

1. Find something to do that you like. Actually "truly love" in your quote agrees with me.
2. If I find something to do that I like, I don't need to "retire earlier". I can just keeping doing what I like.

The big problem with FIRE is this:

1. Do something you don't like.
2. So that later you can do something you like.

My approach:

1. Do something you like.
2. Keep doing the same thing you like. No conflicts.

No problems about FI being an objective. The problem bit is RE.

RE is just completely misguided as an objective.

RE should not be an objective by itself. Examples are those who skimp on their food and affect their health later on in life. Examples are those who didn't do the fun things at the earlier age of their life, and find they are too old when they achieve RE to do those things.

It's about balance and moderation and optimizing what is appropriate over your life span. Not some misguided objective about RE.

You said: "financially independent is LIBERATING". Sure, no arguments.

But you need to sacrifice first, right?

So in equation terms:

FI = 10 points
RE = 0 points

FIRE = (10 + 0)/2 = 5 points.

In other words, your LIBERATING FI is worth only 5 points, not 10.

But as you agreed, moderation is the key. It is somewhere in between.

Assuming 4% inflation and 7% investment return, you should get c. RM1.2 mil by 40 yo, but that can only last you until c. 60 yo before you dried up you money.
Keep working until 45 yo then then you can extend that to 77 yo.

But mind you, 7% consistent investment return is not easy, and you need to factor in extra for medical expenses when you are old. Medical cost goes up for way more than 4% per annum.

just wondering.. why do you think spending will be reduced upon retirement?

imho, it will most likely be higher

Contrary to popular belief, your spending goes down significantly after you retire at the right age.

Your appetite for food, as well for luxury decreases considerably.

My in-laws told me 5k a month/couple as their pension is mighty plenty during retirement and they have no means of spending even close to that. 

I guess they probably start realising the best things in life are free. Time with children. Having a hobby that generates them income. Friendships etc.

They are very loaded and very healthy anyway. The pension has them sorted financially that they don't even have to touch their passive income from shoplots, rentals, equities, income from hobby, money from children.

Thank you to everyone who have shared your stories and journeys. I have learnt quite a fair bit reading through all 61 pages here.

My family and I are fairly aggressive pursuers of FI.

I have multiple financial objectives throughout my life. As I achieve each objective, I reevaluate whether I want to push to the next objective aggressively or take an easier, more laid back approach.

Please allow me to share my journey so far. Dual income household, working in Hong Kong, one toddler and another on the way. I am 38 this year, better half is 37.

1) Stage One (basic FI - Malaysian standards)

Parameters:

i) A fully paid up home.
ii) RM5 million in assets producing approximately 3% per annum (passive income of RM150K per annum)

[ACHIEVED]

2) Stage Two (good level of FI - Malaysian standards)

Parameters:

i) A fully paid up home
ii) Money set aside for 2 children's education for entire life, under conditions that studying in Asia, Australia or UK, and not pursuing a medical degree.
iii) RM10 million in assets producing 3% passive income per annum

[not achieved, hoping to achieve by age 45, if we stay in current jobs and have minimal progression upwards]

3) Stage Three (basic FI - any developed country)

i) Fully paid up Malaysian home.
ii) Money set aside for 2 children's education for entire life, under conditions that they will be studying in Asia, Australia or UK, and not pursuing a medical degree.
iii) USD5 million in assets producing 3% income per annum (USD150K / RM600K per annum at 1USD : 4MYR).

[not achieved, hoping to achieve by age 50, if we stay in and have good progression in our current jobs]

4) Stage Four (good level of FI - developed country level)

i) Fully paid up Malaysian home.
ii) Money set aside for 2 children's education for entire life, under conditions that they will be studying in Asia, Australia or the UK, and not pursuing a medical degree.
iii) 50% paid up home in developed country - preference currently for Hong Kong, am acceptable to staying in Singapore, Canada or even in Europe.
iv) USD10 million producing 3% income per annum (USD300K / RM1.2 million per annum at USD1 : MYR4)

[not achieved, most difficult level to reach, need to assume that both other half and I remain in good jobs on very good trajectories, there are no emergencies or worldwide circumstances affecting our lives, assuming that currencies we earn in or inflation stays stable, hoping to achieve between age 55 to 60]

Our current jobs are quite stressful (though rewarding). I may just call it quits for both of us between Stages 3 and 4 and just move into lower paying, but less stressful jobs, or, if we wanted to contribute more to the world, into charity or social work.

We are lucky that our earnings are in USD / HKD and we are in good jobs. We save approximately 50% of our income and control our expenditure carefully. Children will take a big chunk of our future earnings though, so let's see how things go.

maybe not a scam. i'm not buying in, as I rather earn less than having to do validate some people who claim they're good.

https://www.thestar.com.my/business/busines...lus-ai-approach

https://www.reddit.com/r/investing/comments...ing_fund_is_it/

normally people lose principal because trying to beat the market

Contrary to what had been posted by many here....

The dream of retiring super early is enticing many younger adults and fueling a frugal movement of extreme saving, aggressive investing and many hours of overtime and side hustles.
But achieving FIRE – short for financial independence, retire early – can come at a hefty price to your everyday life, according to former FIRE followers and a personal finance expert.

Why saving for an early retirement may not be worth it after all
12 Nov 2019

https://money.yahoo.com/saving-early-retire...-194344104.html

How to save 30% if u have wife, children, parent, house loan, car loan, education loan to take care of?

The problem is when you earn in high income country, would you come back to low income country?

High and low income country is relative. Malaysia could be a high income country compared to Bangladesh for example.

In other words, if one earn in a low income country currently, would you try to achieve fi/re by living in a lower income country?

Thank you for pointing me to the existence of this helpful thread! I’ll go through the reading material here - and I’m sure I’ll find it helpful!

Thank you very much again!