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An exchange with another blogger.
Fellow blogger says:
Just thought I'd share this since many investment bloggers (whose plans, like mine and yours) are to live off investments;
Not sure if it's because a significant number do not understand the trade-offs involved nor the aspirations of passive investors, but it is a poorly conceived notion that living off savings/investment is a "bad" idea for the economy because of the loss in productivity.
Perhaps many just refuse to learn how to live without the need to wake up for work everyday.
It would not surprise me if a poll showed that this group only believes that a stable job and income is the way to pay bills (racked up by buying things they do not need).
It would not surprise me if a poll showed that this group only believes that a stable job and income is the way to pay bills (racked up by buying things they do not need).
Maybe they should try living for years bringing their own lunch to work and working multiple jobs just to achieve that of early retirement.
But then again, these people are likely just "too lazy" to think of making the change huh?
But then again, these people are likely just "too lazy" to think of making the change huh?
AK:
I know I am a lazy guy.
So, I did what I did.
If they are lazy too, they want to think about change.
I chose to try for financial freedom and as soon as possible because I didn't want to continue working because I had to.
For people who like working, achieving financial freedom early will give them the option of working because they want to.
I cannot see why it is bad to have options in life and I know you agree. :)
Related posts:
1. Financially free and ashamed.
2. Work because you want to...
3. How did AK achieve financial freedom?
Bloggy Award
24 comments:
Yea. Totally agree with your last para.
My friends always accuse me of loving money too much, but really, what i crave for are the options that only becomes available to me when i am no longer tied down by financial commitments.
Hi F4FF,
Unfortunately, many people are wage slaves.
What is even more unfortunate is that they don't know they are.
Hi AK,
I always believe that individuals should work because they want to and not work because they have to.
Just sharing this article that I read on the straits times. I hope the government don't come up with any capital gains tax or related reforms to hurt investors' pockets. :P
http://www.straitstimes.com/opinion/is-singapore-at-risk-of-becoming-a-rentier-society
http://i.imgur.com/EWDhIdF.jpg
Hi AK,
I always believe that individuals should work because they want to and not work because they have to.
Just sharing this article that I read on the straits times. I hope the government don't come up with any capital gains tax or related reforms to hurt investors' pockets. :P
http://www.straitstimes.com/opinion/is-singapore-at-risk-of-becoming-a-rentier-society
http://i.imgur.com/EWDhIdF.jpg
Hi Kevin,
Hence, related post #1 in this blog post. ;p
I doubt very much that the government will do anything to hurt investors if they want Singapore to remain attractive to investors. :)
Everyone aspires to a better life. If we can be a wealthy landlord, why would we want to be a poor labourer? We are lucky to be in an era and in a country when most of us can become wealthy if we do the right things.
I asked a 39 yr old friend about retirement savings and if she invested.
Her reply : I do not invest. My fortune teller says my ba zi shows that I do not have the luck for it.
True story.....
Hi tt,
Well, if she has the good fortune of having a good career that pays well and if she saves most of her income, she might not have to invest to be able to retire comfortably. :)
Hi AK,
is good to have alot of money and no worries of gooden years.but happy and healthy? subjective to each individual's definition of retirement in work and money.
my buzzword is SIMPLIFY our lifestyles. say choose between restuarant (svc and gst charges)and foodcourt or foodcourt and nearby hawker center, every dollars save,help me to save to build up my retire fund. Of course I do visit resturant with only my family when I have the extra extra fund to spend with a cap too.Another area I learn and practise of AK's sharing of delay buying the things we needs. actually at time is a want instead of needs.I will buy it in later months,because not latest model and there is promotion with price reduction.
AK,take this opportunity to say Thanks You and be Blessed.
Hi Daniel,
I always say keep our needs simple and our wants few.
We don't have to be a millionaire to be financially healthy.
Gambatte. :)
Hi AK,
I think it's too drastic to pigeon-hole people who invest to being lazy to hold down a job. Many people invest and hold demanding & satisfying jobs at the same time.
To me, learning the proper way to invest (ie not treating the stock market as a casino, as most un-initiated people are wont to describe it, but investing in companies that will grow your monies) is a life-skill.
And the earlier we educate ourselves and invest the right way, the better because of the compounding effect.
The world has changed so drastically because of technology that a job is no longer an iron-clad rice-bowl. So learning to invest is one tool to address this (unfortunate but true) reality.
Hi jojo,
The world has been disrupted and will continue to be disrupted by technology. It is happening faster than ever. If we were to go to sleep and wake up 5 or 10 years later, we might get a shock.
Many will lose their jobs because of the disruption. The old economy is under siege. I know because I belong to the old economy. If I am not financially healthy today, I would be very worried.
Although I maybe in new economy, I also worry, the competition changes landscape every year, don't know how long we can last too :( And, I don't have first million yet.
Hi Ah John,
Although it would be good to have, not all of us need a million dollars to be able to retire comfortably. ;)
See: Retirement planning.
Oops. Linked wrongly.
Should be this one:
Retirement planning.
The article doesn't exactly opine that passively collecting income is bad. It points out that such views exist which in itself is bad. It seems to imply that one should only have the option of working to be deemed a "productive" member of society. It ignores the issue of human having a biologicall fixed used by date. And so, past this date humans should need to depend on their savings. Problem being, this use by date keeps getting earlier and therefore, the years to "save" up enough are also getting less. Investing is one method of hedging and I do not see why this is bad. As AK has pointed out, many who have sizeable passive incomes still choose to work. The difference being they work because they want to. Not have to. Work and passive income are not always mutually exclusive. Therein lies the fallacy in the assumption that a rentier society is less productive. I suspect such views stem from a sour grapes mentality; finding it unfair that someone else can have an option to work, instead of being yoked by their jobs
Hi simplyme,
You are right about our used by dates getting earlier despite retirement age moving in the other direction. Result? The need for retraining and more frequent retraining for workers to stay relevant and employable. I won't be able to find a good paying job that would take me the way I am today, I am sure. Alamak.
Actually, I think sour grapes are not so bad compared to grapes which have gone bad. LOL. ;p
Reader:
Thank you again. Go play yr game!
AK:
How u know?
Reader:
Haha u always play game and take nap one mah
Stalk u Liao
AK:
I just woke up from 2 hours nap...
Reader says...
Haha AK, if only it was just as easy to crack my own puzzle to financial freedom like you.
I realize I have to read many of your posts a few times to "get it"! Looks like I have a long road ahead.
AK says...
I am just a regular lazy fellow and chose what I feel is the path of least resistance. ;p
Reader says...
I miss your regular blogging.
Don't spend so much time gaming lah.
Blog more lah. Must be more productive lah.
AK says...
I spent my student life thinking about productivity.
I spent my working life thinking about productivity.
Now, I spend my gaming life thinking about productivity (e.g. how to kill more monsters with what I have?).
You say leh? ;p
Hi AK,
Be yourself. You know what you want for yourself. Be happy always.
There are many available tools to maximise happiness. They are everywhere and mostly free. It is entirely up to the mentality. Simplicity is the way to go.
I quote an example. I have friends and colleagues to complain that they are unable to do the things they like because of their existing commitments such as children cost, insurance premium, car repayment. housing loan repayment etc. The recent increase in the premium payment by the insurance companies increases their commitment. This is one of such factor which contributes to their inability to retire early. They indicated that they are stuck in the rat race and destined to work for the rest of their life. They can only stop work only when it is time for them to kick the bucket. I highlighted to them that they can do somethings about their current situation by implementing some measures such as converting their life insurance plan to term plan, downgrade to HDB flat, ditch the cars and go for the public transports. They dismiss such suggestions and indicate that such measures are meant for "losers" and not applicable to Singapore context. These losers are considered as outcast for Singapore society and should not be deemed fit for ppl of their status. Upon hearing such comments, I know that it is futile attempt to persuade them. I believe that they know what they want. They choose their path.
Instead, they insist that I follow their example and this is the right way befitting the status of a successful Singaporean. I replied to them that I am content of my simple lifestyle and have no plan to change it as I am happy with it.
Each of one own. I have given my advice to them. It is up to them on whether they want to do something about it. Likewise the same, I decide not to adopt their suggestions as I do not feel that the suggestions are suitable for me.
Ben
Hi Ben,
If we are unhappy with what we have now, complaining loudly while keeping the status quo will not change anything. It seems that some will have to work till they die.
Reader says...
The $ingapore narrative is always about not being enough - we need to "future-proof" against technological disruptions/keep up with times etc.
I think this creates a very stressful environment.
I'd just like to save and invest enough money so that I can lead a simple and carefree life.
After reading your blog I felt motivated to VC to MA/SA and transfer some money from OA to SA.
I'm 28 this year and have about 100k in liquid assets and 100k in CPF.
Hoping to be able to gear down to something less stressful in my 30s.
Reader says...
I wonder how many people really “like” to work till they are 60+ years old?
AK says...
If we do not find a way to make money in our sleep, we will have to work till the day we die.
What made me save money and invest for income?
It is not because I want to be rich.
It is because I want to be able to stop working.
I lazy. :p
Siew Mun Kwan says...
I will continue to work on meaningful projects.
學到的就要教人，賺到的就要給人
AK says...
Aiyoh.
Sounds like work.
I very lazy.
Don't want to work :p
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