I Found Someone With $6.5M In Retirement Savings!!! How Did He Get There...

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Today we've a case study of a couple with $6.5M in cash assets! You heard it right, $6.5m!
How did they get there? What did they work as? And more importantly, what are lessons from their story...
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0:00 Introduction
0:30 Is it real?
3:33 Where does the $6.5m come from
6:00 How much they save
8:37 Satisfied or regrets?
10:05 Ohmyhome
11:16 Their different homes
14:12 Learning points
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
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Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
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20 июл 2024

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@joshconsultancy 7 месяцев назад

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@jianoob Месяц назад

if i had 6mil at 60, i would have retired long ago... I won't be going to work because while work keeps our brains engaged, it can sometimes also be a risk, especially if you are not properly valued by your company/your boss. There are many other forms of activities you can engage in to keep your brains active, including doing volunteer service, stand-in teaching/lecturing, mentoring, etc.. Work is not the endgame. it's finding something you enjoy spending your time doing.

@Star-008 7 месяцев назад

Great video! Once again it confirms the saying it's not about how much you earn but how much you save. The downside is that after all the years of scrimp and save, one may lose the ability to enjoy life. For example, some who became multi-millionaires through extreme frugality will not be willing to take a first class flight to Europe for holidays and stay in good hotels. Even if you managed to pursuade them, they may feel anxiety and extremely uneasy for the expenditure as they feel that their frugal life is better. This is also the reason why some long term inmates try to get back into prison after their release. They no longer appreciate the life outside the prisons as they have to look for a job, pay for food and housing whereas everything is provided for when they're in prison.

@joshconsultancy 7 месяцев назад

Thank you for the high praise. Interesting sharing ^

@teekill1230 7 месяцев назад

Classic Assets (Property) Progression Case Study Still possible in today's market but slightly scaled down due land pricing and cooling measures. Happy for them :)

@kaliyaperumaldeepan85 7 месяцев назад

Dude what the …. I am really impressed and inspired. This shows that earning high paid salaries is not always ensuring great retirement plan.

@priscillaDLCZ 7 месяцев назад

Nice video I learned something keep making videos like this

@joshconsultancy 7 месяцев назад

Subs and stay tuned =)

@johnnytan5195 5 месяцев назад

Greetings from Melbourne. Thanks for the great video Josh. There is always something to learn from your channel. Which I also share with my adult children 😊

@joshconsultancy 5 месяцев назад

Thank you Johnny =)

@AhWing89 7 месяцев назад

Totally agreed with you on 1980s and 1990s been a good period for teaching career.

@MaxGarmin 7 месяцев назад

Not to mention if they provide private tuition as a side hustle, which is extremely lucrative, especially when they are teachers themselves.

@fool1124 7 месяцев назад

Its so sad that people value money over family and kids. Im 50 and when i look back now the best year of my life is the time i spend with my kids when they were small.

@joshconsultancy 7 месяцев назад

Think it wasn’t an issue for them. Two family trips a year :)

@justintan596 7 месяцев назад

Good case study. Some inconsistencies (e.g. CPF interest should be higher. Your example should generate ~$45/yr x 2) and this is one option to build up asset. However, opportunities then and now are different (Quoting you: what works then may not work now). Also, if someone is happy without spending too much money, there's no need to push them to spend on luxuries.

@joshconsultancy 7 месяцев назад

Thank you. I agree with your points raised

@fantasticzz4518 7 месяцев назад

“What people have is what people have” I.e. do not keep up with the Jones’. Best advice…

@DonYang73 7 месяцев назад

Yes networth 8 digits,still working in high stressed, pressured environment becos only 50 with teenage children and homemaker wife. Target 55 to stop. Up to a certain point, physical and mental health must take priority. Wont be bored if not working, if one has good hobbies and non work engagements.

@leonleong9863 7 месяцев назад

Appreciate the discussion! Great input to conceptualise my retirement. It’s a stage I cannot afford to misstep.

@joshconsultancy 7 месяцев назад

Thank you for the high praise and wishing you the best

@hatchegg80 7 месяцев назад

in short, they benefitted from buying properties in the 90s way before absd, since that's now not doable i don't know how relevant this is. also this coincided with singapore economy moving from developing to developed, especially as it translates to property prices

@joshconsultancy 7 месяцев назад

It is true. It was a unique tide of Singapore maturing into first world w growing population then

@yili7347 7 месяцев назад

Absolutely agree. During 1980-1990s, buying property was the ticket to wealth. I doubt this is the case now. Granted, I believe people can still make gains from property, but I do not think it can generate such million dollar gains anymore.

@munster1404 7 месяцев назад

That's why there's a common saying that the earlier generation screwed over the younger generation. sigh...

@hatchegg80 7 месяцев назад

@@munster1404 maybe said aggrieved are just useless

@munster1404 7 месяцев назад

@@hatchegg80 Spoken like a true boomer. hahaha

@wzchen5071 7 месяцев назад

Dun think u can re-enter the HDB market if either u or ur spouse hv a ppty under ur name separately

@joshconsultancy 7 месяцев назад

I understand the property rules no worries 👌🏻

@choonsengteo9694 Месяц назад

With $6.5 millions is the new benchmark for good living. Others how?

@joshconsultancy Месяц назад

It’s not. Dun worry. Everyone’s enough is different 👌🏻

@rayng3948 7 месяцев назад

The couple is smart to sell their private properties and stay in a 4-room flat. Their address will entitle them more GST and CDC vouchers, health subsidies in the later part of their life when they stop having income. If I am correct, the first 3 criteria of means testing is the type of housing, per capital income per household and properties ownership. There are wisdom in what they are doing.

@nothingmoves 7 месяцев назад

govt handouts are now not address dependent

@rayng3948 7 месяцев назад

If you read MOF announcement, it is still address dependent. The catch is some private properties are in, not all. Handouts are not uniform across the board. It is tiered according to Annual Value of your house.@@nothingmoves

@ananhello8607 7 месяцев назад

一命二运三风水，这是时代给与的运气，不能复制。就像中国90年代出国潮，现在反而羡慕当初留在本国大城市的同辈，轻松获得时代的红利，以后不会有了

@AndyGoh-xs7ow 7 месяцев назад

Currently 62 years now , we need to enjoy our life .No worry for our children and not forgetting our property will lastly end up with them when we passed away .Money in our bank should wisely spend with my partner and enjoying going for oversea tour .

@joshconsultancy 7 месяцев назад

Agree 👍

@hhspore 7 месяцев назад

absolutely not ! Will def not work post "retirement age" of 60. Life is short. We spent 1/4 of our lives in school, another 2/4 slogging at our work place. Just gota reserve the last 1/4 of our life to smell the roses. Machines will break down. What more human beings. Why continue to work ? We to be kind to ourselves. ...........................BTw I am not sitting by the beach. Am actively engaging in the community and trying to do good..........

@MrBluehorizonsugar 7 месяцев назад

If enjoy work, why not ?

@leeaaron7856 7 месяцев назад

Wow this couple have been successful in their investment with hardly no failures along the way. Most of their wealth are derived from properties. Just goes to show the long term benefits of this asset class in Singapore. Thanks for the video.

@joshconsultancy 7 месяцев назад

No probs. Smash the subs and cya around

@user-iz2hz2sh6g 7 месяцев назад

Kudos to the couple!

@nicholaschua7269 7 месяцев назад

A interesting topic to cover Could be a 1.5mil 2bdr Pasir Ris 8 as 2nd property Vs Using the initial portion cash to invest at just 3%, n use cpf 2.5% The pro point on property is using leverage but with absd n high interest rate, and property management fees and Maintance cost.. not forgetting taxes I see having a portfolio is much hassle free then looking at rental and capital gains

@joshconsultancy 7 месяцев назад

The assumptions inputted will greatly affect the outcome. Im pessimistic about property outlook hence my numbers inputted will reflect that. The inputs by property agent, who will sell the perpetual bull story, will be bullish

@Top.5pc 6 месяцев назад

Well done, to the couple Their lives seem so blessed with good family children all doing so well - it’s rare I want to do much better from now on….!

@sebastiantan2199 7 месяцев назад

Money not spent is worthless

@SoloMetal 7 месяцев назад

At 12:32 You mention retirement account (RA) and Special account. Isn't RA form after age 55 where OA+SA = RA?

@joshconsultancy 7 месяцев назад

RA is formed at age55. Surplus will remain in the various accounts. They are still working, new income will attract new OA and SA k. Hope it answers

@chowzisiong7800 7 месяцев назад

haha knew it.. properties...

@letgotothemoon8174 7 месяцев назад

For a moment, I thought it was LOO LOO ......LoL

@joshconsultancy 7 месяцев назад

😅

@jironghuang4895 7 месяцев назад

mr loo? his net worth is probably 5 times more.

@letgotothemoon8174 7 месяцев назад

@@jironghuang4895most likely 20-50millions assets

@AhWing89 7 месяцев назад

Can find a hobby like growing plants and reading books. No need have to be working to kill boredom. But if want to do relaxs job also can.

@candywisdom 6 месяцев назад

May I suggest next video title "die with zero" how would u plan in spending in retirement. Think like what u mentioned 6.5mil, and u would encourage more spending, but how much and how fast? 😂 its an art!

@joshconsultancy 6 месяцев назад

Thanks. I’ve share on concept from book die with 0 before too. Maybe they could have semi-retired much earlier

@candywisdom 6 месяцев назад

@joshconsultancy oh yea I watched that indeed. In a sense I felt the book is more on usa then singapore too

@RandallHong 7 месяцев назад

It takes courage to sell everything to have just cash, t bills etc. I guess HDB is the main factor. Hopefully they can adjust living in a hdb. A frugal mindset is a good thing but to bring this mentality to the grave is just errr...

@joshconsultancy 7 месяцев назад

Pov noted 👌🏻

@garlicbread68 7 месяцев назад

They are totally out of your league. You would probably not have advised them to do so back in the day to do 2 condo with this income 😂

@joshconsultancy 7 месяцев назад

😂true…

@sallygui3715 7 месяцев назад

Why not.... Just relax working only without cheong liao

@JS-ev4xc 7 месяцев назад

Wow...

@kevinho4504 7 месяцев назад

I certainly am not frugal but still intend to hit $6m once I time the next stock market crash 😂

@joshconsultancy 7 месяцев назад

not too easy to time im afraid 😂

@kevinho4504 7 месяцев назад

@@joshconsultancy Benner cycle 2026, I would have liquidated once I see Geo politics headwinds in 2025 to liquidate everything

@stevenheng3336 7 месяцев назад

I only know few ex colleagues who are below 50 who already have 3mil in cash and staying in fully paid pte properties... always showing on social media enjoying their life.. btw, bith are senior vp in banks... a japanese bank driving Audi (nick is heibao) and another in BOC but humble enough to take public transport but I see him smarter one

@joshconsultancy 7 месяцев назад

Good for them :)

@minminshen2477 5 месяцев назад

S$2.4 mil cannot be accounted for?

@choonsengteo9694 Месяц назад

Not true, you can travel to know the world better. Spending money is a great way to pass cash to other. Leave other family matter alone.

@chiafs3969 7 месяцев назад

I work only being paid $3450 per month now. But my saving is only $80,000.

@joshconsultancy 7 месяцев назад

Do to the best of your equation k What people have it what people have, dont worry about comparison =)

@williammok5619 7 месяцев назад

Very informative video! But Josh I have a question for this couple, or maybe you can give me an answer. How can a person that owns private property “inherit” a hdb? Hope you can help me. Thanks !

@joshconsultancy 7 месяцев назад

Can inherit hdb. If owning hdb however cannot inherit coz that will be 2 hdb owned Above is from my understanding k, to double check 🙏

@yili7347 7 месяцев назад

In the past, there were no rules prohibiting someone with private property from inheriting a hdb. As long as someone does not already own a hdb, they were eligible to inherit. However, in recent times, this has changed.

@williammok5619 7 месяцев назад

This couple has 2 private property and yet can inherit a hdb, either they are lying or something is wrong here

@sktoh4795 7 месяцев назад

Could be doing some lucrative sidelines such as teaching tuitions. Do they report the incomes from sidelines so IRAS won't come after them after this video?

@joshconsultancy 7 месяцев назад

This comment doesn’t come from a good place. Not recommended. Let’s assume wealth was built up properly 👌🏻

@makwoon3635 7 месяцев назад

Most teachers work like dogs, dun think they have the extra energy to give tuition, not forgetting that they also have three children hor .😂

@Maximax1091 7 месяцев назад

I definitely won't be working if I have S$6.5m in my retirement savings.

@joshconsultancy 7 месяцев назад

Vote noted 👌🏻

@makwoon3635 7 месяцев назад

If I add my properties and other assets together, I and hubby definitely have more than that and we are in late forties, I will sure continue to work. Stay at home so boring. Go work won't become senile, lots of office politics ...😂😂😂

@Maximax1091 7 месяцев назад

@@makwoon3635 No thanks, I have many other things I want to achieve rather than stick to a 9-6 job or self-employed role. Freedom of time is more precious than work and I am able to use my time more efficiently for my own needs and targets if I am financially independent with S$6.5 million.

@theseira 7 месяцев назад

6.5 mil is like 1 mil these days it not much. In Australia 40% of the household have net worth over 1m. How to survive like this.

@Longtermalwayswins 7 месяцев назад

6.5m still not enough i agree. Especially need to drive lambo, live in gcb and have yacht. Right?

@MrBluehorizonsugar 7 месяцев назад

Yolo loh

@jironghuang4895 7 месяцев назад

Oh no. Im on the non property route

@joshconsultancy 7 месяцев назад

No probs, your story in 20years time :)

@jironghuang4895 7 месяцев назад

@@joshconsultancy thanks hopefully :)

@sek898 7 месяцев назад

Title should be "Couple with 6.5M" as its combined wealth, not one person

@joshconsultancy 7 месяцев назад

yup you are right also

@Top.5pc 6 месяцев назад

in general, a split or divorce diminishes your cash to 50%. But they are so old already so don’t think either going anywhere else LoL 😝

@henry5225 7 месяцев назад

First thought that come to my mind is he strike Toto till achieve $6m

@MKiurinuRigold 6 месяцев назад

Yes I will still be working

@joshconsultancy 6 месяцев назад

What career are you in and what is ur biggest satisfaction from your role?

@MKiurinuRigold 6 месяцев назад

I prefer to keep it in secrecy

@prime8krish 7 месяцев назад

with that money, wounder why do they need 3k from Children. :)

@joshconsultancy 7 месяцев назад

Filial children 👍

@kealee6350 7 месяцев назад

If you have more than one million, you should spend all and left nothing on earths!

@joshconsultancy 7 месяцев назад

They may buy a new house in future never know :)

@choonsengteo9694 7 месяцев назад

Better use them up, or else it will be gone when we passed away.

@AndyGoh-xs7ow 7 месяцев назад

Fully agree !

@kjhui4283 21 день назад

Why aren't u even giving your mum at least 1k/mth when u already have over a million in AUM? Secondly there is a saying, do something u love and u nvr have to work for life. Cheers!

@R6ex 7 месяцев назад

Schools should focus on practical financial investment lifeskills instead of mostly-useless core subjects of today.

@joshconsultancy 7 месяцев назад

Financial investment lifeskills come after an ability to generate income. Schools serve that purpose of helping generate income and reflect for learning abilities for a job (from being an employer's perspective)

@csiajoo 7 месяцев назад

The conclusion of the story ---> all $$ will goes to the childrens just a matter of time

@cchan4739 7 месяцев назад

Don't see why a case like this is so surprising to you. Plenty of Singaporeans have that sort of wealth, my parents included. In fact my parents have more? No big deal seriously

@joshconsultancy 7 месяцев назад

Good. Maybe that is the reason why you’d feel it’s not a big deal actually 😉

@Mike-e1n 7 месяцев назад

But a great learning from teachers … not everyone has these wealth accumulation even how hard they work…

@Mike-e1n 7 месяцев назад

@@joshconsultancy big deals to me …I only plan to accumulate 5 mils… if can achieve 6 mil very satisfied

@fool1124 7 месяцев назад

The purpose of the video is not to compare some people have more and some people have less and it's ok. As long as we live below our means. Be happy and enjoy your money

@user-sf5bt8eb4y 7 месяцев назад

This family should start their own youtube channel and teach others how they manage to bring up 3 kids all which have scholarships. I think thats even harder than FIRE

@joshconsultancy 7 месяцев назад

lol 🔥

@fool1124 7 месяцев назад

I think scholarships is offered to programs which has high demand for instance nursing, early childhood, where people don't want to go into. In fact ITE has most scholarships I could be wrong

@makwoon3635 7 месяцев назад

If it's full govt scholarship, it's offered even before you choose your course of study in the uni. It's based on your interview, aptitude tests and various other written tests. These are usually the more prestigious scholarships.😂

@jeremysng4214 7 месяцев назад

Silly to save so much in my opinion. We need to enjoy splurge contribute to charities to save on taxes etc...etc. Their mindsets are just old fashioned

@joshconsultancy 7 месяцев назад

Be nice k. Can disagree with approach but no need the harsh words

@kornhead8 7 месяцев назад

Best advise is when u reach a certain age & financial goals, better to enjoy sunshine & smell the rose while u can than u never know u b waking up the next day 🥸

@joshconsultancy 7 месяцев назад

Love that!

@Mike-e1n 7 месяцев назад

I hold 90% into properties, 2.5 units fully paid… 3rd unit coming TOP… no regrets…plan to save CPF to 1 mil 😊. ERS

@priscillaDLCZ 7 месяцев назад

That is a nice decision!

@kornhead8 7 месяцев назад

Retirement is shunned by most as it seem to dull the mind but it can b inspiring for u to enjoy the rest of yr life fruitfully 🥸

@joshconsultancy 7 месяцев назад

When it is well planned for, Certainly 👍