First, don't go triggered on me.
I haven't even said anything yet!
But if you're fuming and churning inside oredi, you should buy me coffee - you now know how well you handle objections and views that differ from yours - for FREE!
Especially if you're in a leadership (shepherd) position in your day job and wondering why no one is willing to give you feedback at work???
Are we good?
OK, let's go!
I found this interesting video that I would like to share. What do you know? I'm not the only fool who likes to argue with the STOP sign!
If you still interested to explore more, you may also want to read some of the comments under the video. Its like ink blots, we see what we want to see; but the quality is much better than the usual "yalor, yalor" commenters.
You know why 1M65 is popular to some but no feeling to others?
That's because some see hope; $500K at 65 is really achievable.
For stay-at-home dads and housewives that can't manage this, how? Look at your partner. He/she is supposed to top up your CPF account to $500K under the 1M65 plan!
Yet to others who prefer to get "rich", $500K at 65 is not exactly what they had in mind when they diligently listened to others exhorting them to Study Hard; Work Hard all their lives... And after working 40 years some more!!!
The Chief Pipe Piper of 1M65, to cater to the more discerning Earn More audience, has come out with 4M65.
Which is a not spoken way of saying 1M65 is the "minimum PC requirement". If you want to have a more pleasant gaming experience, the "recommended PC requirement" is 4M65. Wink.
Its the property way of saying, "Can't afford? Stick with HDB. Can afford? Go private!"
That's precision in numbers or dollars for left-brained people. Always asking and comparing with others - "How much is rich?"
Well, even if you have a $100 million, you would still feel "poor" standing next to billionaires.
With "only" $500K Sing dollars, most Singaporeans would not consider that "rich", but take that amount and retire to Vietnam, Cambodia, Thailand, or even Malaysia ... We can still do a bit of wine, woman, and song on the side!!!
Yup. as we trod along on our financial journey, some of us may become more spiritual... More philosophical...
Some may even realise we have been leaning our ladders against the wrong wall!?
Its not financial success, FIRE, or money that we seek...
Its actually something else. (That FIRE goal is just kicking the can down the road until we figure out what we want to do with our lives.)
This we have to figure out for ourselves,
For example, one may realise its Happiness that you were seeking all along!!!
So you take your ladder away from the Financial Freedom wall and place it against the Happiness wall. Wink.
Do you still want to feel "sorry" (or act superior) to that stay-home-dad who can't manage $500K in his CPF at 65?
Someone who spends time with his 3 kids to bring them up with the right Family Values (not outsourcing to schools), and at the same time, is enabling his wife to power up to her full potential at her corporate day job.
You seriously think he'll have a hard time in his retirement?
Smol,
ReplyDeleteOne can't get rich with only save more.
But it is 1 of the 2 crucial ingredients for getting "rich". The other being earn more.
For super earners, they just need to save to be richer than 99% of the population.
For average joes, they'll need to leverage on the earnings of others (investing) to get rich ... even striking Toto is leveraging on others. Imagine if only 100 people in Singapore buy Toto --- top prize maybe $10,000 max.
For those able to hit >$500K in their CPF, it is more telling of one's earned income rather than just saving ability. And it's a reflection of Mr CPF's situation himself. ;)
As Mr CPF has repeatedly said, the foundation to 1M65, 4M65 etc is earning ability. Hence the importance of upskilling, upearning. If cannot upskill then upwork ... he actually recommends working 2 or 3 jobs to get extra income to put into CPF.
No he's not a fan of FIRE, only FI lol.
And his 4M65 plan involves putting your money inside CPF at risk, unless you're combining with a similarly above-median wage spouse. ;)
Happiness can be different things to different people. But I think they think that moolah is a key tool for happiness.
Basically they want "freedom", "optionality", "security", "luxuries", and not having to be subservient to somebody or some organisation becoz their lives depend on it.
Money is the obvious "answer". It requires more brainwork & more effort to come up with non-monetary solutions, or even sustainable actions that generate the required money.
Spur,
DeleteMoney is important.
Once it exceeds our "enough" point, more money does not necessarily lead to more happiness.
Or like they say, "Anything more than a mouthful is waste..."
LOL!
Save More helps a lot!!!
To Earn More through investing/trading or starting our own businesses, we need capital. And size matters!
However, that's not the only way.
We still can Earn More by trading our Time for money - working for shepherds and/or landowners.
Or relying on Lady Luck - Toto (some would include investing/trading here too!)
Or marry rich! Wink.
If I humble brag I've "saved" my way to 2M65, and you found out I've never worked a day in my life, or owned any businesses, or struck Toto, you'll quickly discount my "savings" route....
It simply meant its my parents, wife, or children that's doing the Earn More!
I'm merely a lucky freeloader!!!
People often forget that to save $1, we first have to EARN that $1!!!
Or have someone gift that $1 to us - now that's the purest form of passive income!
Thanks for the post SMOL. I was once quite fixated on the numbers too. Alot of things had to die inside before I realize there is more to it than just numbers printed on a slip of paper... I learnt in recent years that "richness" come in many forms and in my current work, exist in a huge number of variations.
ReplyDeletePatty,
DeleteFrom one weeb to another (although we prefer to call ourselves men of culture), you're welcomed!
In your mid-life phoenix transformation, I wouldn't be surprised if you had experiences that challenged mainstream's definition of "richness" or "success"...
All the best to your new adventures as a Jedi!
New and latest flavor of 1M65/4M65 movement is to trust your CPF money in some specific CPFIS approved investment product. You will reach there sooner. Hmm .. why change of flavour in the recent years? See for yourself at MRT ads. LoL!
DeleteCW,
DeleteWhen I first heard of 1M65, I was scratching my head as there's no money to be made as cheerleader???
I assumed someone got tapped on the shoulder to "volunteer" this public service... (In return big daddy gave him a gold star or something; like what we used to get in kindergarten)
If big daddy did it himself, people will be more skeptical... Especially after so many goal posts moving stunts, "Why you want more of my money again?"
On the other hand, like Tupperware parties or MLM, if one of your peer is cheerleading the product/service to you, you'll be more "receptive". Wink.
Especially if the spin is we are the ones gouging "FREE" money from big daddy!
Who doesn't want to stick it to the man?
Its like your wife telling you how much money she is "saving" for you by going on a shopping spree, "Look honey! The more we spend, the more we save!"
You can't make this shit up!!!
Of course now the final act is revealed; with 4M65, there's tons of money to be made for the ones peddling CPFIS.
Its like my weekend sales gig. Advertise stripped down versions of cheap home appliances/electronics. Once customers are attracted to the showroom, its up to us snake oil promoters to UPSELL and CROSS- SELL!
Ar ber then?