Retire early and travel around the world
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Like many others, I'd love to retire young and travel around the world with my family.
I was reading "Rich Dad, Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki the other day.
Oh my gosh... it was like a light bulb going in my head. I have always been a hard-working person, working many hours in my Corporate life and didn't realize that there is a "smarter" way to retire than just working until I'm 65 years old.
If you haven't already read the books, I highly recommend them.
According to the books, to retire, you need to build your Passive Incomes (an income that comes in no matter you are working or not; examples below).
When your passive incomes exceed your total expenses, congratulations, you can retire! So the key is to build passive incomes!!!
So these are some methods suggested:
1) Real Estate Rental Income - It's a great way to get some passive income (providing you have great worry-free tenants). The only thing is that you will need to have a significant amount of money as down payment especially in an expensive place like Singapore.
2) Dividends from Stocks - It's a great way and passive way to earn income. You do, however, need to build a large enough portfolio; so need to build the capital over years.
3) Start a Traditional Business - It's a great way if you have a good idea, a good system and a great team. A profit-making business is definitely one of the best ways to achieve financial freedom. Did you know that all of the wealthiest persons in the world (Donald Trump, Warren Buffett, Robert Kiyosaki) became amazingly wealthy first because of their businesses, not because of their investments? If you are entrepreneurial, give this a try. Although the odds are against you - with more than 90% of the start-up businesses fail within the first 3 years. With the internet becoming more and more popular, starting a business is a great way to build a great income with lower risks.
4) Franchises - Also a wonderful way because a system and a team are already in placed. So your success rate goes up much higher! If you have some capital around, do look around - there are franchise conventions being held in Singapore from time to time and I have attended some before.
5) Network Marketing - A great way to start your own business without having much capital upfront. A typical network marketing opportunity only takes a few hundred dollars to start and has a built-in marketing/accounting/training system and a support team. So it's a great way for anyone to start, getting paid while learning how it works. If you find a legitimate network marketing company to partner with, it's a great start. This is not a get rich quick scheme and does take consistent work, but many people do get extremely rich from this business model.
Pick something that you are passionate in and give it a try! If you can, build your passive incomes through multiple methods above.
So, how about you? What are your methods? At what age / in how many years are you planning to retire? Is traveling around the world on your bucket list? Cheers!
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wonder why those PhDs in biz dun dare to put their nest eggs into biz?
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Thanks for sharing. Talk is very easy. But to do the above, you must have money first. Even if you have lots of money but made a wrong investment can end up bankrupt too. Everyone have the same wish, retire early and travel around the world. But everyday travel also sian. The middle path is the best, a little bit of everything then you will feel balanced and happy in life.
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I retire at 42 yr old with the kids still in school. I travel to many places out of the usual Sg way. My last regret now is I hesitated and now too old for the Antarctic trip. Now I'm 80.
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I read his books but now I stop buying them. Robert Kiyosaki is a big liar and all his books are very generalize information, for example, To be rich, you need to learn how to make more money than you spend... but never tell you how... Check out http://www.johntreed.com/Kiyosaki.html
Also, research abit and you realize there are some people who lost their fortune (and some went bankrupt) following Robert Kiyosaki's advice.
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The passive income that Robert Kiyosaki had successfully create is to publish his idea in a book that might only work in certain "condition". Ultimately he is the big winner because he earn the sales of his book and his cash flow game from you reader as part of his passive income.
In fact it is well known that Robert is also associated with MLM like Amway and Vemma : http://2buildwealthonline.com . Beside him, why do you think there are investment and trading courses appear in Singapore ?
And if you want to know how to run a "smooth" business, I suggested you read an local book name "Myths,Fantasies & Realities Of Entrepreneurship" by Peter Lim from Petemarketing Consultancy and his "entrepreneur" idea is more practical and realistic in Singapore than from an Japanese chap.
In fact do you know that in Japan, their people are creative because majority of them are "Otaku", dropout and homeless people. Surprisely these people are the creative and successful people. However nowaday I think people are more interested in iPhone and Kinect game than on making money !
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Out of all the things, only the rent your house out seems to be possible. The rest is like duh, start a business and try to earn money, you dun say? I wont say the author is a scammer, because a thing that success on one person might not work on the other. He might be just saying what he think and how he become rich. If you want be rich without working your ass off, you can either hope to strike lottery or design some iphone app and hope it sell for big bucks.
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I would just extract a part of Peter Lim 's book golden words here since there are some truth on what he said as an fellow singaporean on starting a business :
Myth #3
Entrepreneurship is not for the average man
The average man is almost certain to write off his or her possibilities of succeeding as an entrepreneur. This need not be true.Yet many might have tossed away the idea rather casually.
Why?
Firstly capital is required to set up a business. For a salaried man, this represents the "Great Wall Of China". People may having saving to buy a roof over their heads (Now not sure this era can or not) or meet family responsibilities.But where do they get enough money to run a business?
Besides, doing business can be a great risk to one 's nest egg.In Singapore, the cost of living is high. The national savings rate is also high (CPF). This leaves one with a smaller disposable income. And one cannot expect charity from others. So the pressure is overwhelming on the average man.
Secondly, it requires endurance and a high degree of resourcefulness to be a successful entrepreneur. This will disqualify many from the start.Few people posses that kind of confidence.
Thirdly, it calls for sacifices and a strong character. The start-up period is usually the most painful or stressful time. To generate a sufficient volume of business at the outset is definitely not an easy task.
At this stage without going further, many I am sure, many might be tempted to give up already. But the situation is not entirely hopeless. There are alternatives to overcome these problems. Or every ordinary folk can never dream of becoming an entrepreneur.
Unfortunately, some qualities are difficult to compromise or you risk a higher chance of failure. The average man may still get his opportunity. But the stronger ones are better assured.
To make up for any disadvantage, one should work many times harder, garner more external assistance and exploit other factors. For instance, he can borrow money to start up or hire expertise required for the business. This of course, means higher cost. But it is not beyond the reach of ordinary folks.
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Originally posted by M the name:
I would just extract a part of Peter Lim 's book golden words here since there are some truth on what he said as an fellow singaporean on starting a business :
Myth #3
Entrepreneurship is not for the average man
The avearge man is almost certain to write off his or her possibilities of succeeding as an entrepreneur. This need not be true.Yet many might have tossed away the idea rather casually.
Why?
Firstly capital is required to set up a business. For a salaried man, this represents the "Great Wall Of China". People may having saving to buy a roof over their heads (Now not sure this era can or not) or meet family responsibilities.But where do they get enough money to run a business?
Besides, doing business can be a great risk to one 's nest egg.In Singapore, the cost of living is high. The national savings rate is also high (CPF). This leaves one with a smaller disposable income. And one cannot expect charity from others. So the pressure is overwhelming on the average man.
Secondly, it requires endurance and a high degree of resourcefulness to be a successful entrepreneur. This will disqualify many from the start.Few people posses that kind of confidence.
Thirdly, it calls for sacifices and a strong character. The start-up period is usually the most painful or stressful time. To generate a sufficient volume of business at the outset is definitely not an easy task.
At this stage without going further, many I am sure, many might be tempted to give up already. But the situation is not entirely hopeless. There are alternatives to overcome these problems. Or every ordinary folk can never dream of becoming an entrepreneur.
Unfortunately, some qualities are difficult to compromise or you risk a higher chance of failure. The average man may still get his opportunity. But the stronger ones are better assured.
To make up for any disadvantage, one should work many times harder, garner more external assistance and exploit other factors. For instance, he can borrow money to start up or hire expertise required for the business. This of course, means higher cost. But it is not beyond the reach of ordinary folks.Thanks for sharing, alot of good information there.
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Stupid network marketing people. They fool people into thinking they will get rich, but they fool themselves thinking their riches will last forever.
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Thanks for everyone's feedback!
Mr. Music - It is not true that you need to have a lot of money first. I have came across many rich individuals who started off with nothing. They started with an idea and then put hard work towards it and built a successful, profit-generating business. Besides that, starting a business online and doing network marketing are two business models that do not require a lot of money upfront - you do have to pay with "sweat equity" though; but your return from businesses can be many many times more than your initial capital, giving you infinite return on capital. For "investments", you are using money to generate more money and you do run the risk of losing some or even all of your capital.
Clivebenss - could you share with us how you managed to retire at 42? Would love to learn more. Through your own business? Through investment? Thank you!
M The name - Thanks for your suggestions! I do agree that Robert Kiyosaki is smart because publishing a best-selling book is one of the BEST ways to create long-term and truly passive income. Again, this all comes from an "idea" and then he created an entire empire around this idea - Cashflow board game, more books, audio, coaching session. An idea along with great execution can create an impressive profit-generating business!Alize - There are lots of great and legitimate network marketing companies out there and companies like Amway and NuSkin have been around for decades and have created many multi-millionaires. But just like any business, it does require hard work - many people fail not because the business model does not work; but because many people didn't try hard enough and give up too early - just like anything else in life.
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If you are interested to see Robert Kiyosaki and Kim Kiyosaki in person and heard their speech, you can attend the event "National Achievers Congress 2012" on 1-3 June in Singapore Expo and called tel : 62994677 to register or visit this link : http://www.nacsingapore.com to find out more. Hope that they would really help you to realize your "dream"
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Well done ,learn more
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Start small to make big money
Investing in assets like gold can be first step, says finance guru.
The workshop by Robert Kiyosaki, author of financial bestseller Rich Dad Poor Dad, was attended by about 3,000 people who came from various countries to hear him speak.
Ng Kal Ling
The trick to making big money, according to finance guru Robert Kiyosaki, is to start small.
And one place Singaporeans could start is to set aside a portion of their monthly income and invest in an asset such as silver or gold, said the author of financial bestseller Rich Dad Poor Dad.
In a three-hour seminar peppered with personal anecdotes, Mr Kiyosaki, 65, said that people should not be bogged down by their living expenses. Instead, he said, they should be disciplined and set aside money to buy and accumulate assets.
He recounted the time when he and his wife Kim bought a few hundred dollars' worth of silver at US$3 an ounce in the 80s - while still in debt of US$1 million.
Today, silver is worth about US$35 (S$44) an ounce, said Mr Kiyosaki.
"This forces your mind to think about acquiring assets, not about the expenses. Stay focused on your assets and start small," he said.
Mr Kiyosaki's workshop, held yesterday at the Singapore Expo, was attended by about 3,000 people who came from various countries to hear him speak.
Tickets for the event cost between $98 and $838.
Mr Kiyosaki said that aspiring investors should first arm themselves with financial knowledge before taking the plunge.
The Japanese-American, using himself as an example, said that before he started investing in properties, he took a three-day course in real estate to learn about the business.
One of of his more successful ventures was a 2004 investment in a 144-unit apartment complex and the 4ha of land next to it.
He said he acquired the property in Arizona in the United States with his wife for US$ 7.6 million, using bank loans and funds from other investors.
They then developed the empty plot by adding 108 apartments. The value of the entire property then grew to US$15.8 million.
"There was appreciation of value because we improved on the property," he said.
Mr Kiyosaki said, however, that making similar gains in land-scarce Singapore would not be possible.
"Your real estate here is too expensive. You won't find me getting excited about an HDB flat. The tough part about Singapore is you can't get 144 units at that price."
He noted, though, that there were still capital gains to be made from owning properties here.
He urged Singaporeans to remain "kiasu" because he said it would keep them "hungry" and motivated, and not complacent.
"Whether I work or not, I get $2 million every month but I consider myself poor. The best motivation is to be poor. It means I stay up longer and work harder."
Today, part of the Kiyosakis' fortune comes from some 4,000 properties, 100 oil wells, and proceeds from Mr Kiyosaki's book sales.
He has written more than a dozen books. The latest, Midas Touch, was co-authored with property king Donald Trump.
Mr Kiyosaki received a standing ovation from the crowd after the seminar.
Human resource manager Ng Yee Ling said that she was inspired by his success story, and will start to learn about investing.
She said: "He pointed out a few areas where we could start such as silver and gold, then real estate. With the right knowledge, it can be done."
home, The Sunday Times, June 3 2012, Pg 19 -
The key point our TS is talking about is his last paragraph.
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I would prefer to start work early and earn a stable income so that my Dad can retire early to some other laid back country (he's dream)..
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Originally posted by Nelstar:
The key point our TS is talking about is his last paragraph.
Oh shyt... recently got alot resurfaced after it died down some years ago...U nv say I also nv notice...
the whole WOT 9999 damaged me -
Originally posted by Tmarcus:
I would prefer to start work early and earn a stable income so that my Dad can retire early to some other laid back country (he's dream)..
CPF.
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thanks for sharing.. good info..
MLeung..have you tried out any of the suggestions you read from Rich Dad? any practical experience to share?
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production line down already. easy things like adhesive issue also don't know how to follow up properly.
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Nobody can live on fresh air alone.
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The first step to make money or get rich is to stop reading all these books about rich dad or poor dad shits, you are just contributing to their wealth and getting yourself poorer.
Then the second step is...
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travel the world for what? when i retire i wo=hole day sleep at home tare nua already where got time to go travel around the world? sit at home stair at ceiling and angel 7030 pinup photo and open mouth big big silivate and waste yourself away.
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Originally posted by angel7030:
The first step to make money or get rich is to stop reading all these books about rich dad or poor dad shits, you are just contributing to their wealth and getting yourself poorer.
Then the second step is...
what what what?second what?
don;y know say dontt know lah go cnsult PE
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Why need to travel the world when everything is on youtube and google?