They were computer engineers and come from Toronto. So are there points for financial independence that we can learn? How does savings rate affect the journey towards financial freedom? Introducing this couple Kristy Shen and Bryce Leung who retired or achieved financial independence retire early at the age of 31.
0:00 Introduction
1:35 What Kristy faced when she retired
2:27 Point 1: Good paying job in city needed
In Singapore where jobs pay better than 3rd world countries, saving up for retirement is much easier.
3:20 Point 2: Saving 70% of income
Kristy Shen and Bryce Leung weren’t frugal but they manage to retire in 2015
They cut on three key areas which are transportation, housing and food.
6:05 Point 3: Investing from an early age
They have grown their $1m retirement pot to $1.8m now.
7:03 Point 4: Building a backup plan
Could it be part time work opportunities?
Migrating to a third world country?
8:13 Point 5: Have goals and work towards it
4% withdrawal rule which is 25x annual expense to calculate how much you need before you are FIRE (financial independence retire early).
#financialindependence #fire #retirement
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About Josh Tan:
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.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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