Today I had a discussion with my mentor, his mentor has stopped his career with Lim & Tan. He has made enough for himself and the family, he decided to call it a day and spend time traveling with the wife.
My mentor has a total equity net worth of about 2.5m worth. He intends to ask his wife to stop working July 2019. The quest is in progress. My quest has a lower benchmark, I will ask my wife to stop working July 2021 with a total equity/cash net worth of 2m.
I saw the news article which interviewed the blogger foreverfinancialfreedom Halim. He is 32 this year and aims to achieve financial freedom by 35. It is a good direction which Halim is working towards and I wish more singaporeans can learn from him.
Presently my household monthly expenses is close to sgd 8k. If both of us stops working, the income tax will not be applicable, then it should come down to lesser than sgd7k.
I need a passive income of sgd 85k
This year due to special dividend, I am looking at sgd 60k which is not too far off from my ideal range. Probably another 5 years, I should reach my end goal.
2018 January 900k – 36 years old
2018 December 1100k – 36 years old
2019 December 1300k – 37 years old
2020 December 1500k – 38 years old
2021 December 1700k – 39 years old
2020 December 1900k – 40 years old
2021 December 2000k – 41 years old
Call it a day and try to travel the world, I will continue to work but at my own call. I want my wife to be a housewife and spend time with the family.