Achieving Financial Independence, Retiring Early (F.I.R.E)
Would you like to achieve F.I.R.E - “Financial Independence, Retire Early”, asks Charles Tan, the man behind a popular property investment website, www.kopiandproperty.com?
If you ask 100 Malaysians about whether they want to retire early, 99 will I think but cannot be certain say Yes. But how much moolah do you need to have before you can be financially independent and retire early? According to this website there are only 17000 US $ millionaires in Malaysia. https://lnkd.in/gTMuNTd5
To some Malaysians, a figure of US$ 1 million is just chump change. They can’t get by on RM4.4 million because they like wining and dining at Michelin starred restaurants, take overseas vacations every three months, buy Birkin bags or Richard Mille watches every year, and like to hit the poker tables in Genting every weekend.
Yet I know some retirees on government pensions that have put their kids through overseas Unis and still lived comfortably in their modest terrace house, fully paid for.
In my opinion, it all depends on how much moolah you think you need to sustain your standard of living. In Penang, for example, you can pay RM11 for a plate of Roast Chicken and Siew Yok rice and herbal tea -https://lnkd.in/g9BRuwyC or you can pay RM102 for ribeye steak, soft shell crab salad and chocolate cake https://lnkd.in/gbmQrNaV
If you are looking to get FIREd, you can check out my review of a Get Rich Quick book authored by one of my MBA lecturers, a certifiable £ millionaire worth £10m.https://lnkd.in/gQy5EUnS
