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America vs. Singapore: You can't save your way out of economic shocks

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Re: America vs. Singapore: You can't save your way out of economic shocks

#151

Post by glimshe »

mech998877 wrote: post #149
aprdm wrote: post #128

Earlier quoted context omitted.

"Live frugally" , "FIRE" , "work in tech" All incompatible with 99% of the upper class, neither do they want to eat ramen to retire early. You're also one medical disaster away from being "very very wrong"

90%+ chance the person you are replying to has health insurance that will cover them in case of medical disaster.

I absolutely have health insurance, the most expensive available on my state. That doesn't protect me 100%, but what health insurance (including the ones available at most companies) does?

People who have poor money management skills believe that FIRE=Ramen and no health insurance... In fact, it's about getting a 30K car (the one I bought new 3 years ago) instead a 70K car despite having the money.

Re: America vs. Singapore: You can't save your way out of economic shocks

#152

Post by foxyv »

jcranmer wrote: post #125
foxyv wrote: post #23

Earlier quoted context omitted.

Why does the government get to decide when we retire?

The government doesn't decide when you retire. The government decides when it is willing to pay you to be retired.

Social security is an entitlement. They have taken money from your paycheck to fund it. In fact, they have taken more from your paycheck than they will pay back to you in order to pay for an aging population. The extra goes to bonds which the government then uses to reduce inflation when they decide to invade random countries or bail out a bank.

Now, why does the government get to decide when I retire with my own money?

Re: America vs. Singapore: You can't save your way out of economic shocks

#153

Post by glimshe »

raw_anon_1111 wrote: post #130
glimshe wrote: post #115

Earlier quoted context omitted.

The FIRE community and my own personal situation prove you very, very wrong. It's absolutely possible for a upper middle class family to retire in their 50s, even in their 40s, if they live frugally.

And health insurance as soon as the ACA is gutted and you have a pre existing condition? Sure I could retire to Costa Rica or Panama. One of those are a plan B and we will be in CR for six weeks and we are both learning Spanish - I am. decent at it. I bet you also your idea of upper middle class is not statistically valid. https://dqydj.com/household-income-percentile-calculator/

I didn't get where I am by taking random bets, but I'll say you'd lose your money here.

Re: America vs. Singapore: You can't save your way out of economic shocks

#154

Post by foxyv »

throwway120385 wrote: post #148
foxyv wrote: post #96

Earlier quoted context omitted.

I wouldn't mind taxes if everyone paid their fair share and it went to improving the lives of everyone instead of the wealthy few. We live in the most productive times per capita that have ever existed. Why do we need to scrimp and save to buy food while the number of billionaires continues to climb?

Because we're failing to hold those billionaires accountable to the system that allows them to accumulate their wealth.

Bingo!

Re: America vs. Singapore: You can't save your way out of economic shocks

#155

Post by snake42 »

aprdm wrote: post #128
glimshe wrote: post #115

Earlier quoted context omitted.

The FIRE community and my own personal situation prove you very, very wrong. It's absolutely possible for a upper middle class family to retire in their 50s, even in their 40s, if they live frugally.

"Live frugally" , "FIRE" , "work in tech" All incompatible with 99% of the upper class, neither do they want to eat ramen to retire early. You're also one medical disaster away from being "very very wrong"

FIRE doesn't depend on having a tech job. Its all about income to expense ratio. Planning for medical events is something that gets talked to death in these communities.

Re: America vs. Singapore: You can't save your way out of economic shocks

#156

Post by malshe »

mark_l_watson wrote: post #21

I had the privilege of getting a working gig in Singapore for a small AI startup: such a well run country! There is a sense of community for helping by employing people who need jobs, the police were friendly and I felt very safe there (I like to take long walks either early in the morning or late at night and I felt very secure.) Amazing what the people and government have achieved since the end of WW2. 100% respect…

I spent years in Singapore and loved it there. Never had to face road rage (which so many of us experience daily several times driving in Texas! NextDoor is full of these stories) or aggressive behavior by anyone in authority including police and immigration officers. I know many people find Singapore boring after a while but it didn't bother me much. On the flip side, the cost of living is high as a foreigner and traveling to the US is very tiring due to the long distance.

Re: America vs. Singapore: You can't save your way out of economic shocks

#157

Post by jcranmer »

foxyv wrote: post #152
jcranmer wrote: post #125

Earlier quoted context omitted.

The government doesn't decide when you retire. The government decides when it is willing to pay you to be retired.

Social security is an entitlement. They have taken money from your paycheck to fund it. In fact, they have taken more from your paycheck than they will pay back to you in order to pay for an aging population. The extra goes to bonds which the government then uses to reduce inflation when they decide to invade random countries or bail out a bank. Now, why does the government get to decide when I retire with my own mon…

If you don't like it, join the Amish and file a Form 4029.

Re: America vs. Singapore: You can't save your way out of economic shocks

#158

Post by chasd00 »

raw_anon_1111 wrote: post #130
glimshe wrote: post #115

Earlier quoted context omitted.

The FIRE community and my own personal situation prove you very, very wrong. It's absolutely possible for a upper middle class family to retire in their 50s, even in their 40s, if they live frugally.

And health insurance as soon as the ACA is gutted and you have a pre existing condition? Sure I could retire to Costa Rica or Panama. One of those are a plan B and we will be in CR for six weeks and we are both learning Spanish - I am. decent at it. I bet you also your idea of upper middle class is not statistically valid. https://dqydj.com/household-income-percentile-calculator/

Costa Rica is on my retirement shortlist. I really like it there and have taken the family for vacation a couple times. I've driven the whole country pretty much North to South. Puerto Jimenez is one of my favorite places but it's very rural. There's some nice areas an hour or two North of San Jose as well. I've met a handful of US families that, when the pandemic hit, just sold everything they owned and moved to Costa Rica. As far as central america goes Costa Rica is a bright spot of stability and like a functioning government. I live in Dallas so pretty much have to know a little Spanish but there isn't much of a language barrier at all. You could do a lot worse than Costa Rica.

Re: America vs. Singapore: You can't save your way out of economic shocks

#159

Post by [deleted] »

raw_anon_1111 wrote: post #143
bjourne wrote: post #139

Earlier quoted context omitted.

Statistics! Can a person below the median income afford to retire early? The answer is a resounding no. Can a person the top 10th percentile (upper middle class) afford to retire early? Yes.

https://dqydj.com/household-income-percentile-calculator/ So the top 10% is a household income of $250K and most of those couples didn’t reach that until their 40s. They aren’t making $225K as an L5 at 25 years old like a former intern/new grad I mentored when I was at BigTech Most software developers won’t even see above $160K inflation adjusted during their career. Most work in second tier cities in the “enterprise…

[deleted]

Re: America vs. Singapore: You can't save your way out of economic shocks

#160

Post by carlosjobim »

philwelch wrote: post #90
bombcar wrote: post #45

Earlier quoted context omitted.

This is more fleshed out in the book "Die with Zero" which may be a bit too extreme. But in general you have three things to spend in your life: time, money, and effort. You don't want to spend all your time saving money because you'll run out of time eventually, but you also don't want to spend all your money saving time because you'll run out of money. It's all about balance and thoughtfully understanding what you…

Money can be passed down to your children and grandchildren though.

You can do it before you die if you want to do that. They're not much helped by you sitting on it until you die.
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