SINGAPORE: A man turned to Reddit on Thursday to ask Singaporeans whether financial independence and early retirement, also known as FIRE, is realistically achievable without drawing a monthly income
of S$10,000.
“Most examples are from the U.S., where housing is cheap and salaries are high. In Singapore, if you’re earning S$4k to S$6k/month and living reasonably , is FIRE still realistic?” he wrote and added, “Would love to hear from locals who are doing it on an average salary. What worked for you—CPF hacks? Dividend investing? Side hustles?”Contrary to what the man believed, many users said that it is, in fact, possible to pursue FIRE in Singapore without earning a five-figure monthly salary.
Still, others weren’t convinced that this was doable. Some said that while the math may work out on paper, the reality of living in Singapore, one of the most expensive cities in the world, makes the pursuit of FIRE on a median income far more challenging.Another added, “S$10,000 is not even enough… FIRE isn’t really supposed to be for people earning below median household income anyways… It’s about optimising your decent to high salary to help you retire early.
“What should I pursue in life after I leave my current job? I don’t want to rot at home. I think I have at least 10 years of economic life. Should I take up another job to keep myself occupied? A lower pay isn’t an issue,” he said.
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