Imagine waking up one day, financially independent, free to pursue your passions without the stress of work. Many aspire to this dream of achieving F.I.R.E. (Financial Independence, Retire Early), but the path to get there is often filled with challenges and uncertainties. It’s inspiring to see others share their success stories or showcase impressive investment portfolios and returns. To those who’ve made it or are on track, I sincerely congratulate them. Yet, as I read more, I’ve come to realize that each journey is unique, filled with its own challenges and lessons.
In hindsight, there are countless paths to achieving F.I.R.E.—buying Bitcoin at its low, diving big into U.S. stocks, starting a lucrative business, launching a successful YouTube channel, doing the right things at the right time, or investing in the perfect asset at the perfect moment. But is it really that simple? Or do we mostly hear the success stories, leaving out the many who faced setbacks? Although success stories are often highlighted, all experiences—positive or negative—offer valuable lessons.
In my own case, as an average family man with two kids, the dream of F.I.R.E. feels more like a long-term aspiration. Let’s put this into real numbers. According to the Department of Statistics Singapore, the median household income in Singapore in 2023 is approximately $10,869 per month, including bonuses and employer CPF contributions. After deducting the employer’s CPF contribution (17%) and the employee’s CPF contribution (20%), the actual take-home pay for a family is around $7,432. If we exclude the AWS (Annual Wage Supplement), typically received at the end of the year, the monthly take-home pay stands at about $6,860.
Now, imagine supporting a family with this income—while taking care of both kids and elderly parents. How much can the average family realistically save after covering housing, childcare, education, food, insurance, daily expenses, and unforeseen costs? For many, the path to F.I.R.E. seems to get steeper with every added responsibility. This raises a crucial question: Is F.I.R.E. truly attainable for the average Singaporean household, or are we chasing an ideal that only a small subset can achieve?
And it’s also important not to compare too harshly with others. Families without children may have fewer financial commitments, but having kids is a choice most parents wouldn’t trade for anything. This choice adds complexity, but it’s also a source of immense joy and meaning—one of the greatest parts of life. In addition, privileges, timing, and luck play a significant role in everyone’s journey. No doubt, effort and smart decisions matter, but so do the factors beyond our control, and that’s part of life’s unpredictability.
While I've failed miserably to achieve F.I.R.E. (not even close), I’ve come to appreciate the journey, and I’m grateful for the support I’ve received from my parents, my loving wife, kids, and all those who have helped along the way. It is important to acknowledge that the majority of what I've achieved was largely due to them, not my sole effort. My focus now is achieving financial independence in a way that works for my family, probably by my mid-50s, and that’s perfectly okay. We all have our own unique paths, and the key is finding what suits us. I’m not just doing this for myself, but for my children as well. Just like in the NTUC Income videos, The Promise | I Will Be The Last Sandwich Generation and The Best Gift for Your Child. I want my children to have more liberties than I did, without being caught between providing for me and raising their own families.
In the end, I believe the pursuit of financial independence is just as valuable as the goal itself. F.I.R.E. may seem like a distant dream, but the growth, experiences, and lessons learned along the way are what truly enrich my life. So, while F.I.R.E. might feel out of reach for me right now, I’m confident in my pursuit of financial stability and happiness, and that’s what truly matters to me.
Here, I would like to thank all readers who supported my blog. And I wish you all success in your financial journeys.
Just keep going. At least you have set yourself a target. I haven't even heard of FIRE at your age. I managed to retire 2 years ago at 51. I was just an average salaryman with 2 kids. Wife was a housewife till our youngest child went to Sec 1. So, Jiaypu!
ReplyDeleteThanks for your kind words. Probably I could only achieved FI at mid 50s, haha. Let's work towards it.
DeleteRetirement is Hot recently for me. Treat it as part of life journey not a goal. Enjoy the process as you said.
ReplyDeleteThanks for your encouragement. Congrates on your recent retirement too.
DeleteI’m in my mid 50s and still working by choice. I have been a reader of your blog and think you are doing well. Fret not, FIRE is just a process to get there. Even if you reach by 50, it is still commendable. There is no need to be the first to reach.
ReplyDeleteMy wife has decided to quite her work this month due to work stress and the reality of a single income family strikes me recently. Aside from work, I decided to focus on my investments and created a blog to pen down my investment and portfolio in the hope that I could document my thoughts. Please share your thoughts too.
Blog name is retire50s.wordpress.com
Thanks for your kind words. I believe you are doing well as you can be working by choice despite wife decided to retire. I visited your blog and see that you have not post yet. I think it is nice to pen down and share your thoughts to others.
Deletecurious - how much tuition does your children need? my colleagues whose kids at primary six spend about 2k each child
ReplyDeleteWow, your colleagues must be very high standard type. For mine, tuition is less than $800 for total both kids.
DeleteI'm also targeting to quit and enjoy retirement by mid-50s. Granted, people like us have to financially support our kids and parents, but I wouldn't trade my experience of parenthood for anything else. We haven't failed at F.I.R.E.; we just haven't arrived yet (who says 50s cannot be the new 30s?) Best of luck to both of us! =)
ReplyDeleteHaha, I defined RE as retire before 40, so that I've failed miserably. Wish you all the best in your journey as well. Nice blog you have and a decent portfolio size.
DeleteHi there,
ReplyDeleteI think someone wrote to TheIndependent.sg asking if everyone in S'pore can achieve FIRE. And I shared my thoughts on it here:
https://t.me/CPF_Tree/3493
I dont think everyone can achieve FIRE in S'pore nor in any country. But people can and should strive to achieve FI by the time they reach retirement age.
And you rightly pointed out, we should aim to be the last sandwich generation. This is one of the best gift we can give to our children.
Wow, such a pleasure to get message from you. Sometimes my friend will fwd your msg from Telegram. Yeah, agree with you that FIRE is not applicable for everyone, I am 1 of the non-applicable 1, haha. And yes, last sandwich generation, I want my children to have more liberties than me
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