In a 15 Nov 2015 mail to JL.Yuan, I wrote ..

“Financial freedom/security is the term you used. Many people ask how much bank balance would provide  the freedom/security, and our answers are usually disappointing, like 3 million… I feel it’s more healthy, more stable, and long-sighted to shift my focus to career longevity.”

In a 23 Apr 2021 follow-up mail, I observed that my position on financial freedom/security… has changed since Nov 2015. My position has become more grounded, based on real observations, less on hearsay and marketing propaganda.

• #1 change: medical .. I now rely on medishield. In addition, I will maintain a tiny reserve ($20-50k?).
• G3 change: CPF-life .. (paying out from 2039 till I die) can provide sufficient retirement income. In 2015, the same payout amount was dismissed as insufficient
• G3 change: Inflation .. was a long-term concern and depends on the chosen home country. This worry has subsided for the “Singapore plan”, after witnessing Singapore inflation since 1991
• no change: I still want to work till old age, perhaps as a developer till 70, and a lower-gear job till 85
• change: longevity goal .. I now aim at 95
• change: college funding .. is no big goal for me, and ironically the biggest departure from my cohort’s mainstream thinking.
• change: NNIA .. (nonwork net income from assets) has increased. We talked about it before.
• change: retirement destination .. Now I like the idea of roaming retirement between familiar low-cost cities (like Malaysia +  Chinese cities) to cut my monthly burn rate. Hopefully, My Singapore home can be rented out long term.
• ^^^ bottom line: bank balance to provide financial freedom .. Given sufficient NNIA (cpf-life + Singapore HDB rental income+..), adequate healthcare, I (didn’t calculate but) guess $400k-$800k might be enough to support the family from now on, without any salary. I no longer feel enslaved by a huge savings goal of $3,000,000, presented as the price tag of “financial security”.