The Best Books for Gaining a Better Understanding of Wealth

Understanding wealth involves more than just numbers in a bank account. It encompasses knowledge about finance investment and personal growth. The right books can provide insights and guidance to navigate the complex world of finance. Among the numerous resources available z lib is your companion in mastering finance one book at a time. This platform offers a vast array of titles that cater to both beginners and experienced investors. Here are some essential books that can significantly enhance your understanding of wealth.

Essential Reads for Financial Literacy

When it comes to building a solid foundation in financial literacy certain titles stand out. “Rich Dad Poor Dad” by Robert Kiyosaki is a classic that contrasts the financial philosophies of two father figures. This book encourages readers to rethink their approach to money and assets. Another crucial title is “The Intelligent Investor” by Benjamin Graham. It provides timeless strategies for investing wisely.

These books delve into various aspects of finance. They not only explain concepts but also challenge conventional beliefs. By reading these titles individuals can develop a more profound understanding of financial management. The insights gained from these works can empower readers to make informed financial decisions.

Exploring Wealth Mindsets

Understanding wealth also involves developing a proper mindset. “Think and Grow Rich” by Napoleon Hill is an influential book that emphasizes the power of thoughts in achieving financial success. It illustrates how a positive mindset can create opportunities and wealth. Another noteworthy book is “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko. It reveals that many wealthy individuals live below their means and emphasizes the importance of frugality and smart saving.

The wealth mindset goes beyond just saving money. It encourages strategic thinking and goal setting. This approach helps in identifying opportunities for growth. Readers can adapt their thinking by exploring these themes.

Recommended Strategies for Wealth Building:

  • Develop a budget and stick to it
  • Save at least 20 percent of your income
  • Invest in your education and skills
  • Diversify your investments across different assets

Utilizing Digital Libraries for Knowledge

In today’s digital age libraries like z library provide easy access to invaluable resources. These platforms offer a wide variety of financial literature that can be explored anytime. Readers can find books that cover everything from personal finance to advanced investment strategies. This accessibility helps individuals stay informed about the latest trends and best practices.

Digital libraries not only save time but also offer an extensive collection of works that may not be available in physical formats. Users can easily search for specific topics and authors enhancing their learning experience. They can benefit from the resources available to them by using digital libraries effectively.

Benefits of Using Digital Libraries:

  • Convenient access to a vast collection of books
  • Ability to read on various devices
  • Cost-effective options for acquiring knowledge
  • Instant access to the latest financial resources

Gaining a better understanding of wealth requires continuous learning and adaptation. The right books can offer the necessary knowledge to build financial literacy and develop a wealth mindset. Resources from platforms like zlibrary can guide you through this journey. By exploring these titles and utilizing digital libraries you can empower yourself to achieve financial success and make informed decisions. Remember the path to understanding wealth is a journey worth taking.

How much to retire in Singapore? (Reliable Sources Only)

A popular question (which is also related to financial Math), is how much money does it take for a person to retire in Singapore? We will collate reliable sources and their calculations in this blog post. By reliable, we mean that we will only select sources posted by major banks (POSB, OCBC, etc.), as well as those posted on major Singapore news outlets (Straits Times, Today, Channel News Asia etc.). Major insurance companies (AIA, Prudential) etc, can also be considered. Lastly, we also consider famous blogs like Mothership, Seedly, MoneySmart.

We will also post the relevant “metrics”, which include Retirement Age, Retirement Monthly Income, Years to Retirement.

Note that the Straits Times has estimated that a recommended Retirement Monthly Income is $1379, or around $1400. This covers mostly necessary items only, with just a few small “luxuries” like “occasional inexpensive meals out with family or friends, homes that are safe and comfortable, and an annual holiday to a nearby destination”. Note that air-conditioning and owning a car is excluded from the budget.

(Note that this list is not finalized, we will continue to add new sources here when we encounter one.)

1) OCBC: S$1.3 million

OCBC has a very interesting “fishing video” featuring a talking fish. In it, it is calculated that “to retire in 20 years and live on S$3,000 monthly, you need S$1.3 million”.

Retirement Age: 62

Retirement Monthly Income: $3000

Years to Retirement: 20

Talking fish from OCBC Video and its retirement calculation!

2) Mothership: S$720,000

This plan is worked out by Daniel, 29, and featured on Mothership. His retirement plan is to spend “30 years on a piece of farmland bought overseas, where he will build a ranch, and live off the earth surrounded by free-roaming livestock”.

Retirement Age: 50

Retirement Monthly Income: $2000

Years to Retirement: 21

The $720,000 can be broken down into S$360,000 cash and S$264,000 in his CPF Retirement Account at age 55 years old. Note that the above doesn’t quite add up to $720,000. That is because the CPF amount is for ensuring that he will “receive a steady stream of monthly payouts of around S$2,110 from age 65 for as long as he lives”.

3) Mothership: S$360,000

This is another plan from Mothership, by Melanie, age 25, female.

Retirement Age: 70

Retirement Monthly Income: $3000

Years to Retirement: 45

Again, the magic number seems to be “S$264,000 in her CPF Retirement Account at age 55”. Melanie can then defer her monthly payouts to 70. She will then receive around $2,600 per month for as long as she lives.

4) Seedly: $228,960 to $473,760

The Seedly blog calculates that one would need $228,960 to $473,760, depending on the age of retirement. It is summarized in the table below.

Retirement AgeAverage Life Expectancy Of SingaporeansYears Left To Enjoy RetirementRetirement Savings Required
5082.932.9$473,760
5582.927.9$401,760
6282.920.9$300,960
6782.915.9$228,960

The above is based on:

Retirement Monthly Income: $1,200

This is on the low side considering the Straits Times article that recommends $1379 for monthly retirement income. Nevertheless, the amount of total retirement savings required seems quite low compared to OCBC and Mothership.

Higher paying job than Doctor / Lawyer

We encourage top students to look beyond the traditional Singaporean jobs of Doctor / Lawyer as there are new emerging jobs that can equal or even surpass the pay of Doctor/Lawyer.

At the end of the day, do also consider your passion and aptitude, which may be more important than the salary. No point being stuck in a high paying job that you absolutely hate.

Do share this post with your children/relatives/classmates who may be choosing their courses after receiving their ‘A’ level results.

Source: Todayonline

SINGAPORE — A high-paying job as a doctor or lawyer has traditionally been the career path that many Singaporeans aspire to. But there is now a new kid on the block, with double degree graduates in business and computer science joining the ranks of top earners here.

According to the latest graduate employment survey released by three local universities on Monday (Feb 26), fresh graduates from Nanyang Technological University’s (NTU) business and computing science double degree programme commanded a median starting salary of S$5,000 last year, up from S$4,600 in 2016.

The median salary for the batch of 20 graduates matched that of their peers who graduated from the law and medicine faculties. They were also in demand with employers, as they recorded a 100 per cent overall employment rate.

Meanwhile, fresh computing science graduates were also among the highest paid last year. Those who graduated from this course in NTU got a median starting pay of S$3,850 last year, up from S$3,500 in 2016. Their counterparts from the National University of Singapore (NUS) received S$4,285 – S$285 more than in 2016.

However, rankings differed for 75th percentile salaries — the base salary of the top 25 per cent of the batch — as SMU-schooled lawyers emerged as top earners at S$5,840, compared to NUS doctors’ starting pays of S$5,305, and S$5,362 for NTU’s business and computer science graduates.

Growth of starting salaries in law and medicine was tepid, however, as law graduates from NUS and SMU only received about S$100 and S$150 more respectively last year, while NUS doctors banked in about the same amount as their seniors.