US$40,000 Per Annum Of Expense For A Family Of 5

I read from the blog in which an individual retired at 33 due to the retrenchment at his job. Upon his retrenchment in 2013, he calculated his net-worth and realised that he is able to retire from the full-time employment in 2013. He managed to support his family of 5 (inclusive of him) from 2013 till to date. His wife joined him on the retirement journey sometimes in 2016. He managed to support his family on a yearly expense of U$40,000. This does not mean that the whole family had to spend all of the allocated US$40,000 on the expense. The breakdown of his family expense is as follows:

  • 2014 – U$34,352
  • 2015 – U$23,802
  • 2016 – U$38,991
  • 2017 – U$31,708
  • 2018 till to date – U$22,335

The above goes to show that it is possible for a family of 5 to survive on U$40,000 or less per year. I understand that the networth of the family is about U$1.2 million when he was laid off from his full-time employment (with the Government) sometimes in 2013. The networth of the family is US$1.988 million (as of 31 October 2018).

If this family can do it, I do not see the reason why the rest of us cannot achieve such feat. It’s the matter of wheeling and dealing through making the best use of the current situation.

WTK

 

Author: firewtk

A middle-age Singaporean currently having a minimalist and simple lifestyle. I am not longer in full-time employment with effect from 1 May 2019. I try my very best to write one post per day on this blog. The purpose is to share my prevailing thoughts to interested readers. It is up to the interested readers to decide whether they want to take action in embarking on the FIRE journey. I do not gain anything from this blog and it is solely for sharing hopefully for the benefits of all interested reader. WTK

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