One Million Dollars Only

How much do I need to retire? Is One Million Dollars Enough?

As you probably know from my previous post, my retirement target is 1.5 million dollars in 11 years time. How did I come up with this magic number for retirement? How much do I need to retire? Is 1.5 million dollars the amount that is needed to live a comfortable retirement? What about for yourself? Do you also need 1.5 million dollars in order to retire? Does it mean that if you are short of the 1.5 millions, you got to either rob a bank or slog till you drop?

First of all, 1.5 million dollars is a personal target. How much do I need to retire is dependable on my situation or context as well. My context is likely to be different from you. My country of residence is Singapore and while I may move to another place when I retire, I have to make sure that in the event I decide (or my wife decide) that we should still stay on in this highly expensive country to live in, we have more than sufficient to live comfortably.

Retirement Expenses

My expected retirement expenses will be reduced but unlike many whom have preached that all of us should see a significant cut in spending when we retire, I expect only a marginal reduction. Rather my expenditure patterns will change when I focus on different things in life and spend my money and time on different things. The key is that I will not be eating out less nor will I be shopping less for gadgets. Dun even bother telling my wife to stop buying those hand bags of hers, we are already running out of shelf space.

My key expenditure will be on Food, Transportation, Leisure and Medical/Insurance. For Food, I expect myself to continue to eat out often. This will incur about $2000 per month. Eating is one of my leisure activities as well ? and I seek out good places to eat as one of my favorite past times. For transport, cars in Singapore are horrendously expensive and I do not fancy large fuel guzzlers. I will likely buy a compact fuel savings Honda or Toyota and this will likely cost me $1500 per month; fuel included. As for medical or insurance, I have a hospital plan and term life insurance that cost me minimal currently but I expect the costs to go up to about $500 per month. And on top of these expenses, I intend to spend up to $2000 per month on leisure; travel, shopping, golf etc. These numbers seem general but I have made numerous calculations and predictions (using inflation data) and these numbers should be pretty close to what I will need. All in all, $6000 per month will be just nice. If you asked about my kids’ education or my housing mortgage, I have catered a savings and investment plan separately and will have sufficient funds for a local university education for my child and will also see my mortgage paid fully in 11 years time.

The numbers that I present above will differ for you as our priorities are different. But the key message that I would like you to take away is that we should not be planning retirement as a life in rags but rather we should be planning for a 20 to 40 year vacation. Otherwise we might as well continue to work. I am not saying that working during retirement will be taboo. I am likely to continue to keep myself active by starting businesses and taking part in more social work. Getting an income or profits will also allow me to splurge even more, although the target is to achieve $1.5 million dollars or a $6000 per month withdrawal rate at the age of 45.

How much do I need to retire? How to have $6000 per month during retirement?

Reading the above paragraph, you will probably understand how I arrive at a target of $1.5 million dollars. The goal is to create an investment fund size of $1.5 million dollars when I hit 45 years old so that I can see a withdrawal of $6000 per month or $72000 per year. This is a 4.8% withdrawal rate, which I perceived to be sustainable without drawing down my principal amount of $1.5 million dollars.

The retirement plan will be to continue to be aggressively invested while putting aside 5 years of expenses aside. This will allow me to keep

$1,140,000 in a moderate to aggressive investment portfolio (mainly equities)
$360,000 for 5 years expenses

I will further breakdown my $360,000 into 2 pool. $72,000 for the first year’s needs and keeping the remaining $288,000 in foreign currency deposits. Currently Aussie and New Zealand currencies are attracting the highest return of 8% with relative stability without even taking into account the appreciation. By taking this retirement strategy, I will foresee a need for my main investment of $1,140,000 to return 6.3% annualized over 5 years in order for my retirement to continue without eroding my principal. I expect this to be not only achievable but to also surpass this target. Otherwise I will fire my financial planner

Ok. I hope I have articulated why I think I need $1.5 million dollars to retire and hopefully this let you also start to think about how much you will need for retirement. Start thinking about it early so that you can plan ahead. If I had started 5 years ago, I would probably be able to retire by 40 years old, but 45 years old is still not too shabby. I am going to write another secret cheque to myself to keep my inspiration alive ?

Law of Abundance In A Million Dollar Cheque

First of all, for those of you who have visited this website since it was started must have realized that this blog is new. I have been running the one million dollar cheque php script for some time now and it has proven to be quite popular. So popular that I have decided to add a blog to the site devoted to my intention of attracting one million dollars to my life.

What is the purpose of the one million dollar cheque?

Some of you may have wondered why would anyone want a “fake” million dollar cheque? The idea of using picture of a million dollars or a one million dollars cheque to attract wealth is not an original idea that I dream up one day. I definitely cannot profess to be the originator of this ingenious but effective idea. I got the idea after watching “The Secret” DVD. It was the scene where Jack CanField, Author of the Chicken Soup for the Soul Book, used “The Secret” to attract wealth into his life by writing to himself a one million dollars cheque and visualizing what that one million dollars can do for his life. He immersed himself everyday with the joys of wealth by looking at his one million dollars cheque and visualized his dreams. He was able to attract vast wealth and I am using that same idea to express my intent and as a visualization tool

I put up the code for the million dollar cheque onto this website so that others can also practice the same technique. Click here to get your own personalized one million dollars cheque!

Law of Abundance

The fundamentals of the one million dollar cheque has its roots in the Law of Attraction and the Law of Abundance. Many people have confused the two laws and have often claim that the 2 laws are referring to the same principles. I beg to differ.

The Law of Attraction is about applying the principle of “like attracts like” to our conscious thoughts i.e. to say that we can use our positive or negative desires and emotions to attract, whether consciously or unconsciously, a change in the physical world that is resultant in a correspondingly positive or negative experiences for us. This Law is about attracting what you want by consciously desiring what you want and to believe that it will come to you. Whereas the Law of Abundance is about the vastness of the universe and the bountiful and endless supply of resources. When we are trying to attract wealth, the Law of Abundance then expresses that money or wealth is abound everywhere and that it is only our right to own it.

How can you start to apply the Law of Attraction and the law of abundance?

Applying the Law of Attraction and Law of Abundance to attract wealth or other desires into our lives is not difficult. What would be difficult is our belief in the 2 Laws. Do you whole heartedly believe that one can ask the Universe for what we want and the Universe will present itself to us?

Many of us probably are skeptical and would not believe it enough to start to applying the law of attraction and law of abundance to our own lives. I was that way until I watched “The Secret” DVD and seeing all the testimonies by these prominent leaders of our world. Even Albert Einstein was a believer and we all know what he achieved. Not sure what he was visualizing then thoughJ

Is This Million Dollar Cheque Going To Help You Become Rich?

Will this one million dollar cheque gurantee wealth and riches for everyone who stumbles onto this website? I seriously do not think so. 90% of you who are reading this blog will not even attempt to even print the cheque, much less to apply the principles behind the Laws.

This one million dollar cheque is merely one of the first steps to attracting one million dollars into our lives. If you have any doubts at all about the Law of Attraction and Law of Abundance, I would suggest that you watch “The Secret” DVD and read up some more on the 2 laws (subsequently I will also write a detailed explanation of the 2 Laws) and then decide for yourself whether these 2 laws are real. Once you are ready, come back here and join me to attract that first one million dollars.

How To Start To Benefit From The Law Of Attraction And Law Of Abundance?

To start to benefit from the Law of Attraction and Abundance, there are 4 keys. We must know what we Desire and then Ask the Universe for it. The Universe is refers to nature but some people also refer it to God (not trying to be sacrilegious here). We must then Focus our thoughts upon the desired outcome with actual feelings of enthusiasm or gratitude as if the desire had already been fulfilled. We must feel that we have already acquired our desires. Lastly we must be Open to receiving from the Universe.

Onemilliondollarsonly.com comes in at the Desire and Focus stage. It helps you to affirm your desire of attracting a million dollars into your life and it allows you to be constantly reminded of the intent to attract wealth. Not only that, you are able to visualize the desired outcome with better resolution.

I will end off this post here and I will come back again to update on my journey as well as to share my acquired knowledge about the Law of Attraction and Law of Abundance. Good Luck!

Click here to get your own one million dollars cheque!