Chủ Nhật, Tháng Tư 21, 2024
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HomeSorted by levelB1 - IntermediateEven $600,000 is not enough to retire at 40

Even $600,000 is not enough to retire at 40

[Reading level: B1 – Intermediate]

People often dream of earning enough money through savings accounts to live peacefully without having to work.

 

With VND15 billion ($605,000) in savings, you might be able to retire early with the current interest rates and inflation, but it might change drastically in 30-40 years.

 

 

When people work hard, they often dream of having a large sum of money to deposit in the bank and earn enough interest to live without working. However, when they have accumulated VND15 billion, nobody will go all-in and put it all into savings.

 

Right now, if someone with VND15 billion deposits all of it into a bank savings account and lives for another 30-40 years with a monthly interest of VND70 million, the interest might seem high now, but it will not be as significant in 30 years as it will slowly lose value. For this reason, I think that it is more reasonable to invest in real estate or stocks.

 

To achieve true freedom, the interest earned must not only cover current expenses but also compensate for inflation and perhaps meet higher living standards in the future.

 

Now, if we look at retirement more broadly, I believe there are three levels of retirement:

 

Financial security: This is when one no longer works, their finances can cover all basic needs to survive, such as food, housing, fuel, electricity, water, and healthcare until the end of life.

 

 

Financial independence: One’s finances guarantee their desired lifestyle, meaning there is no need to trade time for money. They can enjoy good food, nice clothes, entertainment, and travel.

 

Financial freedom: When one no longer needs to think about money, incomes are passively generated and serve all their needs. This level means you do not need to do anything but can still afford a luxurious lifestyle, experiencing the most high-end services without money being an issue.

 

I find the third level extremely hard to achieve, so the second level is enough for me. If someone has a few rental properties, then they can retire at the second level.

 

Of course, the degree of enjoyment varies according to each person’s viewpoint, and there is no exact figure for this.

When do you think is a good point to retire?

 

Source: https://e.vnexpress.net/news/business/money/even-600-000-is-not-enough-to-retire-at-40-4725596.html

WORD BANK:

savings account /ˈseɪ.vɪŋz əˌkaʊnt/ (n): tài khoản tiết kiệm

interest rate /ˈɪn.trɪst ˌreɪt/ (n): lãi suất

inflation /ɪnˈfleɪ.ʃən/ (n): lạm phát

drastically /ˈdræs.tɪ.kəl.i/ [C1] (adv): đáng kể

deposit /dɪˈpɑː.zɪt/ (v): gửi tiền

accumulate /əˈkjuː.mjə.leɪt/ [C2] (v): tích lũy

go all-in /ˌɑːlˈɪn/ (v): dốc hết vào, tất tay

significant /sɪɡˈnɪf.ə.kənt/ [B2] (adj): đáng kể

real estate /ˈriː.əl ɪˌsteɪt/ (n): bất động sản

stock /stɑːk/ (n): cổ phiếu

expense /ɪkˈspens/ [B2] (n): chi phí

compensate for sth /ˈkɑːm.pən.seɪt/ [C1] (v): bù đắp cho cái gì

meet [C1] (v): đáp ứng

living standard [B2] /ˈlɪv.ɪŋ ˌstæn.dɚd/ (n): mức sống

trade sth for sth /treɪd/ (v): đánh đổi cái gì lấy cái gì

afford /əˈfɔːrd/ [B1] (v): chi trả được cho cái gì

luxurious /lʌɡˈʒʊr.i.əs/ [C1] (adj): xa hoa

high-end /ˌhaɪˈend/ (adj): cao cấp

rental property /ˈren.t̬əl ˈprɑː.pɚ.t̬i/ (n): tài sản cho thuê


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