Taxi drivers in Hong Kong - you know those guys you'd like to choke sometimes.

well, if he owns his own taxi (and many do - some even multiple taxis) and owns his li'l 500 sq ft squalid "flat - the guy is actually worth AT LEAST US$ 1 million

SEAJ

where did you get this info? And also where can I get a taxi at? I'm moving there if that's the case

Taxi licences are going for HK$4.2 million the last time I chatted with a taxi driver.

Flats - even squalid little 500 sq ft ones goes for at least HK$3 million - if Youre lucky to find one at that price.

And when they say 500 sq ft its gross sq ft - and the actual accomodation/livable space would only be anywhere from 65 to 80% of this or 325 - 400 sq ft.

SEAJ
edits in bold

[ Last edited by  SEAJ at 28-1-2010 19:29 ]

Hmm... may be time to change job? Smth like special taxi for newbie foreigners ! Including papasan service !=)))

Always glad to help a bro out.

The first thing that comes to mind is US T Bonds, the interest paid on the 20 yr note is now 4.6%.

http://www.ustreas.gov/offices/d ... ompositeindex.shtml

You could also parcel the money out into various corporate and municipal bonds all paying between 4 and 5+%.

http://finance.yahoo.com/bonds/composite_bond_rates

[ Last edited by  Marsupial at 28-1-2010 22:31 ]

Just make sure you DON'T hang to on to it too long!!

SEAJ

If someone is going to retire with a lump sum of 1 mil, buying T Bonds and hedging both bond and currency exposure in the futures market would be a viable option.

tell you what, why stop at one house?  Give me FOUR houses, all debt free, then I'll retire on that million!!

clearly my expectations are different from yours!  

Let's just say I consider Mars' 50k too tight for comfort.  More like 120k per year, and that doesn't cover a provision for critical illness.  Then you have to take into account inflation.  etc. etc.  It all adds up real fast.  

Do you really want to have to calculate whether you can afford an HG this week, or stick to a walkup just to make do?  

You limit yourself if you dream too small.  Life is for living, not for merely surviving!

And how much are you limiting yourself by pissing away your best years slaving away at some job so as to be able to afford 4 WGs a week when your 70?

20 years huh?   
And with only 4.6% wiggle room to cover your futures margin calls AND living expenses AND Roll-over commissions!

And when the interest rate on the 20 year T bonds rockets up (and it can easily exceed the 17% or so reached in the early 80's), and the corresponding inflation rate does the same - you're going to be locked into your 4.6% and $46K!

And why the currency hedge?  Against what?  Only if you live in "easily hedged currency" countries then yes - but those are developed countries where one can hardly cover the Cost of living with US$46,000.

Youlive in Hong Kong, its pegged to the US$, other SE asian countries - most if not all of them has way higher interest rates - and the currency hedge is gonna eat you alive - That is IF you can get a bank to do such a hedge for such a small amount of $$ AND at a reasonable rate.  (IMHO - it ain't gonna happen)

And oh, that is of course if the US government is not gonna go bankrupt in 20 years!!

And BTW - why 20 year? Why not the 30 year ones?

SEAJ

And what if you're hit by a meteorite? No T Bond's gonna cover your ass then! No way!

Babe, I've lived in Tokyo, HK, and San Fran on a LOT less than 46K. You don't need nearly as much money to lead a good life as most expats working in finance think.

Were you born into money Seaj? - that kind of thing gives you strange ideas about what's necessary for a good life.

[ Last edited by  Marsupial at 29-1-2010 00:52 ]

Mars - do you realize things like boarding school fees at a decent high school in Canada for 1 kid costs CDN$48,500??  And of course that doesn't cover any incidentals, allowances and of course Plane tickets back and forth.

Whilst I admittedly was indeed born with a bit of a silver spoon - I can proudly say that every cent that I have since I was 17 years old I earned myself.  And I started out as a Restaurant cleaner and progressed to become a high school janitor and....  

So yes, I do know what money means and that one does NOT necessarily have to have/spend a lot to be happy.  But there is absolutely nothing wrong - in my books anyway - to want the people I care about to have an easier time and a better start to their lives than I had.  I am not ashamed of this.

So yes US$1 million to me is definitely NOT enough in this day and age - not if you are going to have a decent standard of living etc.  And that is why most Asians are all the time scrambling to make more and more. That's just the way it is.

SEAJ

Definetely not HK or China , one million dollars in nice Med country or South america. If you are not in investment banking or have your own shop or shit like that if you wait to make 3MM you will just die working. If I have 1 million tomorrow I am quitting , real wealth is time. Whats the point to accumulate wealth a to buy one lousy apartment in a polluted area and spend all of it in medicines and massage home machines, one thing HK people should understand one day.

Kids!! Who said anything about dependents?!! All I'm talking about is covering my own ass - and for that, one million would do just fine. I know cause I've already lived quite well on a lot less. I don't plan to die of old age anyway.

So rich boy, how'd you like to adopt an aging monkey?

Too darn ugly - NO WAY I'd want anybody as ugly as you!

And as wordy as you are - AND as wordy as I am?  
What's gonna happen?

OTH - maybe I can get some sympathy screws - for having such a kind heart as to still keep you as an adopted child.

Muahahaha!!

SEAJ

This is not true for US citizens.

Mars thinks Lucy Liu is hot, so maybe he'd be into you too.

(Hi Mars!   )

sorry - thanks but no thanks.

She's too old for me!

Muahahaha!

SEAJ

I also understand jay walking is against the law.