SINGAPORE: A Remarkable Achievement

In a remarkable tale of perseverance and financial savvy, a 29-year-old Singaporean woman has announced on Reddit that she has achieved Coast FIRE (Financial Independence, Retire Early), a milestone that has sparked conversations on financial independence in Singapore.

Navigating Challenges

The working professional in the medical field shared her journey, detailing the challenging circumstances she faced while managing a demanding career clocking in 40 to 60 hours a week. Her path to FIRE was further complicated by a health crisis when she was diagnosed with cancer last year, introducing both emotional and financial hurdles into her life. Thankfully, she triumphed over illness and returned to work with a renewed focus.

Disciplined Financial Approach

Undeterred by her struggles, she adopted a disciplined approach to her finances. By meticulously curbing her expenses and consistently saving a portion of her earnings after her recovery, she made astute investments in various assets, including bonds and equities. These efforts have culminated in a current liquid portfolio valued at approximately S$1.8 million, with S$750,000 sourced from a critical illness insurance payout received after her cancer diagnosis. Her investments now provide a monthly passive income of S$5,000, effectively covering her living expenses and offering her the freedom to live on her own terms.

Embracing Independence

In her heartfelt post, she expressed gratitude for her independent status, particularly noting, “Thankfully, I have no dependents, so the need for life insurance is nil as of now.” She has also taken proactive steps to understand and prepare for any potential healthcare costs she might face moving forward.

Future Aspirations

Looking ahead, she intends to transition to part-time work, committing to only 20 hours a week, allowing her to explore interests and passions she had placed on hold. “I think altogether, though I’m terrified, it feels great to be finally free. It’s a milestone I wanted to share,” she shared.

Diverse Plans for Freedom

Her plans for this newfound freedom are diverse, ranging from traveling and pursuing new hobbies to personal growth endeavors. She expressed a desire to learn new languages, starting with Spanish, German, and Japanese. Additionally, she hopes to get back into creative activities like writing and painting, adopt a healthier lifestyle, and explore the world of programming.

Community Engagement

In the discussion thread, fellow Redditors showered her with congratulations, emphasizing her determination and resilience. Many found her story an inspiring reflection of their own FIRE aspirations. One commented, “Congrats! You can take some serious time off to recover but still keep yourself employable in the long term by working part-time. Plenty of adventures ahead of you at 29!”

Mixed Reactions

Not everything was praise; some users criticized her for seeming to boast about her accomplishments. A few claimed her message felt more like a “humblebrag,” eager to understand the specifics of her financial journey.

Understanding Coast FIRE

What exactly is Coast FIRE? According to financial experts, this strategy involves aggressively saving and investing during the early stages of one’s career to accumulate enough wealth that allows for a slowdown in savings efforts. Once the desired savings target is met, individuals can reduce their work hours or switch to part-time jobs, letting their investments grow to eventually fund their retirement.

Resonating with a Changing Society

As Singaporean society continues to grapple with shifting economic landscapes and evolving definitions of success, stories like this woman’s resonate deeply with those aiming to break free from traditional financial constraints. With the growing interest in the FIRE movement, it’s clear that financial independence is becoming a paramount goal for many young professionals in Singapore, redefining what the so-called 'Singaporean dream' truly means.