To The Moon

Most people believe early retirement is only for millionaires.

Colin proves otherwise.

He didn't strike the lottery, build a unicorn startup, or inherit a fortune.

Instead, he prepared for one thing most people never expect until it happens.

Losing his job.

At 35, Colin was retrenched. Coincidentally, that was also the age Singapore singles could buy an HDB flat.

When he told a property agent he wanted to buy a home after losing his job, the agent asked the obvious question.

"How are you going to pay a 30 year mortgage without an income?"

That question changed everything.

Instead of stretching his finances, Colin bought the cheapest flat he could find that he could pay for entirely with cash.

His thinking was simple.

"If you borrow from the bank for 30 years, you're buying one flat for yourself and another as a gift to the bank."

The $87,000 decision

In 2007, Colin bought an ageing 3 room HDB flat for S$87,000.

The flat had around 64 years of lease remaining, which explained its low price.

It sat on the top floor with good ventilation, pleasant neighbours, direct lift access and was located near Orchard Road.

An interesting coincidence was that the flat was built in the same year Colin was born.

He joked that both he and the flat would reach 99 years old together.

The mindset started in Primary 3

Colin's strategy wasn't inspired by the FIRE movement.

It started during childhood.

When he was in Primary 3, he returned home one day and found his aunt crying.

She had just been retrenched because business was bad.

She explained that many people lose their jobs in their mid 40s, precisely when they have mortgages, children and the biggest financial commitments of their lives.

That moment stayed with him forever.

From then on, Colin promised himself he would never become financially trapped if he ever lost his income.

Saving 80 to 90 percent of his salary

Colin eventually became an English and Spanish teacher.

While others upgraded their lifestyles, he aggressively built financial security.

He worked hard, earned as much as possible and spent only on necessities.

He estimates he saved around 80% of his salary, and sometimes as much as 90%.

As he described it,

"Everyone spent money like water. I spent money like a test tube."

Retrenched at 35

Ironically, the very event he had prepared for eventually happened.

The language centre where he worked closed after its building was demolished.

What could have been a financial disaster became the first real test of his financial planning.

Turning his flat into an income source

After buying the flat, Colin rented out one spare room.

Over eight years, the rental income completely recovered the purchase price.

In his words,

"Eight years later, the cheap flat became free."

Meanwhile, the value of the property also appreciated.

Today, he still rents one room and collects around S$900 a month.

Combined with monthly insurance payouts from retirement policies, his total monthly income is about S$2,500.

Spending only around S$150 a month

Surprisingly, Colin spends up to S$150 each month.

Some household bills are shared with his tenant, while government rebates offset other expenses.

He believes people often focus on saving tiny amounts while ignoring life's biggest costs.

"Don't save on cheap things like collecting rainwater."

"Save on expensive things like housing."

His advice is straightforward.

You can buy a million dollar apartment.

Or you can buy an older flat for under S$90,000.

The choice determines how much financial freedom you have later.

The sacrifices

Colin admits early retirement came with compromises.

He gave up owning a larger home.

He never had children.

Many people think his lifestyle is too extreme.

Instead, he shares his home with a small dog and says he is content with what he has.

Happiness doesn't need to be expensive

Colin says the things that make him happiest cost almost nothing.

Listening to music.

Reading books.

Learning new things.

Listening to podcasts.

He believes mental enjoyment is often free.

Dumpster diving

One unusual habit helps keep his costs low.

Colin regularly rescues useful items that other people throw away.

One of his best finds was a nearly brand new mattress and bed frame.

Although it was extremely heavy and far from his home, he carried it back because he believed he would use it for the rest of his life.

His biggest financial test

Last year, Colin's financial system faced its toughest challenge.

His feet suddenly became badly swollen.

He fainted at home.

Neighbours called an ambulance.

He spent 62 days in hospital and underwent 15 surgeries.

The final hospital bill came to S$146,000, which was more than the price of his HDB flat.

Yet he paid nothing out of pocket.

By choosing a subsidised C class ward, about 80% of the bill was covered by government subsidies.

The remaining 20% was fully covered through Medisave and insurance.

His personal cash payment?

S$0.

The real lesson

Colin didn't retire at 35 because he became wealthy.

He retired because he designed his life to survive uncertainty before disaster struck.

His strategy may not suit everyone.

Many people would not accept the sacrifices he made.

But his story challenges one common belief.

Financial freedom doesn't always begin with earning more.

Sometimes it begins by reducing how much you need to survive when life doesn't go according to plan.