missmarigold 4th Gear March 20, 2014 Share March 20, 2014 (edited) Straits Times Published an article showing that it is possible to save $100k with roughly 6 years of work. The key thing is You have to save at least 50% of your annual pay You got to live within your means and make sacrifices What I felt it misses out are Young adults have many other liabilities that make it practically hard to achieve this Housing, Wedding, Honey Moon, Student Loans Hence the need for sacrifices! How I did it I did a check on my Quicken (see another good reason to do budgeting!) and it showed that I was able to achieve that amount by 30. In fact seems a lot of folks can judging from what you read around. Then again I probably fit the profile of what this experiment did Single Cheap Hobbies Some sacrifices Near 50% saving rate I think I have it much harder since for 3 out of the 6 years my salary was less than the median salary provided. One note is that I only consider the amount that goes into Wealth Building Account as what the article considered. Other saving goals probably out of the equation. Some kids are even more absurd I know many smart young adults nowadays that are sensible enough to do one or more of the following Scholarships (study well!) Start working part time and accumulate Tuition and accumulate NS pay accumulate Start learning about money Some crazy dudes I know with that combination, will have $100k before he starts work at 25 years old. Why does this matter? If you would want to grow wealth By spending less building wealth Leaving more of your salary for escalating expenses You got to let time value of money help you. Here are 2 guys. One guy saves $1k per month from 25 to 35 years old then stops. The other guy starts late and only starts saving from 35 to 65 years old (30 years) At the end of the day, the guy that save for 10 years only uses 120k while the guy that starts late uses 3 times the amount. The difference is the guy starts late only manages to come out 40k ahead. Have a plan when you start working I can understand why folks had a hard time because some things weren’t taught in school but in life (sadly) If you managed to come across this article then hope this helps Its good to have a map that provides you a map how you want to spend your money. If you don’t have you can use the following as a guide. Start Thinking how much to funnel to savings and wealth building http://www.investmentmoats.com/budgeting/saving-100k-by-the-time-you-are-30-years-old/ Edited January 30, 2015 by pChou ↡ Advertisement 3 Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 20, 2014 Share March 20, 2014 by then get married, pay for wedding, wife wan a once in a lifetime honeymoon and thats it...wonder wats left for buying home ... :p Link to post Share on other sites More sharing options...
Coltplussport Turbocharged March 20, 2014 Share March 20, 2014 Wow, 6 % pa, I don't dare think about it. Of course all FC will tell you to start early, but that's also when commitments are massive and pay is peanut. Link to post Share on other sites More sharing options...
Nullifi3d 4th Gear March 20, 2014 Share March 20, 2014 One in a million. 90% of my friends of the same age don't even have the minimum 5-digit in the their account balances. But i can tell you the amount is not impossible. I project i can reach 75K by 30 years old and i got 2 years remaining to reach that age. And i started being prudent late, only when i was 25. Everything the author talks about is achievable, but it also helps if you spend alot of time at work, imagine your business trips as holidays, and don't have a girlfriend. Wife? Marriage? Forget about it. Not on my priority list. Link to post Share on other sites More sharing options...
Strat 6th Gear March 20, 2014 Share March 20, 2014 100k by 30 including CPF is it?? Link to post Share on other sites More sharing options...
Little_prince Supersonic March 20, 2014 Share March 20, 2014 Very optimistic. .. 1.go where find guaranteed 6% annual returns? If got I very willing to park my money there too 2. 50% savings. Never take into account cpf etc. Only left 30% salary? Abt $8-900 Abit tough. Not to mention stuff like student loans and parents money. Essentially no cash savings. 3 Link to post Share on other sites More sharing options...
Toothiewabbit Supersonic March 20, 2014 Share March 20, 2014 To live out a giam chye mia life for 30 years in order to achieve 100K.......I'll pass. 3 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic March 20, 2014 Share March 20, 2014 How? Quick pick $2, no need plan so much just match the number Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged March 20, 2014 Share March 20, 2014 (edited) How? Quick pick $2, no need plan so much just match the number Some people save this way : Edited March 20, 2014 by Tigerwoods Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic March 20, 2014 Share March 20, 2014 Some people save this way : Yes this is the alternative way, there are no easy ways to get rich but there is a quick one Link to post Share on other sites More sharing options...
Hydrocarbon Turbocharged March 20, 2014 Share March 20, 2014 Yes this is the alternative way, there are no easy ways to get rich but there is a quick one Rob T2! [smash] 2 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic March 20, 2014 Share March 20, 2014 Rob T2! [smash] Rob all his rolexes and cigars, sure can get half million! Haha Link to post Share on other sites More sharing options...
Hydrocarbon Turbocharged March 20, 2014 Share March 20, 2014 Rob all his rolexes and cigars, sure can get half million! Haha I don't wear watch or smoke.. I rather steal his car.. Faster to get away! Hahahaha.. Or Sp4wn's ride also can.. Either ride I'll be giggly happy.. Link to post Share on other sites More sharing options...
Deividz 5th Gear March 20, 2014 Share March 20, 2014 Most often than not, it's not how much you earn or save but what you spend on to derive optimal satisfaction. What if someone tells you that he'll give you 1 million dollars on the condition that you can only spend it at age 70 ( retirement). Song Bo? Not for me. People nowadays are so occupied with earning money, investing and saving money that they don't realise that it is becoming their Master. If someone offers you 1 billion dollars in exchange for your child, would you? I have 2 wonderful children and IMHO I think I'm a rich man. 10 Link to post Share on other sites More sharing options...
Jamesc Hypersonic March 20, 2014 Share March 20, 2014 Most often than not, it's not how much you earn or save but what you spend on to derive optimal satisfaction. What if someone tells you that he'll give you 1 million dollars on the condition that you can only spend it at age 70 ( retirement). Song Bo? Not for me. Thats exactly what I need for my retirement People nowadays are so occupied with earning money, investing and saving money that they don't realise that it is becoming their Master. Yes I agree with this too. If someone offers you 1 billion dollars in exchange for your child, would you? Yes and I will throw in the Mother In Law too. I have 2 wonderful children and IMHO I think I'm a rich man. 3 Link to post Share on other sites More sharing options...
Celicar Turbocharged March 20, 2014 Share March 20, 2014 These things are priceless. Money is lifeless and will come and go. Balance is the key, don't over in any direction. Wife? Marriage? Forget about it. Not on my priority list. Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic March 20, 2014 Share March 20, 2014 Ur son can go lelong liao hahaha I don't wear watch or smoke.. I rather steal his car.. Faster to get away! Hahahaha.. Or Sp4wn's ride also can.. Either ride I'll be giggly happy.. Wait T2 to change car then rob, i dont like 911 hahaha Link to post Share on other sites More sharing options...
Throttle2 Supersonic March 20, 2014 Share March 20, 2014 Rob all his rolexes and cigars, sure can get half million! Haha Plse lah, where got half million for my cheap Rolexes and lousy cigars? I sell you $400k, you go and sell $450k, ai mai? ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Singaporean woman goes missing in Spain, family appeals for information
Singaporean woman goes missing in Spain, family appeals for information
Mother of all scams thread
Mother of all scams thread
Singaporean are unhappy and poor
Singaporean are unhappy and poor
Do You Want To Retire Before 60 ?
Do You Want To Retire Before 60 ?
This is why we can't have nice things
This is why we can't have nice things
Energy Savings / Non Heat up LED Headlights Technology
Energy Savings / Non Heat up LED Headlights Technology
Share your painful experience with your financial investment
Share your painful experience with your financial investment
3 Big Money Mistakes Singaporean In Their 30's
3 Big Money Mistakes Singaporean In Their 30's