How much savings do you have?

Very nice numbers and assets being mentioned here.

But with a plate of chicken rice coming to $5 nowadays, I still recall not long ago it was like $1.20 per plate.

Savings will never be enuff have to work harder!

[Sion3011]

I am wondering, how come you all can save so much money. Isn't Sg pay only Around 2K-5K only.

Initially I find it kind of demoralising to know that so many millionaires in this forum.
I was stuck at 2.5k salary as a diploma holder after working for 5yrs.

But i slowly realise many people are talking cock over here. LOLz

[Sion3011]

One month save 3k, 1 year save 36K. 10 years Save 360K. Is it how you all save money in Sg?

Originally Posted by Sion3011

One month save 3k, 1 year save 36K. 10 years Save 360K. Is it how you all save money in Sg?

Yes. In fact more than 3k. And we don't anyhow invest even during high inflation despite what "experts" say. Cos the worst is losing the hard earned money if the investment fails.

During times of high inflation, it's best to aim to "lose less" than others.

Savings is very impt in order to have the first pot of gold, for investing. And one should start to save early. Just 10 years ago, if you had saved $50K cash and $50K in CPF, you would be able to afford a 20% downpayment and buy a 1200 sqf suburban condo for $0.5m. This condo will be worth $1m now and you would have made at least $300-400K (after deducting for interest, stamp duty, other misc costs) from your $50K cash and $50K CPF. Few years ago, many shares including blue chips are selling below their NRV but many are too fearful to buy. Those who bought the shares then would have made at least a few folds by now.

I believe some of the stories and claims are true although I also find it rather increduous that there are so many millionaires contributing their success stories in this forum.

Originally Posted by Unregistered

Savings is very impt in order to have the first pot of gold, for investing. And one should start to save early. Just 10 years ago, if you had saved $50K cash and $50K in CPF, you would be able to afford a 20% downpayment and buy a 1200 sqf suburban condo for $0.5m. This condo will be worth $1m now and you would have made at least $300-400K (after deducting for interest, stamp duty, other misc costs) from your $50K cash and $50K CPF. Few years ago, many shares including blue chips are selling below their NRV but many are too fearful to buy. Those who bought the shares then would have made at least a few folds by now.

I believe some of the stories and claims are true although I also find it rather increduous that there are so many millionaires contributing their success stories in this forum.

I agree. If you are young and managed to save some money, use the money to invest wisely instead of spending it on a car.

A word of advise (this is genuine not tcss), to everyone who wants to scale the wealth ladder (at least it worked for me).

Its not just working hard, you have keep a lookout for opportunities to grow your wealth, could be a better job, could be good performance and the boss rewards you, could be investments, could be start new biz, etc

The key is to constantly keep a look out, widen your social contact (you never who u might know next that can help you do something better or intro opportunity to you), always work harder and better than your colleagues, always set aims, e.g. grow income by 50% in 3 years, and set clear steps on how to get there.

There are many means to any end and the guiding attitude is to stay positive, work hard, look for opportunities and dont expect things to drop from the sky.

Originally Posted by Unregistered

A word of advise (this is genuine not tcss), to everyone who wants to scale the wealth ladder (at least it worked for me).

Its not just working hard, you have keep a lookout for opportunities to grow your wealth, could be a better job, could be good performance and the boss rewards you, could be investments, could be start new biz, etc

The key is to constantly keep a look out, widen your social contact (you never who u might know next that can help you do something better or intro opportunity to you), always work harder and better than your colleagues, always set aims, e.g. grow income by 50% in 3 years, and set clear steps on how to get there.

There are many means to any end and the guiding attitude is to stay positive, work hard, look for opportunities and dont expect things to drop from the sky.

Strongly agreed. Rather than daydreaming about how to get rich. In fact most of the time opportunities is there, but many did not realise it or make use of it.

Sadly I passed many opportunities, therefore still stuck at 2k job. But u have to try it out right

[Sion3011]

Enough is enough. I think if a person life have accumulate passive income. Then the person shall concentrate on God totally. Life is not just about seeking money and compare whose accumulate most wealth. But to understand why we are here; I recently study NDE (near death experience) and found out that after we die, the journey still move on. U may look for scientifc research. Evidence of the Afterlife. The Science of Near-Death Experiences or youtube it.