I don't have your level of salary last year when I was 34. I have more than yours this year thanks to promotion, but you are definitely among top few percent earners in SG.
That being said, I ventured into investment since 10 years ago, tried many different methods,
cpf, property, stocks, forex, crypto, NFT, you name it. Failed miserably in some, got good success in others.
The key is position sizing, build a sound foundation, keep your speculative play to small percentage (<5% each if you need a reference number), make sure that return is worth the risk incurred (many don't understand high return comes with high risk, and failed to protect their downside).
How much you should save? With no wife/kid, you should aim >50% saving rate, I would really encourage something closer to 80% due to your high income. You should be able to live a comfortable lifestyle with 25k to 30k annual expense. After which, keep 6-12 months emergency fund, and invest the rest.
My portfolio is >700k SGD now, it will grow exponentially in the next few years thanks to higher active income these few years, and also the compounding returns from investment which I re-invested the profits.
I aim to reach FI (financial independence) in early 40s (against the original plan in early 50s), and let's see if it is necessary to RE (Retire early) that time.
Note: I have 2 young kids with lots of expenses, so there is no reason you couldn't achieve what I have considering that you are few years ahead of me in terms of earning power.
Quote:
Originally Posted by deon
Hi guys, I need some honest feedback that could help me turn over my life to be more proper.
I'm turning 29 soon. i've income of around S$9000 and some other bonuses probably 1-2 months of my salary.
I've issue with money management, despite working for the past 7 years with good income, i only have less than 10k SGD in my account.
I don't have insurance, don't have house, don't have wife, i'm spending money on food, gym, giving parent, dating, renting house (parent house too far from office), lots of nonsense subscription, volunteering, travelling, but NO alcohol/party/nightlife etc.
I'm planning to re-start my life , by making use of those income properly. How do i start?
- What insurance should i buy? and how much is considered "good" amount i need to put on insurance?
- What mobile plan or internet plan that worth the price?
- How many percent should i save per month?
- I don't know what else i need to focus to manage my money, should i hire people to do that? or just manage my own.
Sorry, it's dumb question.
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