Quote:
Originally Posted by Unregistered
Hey, You guys are scary. I am 31 this year. Single. But monthly income has been about SGC 4.5 - 5.5k/mth for the last few years. But I have only managed to save the following:
Cash: $110K
CPF: $130K (including SA and medisave)
Stocks, Preference Shares, Bonds: $30K
Endowment funds: $40K
I will be hopping on to another job that pays me an annual package of $90K per annum. But I have no idea how you guys can have a net worth of close to SGD 1 million when you are older than me by 5 to 6 years. Are you guys sure you are talking about SGD and not some other currencies?
Would like to hear more from you guys.
Thanks |
I think you are doing fine. With higher salaries and savings over the next 5 to 6 years, you can probably save another $100 to $200K.
If you want to grow your wealth, you need to up your risk appettite to generate greater returns on your savings. Have you been keeping much of your wealth in the form of cash in the past few years? Holding $110K in cash and only $30K in stock/pref share/bonds is too conservative for your age unless this $110k cash is your warchest in which you are bidding the time to enter the market. Otherwise, it will take you at least another 2 decades to save $1m.
That's just my 2 cents.