Quote:
Originally Posted by Bee
Comparing myself with all of you out there, I am so embarass to declare my net worth.
But anyway, here it is;
31 year old female, married
5-rm HDB valued at S$440,000 (sharing with hubby, fully paid)
1.5L Car (fully paid)
CPF - $0 (used up to clear HDB mortgage)
Savings (cash and stocks) - S$50,000
No outstanding loans or debts
I used to have much more savings but my savings were almost wiped out to pay for my wedding, honeymoon, car, house renovation, furnitures etc etc about 1 year ago. I also have to give parents.
I am currently saving up from scratch at a rate of S$2800 per month consistently in the form of cash, insurance and unit trust/shares. I am not sure when I can achieve what you guys out there have achieved. I am feeling so sad now.
Based on my current networth (if any) and savings, please advise me if I can ever dream of a retirement at all. Thanks.
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Hi Bee,
I think you are doing fine. You have a flat, a car and the most important thing is that you do not have any debt. Your saving of $2.8k per month may be modest but if you can continue to save that amount till you retire, it would have accumulated quite a significant amount for retirement. Without debt you have less fear, and that is an important factor when you make decisions on financial matters, like investments. Build up your wealth through consistent savings, and smart investments. A down to earth approach guarantees lower risks and higher success rate.
Some people have weird reason about taking advantage of the HPIS insurance. And including the death of their spouse as part of their financial planning is not really a good idea, at least that's how I look at it. I think you have done quite well so far, assuming you are in the middle income group.