A good plan is one where you start with achievable small steps. You will build up your confidence when you achieved the small targets. Also assess whether you really need that much money. Setting an unrealistic target will only mean disappointment for yourself and prevent you from enjoying the little gains you made in the process.

Thus, instead of setting a target of $20m, aim to save $100k each year. If already achieved, then raise the bar to $200k and so on.

For our case, early in our career, we were thrilled when we were able to meet our savings target of $50k pa. We then upped the target by another $50k for the next year. To cut the long story short, we are now achieving $350k savings each year. Thanks also to a healthy passive income stream.

I can imagine that we will be miserable if we stupidly set $20m as our target from the start knowing that it will be almost impossible to meet. As it is, with our small targets each year, we will always celebrate whenever we achieved one.

Try it and you will not feel so miserable and bitter.