This is a story of how a salaried person (and his wife) managed to accumulate a million dollars in cash over just 10 years.

And he did it without playing Toto or 4D, and neither did he dabble in stocks and property.

He started his working life in the private sector. During the Asian financial crisis, he switched to teaching. That was when he started accumulating the million dollars.

As a junior lecturer, he was making close to $5k a month (polytechnics especially like mid-career entrants with a few years' experience and generally match their last drawn pay). With the 13th month bonus and a couple months of performance bonus, this came to about $70k+ in annual pay.

He also taught part-time in SIM. This gave him an additional $10k to $20k every year, depending on how many classes he took.

Over the years, he was promoted twice in salary grade. And his total annual income crossed the $100k mark.

He's now in his forties. In the past 10 years, his income averaged about $100k a year, from both full-time and part-time work.

So, in 10 years, he collected $1 million. In cash.

Now, you ask, what about expenses? Doesn't he pay bills?

Well, his wife is also working, though not making as much. As a manager in a statutory board, she's making $50k+ per annum (averaged over the 10 years). This is more than enough to cover their total spending: utility bills, entertainment, classes for kids, car loan, allowance for parents, medical expenses, insurance premiums, taxes,* and once-a-year overseas vacation. And they pay their housing loan with CPF money.

Had he invested in a condo before the recent property boom, he would have even more money.

He has a million dollars (with help from his wife). How much cash do you have?

See other case studies.

http://www.salary.sg/2007/case-study...e-millionaire/