Thanks for the good advice. Can you share what do you intend to do with all your wealth? Are you going to donate them away to charity, just like the many rich and generous billionaires are doing? Or are you giving all to your children? Do you plan to upgrade your home?
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Originally Posted by Unregistered
$105k pa is a respectable amount for anyone not to mention a 28 yo. If divided over 12 months, your monthly salary is $8.75k. There are about 2,200 people earning this salary at this age group - according to the MOM website. Good job.
The important thing now is to grow this income as well as build up your wealth. Many young people who earn well in their younger years got intoxicated with their high incomes and started to live the high life forgetting to save for the future. Nowadays iron rice bowl jobs that pay well are very rare. So it is always good to save and prepare for uncertainties.
If you have not done so, try and aim to save your first $1M. After the first $1M is achieved, the subsequent millions become easier to reach especially when you invest it - that is, make your money work for you. Investment helps you build up other sources of income.
In our case, our passive income sources have given us over $1M in accumulated total over the last 6 years. We are still working and aiming to hit $8M in networth by our 60th birthday.
Slow and steady. |