Saving Hard & Smart
 

How do you guys saved & banked so hard?

23 this year
Savings: 1K+
Stocks: 1.2K
Business: 20K per year

How the heck is it even possible to attain 1M by age 30 even with dual incomes? Breakdown: Couple earning 150K per year saving half of 75K for 5-6 years won't touch 85% of 1M?

Very demoralizing and quite sad for myself :(

Note: I don't compete with anyone but it seems that inflationary pressures & social spending are rising due to increasing numbers of millionaires - get real with my life and start to become a miser??

You can. Here's how

1. Do not own a car
2. Do not employ a maid
3. Do not eat at expensive restaurants
4. Do not buy branded goods
5. Do not smoke
6. Do not drink
7. Do not womanize
8. Do not go partying
9. Buy cheap 3 room BTO flat
10. Spend your free time at home with family.

Simple Yet Real Advice
 

Thanks for the heads up.

I concur all of the points which are definitely really genuine and sincere. Best of all, my belief is to slowly upgrade and gradually expand my business in light of being an entrepreneur.

May I know if it's possible to begin investing in stocks/bonds around my age?

Couple in law and banking, 38 yrs old

Cash, stocks, unit trust, endowment: $1.1M
Property net asset value: $1.8M
Cpf: $150K

Typical Freshie
 

Hello all!

Typical Freshie @ 25 years in mortal world
Banking: 64k (after bonus)
Money: 3.5k
Stocks: 25k
Bond: 2k (one retail ungraded bond)
Cpf: 8.7k (just graduated almost a year back)

Liabilities: 0 (no car, bto, maid)
Direct expenses: 0.5k to parent at least

Peers are in hefty mortgages in EC, PC or Mickey Mouse. I simply cannot bear the risk of negative valuation when crisis hit. Residence should be conservative while excess goes to investment properties. I saw them trying to keep with Jones but steer clear.

Additional information for me, I've packed lunches to work, drink water and indulge in coffeeshops/fastfood chains as lavish expenditure. No, I don't bother competing and some mock behind my back. My purpose here is not to be sarcastic but without inheritance or whatsoever, just keep low profile and you'll reap the fruits of labor.

Hello typical freshie,

Here are some hard facts of life.

1. Saving alone does not make a person wealthy. You need to make those saved money work! And the harder you worked them, the more rewards you will reap.

2. People said its not how much you earn but how much you save. This is only true to a certain extent. To save big, you really need to earn big. This can come from having a high salary or a combination of good salary and investment returns.

3. You will not be young forever. So, while you are living frugally saving those pennies, don't ever let life pass you by. You will be surprised how fast time flies by. If your friends want a better lifestyle and they worked hard for it, they may be the wise ones at the end of the day.

4. Many times in life you need to take calculated risks. This is certainly true in investing. When there is uncertainty and fear, there is opportunity. A few of us capitalized on the 2008/09 global financial crisis by picking up stocks when there was wide spread feeling of gloom and doom. Keep this in mind for the next crisis to come along.

5. Don't envy those who are successful. Instead aim to be better than them. This will spur you to think of better ways to do things and invest.

I came from a poor family and the initial years were tough. My desires to ensure my family and children have a better life than me have kept me going and working hard. Without investing, I don't think we could have achieved what we have today, just from our salaries alone. Today our passive income from investment alone is enough to cover our expenses of $120k pa.

Study loan: 52K
Savings: 0

I'm a local fresh grad and in desperate need of advice. I'm 52K in debt due to study loans+living expenses throughout my 4 years in university. My parents are both not working and I regretted not working while studying.

I'm 23 this year, female and my starting pay is around 3.3k. Take home pay after CPF is 2.7k. I'm planning to repay 1.5k every month and give my parents 200 every month. Is this ok? Would appreciate any advices to improve my financial situation. Thanks a lot!

Are you planning to get married?

Single now and not planning to in the near future.

Find a kind rich husband. All your problems and worries will be solved. Do you mind marrying an old rich bachelor? In their late 40s and 50s? Not handsome though.