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-   -   How much savings do you have? (https://forums.salary.sg/investments-net-worth/1199-how-much-savings-do-you-have.html)

Unregistered 24-09-2011 12:24 PM

After reading all these savings and assets you guys have, I've become depressed. Very depressed.

I'm in my late 20s and currently, i ONLY have ~$2k in my bank a/c. Zero assets.

i guess i have to sell my kidney. Interested?

Sigh...

Unregistered 25-09-2011 01:29 AM

Quote:

Originally Posted by Unregistered (Post 16544)
After reading all these savings and assets you guys have, I've become depressed. Very depressed.

I'm in my late 20s and currently, i ONLY have ~$2k in my bank a/c. Zero assets.

i guess i have to sell my kidney. Interested?

Sigh...

Don't have to sell kidney or backside. Start by saving 10% of your pay every month. This 10% guideline is actually western standard. Once you achieve 10% consistently, you should then progress to Asian standard of saving 50% of your pay every single month. Of course, the more you earn, the higher the percentage you can save, which is why some people can save 60-70% of their pay!

You may ask: save for what?

Well, my answer: for rainy days, for unforeseen expenses, and for making even more money when opportunity strikes - for example, a business opportunity or an investment opportunity (condo fire sale, stocks fire sale, ...)

Unregistered 26-09-2011 09:10 AM

Quote:

Originally Posted by Unregistered (Post 16558)
Don't have to sell kidney or backside. Start by saving 10% of your pay every month. This 10% guideline is actually western standard. Once you achieve 10% consistently, you should then progress to Asian standard of saving 50% of your pay every single month. Of course, the more you earn, the higher the percentage you can save, which is why some people can save 60-70% of their pay!

You may ask: save for what?

Well, my answer: for rainy days, for unforeseen expenses, and for making even more money when opportunity strikes - for example, a business opportunity or an investment opportunity (condo fire sale, stocks fire sale, ...)

Every journey starts with the first step. Make it happen.

Unregistered 26-09-2011 05:32 PM

Quote:

Originally Posted by Unregistered (Post 16558)
Don't have to sell kidney or backside. Start by saving 10% of your pay every month. This 10% guideline is actually western standard. Once you achieve 10% consistently, you should then progress to Asian standard of saving 50% of your pay every single month. Of course, the more you earn, the higher the percentage you can save, which is why some people can save 60-70% of their pay!

You may ask: save for what?

Well, my answer: for rainy days, for unforeseen expenses, and for making even more money when opportunity strikes - for example, a business opportunity or an investment opportunity (condo fire sale, stocks fire sale, ...)

exactly. stocks having fire sale now.

average guy 26-09-2011 11:01 PM

Quote:

Originally Posted by Unregistered (Post 16544)
After reading all these savings and assets you guys have, I've become depressed. Very depressed.

I'm in my late 20s and currently, i ONLY have ~$2k in my bank a/c. Zero assets.

i guess i have to sell my kidney. Interested?

Sigh...

don't give up. it is usually harder at first, but slowly build up your savings and invest them.

my wife and i started with nothing and slowly built up savings of just over 300K after 7 years of working, but in the next 6 years we managed to increase that to over 2.2M through some well-timed property investments and also our salaries doubled.

Unregistered 26-09-2011 11:53 PM

Quote:

Originally Posted by average guy (Post 16610)
don't give up. it is usually harder at first, but slowly build up your savings and invest them.

my wife and i started with nothing and slowly built up savings of just over 300K after 7 years of working, but in the next 6 years we managed to increase that to over 2.2M through some well-timed property investments and also our salaries doubled.

Wow!! What do you and wife work as?? Must be some really high income jobs right?? Sounds impossible to save 300k in 7 years for most pple in normal jobs....

Unregistered 24-01-2012 11:56 PM

Just to share: 48 years old man, wife not working

Income active + passive = 280k

Cash = 500k
Stock = 400k
CPF = 500k
Property = 1.5M
Loan = 900k

Retirement plan at 55 years old, hopefully with:
Cash + Stock = 1.7M
CPF = 300k
Property full paid

Always my dream to retire with 2M asset without considering property if possible.

no stamina 27-01-2012 10:41 AM

tired and want2retire
 
Our gahmen have been urging people to work till they drop and their goons are saying 50 is the new 40, blah blah blah. But when you are tired, you are tired....

My goal is to build up enough and consistent stream of passive income so that I can retire with fewer worries, but I am at my wits end how to do it. Some of you forummers seemed to have achieved good passive income stream. Please share...

Unregistered 28-01-2012 10:56 PM

landed property worth $1.5 mil fully paid
condo worth $700K half paid up
cash and cpf $100K
47 years old

feeling miserable cos many here are earning and worth much more than me

i love papaya 01-02-2012 09:31 AM

single mid 30's

cash 25 million sgd

ferrari F430 scuderia fully paid

AMG C63 fully paid

freehold condo fully paid

stocks all sold.. too volatile..


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