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No girlfriend or kids, what i have now is what I have been scrmping and saving for the past 4.5 years. I am trying to desperately do better, as a male, I feel that I should be earning more... |
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Honestly, is 28k combined savings a good amount for our age? And yes, we try to save more if possible, so it's not unusual for us to hit 1k in savings a month :) As for drinking out... trying to cut down! But it's one of our few vices, along with an annual long-haul trip (we're headed to new york next month, spending about 4.5k all in including accomodation and airfare). |
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Either ways, it's a little on the low side though. What is your definition of "higher-end clothes"? One way is to go for higher value clothes by tailoring. Better quality than most of the junk out there, fits you better, somewhat more unique, and if you take care of them properly they last much longer too. |
I have shared my savings in this thread previously but was mocked by some that I was dreaming. In our mid 50s, our combined savings of $3.5m (not including our primary home - now valued at $1.7m) should be attainable by most working professional couples who have worked continuously since graduation at 25. That is a good 30yrs of working, saving and investing.
There were 3 groups of responses generally. The first group is those who were incredulous that ordinary salaried workers can accrue this kind of wealth. They can't imagine in their lifetime earning this much not to mention saving this amount. The 2nd group is those who have reached or are on track to reach around this amount of savings. Some may have reached this even before their 50s while others are there now and they are in their 60s. The 3rd group is those that find this amount chicken feed and laughable. I mean what is $3.5m or (even $5.2m total) when their annual salaries are between $500k to $1m? These people probably consider anyone with less than $10m investable net worth as poor. |
Your net worth is on the low side. On average a successful graduate couple should have a net worth of $8m by the time they reach their 40s. You should consider selling your property and downgrade to a $400k HDB flat. The rest of your wealth can use to buy dividend stocks which give you 3% pa in dividends. Then you can get $140k pa in passive income.
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