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How rich/poor am I compared to people my age(27)?

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Old 17-05-2016, 11:34 PM
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Default How rich/poor am I compared to people my age(27)?

I am just wondering how much savings I have compared to my peers?
How much do you have when you are 27yo?

I just reached 27yo, im male I have about 40k in my bank account and 35k in CPF. I know this is not a big amount by any means but still a small fortune. I spent alot on miscellaneous things though, could have been much more.

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Old 18-05-2016, 11:44 PM
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1 year older, 70k cash savings

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Old 19-05-2016, 08:46 AM
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I am 24 years old, in my final year of Uni. Through investments, savings from young etc I have 43k in bank, stocks, bonds. But almost all of my peers are nowhere close, many have no savings and some prudent ones have about 10k.

Good job on saving 40k at 27 YO though, already pretty difficult. Let's say one saves 2k a month (which is a lot), you need 1.5 years to save that amount. Double that if you only save 1k a month.

Maybe the next step would be to start investing. You can start off safe by investing in corporate bonds available on the SGX which can easily net you a 4-5% per annum. After 5 years, you would earn at least 25% of what you invested (5 x 5%). Slowly build up a portfolio and you can have passive income of a few hundred dollars a month.

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Old 19-05-2016, 10:34 AM
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Quote:
Originally Posted by Unregistered View Post
I am 24 years old, in my final year of Uni. Through investments, savings from young etc I have 43k in bank, stocks, bonds. But almost all of my peers are nowhere close, many have no savings and some prudent ones have about 10k.

Good job on saving 40k at 27 YO though, already pretty difficult. Let's say one saves 2k a month (which is a lot), you need 1.5 years to save that amount. Double that if you only save 1k a month.

Maybe the next step would be to start investing. You can start off safe by investing in corporate bonds available on the SGX which can easily net you a 4-5% per annum. After 5 years, you would earn at least 25% of what you invested (5 x 5%). Slowly build up a portfolio and you can have passive income of a few hundred dollars a month.
Thanks, but I think passive investments are too slow a way to make money unless you have alot of money to invest. I feel it is more for older people. We should look for more ways to actively make money at this age.
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Old 19-05-2016, 03:07 PM
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I am 25 this year (female). Just entered workforce for 9 months only.

Cash $30k, CPF $9K, Investment $22K

Have worked when studying and earned some money adding to current savings.

I am still staying with parents so can save practically 90% of salary every month.
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Old 19-05-2016, 06:51 PM
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Thanks, but I think passive investments are too slow a way to make money unless you have alot of money to invest. I feel it is more for older people. We should look for more ways to actively make money at this age.
Many youngsters think that bonds are too slow, so many go into forex trading or trying to flip shares. The vast majority lose money, ending up losing 20-50% in a year. Especially given the recent market conditions.
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Old 21-05-2016, 02:30 PM
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i am same age as you, born in 1989...$140k in FD, gold, watches, cash etc and $60k in cpf....


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Old 21-05-2016, 04:35 PM
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Same age. 140k cash and one luxury watch worth 40k. 30k cpf.
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Old 21-05-2016, 09:06 PM
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30 yr old male, 90k savings, investments. 70k cpf
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Old 21-05-2016, 09:32 PM
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For a more realistic view, I have many friends at your age who have little to no savings. Maybe 20k cash.
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