Why should one aims to have $100,000 by 30??

There are those who feel that "die die also not possible to have $100,000 by 30... and start thrashing that one needs to 'enjoy' life, have 'quality' life... thus all the calculations is rubbish and impractical.

Those who have managed to clinched the 100k deal by 30 must have been lucky enough to have silver-spoons lying around for them.

Is that a fact or is that an excuse for one not to save?

Maybe a scary peep into the life after marriage, esp with a child will encourage one to exercise financial plannings. (well, at least this works for me)

ASSUMING

1. "Re-calculated" monthly expenditures (after marriage): $1250 - $1650+++

[PERSONAL: $300 - parents, $100 - insurance, $50 - hp, $200 - transport, $300 - meals, $150 - misc]
[ONE TIME: all the *bling bling*, wedding photo, wedding dinner and the list goes on... AND furniture for new place]
[HOUSEHOLD, SPLIT WITH SPOUSE: $30 - conservancy charges, $25 - internet, $80 - electricity, $15 - housing tax + renovation loan(?) + cash top up for housing(?)]

[CHILD, SPLIT WITH SPOUSE: $50 - insurance, $50 - endowment, $150 - food, $150 - misc, excluding birthday celebrations, tuition, childcare, enrichment classes, maid, upgrading of educational equipments ... ... ...]

[*touch wood* as parents get older, you know... visits to doctor starts getting more and more frequent... they need more supplements, more therapies... it's all money. :(]

*sings* 'price tags'

Imagine if both you and your spouse have had this goal, combined savings upon 30 will be: $200,000. 

Then maybe $100,000 can be used to offset a lot of the above items... so tt the marriage won't be plague by the mountains of loans / debts ... its a 'ripple-effect'... Is it not?

TO HAVE $100,000 BY 30 : MISSION IMPOSSIBLE?

Read an interesting article today, "Is it possible to have $100k by 30?"

This is the link: http://www.straitstimes.com/the-big-story/case-you-missed-it/story/it-possible-have-100k-30-20130710

This article had generated so much interests that every small talk revolves around it, debating, arguing, flipping.. with some supporting it...

So is it really that impossible to save $100,000 by one is 30 yrs old??

Actually I did a simple calculation and was amazed that well, its actually 'I M POSSIBLE', not that impossible like what many attest it to be. *sorri sorri*

But then it does require some bits of luck, some bits of help... some blessings... 

PREREQUISITE

1. No study loan (Scholars, families with sufficient funds to fund the needed loan FOC)

2. No need to help out with family's bills (internet, utilities...)

3. Not married (esp, no kids) + still living with parents (rent is not exactly cheap in sg. :P)

4. NO CAR! (buying a car will exhaust near 100k + there is the maintenance of the car!)

ASSUMING

1. "Re-calculated" monthly expenditures: $1100

[$300 - parents, $100 - insurance, $50 - hp, $200 - transport, $300 - meals, $150 - misc] 

*OT (payable) / side incomes (dividends, interests, ) should be able to account for the rise in  expenses due to inflation. 

CALCULATIONS - lady, start work at 24...

Assuming one starts work at 24, with a basics of $2800, take home $2240 (after deduction of 20% for cpf), monthly expenditure of $1100 (savings: $2240 - $1100 = $1140, 1st year) + assuming there is the 13th mth AWS and 1/2 will be saved (1/2 to reward oneself - all work and no play makes Jane/ Jack a dull dull one!) + 3.5% of annual increment ... and there is no promotion... no job hops... no retrenchment!

and  YOU WILL SEE $102,658.8 by 30!