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!
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