facebook26, no debt and no savings. What can I do to fast track? - Seedly


23 May 2023



26, no debt and no savings. What can I do to fast track?

Worked a couple of years (career switch, figuring out myself) hence my income have always been just enough for my expenses. Feeling concerned and ashamed by my financial situation.


I've started to earn more and stabilise so Im starting to save and invest now. Im looking to buy a property with my partner in 1-2 years time but can't bring myself to mention that I have $0 savings as Im embarrassed by it.

Discussion (22)

What are your thoughts?

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You have around 30 years of human capital left (assuming not retiring any earlier than 55). As an example in the screenshot, $50k annual salary compounded based on 5% salary increment will bring you above $3M in 30 years time. There is also the additional compounding from your Investments as long as you stay disciplined. These compounding moves quite exponentially as you get older. Please show your partner your "true potential".


Deddy T

10 Jun 2023

Financial Consultant at Great Eastern Financial Advisors

These kind folks have said much of it. But one thing that is best to be done is to actually have an open conversation with your partner about finance. It is because if the both of you are going to spend life together, u need to find out how is his/her perspective and his/her response so that he/she won't feel lied to as well.


Communication is key. If your partner can understand your situation, it is best. Afterall, is your partner, not just friends. So there is no reason for u to be ashamed as the both of u should be able to go through thick and thin together.


How to fast track? The typical mantra that some of these folks have said.


Otherwise, let's have a small chit chat if u don't mind.


All the best for your finance journey!

There is nothing to be embarassed about your current situtation. What is important is that you recognise your current position and wants to change. When I started out at your age, my mantra was "spend less, save more, invest wisely and contribute to charity". Also, to "increase my income". I did some other sideline work while maintaining my day job. Enjoy the journey. Hope your partner shares the same value as you and both of you can journey together towards financial independence.

It is alright to have some careers switch and figure yourself when you are young rather than you are old. It's a good start that you have no debt. Good that you have goals to buy a property in 1-2 years time so that will drive you to work harder. And that you are starting to save and invest now. Being 26 young and having the awareness to start your financial journey is awesome! Things are looking good.

You can make a down payment with your cpf. You should have a decent OA sum of money after working fo...

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