03 Nov 2020
Currently 25 years old and have been working for more than 2 years now. Income is not high, I'm drawing $3K now. Ultimate goal is to be rich. What should I do if I'm looking to grow my wealth?
You should focus on increasing your $3,000 per month to $6,000 and then to $8,000 or even $12,000.
I know this might sound like an arrognant or even obnoxious, but hear me out.
There is no rich person in Singapore who earns $3,000 a month (or the equivalent of $3000 in the 1930s, 1950s).
If you want to earn $3,000 a month and be rich, you'll have to take a super long time through investing.
Earning more money gives you the capital to take risks and earn more through investments – it's that simple!
I used to get angry when articles told me to earn more money too, because I felt that it was unrelatable. But, think about it:
Bill Gates - Businessman – earn all his money.
Jeff Bezos - Businessman – earn all his money
Warren Buffet – Great investor, yes, but alot of his wealth comes from getting paid to manage funds. Earn all his money.
The best thing you can do at 25 is to throw out all the notions of it being easy to earn money quickly overnight through investing. I increased my net worth from $6000 in 2014 to $200,000 in 2019.
Most of that was from side hustles and working insane hours.
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3k/mth is not exactly low esp for a 25 YO, there are many in their 30s-40s who don't even come close.
Everyone has their own definition of rich, but here's what u can do
Live like you only earn 1.5k/mth: living beneth your means can really help build up reserves where you can use for investment. Then even when your salary increases, maintain the same lifestyle so you can put more $$ into investments.
3k/mth is definitely not enough, so you'll need to find a side hustle that can pay you regular monthly income, e.g. from designing to driving grab, depends on what you skills are. Invest all the $$ from side hustle!
Concurrently, you'll need to know how to invest your money, there are lots of high and low risk options out there...blue chip stocks, ETFs, unit trust etc etc..find one you are convinced by and invest consistently. There are a ton of great resources here on Seedly, invest time to read up pls!
Follow this and I'm quite sure by mid 40s, you'll should be among the richest in your circle of friends :)
I would suggest keeping a 50-30-20 rule for your monthly expenses, savings/investment and wants. Yes...
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