facebookDo i need a certain amount of money to start making money work for me? How much should i earn per month to be considered wealthy? - Seedly

Advertisement

Anonymous

18 Apr 2019

Random

Do i need a certain amount of money to start making money work for me? How much should i earn per month to be considered wealthy?

do i need a certain amount of money to start making money work for me? how much should i earn per/month consider wealthy? i have no background basics, really don't know where to start

Discussion (9)

What are your thoughts?

Gabriel

Gabriel

21 Sep 2018

Undergraduate at National University of Singapore

You can start as low as $100 per month by setting up a regular savings plan with POSB or OCBC

Kenichi Xi

Kenichi Xi

21 Sep 2018

nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham

Just using $10k for an example,

If your mobile bill is $50 per month and that is $600 per year.

A 6% dividend yield vehicle with $10k, will generate $600 which covers ur mobile bill expense.

A DOLLAR saved is A DOLLAR EARNED.

Wealth does not only comes from how much you earn but how much you SAVE before you SPEND.

Focusing on Savings with a PURPOSES and let that purposes grow wealth for you.

At the same time, you get to save more and enjoy life a little bit better too.

Hope my reply helps.

If you feel this reply have Quality, please upvote and check other Quality Reply.

https://seedly.sg/profile/a-kenichi-xi

Thank you.

Jeff Yeo

Jeff Yeo

21 Sep 2018

amateur Social contributor at School of social sharing

You can do dollar cost averaging to the STI at 100 a month that is the cheapest way to start investment

I think you should change your focus from “consider wealthy “ to a sustainable lifestyle

your lifestyle will determine how much money you send and that would be in a direct relation to how much you earn.

As Long as you keep you expenses in check and not live a lifestyle that you can’t afford then you are in a stable state.

U can start investing even if u don't have alot, just start with smaller amounts. Depends on your definition wealthy. The median household income in 2017 is about $9k.

Jay Liu

Jay Liu

18 Sep 2018

Accounting and Finance at ACCA

If you're able to set aside just $100, you just some invest in STI ETF. If you have more money, you ...

Read 5 other comments with a Seedly account

You will also enjoy exclusive benefits and get access to members only features.

Sign up or login with an email here

Write your thoughts

Advertisement