I am a 20 year old waiting to enlist, how do I start the FIRE journey?

hi,i am currently 24,i started around 20 putting my money into regular saving plan,i have blog about it,dun forget to have an emergency fund of 6 month first:)

** [My POSB invest saver journey so far...](http://sonicericsg.blogspot.com/2018/05/post-21...) :**http://sonicericsg.blogspot.com/2018/05/post-21...

Posb invest saver and why i choose Posb invest saver** **:http://sonicericsg.blogspot.com/2018/05/post-23...

after that ,i have started with sg stocks ,stick to those stock that are blue chip

How to purchase a stock?(DBS vickers) :http://sonicericsg.blogspot.com/2018/12/post-63...

hope the above help!​​​

You can consider working on your human capital first, there are a lot of great online courses out there. The more you are able to earn and get a good salary when you start work, the faster you will be able to hit FIRE.

Also, there is another webinar that Ruiming from wokesalaryman and I did, which talks about growing human capital as part of wealth accumulation:

https://endowus.com/insights/webinar-fuss-free-...

Hope this helps!

Hi, I'm 24 this year and I was at your situation too, perhaps I'll share with you what I'd do if I was 20.

1. Have 6 months of emergency fund (Eg: if you spend $400 a month, then make sure at least $2,400 remain in the bank account)

2. I'd take as much time as possible to learn investment. If you're interested in stock picking, then read some books or take some courses that teach you how to evaluate and pick stocks.

3. Remain invested while you're still learning. There are a few beginners friendly ways to start your investment journey
   3.1 Regular Savings Plan - you can try with OCBC Blue Chips Plan, FSMOne RSP, POSB Invest Saver. I'd go with FSMOne due to their lower fee. This is a good way to start your investment journey with as little as $100 a month and continue to Dollar Cost Average
   3.2 Robo-advisor - there are many robo-advisors in Singapore such as StashAway, Kristal.AI, EndowUs, MoneyOwl, Syfe etc. You can read online reviews and decide on your own. I'm personally using StashAway.

4. Once you have accumulated enough knowledge to get started, start picking stocks and invest in them. When you're young, I'd advise you to focus on growth stocks with smaller market capitalisation as they have a higher growth potential. After you accumulated sufficient capital from the growth stocks, you can diversify into more stable ones such as blue chips stocks, dividend stocks and REITs.

5. Focus on increasing your income, take on a side hustle, improve your skillset, start a small online business, whatever. Increasing income is the best way to accumulate capital.

All the best, stay safe, stay healthy and stay invested!

Hello, its great to hear that you're starting so early! I only just came across the FIRE community and building wealth in general.

I personally find this blog really helpful. https://www.firepathlion.com/start-here/
Some things to note include
1. Map out how much you need to achieve FIRE. A good figure can be found in the blog.
2. Depending on what type of retirement you wish to have, work out around 25x your annual expenses. (Can be higher depending on when you intend to achieve FIRE)
3. The 4% safe withdrawal rate, taking into account inflation rate
4. If you intend to invest in dividend stocks, then basically annual dividends > annual expenses

You can take the time to read up during NS and by the end of 2 years you'll be financially woke. Some things you can do now are

1. Find out your cash flow and sticking to a budget during NS. You can automate everything using standing instruction to make it easier.
2. Opening SC Jumpstart account (2% pa on first 20k). Can consider POSB SAYE too but theres a 2 year lock-in period.
3. Half of your pay during bmt would amount to only around $300, you can consider investing using RSP and/or robos first.
4. Read finance related books, some of the ones I read include millionaire next door, random walk down wall street. If you're into stock picking, consider the intelligent investor. You can borrow them from nlb.
5. Continue reading seedly as theres many experienced contributors whom I'm learning from too!

All the best in your journey!