Hey Allan
If the key objective is to earn another $100k as fast as possible and within 5 years, my view is that the most straightforward approach would be to heavily invest your $100k capital in a stock portfolio and build up the portfolio through monthly purchases of stocks until you reach $200k.
I suggest that adopt a combination of the methods mentioned by other members as part of a larger strategy to reach the $200k goal. If I were you, I would adopt the following strategy:
Invest Capital
Since you already have quite a decent capital, you can start investing in a variety of assets such as those suggested by the other members. Personally, I would allocate $40k to ETFs, $30k to blue chip stocks, $20k to growth stocks and $10k to cryptos or volative stocks.
Increase Contributions to Invesments
There are few things you can do to increase your contributions to invesments:
a. Aim to increase your salary
Apart from relying on annual salary raises which are usually not very significant unless you get a promotion, try to improve work performance so that your bosses reward your with a better performance bonus. The performance bonus coupled with the monthly salary increase can be significant if seen from annual salary perspective.
b. Reduce expenditure
This is straightfoward but requires a lot of discipline. Try and make small changes in your daily habits so that your lifestyle costs less. I struggle with this too, but am trying to improve. One simple thing I've done is to minimise expenditures on coffee. I used to buy starbucks regularly but stick to coffeeshop drinks these days.
c. Reduce income tax
There are a two ways to do this. You can get income tax deductions for toppping up your Supplementary Retirement Scheme. My annual income tax was reduced by about $2k after I topped up my SRS account. Monies in the SRS account can also be invested, albeit limited to only certain asset classes. The downside of topping up your SRS is that there are penalties if you decide to withdraw before the statutory retirement age. You can find further details of how the SRS works online.
You can also top up your own CPF account or your family members' CPF accounts to receive income tax deduction. Once again, the downside is that the funds will not be accessible immediately.
d. Side Hustle
You can also use your free time to make extra income by taking on part time jobs. Another suggeston is to look for things at home you no longer want/need and sell them through Carousell.
Hope my 2 cents above helps you achieve your $200k goal. All the best Allan!
Hey Allan
If the key objective is to earn another $100k as fast as possible and within 5 years, my view is that the most straightforward approach would be to heavily invest your $100k capital in a stock portfolio and build up the portfolio through monthly purchases of stocks until you reach $200k.
I suggest that adopt a combination of the methods mentioned by other members as part of a larger strategy to reach the $200k goal. If I were you, I would adopt the following strategy:
Invest Capital
Since you already have quite a decent capital, you can start investing in a variety of assets such as those suggested by the other members. Personally, I would allocate $40k to ETFs, $30k to blue chip stocks, $20k to growth stocks and $10k to cryptos or volative stocks.
Increase Contributions to Invesments
There are few things you can do to increase your contributions to invesments:
a. Aim to increase your salary
Apart from relying on annual salary raises which are usually not very significant unless you get a promotion, try to improve work performance so that your bosses reward your with a better performance bonus. The performance bonus coupled with the monthly salary increase can be significant if seen from annual salary perspective.
b. Reduce expenditure
This is straightfoward but requires a lot of discipline. Try and make small changes in your daily habits so that your lifestyle costs less. I struggle with this too, but am trying to improve. One simple thing I've done is to minimise expenditures on coffee. I used to buy starbucks regularly but stick to coffeeshop drinks these days.
c. Reduce income tax
There are a two ways to do this. You can get income tax deductions for toppping up your Supplementary Retirement Scheme. My annual income tax was reduced by about $2k after I topped up my SRS account. Monies in the SRS account can also be invested, albeit limited to only certain asset classes. The downside of topping up your SRS is that there are penalties if you decide to withdraw before the statutory retirement age. You can find further details of how the SRS works online.
You can also top up your own CPF account or your family members' CPF accounts to receive income tax deduction. Once again, the downside is that the funds will not be accessible immediately.
d. Side Hustle
You can also use your free time to make extra income by taking on part time jobs. Another suggeston is to look for things at home you no longer want/need and sell them through Carousell.
Hope my 2 cents above helps you achieve your $200k goal. All the best Allan!