06 Mar 2020
Also, I've got a 3 room flat that I can continue to rent out after I stop work but I don't want to rely on it for an income. I took a HDB loan and I'm paying for it via my CPF. I'd feel more comfortable putting the rental income into my CPF.
Gosh, I have saved that amount a few years back, but still don't feel like stopping work. But that's probably because I don't want to stop working for as long as I can, to keep the mind and body active. But I reckon you already have things you plan to do with your time!
That said, the easiest most straight forward way to do this (not taking into account any kind of returns, and inflation) is to save S$3k a month.
But we all know we have to factor in inflation in 10 years time, and for that reason, should look at investments.
I would still look at getting income from the 3-room flat, and also put my money to work right from the start in equities and bonds.
And with the free time, still pursue something you have always wanted to do! It's easier to do when you have 'F.U.' money.
Your money needs to earn 5% annually to hit $375K, so you could divide your $2400 between Autowealth and BCIP to be safe?
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Basically given the situation, you need a annual rate of 5% to hit your goals.
Cash earns you cl...
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