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Anonymous
How much savings should a 20 year old have?
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No right no wrong, it's decent but i wouldn't say it's alot
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I feel it is decent but this will vary greatly depending on your commitments and spending habits. I did not even had 10k at that age but i feel it is alright as I was studying while working part-time to pay off my own bills and expenses at that point of time. Maybe you can focus more on how much do you want to achieve in a year, set a goal and all the best!
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Imo, that amount is average. Been there done that before i did some stupid things at that age. Assuming $1k saved every year from birth till your first full time job, $20k. Getting to this amount will consist of ang paos, pocket money, birthday cash, additional interest(rates may vary), internship, part time jobs or some business if you have the entrepreneur mind.
The reason why some people of your age have half or even lesser than what you have is because of their lifestyle. Unecessary habits like smoking, drinking, always grab-ing/grab food due to laziness(unless discount), clubbing. esp supper/watching movies at midnight. But there are no right/wrong actions, just different outcomes on whichever you choose.
To sum up, good job on the amount and start putting that money into better use. Your future might thank you.
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I think it a lot! But it really do depend on your background....
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This is a tough question. Everyone is different, some people grew up in a rich family. On the other hand, some grew up in a poor family and have to work to support the family financially. It’s important to work towards your own financial goal instead.