Is it ever possible to achieve financial freedom in Singapore?

Hi GuanYuan,

It's very possible. But it requires a lot of discipline and perserverance.

You'll have to learn to go minimal on a lot of things in order to keep a large portion of what you earn from your day job, to start investing into income assets. Starbucks is not a need, it's a want. You can do just fine with regular coffee from the coffeeshop. If you want to go leaner, 3-in-1 would save you even more.

Remember, it's not what you earn, it's what you keep.

The $10K/mth earner who spends $8K/mth will have a harder time achieving freedom compared to the $6K/mth earner who spends $3K/mth. If you are used to spending $8/mth, it will take a long time to get your passive income up to $8K/mth.

Don't start investing late also, because compound interest either works for you, or against you.

Invest in yourself, to improve your income potential as well, but maintain your expenditure level. That will help you to massively scale your investment amounts and shorten your curve.

In the end, it's a combination of these factors that will determine if you will reach financial freedom or not. And yes, that's even with a kid in tow.

Yes. Through these means:

Save Hard: save a significant portion of your income however do not over save until it affects your lifestlye. Stinging on expenses by eating instant noodles everyday with vegetables is trongly not advised

Work Hard: Work hard, gain recongiton and go up the corporate ladder

Invest Well; the last one is important. Start investing when young, to learn from mistakes and then use the remaining time to enjoy the beneifts of compounding over time