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Anonymous
Saving up at least 50% of my salary, and contributes to family and parents with the 25% and the last 25% are my monthly expenses and bills. my salary is less than $2.5k and I have a small freelance job that pays by project. Alr cutting down a lot of my expenses but still looking for ways to save more money. Pls help :-(
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I used to spend a lot, today get pay, 5 days later left 50% for own entertainment.
But after I am involve in stock market, it became worst, get pay today, tomorrow left $100 in bank and survive with credit card for the rest of the month, but end up lots of saving on investment.
At the same time earning credit score on credit card👉
Saving money in bank is useless anyway, once you start investment, you will find it more entertaining than spending $5 on KOI Milk Tea
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50% saved is great and likewise for me. The diff is I try to earn more instead of saving more while keeping the rate palatable. There's only that much that could be saved but the sky's the limit for earnings.
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You should focus on earning more rather than saving more if your income is less than $2.5k.
50% of $2000 is $1000. Whereas 40% of $5000 is $2000. When you earn more, saving more gets easier.
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At your current $2.5k level have you maximize your full earning potential? That's most important lon...
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Hi, understand that you are saving for a uni education. Anything else? If that uni paper is your primary focus now (other than looking for a higher pay job), what is your target saving quantum and timeline? These will dictate the actions required. An overseas degree will cost lots more than a local uni degree. However, there is no guarantee that the former will command a brighter career path. Applying for a scholarship or bursary could be one possible avenue to alleviate the "burden" to save more. Today, savings in banks or investing in money markets hardly lead one anywhere. You may wish to consider low-risk bond funds instead which could generate around 2.5% p.a. returns and most importantly, liquidity. Do not risk your hard-earned money in those so-called high-return investments.
Out of curiosity, what is your main objective in pursuing a uni degree? I knew few millennials like yourself, whom do not possess a degree but doing very well. Most people measure "very well" in terms of material wealth. In this context, becoming millionaire in their late 20s is definitely a feat. They are focus and continuously educate themselves and acquire skills that move them forward in life. There are many programs out there which similarly could lead the willing ones to success. Agri-tech is one very meaningful industry.