Turning 28 next year. Aiming to end off this year with 100k net worth excluding CPF. Is 100k considered impressive?

Seems like many people around me are high income earners making at least 5k/month, some of them even making 8k and above. I think they are way more likely to have a higher net worth than me. Feels abit left behind. Am I considered average or above average?

Discussion (4)

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Sabrina Wong

26 Oct 2021

Communications at University at Buffalo

Firstly, congratulations! This is such a milestone you have checked off for someone your age 👏

In fact, I was just reading an article recently on 7 strategies to building your wealth in your 20s and found it insightful. It seems to be all about building healthy saving & spending habits and just being mindful.
1. Start Investing
2. Cut Expenses
3. Increase YourIncome
4. Review Your Account Vehicles
5. Negotiate Your Bills
6. Refinance
7. Delay Gratification

Source: ++https://hugosave.blog/building-wealth-20s-7-strategies/
++
It would be good to hear from you on how you went about setting this goal and achieveing it. Are you also exploring alternative investment options such as gold in your portfolio, if any?

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Alex

22 Oct 2021

Senior Manager at Great Eastern Financial Adviser

Who do you want to impress? Your parent? your partner? your friend?

To parents, they only care if you are well and will still worry about you, even though a lot of time they might not express. You don't need to impress them because the day you came into their life you have already done that.

To partner, if she/he is only impressed with your net worth but not who you really are then good luck, hell will come.

To friends, you don't go out make friends by showing your net worth and by impressing them with your net worth is as good as inviting trouble because when they are poor you will be the first to come to their mind to borrow money.

The key difference between earning 5k and earning 8k is not the 3k, it's about how you manage your money! You may earn 5k but on averagely you only spend 1.5k, which you are able to save 3.5k. On the other hand, they are earning 8k but their average spending per month is 7k, which left them 1k, so who is better?

Earning higher obviously is good but the key is one spending and saving behaviour that make a difference. Also, it depends on what you spend on if let says you use the money on an Asset that will appreciate then why not? Whats' scarier is spending on drinking/clubbing/gambling that give you temporary happiness that you might eventually forget.

Average or not you only need to impress yourself, it's your own life so work for yourself or your family that's all.

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