Anonymous
Trying to attain my 1st million by 30 if possible.
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Chin Guo Qiang
09 Oct 2022
Assistant Vice President, IT EUC at OCBC
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Monitor your expenses, spend only what you need first.
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Can't advise on the "what" but just to provide some colour with some projections (assuming you're 25 and aim to be a millionaire by 30):
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Scenario 1) zero savings, 10% compounded growth p.a.
You would need to invest $13,650 monthly
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Scenario 2) zero savings, 8% compounded growth p.a.
You would need to invest $14,250 monthly
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Scenario 3) 100k savings, 6% compounded growth p.a.
You would need to invest $12,850 monthly
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So if you don't come into a huge inheritance (e.g. family legacy, lottery) or start and sell off a business at a high valuation, you are basically looking to put in upwards of 5 figures per month into investments (markets are volatile today and headed for a downward trajectory at least for the next year imo). Citing Providend CEO Chris Tan's metrics for financial health, you would also need to ensure that your liquidity ratio is at a healthy level, to avoid being asset-rich and cash-poor.
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Hope this helps, and all the best in your journey to that 1M.
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Eat $3 caifan everyday all vege
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I think The why is also important qn to ask yourself. Some maybe able to do it but at the expense of...
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Go for high commission profession, like sales etc.
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Take a smaller step and aim for $100,000 base first, then $250,000 and so forth.