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Anonymous
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Pang Zhe Liang
15 Jun 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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That would depend on your income level. If you earn in excess of 420k a year, I would argue that 100k is too little if your expenses scale in relation to your income. At that income bracket, 100k would barely cover your income taxes for a year.
Most would refer to 100k cash in the bank. A better strategy that is scalable would be to do a multiplier of your base annual salary. 5 times your annual income in cash would indicate that you have been very disciplined during your 20s.
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Elijah Lee
13 Jun 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
This would be referring to cash in the bank. Where or not $100K is actually too much is de...
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Generally, it depends on two things, 1) your income; and 2) your expenses.
If you work hard enough and control your spending, then it is definitely possible to accumulate $100k by age 30.
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