$20,000 in savings at age 23. Am I on track to reach $100,000 by 30? Should I start investing?

You should start investing now. It doesn’t matter what’s the goal you have set for yourself by 30 years old.

Compounding interest is a powerful tool. With the current climate of lower interest offered by bank, it will be wise to start your investment plan early.

A beginner tip, you might want to look into bonds (e.g. SIngapore Saving Bond (SSB)) to kick start your investment journey. However, the current return offered by SSB is 0.88% which is relatively low, but still much more attractive then bank savings rate or even fixed deposit rate. On the bright sight, if you are risk adverse, SSB offers the lowest risk compared to the rest of the investment instruments offered.

I think you should go read up slightly on ETFs and REITs if your risk appetite is higher to make use of your $20k to generate better returns for the future and achieving your goal at an earlier age.

Short answer: Yes!

Long answer: Please do your own due dilligence. Things like investment horizon, research, risk tolerance, investing mindset and strategy are essential.

Your earning capacity should improve, if not, accelerate from age 23 to age 30. If you keep your spending increase below your income increase, you should reach $100,000 much faster then.

Yes to both questions. $100,000 by 30 is not an incredibly difficult task. You can do it in a year if you have the skillsets.