SG Budget Babe
Asked on 14 Aug 2018
Learn highly paid skillset to get higher income. Saved on expenses. Most important is learn how to invest your money properly.
Or maybe create a business? Think of what arw5the pain point consumers are facing. Create business that is solving that issues.
Invest safely and with a good ROI year on year, for 10 years definitely you can become Millionaires. Hopefully.
Just answered a similar question! Will paste it here:
Great dream you have out there! Not impossible, but the road there might seem impossible. A few things off the top of my mind is to minimize your expenses, only spend what you need and not want, fully utilize all credit card & bank accounts as you can.
These 2 above actually still doesn't bring you close, and I think you would have to take more risks to reach there, and for me that's investing my $ in huge growth potential companies. And the most riskiest way would of course be to start your own business, being an entreprenuer. But it would take a lot of courage and emotions (and luck) to make it out as well!
What I would have done differently though, is learning how to manage my money well. I would say that at that age, I still thought that things come easy, I can just spend my parents money and all. I literally spent all my NS salary on partying, saved none of it. And the funny thing is those people that I knew/met then, I don't actually know them anymore.. Funny how that works!
Cut your expenses, boost your income, grow your savings and investments. And be realistic. If you don't earn enough, a millionaire dream may not be feasible unless you're lucky to strike Toto.
I would have started investing earlier in my 20s and gone for courses by The Fifth Person and Dr Wealth earlier, which could have saved me from some mistakes I made in my investing journey.
Cut back of expenses, earn as much as you can and invest smartly on the amount saved. This is probably the only (realistic) way to become a millionaire by 30 other than winning lottery and inheritance from a rich relative.
If getting 1 million by 30 is my goal, I would have started the mega-plan since JC days. Get the damn good grades and study some business/finance related course in college. Become some sort of investment banker or something similar and work darn hard at it to earn heaps of money. And invest all the money I can save using the knowledge I have through school and work.
Unfortuntately I'm just some regular white-collar worker so 1 million is way out of my reach.
Got to agree with Fiona if you want to be rich fast in a short period of time, cut your expenses is one of the fastest. Investing only works if you have time on your side because the power of compounding works in your favour.
The next best option is to move yourself up quickly the career ladder to get a higher pay quickly. Low expenses and a high pay will accumulate wealth quickly
Study hard in school, get good grades, receive scholarships, apply for government sectors jobs and go up the rank quickly. Do volunteer work and join the RC committee. Be capable in both work and social work and hopefully become a management role.
Or start a startup that gets alot of fundings, build it big and fast then aim for buyout or IPO
Or buy lottery tickets
I make videos about interesting stuff at youtube here
In my honest opinion being a millionaire by 30 on your own is quite difficult, one way might be to start a business. If you're really hungry and want to be successful, nothing is gonna stop you!
Start your investment journey as early as possible in your 20s. I should have started my own investment journey and retirement planning when I was in my 20s.
Invest early, read more books, have more side hustles
The main thing would be to cut down on expenses and boost your income.
I know the question is for SG Budget Babe but let me write my own answer too :P
I should have started learning digital skills much earlier. digital skills like social media marketing, SEO marketing,
I should have find 2 good skills and master it.
i should have read the book "How to Fail at Almost Everything and Still Win Big by Scott Adams" much earlier.
I should have seek forum and groups to learn more from seniors instead of trying things by myself.
Firstly, ask yourself: Why you want to be millionaire? Is it because you think it will make you happier? Well guess what, it won't. Im almost mid age and realise that money got nothing to do with being happy but not having money would make your life miserable.
If you have internal strong reason, other than your own happiness, then you will have the intrinsic motivation to do whatever discipline you have to do to get there. For example, for most parents , the motivation to have lots of money is so that they can reduce working hour and have more time with my kids, or they can provide better life/pay for education for their children, for example.
Secondly, invest in yourself. Physically (exercise), Mentally (learn new skills. get Master degree) and Spiritually (deeper relationship with our Creator). After I got Master Degree , I have better job offer with almost double the salary. Never underestimate the power of investing in yourself. I also study deeper about my religion and try to have deeper relationship with my Creator. This helps me to be calm, able to think clearly and make excellent business decision or investment decision, which in turn, increase my earnings.
Per my religion teaching, we belief that God our Creator always want to bless human, however, human are stubborn and incline to rebel (anyone with teenage child would understand this natural inclination). Because human have free will, we make bad choice which is not in line with God's Will and as a result, we suffer, including financial suffering. If we have inner calm, we are able to listen to the good voice inside our heart to help us make wise decision. Our life is the result of our decision and/or to certain degree, our parents' decisions. so it is important to make wise decision as good decision will have good consequences and vice versa (the concept is similar to karma).
I just wish I understand this and done this in my 20s, instead of doing this in late 30s/ early 40s (I have my Master Degree when I was 38 - already have a 3 yrs old child already! This is because my main motivation to be a better person/better financial is my children.)
Hope this helps you to be in the right perspective.
To become a millionaire by 30 you would need to do 1 of the following:
1) Strike the lottery
2) Marry a millionaire
3) Set up a successful business
4) Earn a very high income which you save to get capital and invest in high risk high gain stocks that all pay off
I would advise you to set some more realistic targets.
A millionaire by 30 - I wish I could reach there as well.
Have you drawn out your financial timeline? To reach that goal you'll probably either need to:
earn a high income/grow your earnings quickly or
invest aggressively in stocks (this means taking higher risk)
Best is if you can do both!
Comprehensive financial planning! Always plan with the end in mind.
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
Next, create a budget that is capable of helping you to plan for the future. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/
Always be discplined to avoid spending beyond the necessary means.
Get the correct insurance plans to prevent savings wipe-out during a crisis. Have a comprehensive insurance portfolio to keep this in check and to understand our financial gap. Here is why it is important: https://www.blog.pzl.sg/why-every-client-needs-an-insurance-policy-summary/
Thereafter, do constant reviews on both your cashflow and insurance portfolio to ensure that it stays relevant.
Save and invest via the correct tools and channels. Grow your money without being overexposed to unnecessary risk.
With a well-defined goal and a proper structure, I will have been a lot better financially!
Here is everything about me and what I do best.