Dear SG Budget Babe, what's one biggest advice for us 20s to be a millionaire by 30 and what would you have done differently if you were in your 20s again? - Seedly
Seedly logo
Seedly logo
 

Career

General

Investments

SG Budget Babe

Anonymous

Asked on 14 Aug 2018

Dear SG Budget Babe, what's one biggest advice for us 20s to be a millionaire by 30 and what would you have done differently if you were in your 20s again?

0 comments

15 answers

Answer Now

Answers (15)

Sort By

Wallace Chai
Wallace Chai
Level 9. God of Wisdom
Answered on 12 Dec 2019

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.

0 comments

👍
12
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Bjorn Ng
Bjorn Ng
Level 9. God of Wisdom
Answered on 19 Dec 2019

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!

0 comments

👍
5
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Dawn Fiona
Dawn Fiona
Level 7. Grand Master
Answered on 14 Aug 2018

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.

http://www.sgbudgetbabe.com/2016/03/the-easiest-way-to-build-wealth-in-your.html?m=1

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.

0 comments

👍
3
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Eveline Lau
Eveline Lau
Level 6. Master
Answered on 13 Dec 2019

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.

0 comments

👍
1
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 12 Dec 2019

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

0 comments

👍
1
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

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​​​

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 26 Feb 2020

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!

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

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.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Andy Sim
Andy Sim, HR Professional at a Financial Institution
Level 7. Grand Master
Answered on 26 Feb 2020

Invest early, read more books, have more side hustles

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
MT2020
MT2020
Level 7. Grand Master
Answered on 26 Feb 2020

The main thing would be to cut down on expenses and boost your income.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 24 Dec 2019

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.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
M
Mel
Level 3. Wonderkid
Answered on 13 Dec 2019

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.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Yanisa Koh
Yanisa Koh
Level 6. Master
Answered on 12 Dec 2019

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. ​​​

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 12 Dec 2019

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!

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

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.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post