Alcander Seow
Environmental Engineer Minor in Business at Nanyang Technological University
Hi, I would like to ask this question with relation to the current situation.
My goals:
25Y/O - $100k ~ $0.5M in savings
30Y/O - $1.5M ~ $5M in savings
35Y/O - Buy a $1M ~ $2.5M home
40Y/O - $5M in savings
50Y/O - "FIRE" Status
Any ways to build up this type of 'extreme' goals? Currently, I'm 19Y/O with ~$1k savings, no investments, on/off part-time job during the holiday (~$1.5k)
I'm tracking my spending, $200 ~ $220 /mths. Occasional overspending (family treats, personal wants, etc)
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Colin Lim
07 May 2020
Financial Services Consultant at Colin Lim
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25yo -19yo = 6 years period
$1k - $100k = -$99k
$99k / 6 years = $16.5k required to be saved per year to hit $100k in 6 years
$16.5k / 12 months = $1375 required to be saved per month for 6 years
Including your expenses of $200+/month and some overheads, you probably need to have inflow of $2000/month.
What is your current monthly income level?
And what are your plans to grow your income?
You need a plan and break it down into smaller parts and work on them.
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Cryotosensei
07 May 2020
Blogger at diaperfinancingfund.blogspot.com
I read this yesterday and thought this might apply to you.
Behavior = Motivation + Ability + Prompt...
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Wow this is very ambitious goal..
you are 19 years old, to achieve 100k by 25 years old...you have 6 years...if u save 1000 per month and get a returns of 10% per annum...you probably will achieve 100k.
So u need to ask yourself... do u have the risk appetite to invest in riskest assets? equity?
if you have, you can look at various investment: passive investment: robo advisors, ILP, etc
active investment: building your own portfolio. FSM, Interactive brokers, etc
you can reach out to me to understand on how to achieve your goals and also planning for the future.
#planwithcolin