Anonymous
But which method would you guys recommend
1) FIRE community
2) capital gains
Or is there like a for sure method/ blueprint to be a millionaire as long as I stick with it?
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Investingtoolkits
16 Apr 2021
Small fry at Investingtoolkits.com
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If you invest $1k each month and can get a return of about 4% per annum, you will hit $1m in about 38 years. (So if you start at 20yo, by 58yo)
If 5%pa - 54yo
6%pa - 51yo
If you can squeeze 2k each month...
4%pa - 46yo
5%pa - 44yo
6%pa - 42yo
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I think the main aspect is about having discipline and patience.
Discipline not to overspend, discipline to invest periodically no matter what the market does, and discipline to not get sucked into the latest investing fad.
Patience plays a huge part too since compounding takes time to occur. It's exponential; so at the start, it may seem like we are not going anywhere. But if we are disciplined in our investing journey, we will see reap the benefits ultimately.
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Ang Han Wei
13 Apr 2021
Tortoise at F.I.R.E
I think one of the powerful tools we have, almost risk- free and backed by Ah Gong is our CPF, which rolls over from our PSEA, which was from our EduSave.
If you view your CPF money as a safety net for our eventual retirement, and add that to your net worth, it makes the journey to a million a lot shorter. I know there are many opposing viewpoints to CPF, but personally, I see that as something that is
1. Relatively high risk-free interest
2. Something locked away so that I cannot spend till when it is time. Helps enforce discipline.
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Zac
08 Apr 2021
Noob at Idiots Invest
May I direct you to the three ways to financial freedom, path 1(http://bullythebear.blogspot.com/2...
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If you are in your 20's or 30's, my blueprint is to use CPF. Max out your Special account to prevailing FRS and max out Medisave account to prevailing BHS as soon as possible. You will stand a very good chance to be millionaire.
Resources:
1) join 1M65 group in telegram
2) test out and simulate using the CPF calculator in my website under profile