How do i save up $100,000 for flight school with a $2K pay for the next 6 years? Do i invest in REIT, ETF or learn to trade? - Seedly
 

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Asked by Khairul Anwar

Asked on 21 May 2019

How do i save up $100,000 for flight school with a $2K pay for the next 6 years? Do i invest in REIT, ETF or learn to trade?

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Hi Anon,

Here's what you can do. You can go for REITs, other ETFs and bonds, but before you do that, I'd suggest you read up as much to understand what a Robo-advisor really does. Robo-advisory platforms assess your current financial position and recommend a portfolio strategy after reviewing your risk profile. These bionic advisors are still not very different from your ordinary financial advisors as both options will still have a management fee incurred for users. The difference lies with the amount, as Robo-advisors have lower management fees. And the best part is that they give you the most unbiased advice.

You can read here for a better understanding.

I work at Kristal.AI, and my mojo is to help people make the right financial decisions. If you think I helped you, do give me "Thumbs up". If you think my response was biased let me know, I will work on it.

I hope this helps you make the right decision.

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Oct)

Level 8. Wizard
Answered on 22 May 2019

Wowee I didn't realize flight school was so expensive!

Are there any scholarships than you can look at? Or signing on with the company, and they sponsor at least part of it as part of a bond?

With a $2k pay for the next 6 years, and assuming it doesn't increase even with inflation, it's going to take a little more help to get $100k, unless you can save $1,500 12 6 = $108,000.

Mathematically it is possible to get to your goal, provided you save very aggressively.

That said, learn skills on the side, and see what additional income you can generate. $100k may seem like a big amount but trust me you can get there slowly but surely :)

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Base on a $2k pay, after CPF, you will end up with only $1600. Assuming if you take a very aggressive saving approach and save 50% of the $1600, you will be saving $800 a month and $9600 per year.

I would say use a portion of your money to invest in yourself first. Buy books, go for seminars, learn a skillset that you can leverage. This will boost up your income. With a higher income it would make saving much easier.

Very early in my career, I invested heavily in myself and never ever regret it. That allows me to have the excess funds to invest. And if you're thinking of what are the skills to learn, go and learn about sales and marketing. These are highly valuable skils that can make you a fortune.

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Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 9. God of Wisdom
Answered on 22 May 2019

The safest and best way to save that amount is to just save.

Spend less, and save aggressively. It will take sacrificing and cutting down on alot of expenses but that is the sure way to save up.

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