How do people actually attain $100K by age 30?

Since everybody gave a good enough generic answer, shall give a rough ballpark figure to put things into perspective for some Singaporeans (Assuming no debt or major liabilities, graduated uni, no savings upon graduation, and started work immediately)

Salary:

3k/month Expenses:

1~2k/month

CPF:

0.6k/month

Estimated monthly savings:

0.4k ~1.4k/month

Estimated savings:

28.8k ~ 100.8k

While these are ballpark figures, you can see that you would need to save aggressively to have a good chance of attaining $100k by 30 (excluding CPF).

Hence it is quite clear that there are really just a few components to it

1. Increase your base salary

2. Decrease your expenses

3. Grow your savings (invest)

Hope this helped!​​​

Start early (or now if you haven't), monitor your expenses, and save save save.

If you are still schooling (Pre-U), use a high interest savings account, or fixed deposits to boost your savings as well.

During NS/University/working life, try to read up more on your financial knowledge, and once you are a bit more financially savvy, you can consider financial instruments like bonds/equities to speed up your savings.

Most importantly however, ensure you are well-covered by insurance for any unexpected events, and do not overly risk your portfolio beyond your risk appetite in a bid to get more returns.

I would be writing a blog post on how I attained $100k before age 23 soon, so keep a lookout for it at my blog if you are keen! :)

Otherwise, all the best!

- Jeffrey (jeffreyleezq.com)​​​

This 100k thing has become a joke nowadays. Far too many people are missing the point here and focus on saving, lifestyle creep etc.. the hard truth is that if you earn more, it is far easier to save. If you earn 3k, even adding egg to your chicken rice is lifestyle creep. If you earn 20k, you can drive, pay mortgage, go for holidays, have a hobby, feed parents and still save 5-6k easily.

Here's the kicker: the reason why people focus on saving cent by cent is because that's the only thing they can control. Increasing income is deemed something out of their control in comparison. Focusing on saving like mad is the only semblance of control they can achieve

It takes a lot of discipline if you do not have rich parents to give you the $100k or you do not have a high paying job or good investments returns.

It involves giving up alot of wants in life ( like not travelling, yolo, no bubble tea, no starbucks daily) and save, invest until you get there. THe more cruel you are to yourself, the faster you reach 100k or even 1m. It is possible if you exercise delay gratification.