facebookI want to save about $370,000 in 10 years' time and stop work. I can start putting aside about $2400 towards savings and investments. But what's the best way to do this? - Seedly
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Anonymous

Asked on 11 Sep 2018

I want to save about $370,000 in 10 years' time and stop work. I can start putting aside about $2400 towards savings and investments. But what's the best way to do this?

Also, I've got a 3 room flat that I can continue to rent out after I stop work but I don't want to rely on it for an income. I took a HDB loan and I'm paying for it via my CPF. I'd feel more comfortable putting the rental income into my CPF.

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Junus Eu

Junus Eu

Level 9. God of Wisdom

Updated on 30 May 2019

Gosh, I have saved that amount a few years back, but still don't feel like stopping work. But that's probably because I don't want to stop working for as long as I can, to keep the mind and body active. But I reckon you already have things you plan to do with your time!

That said, the easiest most straight forward way to do this (not taking into account any kind of returns, and inflation) is to save S$3k a month.

But we all know we have to factor in inflation in 10 years time, and for that reason, should look at investments.

I would still look at getting income from the 3-room flat, and also put my money to work right from the start in equities and bonds.

And with the free time, still pursue something you have always wanted to do! It's easier to do when you have 'F.U.' money.

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Thank You!
Can you clarify
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Anant Shiva

Anant Shiva

Level 2. Rookie

Updated on 07 Jun 2019

Your money needs to earn 5% annually to hit $375K, so you could divide your $2400 between Autowealth and BCIP to be safe?

1

Leong Wen Fong

Leong Wen Fong

03 Oct 2018

What's your experience with Autowealth? Is it a good platform to use?

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

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Chen Qijian

Chen Qijian

Level 3. Wonderkid

Answered on 11 Sep 2018

Basically given the situation, you need a annual rate of 5% to hit your goals.

Cash earns you cl...

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