facebookIs it realistic to achieve $100K savings in a xx years of time as I have $15K worth of cash savings with me right now? - Seedly

Anonymous

14 Mar 2020

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Saving Hacks

Is it realistic to achieve $100K savings in a xx years of time as I have $15K worth of cash savings with me right now?

Give suggestion that if it is achieviable to reach $100K in xx years.

Discussion (10)

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To tag onto this thread, I was blessed to be able to get a government job that paid me relatively well since I was 18/19 years old because of the risks associated with my job. I hit my first 100K in savings by the time I was 23 and have been massively saving 60-70% of my income for the next few years. Single, unattached and live with my parents which made it a little easier to do it. In terms of lifestyle, I live mostly like a student although I own a car which I fully paid off in cash to not accrue interests through loans (an asset which I would rather not have due to its depreciating nature but I need it due to the requirements of my work). At this point, is it still prudent for me to continue such aggressive savings or to start looking at other options like investing (I am quite risk adverse, tbh)? My plan was always to wait for the housing market to fall to a more reasonable level than it is now before I cash in as I always felt my first big investment should be a property as should anything go wrong at least I still have a roof over my head and can still mortgate it out.

Possible, if u are single without family or kids...u can save 90% of the salary..but it will be no LIFE. Trust me. Do somehting u like on the way

Andy Sim

25 Feb 2020

HR Professional at a Financial Institution

Yes very possible to achieve that. Save, save, save...unless you have responsibilities/debt, it will take longer.

But you will reach a point where you'll feel meaningless in all this savings, you can then start to look at investment as another source of income to fast track this, but make sure you have your emergency savings done up first.

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Of course, i assume you are still working now. sometimes its not about how much you earn, is about how much u save. It doesnt matter if you earn 5k or 10k, if you anyhow spend your money, there will always be not enough money to save. So set aside a fixed sum of money to save every month To help you reach your goals easier.

It is realistic and not so hard, but need to be discipline. I do expenses tracking since I studied i...

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