My income is not high like what other peers my age are earning and I am currently drawing only $5.5K. I’m 35 and I like this strategy that you are sharing. But is it too late for me to get 1M65 now? - Seedly
Seedly logo
Seedly logo
 

SeedlyTV S2E08

AMA 1M65

CPF

Savings

Anonymous

Asked on 10 Jun 2020

My income is not high like what other peers my age are earning and I am currently drawing only $5.5K. I’m 35 and I like this strategy that you are sharing. But is it too late for me to get 1M65 now?

Any advice for me?

0 comments

4 answers

Answer Now

Answers (4)

Sort By

Sharon
Sharon
Level 7. Grand Master
Answered on 15 Jun 2020

"Only $5.5K" sweatdrops

Your income level is above average.

You can make it!

0 comments

👍
1
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Lee Wee Siong
Lee Wee Siong, Independent Financial Consultant at Financial Alliance
Level 4. Prodigy
Answered on 11 Jun 2020

Hi Anon,

I did a simple calculation with the numbers you have given, and added some assumptions on my side.

The good news is that it should not be difficult for you to hit 1M65 in your current situation. However, more information will be needed to give a more accurate calculation.

As a quick advice, you should start looking for tools that can grow your money and do it now (eg. CPF for Mr Loo and his wife).

So it is not too late for you to get 1M65 now :)

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Loo Cheng Chuan
Loo Cheng Chuan
Level 6. Master
Answered on 11 Jun 2020

Better late than never.... you are still very young so hurry hurry....​​​

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered on 10 Jun 2020

It is not entirely impossible since 1M65 has the assumption that the couple does not work from 30 to 65 and Mr Loo started out with about 2.3k starting pay. It will depend on your sacrifices to lifestyle choices (expenditure), salary growth, knowledge of personal finance, and getting a spouse.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Related Questions

Currently 25 years old and have been working for more than 2 years now. Income is not high, I'm drawing $3K now. Ultimate goal is to be rich. What should I do if I'm looking to grow my wealth?
I'm currently Year 2 in university and my peers are already investing and I feel like I'm lagging behind them because I'm not investing. I do want to be rich but is investing for everyone?
I've been living paycheck to paycheck since starting work 10 years ago. I'm now 35 with hardly any savings. I hope it's not too late for me. Where do I start and what can I do to catch up?
I am interested in investing but I am not sure if it is a good time to invest now amidst the COVID-19 situation. What do you think? And are there specific markets or investments that I should look into more than others?
I'm a final year student with school fees of $38K but my father has paid for it first. Sadly, I only have about $1.5K in my savings now. What advice could you share with me that would really help?