What should your net worth be at 30 without including CPF. I have been reading up about hitting 100k, is it realistic? - Seedly
 

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Asked by Anonymous

Asked on 05 Jun 2019

What should your net worth be at 30 without including CPF. I have been reading up about hitting 100k, is it realistic?

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John Ong Zhenxi
John Ong Zhenxi
Level 4. Prodigy
Updated on 07 Jun 2019

25 years old out of university. 5 years to hit 30 years old. Each year need to save 20K. Each month need to save 1,667. If your salary is 3,000. After CPF bring home 2,400. You monthly expense need to keep to 733 dollars. I recall my Uni days I spend around 200 dollars a month including 100 for transport. After work probably still less than 400. Quite easy if you are frugal and single.

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Cherie Tan
Cherie Tan

07 Jun 2019

To add on to this: * Set aside savings in a high-interest savings account to prevent inflation from eating into your savings * Topping up your CPF Special Account account with part of your yearly bonus will be immensely helpful * Ensure you having basic protective insurance (health, term, personal accident, critical illness insurance) to protect your ability to earn, to protect your income Happy to meet you and discuss in person :) Contact me here:https://cherietan.typeform.com/to/wdlOfu
John Ong Zhenxi
John Ong Zhenxi

07 Jun 2019

That was years ago. I do contribute to my parents. I earn a bit more than 3K then. (:
Zeeeee
Zeeeee
Level 5. Genius
Updated on 08 Jun 2019

I'm 20 turning 21 later this year, going University this August. and my net worth is 80k (incl bonds stocks p2p saving accounts etc)

all these are savings of scholarships (edusave, moe, jc), ns earnings, and earnings from teaching music for the past 2 years. on top of that, I give my parents a monthly allowance (though I'm thinking if I should continue when uni starts).

hopefully I could reach 100k by the end of the year by continue teaching and saving the uni scholarship allowance awarded to me:)

yes, everyone mentions to invest.. well I do that too and going for agms and getting dividends and all is kinda cool. but I feel the true way to grow your net worth is by working hard and earning your income. it's a struggle but it'll be worth it

also unlike my peers, I don't splurge on fashionable branded goods.. though I don't dress fashionably and wear the same kind of clothes daily I guess it's 先苦后甜 or suffer now enjoy later:)

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Zeeeee
Zeeeee

08 Jun 2019

Haha I was actually pretty unguided back then and was willing to try so I bought into numerous stocks I believed in (keppel dc reit as I believe in iot and a data centric future!). several high dividend reits such as mapletree nac. and even though someone here advised against buying bank stocks (reasoning was it makes up a huge portion of the sti etf) I still went with it anyway for both dbs and uob and the dividend returns are really good and I personally believe in their long term growth:)
Zeeeee
Zeeeee

08 Jun 2019

But there is definitely my equal share of mistakes made! bought keppel corp when it was all the way at the top in 2017 but well my intent is to hold long term and I do believe in the company's business fundamentals though if I were to turn back time I'd do things a little differently haha, I guess with youth comes lots of opportunities to learn! but if you wanna buy stocks don't buy into too many stocks -- it's honestly hard to keep track (+ i'm recently looking into shorter term trading too)..
Joseph Sng
Joseph Sng, Chief Curator at CurateXX Asia
Level 4. Prodigy
Updated on 10 Jun 2019

It is achievable, but take lots of hardwork and discipline. I have personally achieved $100k savings (CPF not included) by age 28 (last year). I saved up most of my income, spend only on what i need, and do some side businesses all these while. Took me about 6 - 7 years in total after graduation to achieve the above, all loan paid as well.

Have resigned since last year to focus full-time on my business, and started on some investment as well.

Just be discipline enough to save and send only on what you need once you start working, and i believe most people can do it too! :)

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Joseph Sng
Joseph Sng

06 Jun 2019

Btw being single helps hahaha 😆
Kenneth Lou
Kenneth Lou

10 Jun 2019

Lol hahaha indeed.
HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Updated on 06 Jun 2019

Yes. This helps to formulate a plan to save 100k by 30, if you have 3 to 5 years with aggresive lifestyle adjustment:

https://blog.seedly.sg/save-100k-years-month/

Eg. Let's say you already have 10k savings, even dab in the lowest risk safest guaranteed investment into SSB at 2% p.a, monthly just need to save $1,410.99 in 5 years to hit savings of 100k.

To save 1.4k a month i wouldn't even think its too hard to achieve. Let's say one earns 3.5k, it is still very achievable without much strugglng.

So, take actions now! :)

Cheers!

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7

Yes possible. I started late but 30 to hit is still possible. Of course, require sacrifice unless you earn alot.

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Tan Wei Ming
Tan Wei Ming
Level 5. Genius
Updated on 05 Jun 2019

I think $100k is achievable at age 30, provided you have prior savings and no other commitments like girlfriend, BTO, car etc.

Edit: I am excited to achieve $20k at age of 19.

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Answered on 05 Jun 2019

Yes it is. I have done it at age 25, but this was with alot of prudence from an early age, investments and working long hours.

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5

Yes, it would be realistic. There are also local finance bloggers too that showed you that they have accumulated $100k before 30s.

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Steph Yeo
Steph Yeo
Level 6. Master
Answered on 07 Jun 2019

2 things:

1) Have you thought about what is your intention behind your goal? What are you saving up for? It's easy to lose motivation if you don't have a clear intention.

2) People are different. 3 main ways:

A) People have different timelines--some start working at 16, some at 23; some have children at 25, some at 30+; so I'm not sure about pegging your goal to an age. It is only realistic if you have enough time to do it.

B) People also have different salaries--just look at all those salary comparison sites/articles. Assuming you spend $500 per mth, you will save more if your salary is 3.5k than if it is 2k. It is only realistic if your earnings and spendings allow for it.

C) People also have different lifestyles. Do you cook at home? Do you drive? Do you have a gym membership? It is only realistic if you can continue to maintain your comfortable lifestyle, or make small changes that you can accept. No point suddenly cutting your gym membership if you think your most enjoyable time daily is working out with friends at the gym.

Your goal is only realistic if it makes sense to you!

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James Yeo
James Yeo, Founder at SmallCapAsia.com
Level 5. Genius
Updated on 07 Jun 2019

To be honest, it really depends on your lifestyle. Even though i am willing to go all the way to scrimp and save to hit the 100k, sometimes your partner may not have the same discipline/mindset as you.

For my wife, her family upbringing is where they focus on instant gratification.

In the end, me and my wife focus on somewhere in the middle - we do have fun like travel overseas (living in the moment) but also save up prudently by not spending on lavish dining and branded goods.

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Kenneth Lou
Kenneth Lou

06 Jun 2019

It's true! the benchmark is yours to set :) Living somewhere in the middle is not exactly a bad place to be as well. haha. YOLO
James Yeo
James Yeo

06 Jun 2019

Hahaha yes! Live life between stingy and yolo.
Alan Kor
Alan Kor
Level 6. Master
Answered on 06 Jun 2019

Depends on

1) Your savings from young from ang baos, parents, part time work, ns allowances etc

2) your income and savings rate

eg, 1 year save 20k, 1 month save 1667

5 yrs can hit 100k at 30 if start at age 25

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Bang Hong
Bang Hong
Level 6. Master
Answered on 06 Jun 2019

Change the mindset, although i used to like 10030 (Sounds like a bus stop).

Proportion based might be more appropriate as someone with 100k, but might finish the sum in say 10x duration, whereas other might be thrifty can go up to say 50x duration, yes it could be that much.

A very quick and dirty way from my perspective for age 30, is to have at least 3 years of "reasonable" expenses. This includes basic lifestyle of having meals in hawker and some in restaurant, 2 holidays a year (1 near and 1 further), can go watch movie, etc...

Yes, i will just throw a quick and dirty number for you, 3 years of "reasonable" expenses from your lifestyle.

***That excludes from the usual emergency funding.

Of course there will be like many more answers or planning, but we cant helped it by kick-starting with quick and dirty answers :P

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Rave Ong Ci De
Rave Ong Ci De
Level 6. Master
Answered on 07 Jun 2019

To the guy making a million, 100k is just pocket change. hint: “Forbes 30 under 30”

To be more realistic, it should be more of a X no. of annual salary, rather than a fixed figure of $100k. This also depends on your commitment, e.g. Do you have to support any loved ones? Do they have health complications, e.g. Cancer, Kidney failure, Diabetes, Depression, Down Syndrome, Bipolar, Suicidal, etc?

Or financial complications, e.g. Debts to be repaid, or you are the sole breadwinner?

Another thing to note is that if it is out of your control, you do not beat yourself up for missing the target.

Perfect example is what happened this year. Especially during these times when the POTUS starts slapping countries with tarrifs, the investment landscape is volatile. You are 30 this year, and have $100k worth of investments (stocks, properties, wines, etc etc) before the trade war. Now, it may drop to say, 80k. Your net worth drops by 20%. Does that mean you did not meet your goal? You meet for the first 4 months, then from May 19 onwards, suddenly you don‘t meet your goal. Doesn’t sound right, does it?

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Eveline Lau
Eveline Lau
Level 6. Master
Answered on 10 Jun 2019

$100k by the age of 30 (excluding CPF) is realistic but it depends on several factors:

  • how much does one earn a month?

  • how is one's monthly expenditure / lifestyle like?

  • what commitment does one has?

  • does one have the discipline to alter unfavorable aspects of one's life in order to achieve the $100k goal?

Generally, if your starting pay from graduation is ~3 grands / month, you don't splurge on luxurious items nor foodfare (e.g. Starbucks/boba every day), has decent discipline to save at least $400 a month, one should be able to hit that goal without extreme difficulty. Of course, the more you can earn (+save), the faster you can achieve that goal.

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Einn Hann
Einn Hann
Level 3. Wonderkid
Answered on 07 Jun 2019

It is realistic and not so hard, but need to be discipline. I do expenses tracking since I studied in uni. When I start working, I do budgeting for my monthly expense. You may read this if you interested to know how I do my monthly budget.

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