Asked by Anonymous
Asked on 03 Sep 2019
How would you go about managing your first million dollars saving &/ investment?
Top Contributor (Sep)
I would manage it in the same way I have been doing all this while. I would believe that if my strategy gets me to a million, then it isn't too bad a strategy. I can't proclaim to have the best investment strategy in the world (anyone who makes that claim should be taken with a pinch of salt), but if what works for me gets me to a million, then I would be content to continue with it.
I always say it and I will say it again. If I have a million dollars, I will convert them all into $2 notes and lie on them.
Jokes aside, if I reached my first million,
1) I would invest in properties and rent them out for additional income.
2) Then I would focus more on REITs for more additional income. Once all the money has been allocated, I will carry on with life. The money that has been "sent to work" will just provide me with additional income for years to come.
And for the additional income generated, it will go to
1) Topping up CPF - Max out the MA and let extra money flow to OA and SA for more interest!
2) Boosting my current investment for more additional income.
End of the day, at this age and time, 1 million is a lot but not enough to retire. But it sure gives you an option to retire early when you know how to manage it.