Skip to main content

New Goal - $600k cash by 35


I've been hitting my cash savings goal on target.

First, it was $100k by 28. I reached it at 25.

Then, I set a goal to save another $100k by 28. I reached it at 28.

I didn't set similar goal for 30. But, what I set was to receive $1000 passive income per month (see my goals on the left side panel of my blog). Back then, my thinking was to derive this passive income from stocks. However, my SGX portfolio is pretty pathetic - with $80k pumped in, my paper value is only at $60k with a dividend yield at 3.2%. I'm hoping to venture beyond local stocks through Tiger Brokers given it's low fees, and hopefully it'll spur my investment journey. If you're keen to join, pls use my referral link please.

I realised beyond income from stocks, I could derive income from other sources too - where I receive around $600 to $1500 per month. Not too bad, but it is likely to drop since most of the income comes from high-interest savings account which banks are now cutting interest rates. 

Anyway, by continuing my frugal lifestyle despite getting married/holding wedding ceremony for ~200 pax, getting a flat in a mature estate, renovation etc, I somehow managed to save another $100k by 30.

My breakdown of the $300k cash is here. Not too bad hor?

And this is after topping up $14k to my mum and my RA/SA yearly (I've shared about my total CPF of $140k as at 2019, and a $6k interest generated). 

Someone commented in my post if I've a retirement goal in mind. I don't. My savings goal mainly is for me to feel secure enough to make bolder decisions (for example, firing my company if I can't stand my bosses or colleagues - WHICH HAPPENED, but #; or think less about buying things I want - which is rare...; to booking that holiday I eyed).

I figured I ought to set a new goal to work towards. And that is to double what I have by 35. 

$600k by 35.

Let's do it

💪

Comments

  1. Hi, that's an impressive feat for savings :)
    Could you share more about your spending for reno and applicances? Ta

    ReplyDelete
    Replies
    1. Hi there, I've previously blogged about the household appliances I bought - http://simplebudgetsimplelife.blogspot.com/2020/04/value-buys-affordable-household-items.html
      I may do a more detailed posting :)

      Delete
  2. You are an extremely prolific saver. Respect!

    ReplyDelete
    Replies
    1. Thank you. I wish I was stronger at investing to catapult my finances!

      Delete

Post a Comment

No rude messages please. Unkind messages and spams will be blocked and deleted.

Popular posts from this blog

I finally cross $700k networth, after 1 year 4 months

I wondered how I should kickstart this post - should I be positive or negative about this? After 1 year 4 months, I finally crossed $700k in networth - returning back to where I've been at, back in Dec 2021.  I am disappointed.  For the past many years, I've always been growing my networth, at around $100-$150k/year. I had big plans to hit a net worth of $850k by December 2022, but the universe had other plans for me. Instead, I only managed to reach $646k, leaving me with a $204k gap to my target.  Ever since I became more aggressive in my "investment" portfolio in 2021, being sucked by greed to deploy most of my cash into stocks and crypto, I fell heavily, along with the crashes. Crypto wiped out 5 digits savings, so did the stock market.  To be honest, ever since the crashes and a bad hit to my net worth, I actually didn't do anything special to improve. I didn't make drastic spending cuts, I didn't stop my holidays, I didn't continue investing (no

What the luck? DBS and OCBC banking tokens died!

What luck. My ibanking tokens went dead one after another. OCBC Token First was my OCBC token. It said "low battery", but I ignored it. And when I finally need to use it, it was dead. Granted that I could use SMS OTP, I had to make a big transfer to other banks and it was over the withdrawal limits. And to do that, I needed the ibanking token. And serve me right for not activating the onetoken. In the end, I had to call in to OCBC call centre for a replacement. 7 working days, they said. What a long wait. In the midst of it, I needed to make my interbank transfers. I even went down to OCBC bank and explored a stupid manual way i.e to withdraw cash and deposit into the other bank. But the moment they told me they ran out of big notes, I got scared. While waiting for the token to arrive, I figured I could actually do transfers in smaller amounts, but had to bear with a daily cap. Sigh. And, one week later, my OCBC token arrived. How efficient. DBS token

Extremely bad start with UOB One

With the influx of posts on social media re UOB One (psst on grabpay) and the receipt of my house keys, I decided it was the time to sign up for a UOB One account plus credit card. It was gonna be the best tool for household joint expenses and joint savings. However, I've faced multiple hiccups that made me VERY frustrated....WHY ME?! 1. Delayed approving process led to losing out of sign up bonus First, I signed up for the UOB One card and Account in early Oct through Singsaver's promotion. The promotion said that I'd get to enjoy cash incentive for registration + UOB's promotion of $80 cash credit with min $1k spent within 30 days of card approval. Mind you, t hese terms were stated to end on 31 Oct , extracted below: S$80 Cash Credit for  UOB  One Account:  Limited to the first 500 new to  UOB  Deposits customers who either (i) deposit and maintain $5,000 or (ii) credit their salary, into their new  UOB  account for 6 consecutive months. Terms and conditio