Archive for September, 2014
Happy Midautumn Festival, everyone! The moon is beautiful tonight…… :)
On 7 July last year, the Straits Times published an article titled ‘Is it possible to have $100k by 30?‘ As I was pursuing my 100k by 26 goal at that time, the headline immediately piqued my interest to read on. In his report, journalist Jonathan Kwok made a few assumptions and calculations and declared that it was completely possible. I recall reading plenty of sceptical and cynical responses to his piece online.
Some time later, I stumbled upon two local finance bloggers who also wrote about Kwok’s article (Cheerfulegg and Investment Moats). Each proposed their own set of assumptions and calculations, and also concluded that saving $100k by 30 was indeed possible.
(Incidentally, I recently came across a rather interesting post at Singapore 2B – on how to save $400 000 in 60 years.)
And as for my take on this……
Have never been prouder or gladder to say…… as of 31 August, 100K BY 26: ACHIEVEMENT UNLOCKED!!!!!!!
10k by 24
100k by 25
1000k by 26
To make them more challenging, I decided that I would not be counting my CPF monies.
The first goal was reasonably simple to realize. All I did was save close to 60% of my monthly salary (after the 20% CPF deduction) and stay home every weekend. (My mum actually asked me a couple of times why I didn’t go out.) And seven months later, in July 2011, I turned 24 and hit $10k.