Today the Straits Times Published an article showing that it is possible to save $100k with roughly 6 years of work.
The key thing is
- You have to save at least 50% of your annual pay
- You got to live within your means and make sacrifices
What I felt it misses out are
- Young adults have many other liabilities that make it practically hard to achieve this
- Housing, Wedding, Honey Moon, Student Loans
- Hence the need for sacrifices!
How I did it
I did a check on my Quicken (see another good reason to do budgeting!) and it showed that I was able to achieve that amount by 30.
In fact seems a lot of folks can judging from what you read around.
Then again I probably fit the profile of what this experiment did
- Single
- Cheap Hobbies
- Some sacrifices
- Near 50% saving rate
I think I have ...
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