I got a pleasant surprise when I checked my CPF statement recently.
After 3 years of work, my CPF has accumulated to a good $51,000 sum, which therefore brings my current net worth to above $100,000 from just savings alone. The breakdown is as follows:
|CPF (forced savings)||$51,000|
|Savings in 2014||$20,000|
|Savings in 2015||$30,000|
I decided to revisit my old blog posts to see which tips I had mentioned then helped me to to achieve this milestone. You may read about my journey in savings $20k and $30k a year in the table links above. In addition, I also looked back on my post where I detailed a plan for Singaporean young workers to save $100,000 by age 30 to see what still remained constant.
1. Aim to save 50% of your take-home pay.
I strived for a much higher savings rate of 70% – 75% each month.Read the full article →