How much Saving is in your bank at 30yrs old

Chua Zhiming

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To hit $220,000 at age 30 for diploma holders who start work at age 21 ,

Starting principal : $10,000
Monthly Savings : $1,500
Time : 9 years
Interest Rate, compounded annually : 5%
End Amount : $223,915

But for degree holders who start work at 25 to hit $220,000 at age 30,

Starting principal : $10,000
Monthly Savings : $3,000
Time : 5 years
Interest Rate, compounded annually : 5%
End Amount : $221,631

Is it possible to save $3000 a month when you already have a 25+K uni bank loan over you? :s13:

If one comes from a low-income family and cannot get a scholarship or bond, then its gonna be a long and tough 5 years. :(
 

outlander

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To hit $220,000 at age 30 for diploma holders who start work at age 21 ,

Starting principal : $10,000
Monthly Savings : $1,500
Time : 9 years
Interest Rate, compounded annually : 5%
End Amount : $223,915

But for degree holders who start work at 25 to hit $220,000 at age 30,

Starting principal : $10,000
Monthly Savings : $3,000
Time : 5 years
Interest Rate, compounded annually : 5%
End Amount : $221,631

Is it possible to save $3000 a month when you already have a 25+K uni bank loan over you? :s13:

If one comes from a low-income family and cannot get a scholarship or bond, then its gonna be a long and tough 5 years. :(
In the first place, getting a compounded interest of 5% over 5-9 years may not be easily achievable. 2% should be more realistic, provided the cash are parked in safe investments.
 

Forum_Talent

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Save so much for wat fish. Enjoy life while you can and save some for old age. 10 million dollars in the bank won't give you immortality nor a place in heaven.
 

Chua Zhiming

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In the first place, getting a compounded interest of 5% over 5-9 years may not be easily achievable. 2% should be more realistic, provided the cash are parked in safe investments.

Yes, i agree but some minimal risks should be taken. Let me try an example and do some rough calculations...please help to see if my calculations are correct.

In 2003 , Sing-post stock was $0.64 , meaning with $9660 (i included $60 as buy/sell transaction fee) you can get 15 lots.

The total dividends paid out from 2003 till now is $0.551 , which is equal to $8265

Its current price is $1.12 , meaning its worth $16800 now.

$16800+$8265 = $25065 , which is 14.6% compounded annually.

I think most ppl will agree that Sing-post is a low-risk stock. I had to use 2003 because it was the year they first gave out dividends according to SGX website.

Have fun growing your money ! :s12:
 

direbmem

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Pardon me i aint 30 yet, but i aim to have 100k of networth / assets by 30. Would this amt be reasonable ?
definitely possible, i am 27.5 y/o and have more than 100k (abt 80k+ cash and 20k+ stocks).
However, i live with moi parents, am single and dont have a car, perhaps that's why it's possible... :(
 

sAVaGEmP5

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how to afford >500k worth of property if 10years = 100k? :s11:

I started working at 25 and take abt 4 yrs to hit 100k. A >500k property is loaned at around 30 yrs, so i give it counted as 750k + interest hor 750k / 30yrs is abt 2100 per month. Btw house is asset, amt u pay ur loan are ur networth.

So why not possible ?
 

sAVaGEmP5

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no car is the best. Burn money to get stuck in jams... i dun see the word convinient
 

Anarchy

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Its possible. Being there and done that. Must have very strong discipline and determination.
 

NMSS_2

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I started working at 25 and take abt 4 yrs to hit 100k. A >500k property is loaned at around 30 yrs, so i give it counted as 750k + interest hor 750k / 30yrs is abt 2100 per month. Btw house is asset, amt u pay ur loan are ur networth.

So why not possible ?

steady lah. Your amount that you saved was my pay amount! Be careful on the loan period as there is no guarantee for lifelong employment.
 

Beta_Tester

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At one time. Other than give parents cash n hp bills i probably have no commitments. When I was earning like 1800 back then. I saved close to 1K. Depends on what u spend,your life style. Bonus,AWS all keep in bank. Dating dont have to spend much.

Actually.. on average over the last 3 yrs with bonus,aws saved.. i think i saved closed to 50K cash. And im bleeding cash on certain things. I virtually dont have expensive hobbies. I dont go clubbing any more. u have to adjust abit here and there.

I see my friends struggling to pay bills,house,car loan and Im just afraid. So things like this spur me on to save as much as i can.

Back to ur friend, imo.. HE probably have no commitments or from young he already have savings. Then say he starts work at 25. No need repay study loan.. I think very possible.
 

mikeeeey

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those of you who saved ALOT

dont you guys have hobbies?

my only 2 hobbies are sucking my bank dry already...

photography and HIFI
 

_m0r0n_

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A saying...人比人, 气死人~
I am 28yrs old and got married last yr, i have my daughter last yr june and bought a HDB unit last yr dec..though i earn less than 2k per month, i think i am a pretty lucky guy :)
My best friend same age as me, yet no savings and still owe banks money..so how are u goin to say about that?
Paiseh abt the off-topic..
 

philip827

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those of you who saved ALOT

dont you guys have hobbies?

my only 2 hobbies are sucking my bank dry already...

photography and HIFI

i have expensive hobbies too, camera watches and r/c helicopters. if not for my watch i would have saved 100k (including earning from stocks) after 2.5 years of work. though i feel that there is no point being so wealthy, just live comfortably and be happy that is the most important. maybe i have this mentality and not very strong 'fighting spirit' because i come from a well to do family.
 

matchy

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yah i agree with some ppl saying thta everyone needs is diff....

the spending pattern ish also diff....u might save more but u spend less
 

sAVaGEmP5

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my hobby is trading and investments and making more money... lol.

Gave up everything else for this hobby though.
 

piggywitch

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I am 21 this year, have less than 10k net worth, plus a study loan to be repaid when I graduate.
But my aim is to buy a condo at the age of 25!(Perhaps joint ownership with another friend).
 
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