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2K spare cash every month?

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Old 14-06-2018, 11:51 PM   #1
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2K spare cash every month?

Hi All,

Im 24yo single this year have been working since I was 18.

OA-41K
SA-12K

I am currently drawing a salary of 3.4k , going to complete my uni course in January.

My biggest regret is not saving or investing any money when I was younger ,buying cars and stupid handbags and getting in ridiculous credit card debt.

I Would be debt free in March 2019(study loans and cc loans)

What would you do if you were my 25 with 2k cash every month and 40k OA?
How would you grow your wealth?
Is it even possible to generate 5k passive income ever month in 5 years time?
Please advise, Thank you!
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Old 15-06-2018, 01:35 AM   #2
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Hi All,

Im 24yo single this year have been working since I was 18.

OA-41K
SA-12K

I am currently drawing a salary of 3.4k , going to complete my uni course in January.

My biggest regret is not saving or investing any money when I was younger ,buying cars and stupid handbags and getting in ridiculous credit card debt.

I Would be debt free in March 2019(study loans and cc loans)

What would you do if you were my 25 with 2k cash every month and 40k OA?
How would you grow your wealth?
Is it even possible to generate 5k passive income ever month in 5 years time?
Please advise, Thank you!
what is SA and SO har?
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Old 15-06-2018, 07:13 AM   #3
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Hi All,

Im 24yo single this year have been working since I was 18.

OA-41K
SA-12K

I am currently drawing a salary of 3.4k , going to complete my uni course in January.

My biggest regret is not saving or investing any money when I was younger ,buying cars and stupid handbags and getting in ridiculous credit card debt.

I Would be debt free in March 2019(study loans and cc loans)

What would you do if you were my 25 with 2k cash every month and 40k OA?
How would you grow your wealth?
Is it even possible to generate 5k passive income ever month in 5 years time?
Please advise, Thank you!
Let's work some math. For monthly passive income of 5k would mean yearly passive income of 60k. At around 5% returns, that would require you to have 1.2million invested in some kind of equities, bonds, etc.

Do you forsee yourself to grow your invested amount to 1.2million within 5 years? If yes, then you have a good chance of attaining your goal.

Before we even talk about investment, let's settle some other more important issues:
1) Have you bought a private medical insurance coverage? If you don't know what this is, do check it out. Consider a rider as well
2) Have you bought a term/life insurance on your life?
3) Have you bought some kind of critical illness insurance?

Let's settle (1)-(3) before we talk about investing.
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Old 15-06-2018, 07:21 AM   #4
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1) Have you bought a private medical insurance coverage? [....]
2) Have you bought a term/life insurance on your life?
3) Have you bought some kind of critical illness insurance?
Let's settle (1)-(3) before we talk about investing.
Let's not!

1) Under no circumstances is private hospital insurance coverage an essential insurance need in Singapore, if that's what you meant. You might argue that public hospital insurance coverage is essential, at the B1 ward level (A ward is something like $3 more for a 25 year old, so maybe that's OK), but that's as far as it goes. And it's only a reasonable argument, not an ironclad rule.

2) There is no evidence yet this 25 year old has any dependents, most do not, and you didn't even ask! Individuals should NOT be buying life insurance unless they have dependents who would be in genuine financial distress (after inheritance) in the event of the individual's untimely passing.

3) Disability income insurance (DII) is what most experts would deem essential. "CI" is not. See here for a reasonable discussion.
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Last edited by BBCWatcher; 15-06-2018 at 07:24 AM..
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Old 15-06-2018, 07:35 AM   #5
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3) Disability income insurance (DII) is what most experts would deem essential. "CI" is not. See here for a reasonable discussion.
Who would the "experts" be.... ?
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Old 15-06-2018, 07:38 AM   #6
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Hi All,

Im 24yo single this year have been working since I was 18.

OA-41K
SA-12K

I am currently drawing a salary of 3.4k , going to complete my uni course in January.

My biggest regret is not saving or investing any money when I was younger ,buying cars and stupid handbags and getting in ridiculous credit card debt.

I Would be debt free in March 2019(study loans and cc loans)

What would you do if you were my 25 with 2k cash every month and 40k OA?
How would you grow your wealth?
Is it even possible to generate 5k passive income ever month in 5 years time?
Please advise, Thank you!
Possible if u can start a successful business within the next 3 years
Win toto is another possibility
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Old 15-06-2018, 09:02 AM   #7
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Hi All,

Im 24yo single this year have been working since I was 18.

OA-41K
SA-12K

I am currently drawing a salary of 3.4k , going to complete my uni course in January.

My biggest regret is not saving or investing any money when I was younger ,buying cars and stupid handbags and getting in ridiculous credit card debt.

I Would be debt free in March 2019(study loans and cc loans)

What would you do if you were my 25 with 2k cash every month and 40k OA?
How would you grow your wealth?
Is it even possible to generate 5k passive income ever month in 5 years time?
Please advise, Thank you!
Keverus clone
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Old 15-06-2018, 09:09 AM   #8
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Keverus clone
Maybe its daughter of M___1234?

I was expecting TS to say that she is single but getting married soon to a boyfriend that is not working but expect her to buy freehold property for them.

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Old 15-06-2018, 11:32 AM   #9
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Maybe its daughter of M___1234?

I was expecting TS to say that she is single but getting married soon to a boyfriend that is not working but expect her to buy freehold property for them.

Buying a property for a Boyfriend?
Not happening!hahaha
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Old 15-06-2018, 11:35 AM   #10
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Possible if u can start a successful business within the next 3 years
Win toto is another possibility
Never been a fan of Toto.
And not intending to start business in Singapore too much competition.
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Old 15-06-2018, 11:43 AM   #11
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Let's work some math. For monthly passive income of 5k would mean yearly passive income of 60k. At around 5% returns, that would require you to have 1.2million invested in some kind of equities, bonds, etc.

Do you forsee yourself to grow your invested amount to 1.2million within 5 years? If yes, then you have a good chance of attaining your goal.

Before we even talk about investment, let's settle some other more important issues:
1) Have you bought a private medical insurance coverage? If you don't know what this is, do check it out. Consider a rider as well
2) Have you bought a term/life insurance on your life?
3) Have you bought some kind of critical illness insurance?

Let's settle (1)-(3) before we talk about investing.
Hello!
I bought my insurance since I was 18 under the prudential prushield A premier and Prushield extra A Premier.
I do not have any ci plans at the mm but planning to get it next year instead.
I believe it is sufficient at the moment.
And I do not have any dependents and not married.

As time is on my side now, yes I do see myself investing about 1.2m.
But the main question is it possible to do it at 2k a month?
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Old 15-06-2018, 11:50 AM   #12
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Hello!
I bought my insurance since I was 18 under the prudential prushield A premier and Prushield extra A Premier.
I do not have any ci plans at the mm but planning to get it next year instead.
I believe it is sufficient at the moment.
And I do not have any dependents and not married.

As time is on my side now, yes I do see myself investing about 1.2m.
But the main question is it possible to do it at 2k a month?
2k a month for the next 5 years.
ur return need to be 120% each year. the average stock return is less than 10%. u think possible?
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Old 15-06-2018, 12:39 PM   #13
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Getting a HDB for rental is a good head-start. Can easily obtain 2k.

Can suplement with another 3k to make up 5k per month.

Not easy though. Need lots of perisistence.

Last edited by SBC; 15-06-2018 at 12:43 PM..
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Old 15-06-2018, 02:01 PM   #14
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To get 1.2m in 5 years time, TS need to save about $240k every year, or $20k per month. Doable if it's own business or sales. I have a friend who did that when he was 27, but he's in sales line. Managed to save $300k on average per year over the past 5-6 years
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Old 15-06-2018, 08:39 PM   #15
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Who would the "experts" be.... ?
They include some of the people who first ask individuals whether they have any dependents before they recommend life insurance.
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