Sunday 26 August 2018

My Financial Goals - Is $100 000 in 7 years possible?

I have been delaying this post for awhile and it is a rather important post to be honest.  Just as this quote, "Begin with the end in mind. - Stephen Covey", goals are the first steps to every journey we take and are also our last. It is important to set goals and work towards it in your life.

I have listed out a rough guide for myself of the amount to save and how much I hope to save at the end of that year, I did not include investment gains or bonuses for now. Right now, I am currently 23 years old with about $8000 invested in the stock market, $2000 in Singapore Savings Bond and about $3000 in my bank accounts. Of course, the value right now would fluctuate due to income from part-time tutoring, deductions from my savings plans and daily necessities.

Read more: Savings plan - Yes or No

Current Situation:
  • Total asset at $12 000
Read more: Total Current Assets - Breaking $10 000
    Here is my rough plan, after listing it all out, I have realized that to reach $100 000 in 7 years time will really not be so easy. Total includes current asset of $12 000.

    In 7 years time, where I would be 30 years old (It will be a great gift as I enter my thirties, if I am able to achieve it), I hope to:

    • Reach $100 000 in total assets (cash savings and stock holdings)

    Of course, the goals I have set for myself could be easily attainable by some or might seem ridiculous to others but I think it serves as a guideline for me to work about it every month. I haven't started work yet as my semester ends on October. I am currently in the process of trying to clinch one and once I do, an estimation of how I can achieve the $100 000 and how long it will take me would be much clearer.

    I have recently created a Facebook page for easy access. Do give it a like if you like my stuff:) Facebook: SingaporeanTalksMoney 


    1. Hi there,

      First time here visiting your blog. Your goals are definitely achievable. When i was your age, i set for myself a similar goal as you (i am 30 now). Because your income will increase over the years so not to worry too much about not having enough money. Having this savings goal is good too as it will motivate you to find ways to achieve it. All the best! I blog at Feel free to drop by anytime :)

      1. Hi SGYI,

        Thank you for the encouragement:) I will definitely work towards it and I have also been reading up on your blog posts and finding them really interesting and enriching! Thank you!

    2. If your plan involves living like pauper, and you succeed, I think you will be a very unbalanced 30 yr old. I would like to recommend you read *I will teach you to be rich" by some Indian guy, I can't recall the name now. The book has very practical advice to wealth accumulation that takes into account LIFE and actually being able to live a decent one while accumulating wealth.

      1. Hi Playeur,

        Is the author Ramit Sethi? I will take a look and find out more. Thank you:)

    3. considered a very good for trader and with quite objective strategies of this post.
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    4. Hi there that goal is definitely achievable. I was 2 years older when I started and managed to hit the milestone a year earlier. My income was below average at that time too.

    5. Hi Evilbdboi,

      Thank you for the encouragement. You managed to achieve $100 000 within a shorter span of time than what I have planned which is amazing! Hope to know more about your journey and how you did it:)

    6. I am sure you can meet your target of $100k. I am a NUS dropout with a liquidated damages to pay and I had manage to clear that bad debt and achieve $100k at 31 with my non-grad pay. That was done before I even enter the realm of investing. If I can do it, so can you.

      1. Hi Buaytuckchek,

        I have just read through some of your post on your website and would read more over the next few weeks. Really inspirational of you to share your story. Hoping to hear more from you:)