Read more: Portfolio review - Breaks $10 000! and dividends received in March 2019
$100 000 is a rather huge sum and it definitely is substantial to make a difference in your life.
Read more: My Financial Goals - Is $100 000 in 7 years possible?
For now, I would say that I am on track to this goal of $100 000 by the time I am 30 years old.
Currently,
- Cash on hand: ~$12 000
- Investments (stocks): ~$10 000
- Savings plan (NTUC income - Revosecure): ~$7000
Read more: Savings plan - Yes or No
With reference to my goals, I am on target but of course, for Revosecure, which I bought from NTUC income would only be able to cash out when I am 31 years old.
But I still consider it as part of my savings. Anything can happen over the next few years and it can help me reach my goal faster or it might disrupt it too.
I realised that I am not really maximizing my cash on hand but with the recent market instability due to the trade wars, I am hoping to get a chance to deploy my cash into the market for it.
My income is not high so my savings rate though is quite high but the building up is slow. Hope to be able to increase my income in the near future.
But of course, I got to learn all I can in my current job first.
Have a great rest over the long weekend everyone!
Focus on establishing your career first, as having a good job is a fundamental to having a steady income from which you can build your savings. When investing for income, the size of your investing capital (savings) matters.
ReplyDeleteBuild up an emergency fund. This could be 6 months of your expenses. If you also have to support your mom, the emergency fund may need to be bigger.
Build up a fund for your wedding and home? These can be your next immediate objectives rather than to "bet" on shares.
You can then focus on investing in shares when you have settled the important stuff. My own stock investment journey started only when I was in my late thirties, after I have built up substantial savings. As a matter of fact, if your salary is high, investing in stocks is not necessary for wealth building. I invested in stocks more to diversify my passive income streams than to build wealth. I built my wealth the good old fashion way - through my job, and saving hard from the work income. Together with my wife, we have 5 passive income streams. The most unstable passive income stream is the dividend income from stocks. Having said that, it was still able to provide us $5,000 a month on average.
Also be aware that when you buy shares in small lots, the commissions you have to pay for your trades make up a big percentage of the share price.
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