Friday 28 August 2020

How am I going to achieve $100,000 by age 30.

I have mentioned before that I would like to have $100,000 in terms of cash and investments by age 30 excluding CPF. This is definitely is a goal of mine in the short term. 

So how do I plan to reach $100,000 by age 30? It will be through a combination of investments savings and also an endowment plan for me to reach hundred thousand by age 30. By getting $100,000 by age 30, it will provide me with a better peace of mind and stability to pursue what I really one and lastly the first $100,000 seems tough but after you reach it, the next $100,000 will come much easier because of the compounding effect and this has been proven by a lot of people.

I am planning to achieve it through 3 main areas. 

  1. Cash savings per month ($300 per month at 0.05% interest, definitely there are higher rates but just assuming that in the future, there are no more special rates)

  2.  Investments ($700 per month into RSP)

  3. Saving plan (Mature in 2026, NTUC Revosecure)

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  1. All the best. Definitely achievable.

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