That was after working for more than 2 years as a fresh grad and having paid off entire tuition fee loans.
Hit SGD 100K net worth in Jan 2014 at age of 27.
In 2016, I realised there is "money" in my CPF account too. So after some thinking, I decided to factor the numbers in CPF into my net worth. Until now, I am not sure if this is the right thing to do.
I feel richer when I factor my CPF. So there was a boost since Jan 2016.
My short term target is to cross the psychological SGD 1 million figure.
Achieving this milestone will give me the morale boost to believe that anything is possible in life. It is possible for an employee, a salaried worker, a poor pauper to become a millionaire in a capitalist society driven by consumer spending, wage slaves, properties and business ownerships.
A million net worth will present a strong foundation to achieve my ultimate financial freedom goal before the age of 40.
My intermediate target within next 3 years is to achieve a net worth of SGD 1.5m with $2k/mth passive income with a $400K portfolio
My ultimate target is a net worth of SGD 2m with $4k/mth dividends from an $800k portfolio. This day will come. Certainly I believe.
Thanks for reading.
Love & Peace,
Qiongster
4 comments:
Hi Qiongster,
Well done. Give yourself a well deserved pat on the back for this impressive savings achievement. Well on your way to achieve $1M networth before 35 and that is no mean feat and should be celebrated indeed.
Believe or not, when we graduated 35 years ago, a few of my classmates and I set this goal of achieving $1M by age 35 and retire! It was made in jest, of course, but then $1M was a kingly sum. Imagine a freehold semi-D was about $300K, and a brand new Japanese car was $20,000 then.
Well, I did not achieve that goal when I turned 35, but it did not matter because there are many paths to the same destination. As long as you dont lose hope and don't give up, you can and will eventually build up your wealth. Its better late than never.
Now, together with my wife, our passive income hit $197,000 last year, and we were hoping for it to cross $200,000 this year, but we will have to delay that goal now with the pandemic still unfolding. So as you can see, it is not uncommon to not achieve your targets or goals. Missing our targets / goals also taught us to be more realistic, to be patient and to be persistent at the same time.
Wealth building takes time, persistence, perseverance and discipline, and I am sure you will achieve what you set out to do. Keep up the good work!
Great thanks for the encouragement and sharing! You are an inspirational living example of achieving financial freedom for a well deserved retirement life. I believe it takes a alot of sacrifices too, on top of a frugal lifestyle, discipline, persistence and perserverance to achieve the ultimate goal.
I think you beaten the average for your period. I tracked CPF too. Networth imo includes everything we can so CPF is right. If you have property with loan outstanding I would include the net value too. We can draw multiple lines for the chart to cater to each reader taste.
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