Is it possible for me to make my first million by 30 years old?
If you ever wondered if it’s too late to make your first million, get some advice from ordinary girl-turned-investor, SG Budget Babe!
TL;DR: How do you start investing, be a millionaire, and have your dream wedding!
What can I do to become a millionaire by 30?
SG Budget babe, while giving some general advice like,
- Cut expenses
- Grow income
- Grow your savings
Also said to be practical and realistic – don’t shoot for a million if you are only earning $2,000 a month! Unless you won the lottery or married into a rich family, even some heights are unattainable practically.
Giving a touch of her personally life, she reminded everyone that we could have parents or kids to take care of, and bills to pay. So instead of shooting for the million, focus on doing better than last year, and that goal was good enough for her!
Read SgBudgetBabe Answer Here: What can I do in my 20s to become a millionaire by 30?
If I am new to investing, where do I start?
If you are completely lost, SG Budget Babe recommended that you start off by:
1. Get educated first.
Invest in your financial literacy. Read investment books, and/or attend investment courses (Check out her blog as well as Seedly’s reviews!). SGX offers some great courses, workshops and free webinars too!
Check out the reviews here!
2. Understand yourself and what you’re investing for.
Things to consider included:
- The time duration you wish to invest
- What your risk appetite was
- Your investing style
- Emotional strength and weaknesses
Learn more about investing here!
3. Understand the different types of investments available before you make a choice.
A few types of investment that SgBudgetBabe had listed are:
- Real Estate Investment Trusts (REITs)
- Exchange Traded Funds (ETFs)
- Dividend Stocks
- Value / growth stocks
4. Learn about portfolio management and diversification.
And above all, always stay humble and read a lot 🙂
Read SgBudgetBabe Answer Here: How to better invest for a young working adult?
More than just principles and articles, SG Budget Babe also shared a practical tip:
“Regular Saving Plan (RSP) such as through POSB InvestSaver for a start. It diversifies your capital across Singapore’s biggest listed companies on the stock market even though your starting capital is smaller.
Your one-off sum, if regularly put in, can easily buy you 1 – 2 stocks each time while minimising brokerage fees so that it is worth it. Over time, that can build up a good starting portfolio.”
How much should I budget for my proposal and wedding?
In this hotly debated topic, SG Budget Babe shared some objective advice, like:
- Respecting your partner’s wishes
- Have a conversation so that a good compromise on the cost can be found
- Considering if the gown can be rented instead of bought
In fact, she also shared that there were many things that could be bought from Taobao instead!
For the proposal, would your girlfriend want simple or lavish? Does she want fireworks? Do you need a videographer to capture the moment?
Don’t forget to include and respect your respective parents’ wishes as well!
In fact SG Budget Babe had to really talk to them to compromise as her mother insisted on a hotel banquet at first, and she was like totally against it!
Her biggest tip was, to go with an event venue rental + catered food. She strongly recommend Manna Pot for wedding catering, said that there were one of the best and most affordable in the industry!
Leaving it with one golden advice: a wedding is for a day but a marriage is for a lifetime.
“My husband and I decided to spend more on our marriage than our one-day wedding to impress people. And when I look back, I still think I achieved my dream wedding, even though it was quite different from the one I had envisioned it to be while growing up as a child”
Check out some wedding budget hacks here!
Read SgBudgetBabe Answer Here:How should a guy budget a proposal and wedding?
How do I convince my parents that it is important to get a will?
Not only did SG Budget Babe answer everyday topics, she even touched on some hard-to-answer questions.
SG Budget Babe:
Show them articles of disputes and folks fighting over assets once someone has passed away. Lots of such articles on our local media.
Read SgBudgetBabe Answer Here: How do I convince my parents that it is important to get a will?
Who is SG Budget Babe?
She describes herself as “An ordinary lady striving to achieve financial freedom in Singapore before the age of 45. She is always looking for cost-effective ways to live a fulfilling life in amidst Singapore’s rising costs, and writes in order to empower fellow Singaporeans on taking charge of their own lives and finances.”
SG Budget Babe is an ordinary girl turned financial blogger. Through her family financial situation on the past, she was forced to pick up many financial skills since her JC days. Through her various experiences in life and finance, she turns them into lessons and shares them with her readers.
Read more about SG Budget Babe on her blog.
Interested to grow your personal finance?