What Is The News About:
- Many Singaporeans believe that in today’s high cost of living and relatively stagnant wages, it is tough to get by day to day especially with some form of debt (student, housing etc.)
- The number crunching showed that any fresh graduate would have accumulated only about $49,000 by the age of 30 if he chose to put all his savings in a bank
- Experts believe that for an average joe in Singapore, to have saved up around half – $50k, it’s a big accomplishment
“For an average person earning $3,000 to $4,000 a month, to have $50,000 by the age of 30 would be quite good,”
Why It Matters To Our Seedly Users:
- It’s all about starting younger, time is the biggest difference in growing wealth over time (compounding magic, and don’t let your money just sit in the bank, invest it in low cost index funds to get better returns based on the market growth
- Experts believe in trying to push for a higher savings goal (50% of income) for that extra $50k to bring it up to the total of $100k
- That would further mean living simply and saving up for a path for future financial success – IT STARTS TODAY!
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We’ll follow up with another article by the end of the week to announce some of the best advice and what we found to help you reach that first $100k by 30 years old.
Source of news: Straits Times (Jul 2013)Like Seedly on Facebook, and be part of our journey as we bring you more timely and unbiased content on lifestyle and personal finance.