How much money you have saved?

[jdredd]

very hard to quantify this.

some people believe in saving cold hard cash.. some people plunk all their spare cash in property, stock shares etc etc..

 

[ah.zeep]

I have a $5Million Home :bsmilie:

 

[ortega]

i join the zero club

 

[Sion]

I have a $5Million Home :bsmilie:

What's the address?

 

[legiz]

I'm very curious how much money an average Singaporean would have saved when he reached early to mid thirties?

1) S$20,000 to S$40,000
2) S$40,001 to S$50,000
3) S$50,001 to S$70,000
4) S$70,001 to S$100,000
5) S$100,001 to S$150,000
6) S$150,001 and above

i think maybe u can change the choices sumtin like..

1) S$100-S$400
2) S$400-S$1000
3) S$1000-S$2000
4) S$2000-S$4000
5) S$4000-S$8000
6) S$8000-S$16000

 

[bernardy4416]

What's the address?

Think he meant the 5 million dollar home crumpler bag

 

[quekky]

To be frank, a CS member can save up to 20K per year if he wants to.

Here's my breakdown
==========================
Monthly savings: $600 ($7200 annually)
Freelance web projects: $3000 (but freelance photogs can definitely earn a few times more if they don't buy a new L lense after every event)
Average total savings per year: 10k

This is my interim record for 2006 as I just got out of a prison called National Service in 2005.
Of course, most of these savings was funneled into investments and start-up capital for my web hosting business to generate revenue.

For the savings generated in 2007, they will be sadly channeled to my degree school fees for the course I plan to take up in the Q4 2007.

your example is 10k, how come u say can save 20k?

anyway no matter how i calculate, i could only save $100-200 a month, end of the year go and buy toys, so end up no savings

 

[djchris]

your example is 10k, how come u say can save 20k?

anyway no matter how i calculate, i could only save $100-200 a month, end of the year go and buy toys, so end up no savings

I said CS member can save up to 20k if he/she wants because by actively freelancing events or weddings, already can earn quite a sum already. That is...if that sum of money doesn't go into lenses and stuff.

 

[Koelsch]

i just saw some guy/girl with $120,000 on a receipt at a posb machine.

 

[scanner]

i just saw some guy/girl with $120,000 on a receipt at a posb machine.

Wah.. so much in the bank...:bigeyes:

 

[legiz]

i just saw some guy/girl with $120,000 on a receipt at a posb machine.

how come u get to see the receipt??:think:

 

[Koelsch]

how come u get to see the receipt??:think:

because it was left on top of the posb machine. my younger brother took and see and got :bigeyes: :bigeyes: :bigeyes:

 

[quekky]

i just saw some guy/girl with $120,000 on a receipt at a posb machine.

wah!


but to leave it in posb? 0.25%-0.475% interest only. at least put somewhere in 3+% interest or go invest some of it

 

[user111]

if you religiously save $20K a year from early 20s when u start work, then by at mid 30s, it is possible to have $100K spare cash in bank account.

 

[evershine]

It's not easy to find lobang. For some people, even finding a perm job is challenging.

I said CS member can save up to 20k if he/she wants because by actively freelancing events or weddings, already can earn quite a sum already. That is...if that sum of money doesn't go into lenses and stuff.

 

[evershine]

For average person, that amount saved usually reduce to very little when 1 starts a family or get married.

if you religiously save $20K a year from early 20s when u start work, then by at mid 30s, it is possible to have $100K spare cash in bank account.

 

[redstorm]

if you religiously save $20K a year from early 20s when u start work, then by at mid 30s, it is possible to have $100K spare cash in bank account.

How to save 20K a year at such a young age? Assuming that you are earning $2k, which is considered not bad for someone in his early 20 and just entering the job market, u need to save about $1.6k in order to achieve the targeted 20K, leaving you with only $400 which is definitely not enough for monthly expenses. No way!

 

[scanner]

How to save 20K a year at such a young age? Assuming that you are earning $2k, which is considered not bad for someone in his early 20 and just entering the job market, u need to save about $1.6k in order to achieve the targeted 20K, leaving you with only $400 which is definitely not enough for monthly expenses. No way!

It can be done, but with discipline and subject to industry pay.
Anyway, my fresh grad engineer who is about 26 years old is paid about 2.8 to 3k per month.
Do you think he/she can achieve this?

Lets calculate,
Take home pay of $2800 per month= $2240

Assuming he/she spend $1000 on food, transport and etc,
he is left with 1140 cash.

Saving per annual = 12 x 1140 = $13680
AWS + 2 months bonus (Take home)=2240 x 3 = $6720
Total saving per year = 13680+6720 = $20400

Based on his age, if he save for the next 9 years to age 35,
That will be 20400 * 9 years = $183600.

Bear in mind. I've not even factored in his pay increments, extra bonus and bank interest, etc...

The answer is, it can be achieved.

 

[simon80]

engineer fresh grad is paid so high ?

 

[scanner]

engineer fresh grad is paid so high ?

Yes and subjected to industry as mentioned.