Monday, August 19, 2013

How toSave $100,000 in 7 Years

I had originally written this article under another blog but realized that it fits into this blog theme on SG Smart Money. Hence I have decided to shut down that blog and just concentrate on this one.-
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This is my first post in Blogger and I am inspired to create this blog after coming
across this article in the Straits Times, dated 7 July 2013 article.

In this article, it shows how a young fresh grad, just straight out of school can save $100,000 in 5 years.

This article also assumes that

  • You save 50% of your take home pay
  • You are single
  • You have cheap hobbies
  • You are willing to make some sacrifices.

However, this article does not take into account the various 'milestone' events that can thwart a youngster's 'best laid plans' such as

  • Student loans
  • Weddings
  • Honey moons
  • New house
  • Any other 'catastrophic' events.
After reading this article, I am inspired to safe $100k within the next 7 years.
In the next 7 years, I will be 40 and this is the goal that I want to reach at 40.
I am also hoping that combined with investments, I can exceed this goal. 

This is what I aim to to

1) Save 30% -50% of my take-home pay
2) Invest 60% into REITs and dividend paying stocks.
3) Start a part-time venture

I am also looking for a tracking chart to track my progress.

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