Thursday, 11 July 2013

Did I save $100K by the age of 30?

Last Sunday the Straits Times had an article showing that it is possible to save $100k with roughly 6 years of work.

So, did I save $100K by age of 30?

No, I did not as I have not met most of the assumptions in my earlier post:

1. Starting pay $2,550

No.  My starting pay was below $2K.

2. 1.5 months bonus every year

No.  I had only 1 month bonus for the first six years of my employment.

3. 4% pay increment every year

Yes.  My increment was more than 4%.

4. Saving rate 50% of pay

No.  I did not save 50% of my pay.

5. 60% of saving on investments with 4% returns 

No.  I did not have investment strategy when I was young.

Furthermore, I did not make other sacrifices:

1. Work near your home, minimize transportation cost

No.  I did not work near my home, so considerably more transportation costs incurred.

2. Absolutely "No-no" owning a car

Yes. I did not have a car.

3. Pack your own lunch to office, minimize eating out

No.  Not only eating out, I went to restaurants quite often.

4. Do not indulge in expensive hobbies

No.  I had expensive hobbies.  Brought some expensive stamps in my younger days.  Played bowling, brought personal bowling balls and shoes.

5. No branded or luxurious possessions

No.  I upgraded my watch from Casio to Tag Heuer to Omega.  Although I can afford a Rolex now, I did not buy one.  I guess my dream of chasing luxurious items is over.

6. Investment error

I had started out with Clob shares.  Though not fatal, the experience has stopped me from actively investing in the stock market for some years.

Related Post:
$100k by age of 30


  1. Hi

    I am sure it's never too late to start ;)

  2. Yes. Start the younger the better.


  3. Don't just think of living under your means and just about savings. Think to earn more & have your partial "capital" work harder for you. =)

  4. Yes. More income streams and let your extra "capital" work harder for more.