How Much Savings Should You Have By 30? Is $100K Possible? | Asking Singaporeans | Street Interview

[@CineGangSG]

How do you guys save your money?

[@fanlie1576]

Everyone’s life and career journey is unique. It’s important not to feel discouraged if you haven’t saved $100K by age 30. Some people might experience slower savings growth in their 20s and 30s, but it’s entirely possible for their savings to accelerate later on. The key is to have your own plan and goals. Use others' achievements as motivation, not as a measure of your success. Learn from others, but focus on your own path without unnecessary stress. Embrace contentment and gratitude in your life. 🙏

[@CineGangSG]

@@fanlie1576 Agreed wholeheartedly!

[@jimtong]

Discipline and commitment. Being young means having longer runway. Let the magic of compounding do its work. Always pay yourself first on pay day.

[@Salty_Biscuitz88]

Develop smart money habits and then everything will fall into place.

[@28excellent]

As an employee having some funds locked in stocks and after paying for home downpayment, home loan from the bank, and car downpayment, it’s just not possible to have at least $100K in my bank savings account on my 30th birthday. It’s possible for exceptional cases such as self-employed persons, lawyers, business owners, or software engineers.

[@marcusltw5301]

“From a mental health perspective, you won’t do your best if that’s all you’re trying to reach” is so real

[@yeobryan3215]

bruhhh the lady @3:12 mentioned that you will have a higher likelihood of saving $100k by 30yo if you are a male and have savings from NS...? Oh, absolutely, because clearly the path to saving $100k by 30 is paved with military service and a meager allowance. Forget that females get to start working two years earlier and therefore have two more years to earn and save. That extra time to build a career and accumulate savings? Clearly overrated. I mean, who needs a head start when you can just embrace the glamour of military service as the surefire ticket to financial success? Obviously, it’s much more likely to save that $100k by 30 if you’re living on an allowance and dodging bullets.

[@YNA64]

True, and energy level goes down with age. Starting work 2-3 years earlier is a hugggee advantage.

[@TiredBush]

damn I get you hate NS but chill out man HAHA I'm pretty sure she was just throwing random facts out there. I agree that it's irrelevant, but damn you sound like you've been stung HAHAHA

[@zr60]

The lady in the video probably just dumb la, some people never use brain.

[@danielwoo2471]

bro be writing long para quarreling on the internet lol

[@ohitsdarren]

HAHAHAHAH died reading this bro

[@leothebear4842]

I think this is the most balanced financial advice.. Milestone #1 : 6 months of living expenses as emergency funds & health insurance. (Financial safety net) Milestone #2: Invest in safer index funds like S&P 500. (Growth) Milestone #3: Purchase appreciative assets like housing. (Retirement safety net) Meantime: Increase income or reduce expenses (Or both), the wider the savings gap, the better. Most importantly though, have calculated fun expenses like travelling and don’t be too engrossed with money if possible, life is not just about earning money but also spending time with meaningful experiences.

[@jimtong]

And let the compounding works for you :)

[@wtfbbqz]

The lady @ 3:12 , to correct your math please take in the real life factors below 1) Only those who went JC route will get out of NS by 21, otherwise majority of guys get out of NS around 23. Average NS allowance is 500-600 unless you get to be an officer who will get 1k+. At 500-600 only those who come from privileged family get to save their money. Less privileged people save nothing. 2) Uni will take another 2-4 years depending whether you went private or local U. You start working full time at 25-26. You can work part time or study part time but averagely you’ll earn 1-2k a month during this student phase, minus expenses and paying off the study loan, depending on family background you’ll only save at most 500. 3) That leaves us with 4 years till 30 years old. My starting salary as a uni graduate was 2.8k and I managed to x2.5 it by 30 I myself managed to save $100k by 30 only through prudence and investing, all while paying off student loan, being second breadwinner of a single parent family.

[@xalch]

100k by 30 is definitely possible. Currently 28 and managed to do it a few years ago as a dip holder. I think it's easier to achieve this feat with a decent job, good saving habits, low monthly expenses n no debts.

[@RodSerling-y6p]

Good plan ya. Once u got 100K, just now watch it compound and grow in stock market. Watch Adam Khoo for investing ideas.

[@hummit]

Save & Invest. That’s about it. No need to pressure yourself. You will save more and invest better as you age.

[@Cococokieful]

Some people count their riches rather than make their lives count.

[@28excellent]

As an employee having some funds locked in stocks and after paying for home downpayment, home loan from the bank, and car downpayment, it’s just not possible to have at least $100K in my bank savings account on my 30th birthday. It’s possible for exceptional cases such as self-employed persons, lawyers, business owners, or software engineers.

[@MKiurinuRigold]

I started working only in 31 - so I don’t have much - I started saving from scratch in July 2017 I have only money in CPF

[@28excellent]

Why didn’t u work before that?

[@raichisan161]

😂 I'm near 30 glad enough my balance don't fall below $500 if not I need to pay monthly fall below fee of $2 😂

[@embershen364]

I hate the monthly fall below fee too.

[@Salty_Biscuitz88]

$100k by 30 is easy for some people and difficult for others. It not only depends on your income but also on your lifestyle habit as well. For me it is easy as i am minimalist by nature, i have nothing much i want to spend on as i have already bought what i wanted. I don’t have a lot of friends as well. I barely spend $10 to $15 a day coz I’m working and my dividend and ROI per month from investment already covers that and more. I have no debt except for HDB loans which is covered by CPF OA.

[@kimchiba4570]

Love the lady who called herself a grandma.. Best advice

[@JohnnyJohnJon83]

$100k is definitely doable by 30. I had $250k by 30 and now at 40 my net worth is 2 million. The key point is not to keep all your money in savings , you need to invest it so it will grow. Also having multiple income streams instead of just a main job is a must.

[@takanna]

do share ur occupation or the business that u own?

[@Skinnypole_clara]

Too little for today's standard, you need at least $10m

[@JohnnyJohnJon83]

@@takanna I’m a civil engineer and I also do coding as a side job. But I invest heavily .

[@jazetto]

@@JohnnyJohnJon83so you invest in the s&p 500 index? Or stocks like nvidia, palantir, googl (alphabet) etc

[@takanna]

@@JohnnyJohnJon83 nice. congrats and thanks!

[@embershen364]

Not easy if parents ask me for high allowance. First i needed to pay back my Nus Student tuition fees. Next, my parents ask for $2k a month. I also spend money on enriching my life like learning flute, french, cfa, uk insurance certifications requires by work. I even used up my life savings for a masters when i was 27-28. Its more important to be happy than to just have a number on a bank account.

[@zr60]

3:15 with NS, it gets even harder to save more. Imagine 2 years of full time salary gone.... due to NS.....

[@xavierchin5762]

NS paid so much now, free food, not difficult to save, unless u want eh wah eh wah every weeks, opps, the "eh wah" revealed the generation haha

[@zr60]

@@xavierchin5762 So you save more money in NS, then during your first 2 years working after graduation? You must be such a failure in life.

[@rching7700]

Realistically 17-19 Poly 20-21 NS 22-24 Uni 25 onwards pay uni debts and save money. teach me how to save 100k ?

[@meshutiarika4398]

dont work, start business while in uni.

[@Salty_Biscuitz88]

I can teach you. get a relatively high paying job with good bonus, keep your outside meal to $5 per meal budget, no grab ride at all, no expensive hobby, only travel to nearby country once a year, keep leisure spending low. With that you can save $100k in 3 or 4 years without even investing at all. Yes you have to live like a frugal student.

[@kncnsm]

Working back the math, being able to accumulate $100k by 30 means you'll need the save at least $10k/yr over 10 yrs starting at 20 (higher $/yr if you start working later)

[@thaddddeee5355]

Add in the kids factor….single, definitely doable based on median income and moderate lifestyle.

[@meshutiarika4398]

The moral of the story: study, work, invest, then pray to earn 100k by 30. But this is just the typical Singaporean path of working hard until you retire.

[@amazingrace238]

Insurance is not savings and not investment. People need to understand this. There are other much better ways to grow your money.

[@TiredBush]

mmm it's a fine line. Its ok if you know your NPV calculations. But I think most NPV of investment linked plans are crap compared to regular index funds anyway.

[@MoneywithEumi]

Not impossible. Just a lot of sacrifices to be made. Hit $1M when I was 27-28.

[@Whatexactlyispeace]

$100k by 30 is not difficult for graduates. Just don’t eat omakase every month and don’t grab everywhere and put money into high interest savings account the money will grow very quickly. Median graduate earn $4k per month. Assuming they start work at 23, by 30 they should be earning $6k per month and that’s being very modest. Strive to save $1.5k cash a month, very quickly $100k is saved.

[@beanoyip06]

You shouldn’t only be saving, but investing as well

[@TheCabbagepatchgirl]

You should interview people in CBD, Shenton area. I think everyone hit by 30 already ahhaha

[@chonkybara]

Or maybe try interviewing at the heartlands. Then probably the answers will be different. it's not as easy as it seems for some living here in SG.

[@DeniseTan-w5d]

you will be surprised many Singaporeans don't really save that much. It's not a given or "automatically" reach 100k by age 30 just because one is working in CBD, lifestyle plays a part too.

[@chonkybara]

@@DeniseTan-w5d so trueeeeee.

[@ColouredPixels]

wah. asking other people aka depending on partners/bfs to help safe keep your money would be my last resort. LOL trust no one but yourself when it comes to money

[@harleydavis3814]

I like that grandma, she tells it how it is lol

[@jaywu7078]

Young and Healthy buy insurance at the early stage whether is health or life insurance, this will be a "force" saving for you, yes u will have a hard time, when all your friend is going travelling, and partying , you reject all invitation and envy. What to enjoy when health can demolish all your investment and saving at one time

[@reallydead]

I think the better question is. What is this 100k worth? If u r talking about 100k during Charlie Munger's era, vs 100k in the 80s, vs 100k now, it is all the same 100k, but the purchasing power of the 100k is different. Say if ur favourite food is chicken rice, because everybody loves chicken rice, the 100k in the 80s would be worth around 50k plates, but today's 100k would be worth closer to a range of 25 to 33k plates.

[@jimtong]

Maybe the title is a bit misleading, saving means put money into bank or under pillow. You should be constantly invest at least in a broad market index ETF. Accumulating up to $100k (assume is SGD) is very crucial, not only psychologically but it create an economy of scale that lay a foundation for net worth accumulation of at least $1 million for retirement assuming an average return of 8% per year. Once 100k is reach, it will take shorter time to reach 200k, then 500k etc.

[@mabelneo]

The auntie very smart

[@erth2877]

Instead of work and save.. find other alternatives to generate income ..an idea that no one would probably think of

[@tand9854]

But these Gen Z kids are probably still staying with their parents. Once you move out and have your own family, house, car, children, food then the money will drain very fast 😂

[@marcussmith2798]

100k by 30? Wow I'm screwed 😅.

[@exploringapis4495]

By 30 I got 1000k liao 😢

[@icheang]

100k very possible.

[@why_so_sirius]

Include CPF maybe can uh 😜

[@lfc1981]

where the F this unofficial milestone came about? never even heard of it. for guys, army come out already 21, 22 yrs old, so how the F can save that much unless your family is already rich and can give you some parrot role at some company?

[@Staar624]

CPF hit liao

[@RodSerling-y6p]

Aunty is right.. Also put saved money into S&P 500.

[@JJ-ff7mm]

Pro tip, dont fix your spending habits, earn enough to afford them.

[@norman6499]

$100k is easy in 2010s….now $100k is nothing much

[@likeforsure]

I think average 1.5m is quite average by 30 year old. If you are below that you are below average.

[@kimchiba4570]

So long input > output ... One will be fine...oh..watch out for inflation and rem.. live simple

[@28excellent]

As an employee having some funds locked in stocks and after paying for home downpayment, home loan from the bank, and car downpayment, it’s just not possible to have at least $100K in my bank savings account on my 30th birthday. It’s possible for exceptional cases such as self-employed persons, lawyers, business owners, or software engineers.

[@Whatexactlyispeace]

$100k by 30 is not difficult for graduates. Just don’t eat omakase every month and don’t grab everywhere and put money into high interest savings account the money will grow very quickly. Median graduate earn $4k per month. Assuming they start work at 23, by 30 they should be earning $6k per month and that’s being very modest. Strive to save $1.5k cash a month, very quickly $100k is saved.

[@wtfbbqz]

Start work by 23 and earning 4k a month only applies to females.

[@marcussmith2798]

​@@wtfbbqzVery true, when I was 23 I just completed NS and only had a diploma. Had been working ever since and after 7 years my salary is not even $4k yet.

[@DeniseTan-w5d]

6k a month by 30 is definitely not a very realistic and modest figures, it depends on the role/industry..

[@Whatexactlyispeace]

@@DeniseTan-w5d well if you were to look at official government data, median fresh graduate income is already at $4k. With the right jump and attitude, $2k jump in 6 years is very very attainable. Also, there is also annual bonus.

[@Whatexactlyispeace]

@@marcussmith2798 diploma is not a graduate. Graduate means degree holder at least.