How To Save Up To $1 Million With $5,000/month Salary...

[@wess3426]

6% is realistic if you invest in US markets (8-10%) and then minus away inflation at 2%. Also not to forget CPF payouts at FRS of $1500-$2000 so realistically will only need $500,000.

[@KelvinKing]

I think I can help you sum it up with 1 sentence. Stay Single. Don't have children.

[@joshconsultancy]

No no no. Kids are priceless :)

[@abangadikingreenontheirpmd4055]

@@joshconsultancy Josh saying this because his kids haven’t reach 18yo yet

[@casemiro3663]

@@iamayoutuberfromearth so what? When ur dead, ur dead.

[@KelvinKing]

@@iamayoutuberfromearth There is such a thing called a Will.....

[@byebyefiat]

💯

[@trendgeneration9005]

3 mth bonus v optimistic. Many companies below 2 mth (exclude aws) average performer . Or shd i switch co.

[@joshconsultancy]

Include AWS 3m sounds like average? Of coz some good years w more and some bad years w less

[@illiosbelonce7461]

Which company pays that amount of bonus? 40 y.o. professional worked with various US /UK MNCs but not one paid more than 1 month bonus before despite having above average performance rating. never even got AWS in any job.

[@joshconsultancy]

Hmmm? ANyone wants to chime in, makes it more wholistic

[@kevinho4504]

Best of luck!

[@davewong1107]

This is extremely motivating. Thank you.

[@joshconsultancy]

No probs =) share with someone who should see too

[@nekomew]

These days have salary freeze where got 3 month bonus, can have AWS already thank gawd. Am already near 3rd category but not much savings.. sigh. Are there any good tips on how to grow savings for ppl 45+ before reaching 65? Most of the videos are all focusing on saving and investing from 20s and 30s but little touch on savings and budgeting in the 40s+ for retirement.

[@joshconsultancy]

2022 2023 may be tough but hey there are some good years w more than 3m bonus. Noted on preference for retirement for age40. Stay tuned, will present some points to work on soon 👌🏻

[@johnwee38]

Aim for this coming Friday 6/1/2023 9.30pm. It the final countdown 😂

[@joshconsultancy]

Hmm why?

[@johnwee38]

@@joshconsultancy check the Singapore Pools 😂

[@HoneyMoneySG]

Great presentation Josh!

[@joshconsultancy]

Thanks Chris :)

[@MrKevinliow88]

It's about saving and investing your saving and investing passive income

[@joshconsultancy]

Yes. Indeed saving is the first step. A minority fail at it but a majority stop short of investing it well

[@fatcamper]

I invest only in SGX counters and so far making a paper loss with about 4.5% dividends on capital put in. And I spend off all the dividends for living expenses (otherwise those expenses will come directly from salary). Compounding 6% cannot lah. 😅

[@joshconsultancy]

Can. I could be your observation duration not long enough. I reflected STI since inception rate of return

[@whis5448]

Can, with the valuation of SGX stocks, more than 6% is very possible. There are REITs/Business Trust which had 7% plus, some even above 10% as their share prices already dropped 40% or more due to fear of inflation and recession. Warren Buffett said "Be greedy when others are fearful, be fearful when others are greedy."

[@davinhong1]

27 yr old this year and just started working for 1 year already, been doing DCA 2k per month into broad based equity ETFs, I’m excited to wait and see this plan come to fruition

[@joshconsultancy]

Excellent Davin! Keep the slow and steady approach intact. There will be "faster methods" or "shortcuts". You can largely ignore them and still get to where you need to with this approach. Good luck =)

[@davinhong1]

@@joshconsultancy thank you for the kind words, Josh. Definitely, slow and steady is the surest way! Looking forward to more educational videos from you

[@bloggeraldwin]

Ask if endowments can ? My Insurance Agent say endowments can 4% or more 😊 better than SA

[@joshconsultancy]

Endowments cannot unfortunately. Expected returns 3-5% The return mentioned by your advisor may be par fund returns on certain years? But that’s not what’s paid to policy holder also

[@bloggeraldwin]

@@joshconsultancy haha 😂 thanks

[@bloggeraldwin]

@@joshconsultancy u are the only advisor that is very very honest . He keep say better off dun put in stocks endowments better off . So many people lose in stocks he say .

[@bloggeraldwin]

@@joshconsultancy I am thinking even ssb or t bills better or even put ssb then take the interest put in shares dollar average

[@acs4410]

22 years I have only 1.xx months bonus

[@joshconsultancy]

Plus 13th month? Which industry u in curious…

[@acs4410]

@@joshconsultancy plus 13 month is 2.xx months, oil and gas industry

[@joshconsultancy]

@@acs4410ah that means average 3mths is doable. Back in 2007 my peers in O&G then received 12mths bonus😮 I kid you not…

[@acs4410]

I'm not the one with 12 months bonus, haaaa

[@inkcross879]

You factor so much in from bonuses when i never got any working for 7 years and I dont earn anywhere close to 5k. Fat chance for me then.

[@joshconsultancy]

Go for a % of the final. Work toward something that is attainable step by step k

[@polefriendster]

Which 6% investment you are referring to?

[@joshconsultancy]

Hmm I’ve highlighted most equity markets w long enough time frame can get you that

[@whis5448]

There were many Capitaland Reits which gave more than 7%, you just have to look it up and have the courage to buy and wait it out. There were many oversold Reits/bussiness trusts in SGX.

[@CalvinK300]

@@whis5448 agree with you fully. I have been holding my REITs and have always advised anyone keen on property investment to consider these. The government has made it not worthwhile to invest in actual properties to protect the needs of younger generations. Aside from REITs there are also other gems as highlighted by Josh but why let him have all the fun, investors should do the research themselves. 😂

[@whis5448]

@@CalvinK300 These Reits/Business Trust already braved the pandemic and now people panic because of inflation or recession. I think it is so uncalled for, as pandemic people die and they panic sell is reasonable, but inflation and recession people won't die mah. The Mar 2020 crash, so many dumb dumb selling. Now also alot of dumb dumb selling due to inflation or recession fear, thus I think now is the time to slowly add.

[@smc30]

for degree grads, most would have earn at least $5k by 35 years old.

[@joshconsultancy]

I agree. Theres a table at the end that shows that peak median income age40-45 is $6000+

[@bryanttan8401]

Is the median income including cpf?

[@DonYang73]

As a grad in todays market, $5k by 30 yrs, otherwise you are definitely behind the pack.

[@bloggeraldwin]

Cpf SA easy la 65

[@pacman1971]

What's the today's value of that 1mil that 25 years old retiring in 40 years assuming 2% inflation? $450,890. Hard to retire with that now! So don't think 1mil can in 40 years. Better advise them to save more than $500

[@joshconsultancy]

$450890 for lean fire is possible. Best Advice is to start somewhere

[@Xiaomalu]

Work until 65 still FIRE meh? Is work till death 😢

[@joshconsultancy]

Work till 65 is not work till death la aiyo... Our generations life expectancy is at least 85

[@zombie766]

i don't see the point of having 1 million when you are 65. You will be too old and frail to enjoy that money. most likely you are using that 1 million to pay medical fees.

[@joshconsultancy]

For retirement consumption. Key fit and healthy, hey maybe theres still 25 golden years from there? =)

[@alui5362]

with inflation, $1M may not be worth what you think it is when you reach it

[@strongstrengthtv]

Then I suggest you aim for 7.8M lor

[@andrea9797mdd]

Yup. But it's a whole lot better than not reaching 1 million

[@soulawaken24]

You're right about inflation. BUT so long as your investment long-term average annual growth outpaces inflation (it usually does over 20-30 years if you invest smart), it's fine right? Even if inflation remains high, it's still better to invest than to hold inside bank or not save at all living paycheck to paycheck. It doesn't matter what's your goal and how much you save and invest every month. Doing so is always better than not doing so, regardless of which stage of life you're in. That's the point of this video.

[@joshconsultancy]

Think we won’t disagree it’s not what it’s worth today but hey it should still be able to support some level of retirement income :)

[@letgotothemoon8174]

I only take home 1.5k,,,,will never be lah

[@djtan3313]

U can’t.

[@joshconsultancy]

be nice and constructive

[@hydep9658]

Make money so we have more time. By 65, unless you are debt free, healthy, children grown up... Life might not be smooth sailing...

[@joshconsultancy]

If the equation mentioned above is comfortable then yes we can increase the sums to get to the $1m faster. Maybe a sequel :)