How much is enough?

[wildcard87]

Don't often start threads here but am just wondering how much savings/investments is considered adequate/average by the age of 30?

I'm a 27 yr old guy and have about 40K in savings, another 10K in SGX and about 15K in insurances at present. Been working about 4 years now and put myself through school. This topic came up as I was talking to my insurance agent about my financial standings which he claims to be on the healthy side of financially.

So am just wondering am I really financially healthy or should I be aiming higher? Also how much does the typical S'porean have liquid in their savings a/c for daily living as am considering investing the rest as savings a/c here pay peanuts.

[maxsee]

It is very hard to say whether you are financially sound or not...Depends on the kind of lifestyle you want to lead bah...A friend of mine in his early 40s has a net worth of 10m++....And he still feels that it is not good enough...so what is enough???....

[wildcard87]

Originally Posted by maxsee

It is very hard to say whether you are financially sound or not...Depends on the kind of lifestyle you want to lead bah...A friend of mine in his early 40s has a net worth of 10m++....And he still feels that it is not good enough...so what is enough???....

Precisely my point. As in at this stage in life, without my own house/car, an average typical S'porean lifestyle (spend my free time at the gym/pool or cycling, restaurant meals prob like twice-thrice a month, mostly relying on bus/mrt to travel around, travel prob. around twice a year) Is this enough?

[damong777]

Originally Posted by wildcard87

Precisely my point. As in at this stage in life, without my own house/car, an average typical S'porean lifestyle (spend my free time at the gym/pool or cycling, restaurant meals prob like twice-thrice a month, mostly relying on bus/mrt to travel around, travel prob. around twice a year) Is this enough?

Yes. Based on what u are having it shd be enough.

But are u going to start a family soon (get married and get house)? If yes, then not enough.

Getting a house or married 40k will be wiped out in a flash. So it depends on your immediate or long term goal.

If u can,,put ur money in srs account early.

[sunhuan-con]

Originally Posted by maxsee

It is very hard to say whether you are financially sound or not...Depends on the kind of lifestyle you want to lead bah...A friend of mine in his early 40s has a net worth of 10m++....And he still feels that it is not good enough...so what is enough???....

Even billionaire also say money not enough too...

[Hurricane88]

Originally Posted by wildcard87

Don't often start threads here but am just wondering how much savings/investments is considered adequate/average by the age of 30?

I'm a 27 yr old guy and have about 40K in savings, another 10K in SGX and about 15K in insurances at present. Been working about 4 years now and put myself through school. This topic came up as I was talking to my insurance agent about my financial standings which he claims to be on the healthy side of financially.

So am just wondering am I really financially healthy or should I be aiming higher? Also how much does the typical S'porean have liquid in their savings a/c for daily living as am considering investing the rest as savings a/c here pay peanuts.

at 27 yrs old...with your balance is not enough...do the maths

all based on estimates

hdb - bto 300k
car - yearly 24k
1st child delivery - 6k
2nd child delivery - 8k
household expenditure - ??
children childcare, education and miscellaneous - ???

if your wife working then your burden may be lighter...

now tell me if you think you have enough....

[sammyboyfor]

Originally Posted by wildcard87

Don't often start threads here but am just wondering how much savings/investments is considered adequate/average by the age of 30?

I'm a 27 yr old guy and have about 40K in savings, another 10K in SGX and about 15K in insurances at present. Been working about 4 years now and put myself through school. This topic came up as I was talking to my insurance agent about my financial standings which he claims to be on the healthy side of financially.

So am just wondering am I really financially healthy or should I be aiming higher? Also how much does the typical S'porean have liquid in their savings a/c for daily living as am considering investing the rest as savings a/c here pay peanuts.

I started a thread in my other forum on this very subject.

Asking how much is "enough" is like asking "how long is a piece of string?'.

It all depends upon what your financial goals are and what sort of lifestyle you want to lead.

In order to figure out how much is enough you have to do the following :

1. Decide at what age you want to become financially independent... ie no longer have to depend upon working in order to support your lifestyle.

2. What sort of monthly income you want your assets to yield. This all depends upon what sort of lifestyle you wish to lead.

For an in depth discussion, proceed to http://www.sammyboy.com/showthread.p...IREMENT-thread

[Yeo7988]

Originally Posted by Hurricane88

at 27 yrs old...with your balance is not enough...do the maths

all based on estimates

hdb - bto 300k
car - yearly 24k
1st child delivery - 6k
2nd child delivery - 8k
household expenditure - ??
children childcare, education and miscellaneous - ???

if your wife working then your burden may be lighter...

now tell me if you think you have enough....

.



Every month my earning also not enough to sustain my loan.

[sammyboyfor]

Originally Posted by Yeo7988

.
Every month my earning also not enough to sustain my loan.

If that is the case you're spending way beyond your means.

If you carry on in the same manner, what's going to happen you lose your job at 45? Do you want to end up being a taxi driver?

[acidicavex]

I would say no it is not.

Everything is in the rise, base on your current 10 yrs down it another new height. Do u think it will be enough? Unless u got no intention of starting a family.. and provided u find a woman that will think and consider for your pocket.

Even u aim to live humbly no need cars no need holidays etc.

[sammyboyfor]

Originally Posted by acidicavex

So i would say no......

What sort of figure would you say is enough and at what age should the target figure you suggest be achieved?

[Hurricane88]

Originally Posted by sammyboyfor

For an in depth discussion, proceed to http://www.sammyboy.com/showthread.p...IREMENT-thread

I read thru the whole discussion...very good...and meaningful...really makes me wonder what I had been planning all these years...

[SnowLeopards]

The country you reside in plays a paramount impact on your decision.

However, as human, naturally, we are greedy.

Pierre.

[porscheclub]

Money is never enough

Seriously, no property of your own? You need some hard assets dude. A wedding alone can wipe out $50k modestly & $100k on luxury side. It is good that you depend on public transport but other than insurance plans you need to look at your portfolio properly & forget about those "projected" returns. They take 15yrs min to break even.

[LonelyPlayboy]

Originally Posted by sammyboyfor

I started a thread in my other forum on this very subject.

Asking how much is "enough" is like asking "how long is a piece of string?'.

It all depends upon what your financial goals are and what sort of lifestyle you want to lead.

In order to figure out how much is enough you have to do the following :

1. Decide at what age you want to become financially independent... ie no longer have to depend upon working in order to support your lifestyle.

2. What sort of monthly income you want your assets to yield. This all depends upon what sort of lifestyle you wish to lead.

For an in depth discussion, proceed to http://www.sammyboy.com/showthread.p...IREMENT-thread

Thanks for sharing this boss