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The famous Shark Tank investor Kevin O'Leary, aka Mr Wonderful, advises on how much people should have saved up by the time they are 33 years old.
"By the time you hit 33 years old, you should have $100,000 saved somewhere."
He said that should be the goal people should aim for and even provided a tip on how to do it.
"You save 20% of your paycheck, and you let the market grow it 5% to 7% a year. You can get to $100,000."
He says if you can't do it at 33, 35 works too - extra 24 months to reach that goal. 😉
The $100,000 is the "milestone" to hit if you want to hit at least $500,000 by the time you are 60 years old.
If you want to hit $500,000 by the time you are 60 years old, it is important to hit that $100,000 milestone when you are 33 years old.
Recommended Read: Save in CPF or Invest in SATS?
Is it possible to reach that goal?
Assuming you start saving from $0 at 23 years old.
We ran the numbers to check how much you need to be earning every month in order to reach that $100,000 goal by 33 years old.
On the bright side, since the milestone it is probably for our retirement, we probably can include our CPF savings as part of the $100,000
We are including only money in our Special Account since most of us probably maxed out our Ordinary Account for housing.
After factoring CPF SA savings into the mix, the percentage we need to save drops by almost half, making it more achievable to achieve that $100,000 goal.
If you could invest 10% to 12% of your after CPF salary every month, combine with your CPF SA savings, you can definitely hit the $100,000 goal. 😉
Recommended Read: Answering 2 Common CPF “Complaints”
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