What should I do moving forward?
Hi all, I’m a 23M poly grad working my first full time job @ earning 50k annually.
My family recently sold our place and my parents gave me 100k from the proceeds of the house.
After CPF, my salary is 3.2k and I save around 1.5k monthly.
I dont spend much on, only on food splurges like yakiniku or kbbq or shake shack.
I cook my lunches to bring to work daily to the office as well, costing around $5/meal.
I have a personal goal of buying a villa costing around 300k SGD with my fiance in Bali (she is balinese) when I’m older and to live a quiet life, while also being able to have had enough cash to support my parents while taking care of my own expenses in the future.
How should I work towards the goal with my current savings & expenditure, while also making use of the 100k?
Thank you for your time!
Netizens’ comments
- Wah poly grad salary so good these days ah? Can share what industry?
The 100k depends on your risk tolerance. Stocks if you ok with >50% drop. - I’m a degree holder and my annual pay very recently crossed the 50k mark after an increment. Am I in the wrong industry?
- Didn’t know poly can get 4k out of school. 3k already laughing
- short term:
-put the 100k in a high interest savings account (e.g UOB One), credit your salary there, hit min spend. gets you around 4-5% interest on first 100k
-invest excess of 100k in T-bills. close to 4% interest now
longer term:
-determine your risk appetite, which will guide your stocks/bond mix
-decide on your portfolio allocation. ideally, build a globally diversified portfolio
-start to DCA that 1.5k/month to get comfortable with investing and dealing with volatility
-avoid significant lifestyle inflation, continue to save and invest consistently and you will reach your goal
-only trust yourself. avoid self-serving folks who try to sell you products that may not be in your best interest, or get-rich-quick scams.
300k SGD for a villa in Bali, living a quiet life, sounds amazing to me.