Money and Finance
I never expected myself to sit down one day and start thinking and setting expectations and goals for my 10 year plan.
I guess, it's the sort of thing that happens to a person just as he is about to complete another chapter in his life. I don't want to be caught unaware and suddenly find myself one day, asking "What's Next?"
No, I prefer to have a long-term plan, including realistic expectations and goals that I will set for myself. If nothing else, it'll serve as a motivation for me. You see, I dislike doing something without knowing why/what I am doing this for. There's no meaning in life in that sense.
Looking back on the last 10 years of my life, I have many things I regret doing. And even more so, things I did not doing. Am I thinking too far ahead? After all, nobody can predict the future. 10 years is a very long time. And my plan is bound to be modified and edited as I grow older and my mindset changes. Things change. People change. The world around me will definitely change.
This 10 year plan will therefore be based largely on assumption, because nobody can predict the future. And it'll be modified as I progress in this journey.
Therefore, I shall set my eventual goal in 10 years time to be happily married with a house of my own and a stable career with my investment returns providing for at least 30 - 40% of my expenses.
2015: Graduate from College with a Diploma.
2015: Enlist for National Service & serve my country for 2 years.
Here, I am assuming I would receive $480 as my monthly allowance. I will not know if I stay in 5 days a week or not. That depends entirely on my vocation + PES status.
Let's assume that I book out every weekend. With food & lodging paid for, I need only take into account transportation fee home. Therefore, I will take the current concession prices for NSFs at SGD$85.00 for hybrid pass and save + invest the rest.
That would mean I have $395/month.
$295 would go to savings + expenses.
$100 would be directed to my investment account.
Over the period of 24 months, (2 years) I would have approximately $7080 to save + spend, and $2400 extra added to my investments. The amount is subject to change depending on inflation + any changes in the allowance structure/transport costs.
During this period, if my vocation allows it, I will also study part-time for a degree.
2017: Further my education / look for a job?
This will definitely be subject to change. Will circumstances permit me to further my studies or will I have to enter the working world? Alternatively, studying + working together? Work in the day, study at night. Either way, this period is the time where I will save as much as possible.
2017 - 2022: (My 5 Year Plan)
During this 5 year period, I will be aggressively saving for my wedding / house / investments. Of course to do this, I have to find a decent job.
I aim to save at least $100K in pure savings during this period.
Is it a reasonable amount? Well, $100K over 5 years would mean $20K/year.
That means I have to save around $1,700/month. Is that possible? Well, it has to be made possible.
By 2022, I should have ($100,000) in my savings. But my journey to saving towards this amount doesn't begin in 2017. No, it starts now.
2022-2024: Time and Tide waits for no one. If it's meant to be, it will be.
Ideally, at this point in life, I should at least have a house + getting ready for my wedding. Again, this is subject to change pending circumstances and my financial situation then. I will not get married, unless I'm absolutely sure my partner and I can handle the financial aspects. If not, it would create many unhappy arguments and conflicts down the road. People get married too early and then they realize they can't cope with the increased expenses.
Doing a 10 Year Plan for yourself? Most importantly, be honest with yourself. Having a plan in life doesn't mean not being able to have fun and cut loose. To be completely honest, my journey is probably going to differ a lot from the plan above. But that's okay. As long as I don't lose track of where it is that I'm heading for.
I have simple wants in life. It might be cliche. But I want to settle down, and not having to worry day in day out about my finances. I'm sure many out there feel the same way. Not everyone feels the same way however, some people want to be rich and powerful. They want to be affluent and looked up to. And why not? If they're capable, why shouldn't they deserve what they are able to achieve?
Just remember, your plan is all about yourself.
Signing off,
Teenage Investor
- How Much Can A Poly Student Save In A Year?
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2015 has finally arrived. With every new year, comes new challenges, new obstacles, new friends and above all, New Experiences! As I consult my 10 Year Plan , I have several things in store for me this year. First, Graduate from Polytechnic and...
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Money and Finance
My 10 Year Plan
I never expected myself to sit down one day and start thinking and setting expectations and goals for my 10 year plan.
I guess, it's the sort of thing that happens to a person just as he is about to complete another chapter in his life. I don't want to be caught unaware and suddenly find myself one day, asking "What's Next?"
No, I prefer to have a long-term plan, including realistic expectations and goals that I will set for myself. If nothing else, it'll serve as a motivation for me. You see, I dislike doing something without knowing why/what I am doing this for. There's no meaning in life in that sense.
Looking back on the last 10 years of my life, I have many things I regret doing. And even more so, things I did not doing. Am I thinking too far ahead? After all, nobody can predict the future. 10 years is a very long time. And my plan is bound to be modified and edited as I grow older and my mindset changes. Things change. People change. The world around me will definitely change.
This 10 year plan will therefore be based largely on assumption, because nobody can predict the future. And it'll be modified as I progress in this journey.
Therefore, I shall set my eventual goal in 10 years time to be happily married with a house of my own and a stable career with my investment returns providing for at least 30 - 40% of my expenses.
2015: Graduate from College with a Diploma.
2015: Enlist for National Service & serve my country for 2 years.
Here, I am assuming I would receive $480 as my monthly allowance. I will not know if I stay in 5 days a week or not. That depends entirely on my vocation + PES status.
Let's assume that I book out every weekend. With food & lodging paid for, I need only take into account transportation fee home. Therefore, I will take the current concession prices for NSFs at SGD$85.00 for hybrid pass and save + invest the rest.
That would mean I have $395/month.
$295 would go to savings + expenses.
$100 would be directed to my investment account.
Over the period of 24 months, (2 years) I would have approximately $7080 to save + spend, and $2400 extra added to my investments. The amount is subject to change depending on inflation + any changes in the allowance structure/transport costs.
During this period, if my vocation allows it, I will also study part-time for a degree.
2017: Further my education / look for a job?
This will definitely be subject to change. Will circumstances permit me to further my studies or will I have to enter the working world? Alternatively, studying + working together? Work in the day, study at night. Either way, this period is the time where I will save as much as possible.
2017 - 2022: (My 5 Year Plan)
During this 5 year period, I will be aggressively saving for my wedding / house / investments. Of course to do this, I have to find a decent job.
I aim to save at least $100K in pure savings during this period.
Is it a reasonable amount? Well, $100K over 5 years would mean $20K/year.
That means I have to save around $1,700/month. Is that possible? Well, it has to be made possible.
By 2022, I should have ($100,000) in my savings. But my journey to saving towards this amount doesn't begin in 2017. No, it starts now.
2022-2024: Time and Tide waits for no one. If it's meant to be, it will be.
Ideally, at this point in life, I should at least have a house + getting ready for my wedding. Again, this is subject to change pending circumstances and my financial situation then. I will not get married, unless I'm absolutely sure my partner and I can handle the financial aspects. If not, it would create many unhappy arguments and conflicts down the road. People get married too early and then they realize they can't cope with the increased expenses.
2025: Married + Stable Career + House
Ah yes, the end of my 10 year journey. Who knows how much the world would have changed by then? Will my plan have changed drastically? Or am I still on the path I chartered for myself 10 years ago? Only time will tell.Doing a 10 Year Plan for yourself? Most importantly, be honest with yourself. Having a plan in life doesn't mean not being able to have fun and cut loose. To be completely honest, my journey is probably going to differ a lot from the plan above. But that's okay. As long as I don't lose track of where it is that I'm heading for.
I have simple wants in life. It might be cliche. But I want to settle down, and not having to worry day in day out about my finances. I'm sure many out there feel the same way. Not everyone feels the same way however, some people want to be rich and powerful. They want to be affluent and looked up to. And why not? If they're capable, why shouldn't they deserve what they are able to achieve?
Just remember, your plan is all about yourself.
Signing off,
Teenage Investor
- How Much Can A Poly Student Save In A Year?
Today's post is a continuation of my previous post. You can read it here: The Truth About Polytechnic Students So....knowing that polytechnic students face a higher level of expenses compared to their secondary school days, how much can they...
- My Goals In 2015
2015 has finally arrived. With every new year, comes new challenges, new obstacles, new friends and above all, New Experiences! As I consult my 10 Year Plan , I have several things in store for me this year. First, Graduate from Polytechnic and...
- Why Ns Might Be Ruining Your Chances Of Getting Married & Building A Home ; What Your Average Singaporean Really Wants!
It's been 2 days ever since I created my blog and already have gotten slightly over a thousand viewers. I'm quite happy that people actually do find my blogposts worth reading. However, I also noticed a few emails asking me what are my plans for...
- 80% Of Young Singaporeans Have Little To No Savings At All ; Are You One Of Them?
According to this link (http://sbr.com.sg/financial-services/news/disaster-in-making-4-out-5-young-singaporeans-have-no-savings) 4 out of 5 Singaporeans have little to no savings at all! True? Source: Singapore Business Review Now, firstly I would not...
- Saving During Your Growing Years
Everyone wants to be rich, don't they? This is especially true in Singapore, where the gap between the upper and middle class are increasingly widening and the costs of living are absurdly high. Everyone wants money. Some are content with having enough,...