The Chinese have a saying that "one type of rice feeds hundred types of people". All of us are different and in many ways too.
So, I am somewhat wary of giving anyone specific advice as to what they should do in their plans for the future, especially when it has to do with growing their wealth.
I share general ideas regarding how to be prudent when it comes to personal finance matters as well as some ideas that have to do with investing in stocks and, sometimes, real estate. They are scattered throughout my blog.
I would say that before we set out on our journey, have our goals in mind. What do we want to achieve? Then, we must choose the route which we think is the most suitable for us.
To expand on the analogy, there could be a very short route available but it could be quite treacherous. Do we have the equipment and skills to take that path? There could be another route, longer but less of a thrill. Would that be a better choice?
Some might remember a blog post in which I shared my plan to retire by 45. Some might also remember how the plan was tweaked. In reality, I am sure it was tweaked more than once too.
Set goals and, with that, have plans but don't be too rigid. The only constant in life is change.
-130k savings -20k stocks (50% bank, 50% REITS) -
less than 5k in CPF-OA, less than 5k in CPF-SA
-average monthly 3k savings (after all expenses)
How should one plan for short and long term investment goals?
short term - 1k savings to dividend stocks? long term - 1k saving per month to CPF SA account self top-up?
Would like to know how best to plan for the next 25 years! ty ty!
I invest mostly for income. I have done fairly well. However, this is not to say that this is the method for everyone. I am not dogmatic.
You are welcome to read my blog and see if what I do gels with what you would like to have. If it does, then, you could possibly do something similar. Cherry pick. wink emoticon
All the best on your journey. smile
So, spend some time to think of what you want in your life if you have not done so yet and see if what you are doing now will help you achieve your goals.
We probably can't get it absolutely right but having a plan and being realistic enough to recognise the need to change along the way will help us get it approximately right.
Honestly, that is good enough.
1. Have a plan, your own plan.
2. To retire by age 45, have a plan. (My goal, my plan.)
3. Blog posts in "Reads for undergrads and fresh grads" in the right side bar.
4. A conversation on the CPF and investing in stocks.
5. How to grow my wealth as I approach 40 years of age?