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Writer's pictureChloe Tay

How rich should I be by 30?

Updated: Jan 18, 2021

Many of us feel that turning 30 is a significant milestone, where we come to the end of our free-spirited 20s, and begin a new chapter. So how much money should we have in our bank, to show for our achievements in the entire decade of our 20s?


What’s the magic number?

According to a study, 6 out of 10 millennials in Singapore (aged 25 to 34) save over 20% of their monthly salary. With minimal financial responsibilities, our 20s is an excellent opportunity to grow our savings. Having a specific target amount is probably the easiest way for us to keep track of our progress. However, this magic number is unique to each individual because we all have different financial circumstances, and may also belong to different income brackets. Breaking the numbers down

This can be best illustrated through a case study: Jane turns 30 this year.


  • After she graduated from a local university in mid-2015, she has been working full-time with a starting gross salary of $3,300;

  • Her company gives her an annual pay increment that is in line with the guidelines from Ministry of Manpower (MOM);

  • She follows the 50/30/20 budget rule and saves 20% of her gross salary.


This will give Jane a savings nest of $43,200 which is equivalent to almost a year’s worth of her salary. After setting aside $12,000 as emergency funds, she will still have more than $30,000 worth of usable savings to allocate to the 3-4 categories that we touched on in the previous month.


There will be some of us who are out-saving the 20% benchmark of the survey results.

There will be some of us who are right on track.

There will also be some of us who are trailing behind, be it by choice or otherwise.

In fact, two-thirds of retirees interviewed in a Nielsen survey conducted in 2015 wished that they had started saving and planning for their retirement earlier. Similarly, in another Nielsen survey conducted in 2018^5, two-thirds of parents aged 30-55 years old, expected that they will outlive their savings and would not have enough to last through their retirement.


Regardless of how satisfied or disappointed, you are with your current bank balance, the past does not determine the future. Chloe will provide you with professional advice on how to better manage your cash flow, and how to optimize the returns on your savings.

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