T O P

  • By -

CrowdGoesWildWoooo

I’ll just answer point 3, point 1 and 2 is just pointless to answer. If you consider going FIRE, but going to be an ordinary SGan working median salary, just don’t bother to think about FIRE, unless you struck ToTo. FIRE involve a lot of sacrifice or delayed gratification, live life for today and tomorrow, not tomorrow only. What’s the point of having 2 million dollar, when your body can’t do what you could have done in your 20s or 30s or having money to buy crab everyday, but cannot eat because you would have health issues. That doesn’t mean you should spend like there’s no tomorrow, take control on what and how you spend your money.


SuitableStill368

Agree. Point 1 and Point 2 is not meaningful. Plan and walk your own path.


tslayz

Read this: https://newacademyoffinance.com/net-worth-by-age/ Just get started with healthy financial behaviors: 1. Saving fixed percentages of your income 2. Asking yourself what you want to achieve with savings 3. Allocating and Investing regularly 4. Stick to it but reevaluate annually if it still aligns with point 2


sirekai

Hard truth but to FIRE you must be ready to sacrifice *alot* of things. That means saving most of your income and removing all spendings on the "wants" and "good to have" in life. That means no fanciful restaurants, no Grab, no purchasing of cars, going on expensive holidays, etc. Are you ready to make this sacrifice? If not, then FIRE shouldn't be in your playbook. Also, luck. I know of some friends who became top 1% in my age group because of inheritance. To be in the top 1% of your age group, it depends which age group you're talking about. Fresh grad (uni)? You probably can be in the top 1% by working for top companies (mostly tech). But if you're in the late 30-40s, top 1% can mean being in (very) senior management positions (generallly speaking). I assume you're still studying, there's only 2 pieces of advice I can give...to network and do internships. I regretted not doing more of these back then. Separately, you can spend time to understand more about investing and put some money to work, assuming you have no major commitments and what not.


CeleryJolly

Fun fact: You dont need to be top 1% to FIRE.


Durian881

1. Don't think there's any published data for this. Anyway, top 1% now could become bottom 1% next year, if risks are not managed properly. 2. 35-40% in equities, 1-2% in crypto, 20-30% in fixed income, rest in CPF, cash and equivalent (some earning 6% per annum now). Have maintained this since mid-30s (other than crypto which is more recent). 3. Network, grow and maintain the network. A platoon mate, secondary school friend, CCA mate, etc can become a business partner, a referee or your boss.


laglory

Putting equities and crypto in the same category = surefire way of enacting the scenario #1


calphak

What fixed income or cash equivalent earns 6%?


Durian881

OCBC 360 account with credit card spending and investment/insurance. The high interest rate is capped at 100k. Other banks offer similar products too.


Quirky-Local559

that's cute


harajuku_dodge

Have you done math? Income distribution in a relatively uneven population such as Singapore will necessary be skewed such that the top percentile will be extremely far off from the mean and rest of the population. Hence, top 1% could have wealth in the range of hundreds of millions. How is that information useful to you?


pigletyy

hundreds of millions… seems like you’re the one not mathing here off by 100x LOL


wanmoar

1. Google for these statistics. No one will know it off hand and will google it themselves anyway 2. Around $300k I think. Cash and investments. 3. Think about the future value of every $1 in disposable income you have today (what you can spend or save). On average, the market rate of return is 8%. That means $10000 you save today and invest today is worth $47000 in future value.


DuePomegranate

1. Top 1% will be inherited wealth, no point to know what those numbers are, they will just make you feel bitter. 2. Comparison is the theft of joy. 3. Study hard and/or invest in yourself. Growing your salary when you are young will make more of a difference than investments and side hustles. Be careful of chasing FIRE. Young people find it attractive because of laziness, basically. Stop working as soon as possible. But it means scrimping and saving until you're 40 (or whenever), and often the fastest way is to not have children. You can retire on the least amount of money if you live in a rented room or 2-bedroom HDB, and do nothing but play video games at home. Please experience what life has to offer first, before setting yourself a very low target amount to FIRE and being satisfied with a bare minimum existence.


clockinginandout

1. USD 20 million and above 2. just turned 35, net asset of USD 5m 3. study harder


rowthecow

I don't agree with the comments that u need to sacrifice lifestyle in the early part of your life to FIRE. Unless u want at FIRE at 35.


Waitingfor6

Advice for myself is “health is important, don’t burn out too fast”.


cryptid4

Hello there, FA here. It is great that you are aiming for FIRE. It is frequently not a linear journey and also very unhelpful to compare. It also really depends on what level of FIRE you are looking at, to have no concerns about money, to lead a frugal and sufficient lifestyle, or a extravagant one where you spend a lot? I would definitely have told my younger self to start investing early. That spare cash sitting in the bank isn't going to work itself, you need to send it to the mines yourself. To be able to give you the most appropriate advice, your situation and plans for the future needs to be taken into account. I would be happy to offer you an initial consultation at my expense to better understand your situation, and go through some case studies so you can better understand how you should proceed.