"I gotta earn (at least) $23900 a month…"
10 years ago, I recall a conversation with a friend, and a remark he made was, "Sherman, our best chance of having 1 million dollars in our bank account has to be done before the age of 40, before our energy and drive runs out, family commitments come in…"
That memory comes back to me every now and then…
Imagine saving $100,000 a year, then it takes 10 years to save $1 million dollars..
And in order to save $100,000 a year by allocating a sizeable chunk that is 50% of our income, an aspiring 30 year old Singaporean male (a singaporean male's career normally takes off at 30 years of age taking into account National Service and further studies to be competitive in the market place) would need to earn approximately $200,000 if a "comfortable" lifestyle is desired along that journey of having $1million in cash and investments.
How did I come to that figure in my mind?
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