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Thread: How to Acheive Your First $100,000?

  1. #1
    Join Date
    Jan 2008
    Posts
    250

    Default How to Acheive Your First $100,000?

    I always wonder how can one acheive your first $100,000 let alone your first million. I recently met a fanancial guru and he shared with me this.

    Pay Yourself First. This is the No. 1 rule/step to Riches.

    Pay yourself literally means putting aside a fixed amount to your savings account. Take for example, every month you need to pay your credit cards, your house loan etc, let your savings account be the first that you should paid to every month. This should help you to accumulate some wealth.

    After one has savings, the next step is make your money Grow through investing in Singapore stocks and property. However be very careful or else you get burnt. Always study the potential of the stocks and property through reseach of professional advise. Never be in a hurry to jump into any.

    I hope i can start to accumulate my first $100,000 through this theory in the next 4 years.

    Eileen Lim

  2. #2
    Join Date
    Jan 2008
    Posts
    127

    Default

    hi eilleenlim,

    i was just sharing on another thread about savings. in singapore, we are basically feeding from hand to mouth, let alone savings enough. i'm not saying it can't be done but minimal. we must really forego alot in leisure and only spent on necessity in order to be able to put a substaintial amount in our savinds account. i have been working for almost 10 years and i hardly got any savings but thank god i have a hubby who earns quite a bit. i started to save now putting aside about $250 a month but how long more to go before we can see our first $100,000.

    ju

  3. #3
    Join Date
    Feb 2008
    Posts
    393

    Default

    I am not a strong believable of saving - cause you put your money in the bank you get miserable interest.

    It is good to have what i call spare cash, that i do not call it saving. Putting aside some $50,000 spare in the bank is good.

    I believe in wise investment. A good investment has a return of between 10 to 20% per annum.

  4. #4
    Join Date
    Jan 2007
    Posts
    164

    Default

    Alamak JuJu, cannot just save $250 a month la. I think you should get your hb to saving at least 20% of income. Monthly instalments, towards house, car etc should not be more than 50% of income. Say for income of 5K, 30% is $1500 which is enough to feed a family of four liao lor. So can still save 20% right? And instead of 30+ years to save $100K, it now just takes 8 years

  5. #5
    Join Date
    Jul 2008
    Posts
    52

    Default

    meow! meow!

    $$ keep for what! money cannot eat.

    better think of making money than saving money.


    witty cat feels rich $$ - lick! lick!

  6. #6
    Join Date
    Jan 2007
    Posts
    164

    Default

    Alamak kitty, you need enough savings before your investments can give you significant returns la

  7. #7
    Join Date
    Sep 2009
    Posts
    118

    Default

    Quote Originally Posted by eileenlim View Post
    I always wonder how can one acheive your first $100,000 let alone your first million. I recently met a fanancial guru and he shared with me this.

    Pay Yourself First. This is the No. 1 rule/step to Riches.

    Pay yourself literally means putting aside a fixed amount to your savings account. Take for example, every month you need to pay your credit cards, your house loan etc, let your savings account be the first that you should paid to every month. This should help you to accumulate some wealth.

    After one has savings, the next step is make your money Grow through investing in Singapore stocks and property. However be very careful or else you get burnt. Always study the potential of the stocks and property through reseach of professional advise. Never be in a hurry to jump into any.

    I hope i can start to accumulate my first $100,000 through this theory in the next 4 years.

    Eileen Lim

    all the best in your journey to great wealth. how's it going thus far?

  8. #8
    Join Date
    Sep 2009
    Posts
    68

    Default

    playing with stock is risky but pretty fun is u have money to spare. if u do it right, u may very well surpass the 100,000 threshold. keep your mind on it and its very possible

  9. #9
    Join Date
    Sep 2009
    Posts
    118

    Default

    wow. thats fantastic. u guys are so positive. how i wish i had such tenacity. well, i guess u will never know till u try. i'll throw my hat into the mix. i wanna have my first 100k too

  10. #10
    Join Date
    Sep 2009
    Posts
    94

    Default

    Quote Originally Posted by vincehu564 View Post
    wow. thats fantastic. u guys are so positive. how i wish i had such tenacity. well, i guess u will never know till u try. i'll throw my hat into the mix. i wanna have my first 100k too
    Me too! I agree with most of the things you all say...firstly, it's so hard to accumulate a significant amount of money if we save only few hundred a month...i also agree, we need to pay ourselves first...the problem is i can't make my money grow fast enuf...sad-ed

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