My personal financial goals

Seeing how hard it is to actually accumulate the amount of wealth needed to retire at 40 as an average working class, I think it is time for me to define my financial goals. Well, in fact, I’ve already defined them earlier this year, but I’ve decided to record them down in my blog so I can use it as future reference.

So here they are! *drumrolls*

  1. At Age 30, achieve a net worth of S$350,000.
  2. At Age 40, achieve a monthly passive income of S$3000.
  3. At Age 45, achieve a retirement portfolio of S$1,000,000. (and probably be able to retire)
  4. At Age 55, have no more financial obligations. And (fully) enjoy retirement!

I’ll refine the list as I go along.

These goals are important. They set a clear direction for me, and will determine if what I have been doing is working for me. I’ll come back to them frequently to track my personal progress.

That being said, I want to explain my goals in detail, and what I have achieved so far.

I graduated when I was 23 with a Bachelor’s degree. Starting with a relatively lower pay as compared to my graduating peers, it placed me in a disadvantageous position in accumulating more wealth as a fresh graduate. However, I still did manage to save a decent amount of money (although it could have been more – I succumbed to frivolous spending at one point of time in my life). After being in the working force for almost 4 years, I have managed to save on average $20,000 annually. If you’re an avid reader for other similar financial blogs, you will realize that this is not a difficult amount for a typical fresh graduate to save.

I was fortunate enough that my parents could provide me enough money for my education, and therefore was debt-free when I graduated. It may or may not be the same for you. From my own experience with my social circle, if you do have study loans to clear, for a local university degree (like NTU or NUS) with roughly S$30,000 of debt, you can easily clear it within 2 to 3 years (and maybe even less, it depends on how financially savvy you are) once you graduate. Try to clear all your debts ASAP. Otherwise, it would bite you in the ass someday. And it’ll be sooner before you know it. Trust me.

I started my investment journey in March 2016. More than a year has passed and I am still a noob. Like really. Do not seek advice from me about Mr. Market (yet). However, I would say that this past year has not been in vain. I caught myself doing way more research about investing. The do’s and don’ts, the different strategies, watching YouTube. I am hoping that this knowledge would be useful to me at some point. The real shit starts when I have to apply what I know.

Apart from my own personal savings, I have the CPF system. I use it as a powerful tool to plan for my retirement. Over the course of 4 years, my CPF accounts has amassed some amount of money and I am learning how to utilize this (complex) system to my advantage.

Lastly, I have an existing ILP which was bought wayyyyyy back in 2008 to initially serve the purpose of a savings plan. Back then when I was 18, I already thought about how I could do more with my own pocket money. But yeah, I’ll reserve this story for another day.  Anyway, it has a surrender value of a low 5 figure amount.

So here I am, now after 4 years, with a net worth of a low 6 figure amount. It ain’t much, but at least I know I am going to take action to reach my goals.

I still have 3+ more years to reach my first goal and milestone in my journey to financial freedom. Considering my current net worth, I have to multiply my money by roughly 2.5x to reach my goal! It may sound intimidating but hey, it’s a goal. I should try to reach for something that is a bit more challenging. Even if I didn’t achieve it, I shouldn’t fall too far behind.

In summary, I’m a 27 year old who thinks very much about the future. Maybe too much for my own good? I don’t know, but whatever it is, I hope that I enjoy the fruits of my labour in the (not so) distant future.

What about you? Do you have any financial goals?

Thanks for reading!

Miss Niao xoxo

Author: Miss Niao

Hello! I blog about financial matters and things that average people can do to have a better retirement. I want to inspire people to take control of their money and have a better understanding about it. If you are interested to know more, follow me @! :)

7 thoughts on “My personal financial goals”

  1. Hi there,

    Impressive savings you have and to be able to accumulate more than $100k at 27.
    Would like to read more of your articles.


    Liked by 1 person

    1. Hello Matthew! I know you as a guest blogger from AK’s blog. Thank you for dropping by! My results aren’t that impressive as yours. They include my CPF savings as well. With consideration, you should be my Shifu instead. ^_^


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