Achieving financial independence in Singapore is possible but honestly, only a few it could be achieved by the population. This is because most of us are raised being taught that we need a job to survive and we’ll probably have to work till we are quite old. In the financial goals web page of my blog, the mark I set for myself is to accomplish financial independence by the age of 42. This is about 10 years from now as age catches up quickly unknowingly. 1 Million to achieve financial independence.
My way of financial independence is to invest and get enough investment income to substantiate my expenses indefinitely. A million dollars is the special spot in financial freedom. 1 Mil is impossible almost. 40, a year 000, it still takes 25 years to save lots of up that amount. 1 Million as compared to 50 years.
This is the power of substance interest where it effectively shortens enough time to attain the same financial focus on by about half. Few people will understand compound interest, as it will always be almost complicated for many people. This is why 90% of the population will continue to battle to retire even in later years.
Only the very best 10% of the high-income earners can retire easily because of the high savings they have even without investing. Ordinary people shall not make it if we have no idea how to proceed. While compound interest concept is so hard to understand, investing for dividends should be more familiar to most of us.
It is in fact still compounding at work but described in a more layman way. The concentrate is to continue saving and trading and getting stable dividends and one day we will just reach the financial target that we set out for. 1 Million in savings? Additional assumptions are the income increase by 3% every year, which I think is quite conservative as most of us would be able to earn higher income faster through campaigns.
The bonus is not included as well. 1 Million sweet spots. This person could develop his money because the dividends received could offset his expenses and in turn increase his additional savings significantly when he has more capital. 11,151 is contributing to his savings, which is significant quite. 2000 a full month. Now, this brings me to the 10-year financial independence target.
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If you go through the above scenarios, it could most likely apply to a couple who work towards a financial target together. If you’re already getting that amount of salary with the above investment capital, you’ll be able to achieve it yourself. It would take the time to digest the above mentioned numbers. 57,981 using 6% dividend yield.
5000 per month freely even without working at this time. This would be the required financial self-reliance, where quality of life continues to be quite alright. Achieving financial independence should start from good savings habit to accumulate a sizable investment capital. 200K focusing on investment shall make more sense. I am at the stage where I should be focusing more on investing and so producing more passive income through dividends is exactly what I am going to do.
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