Goal

Personal Goals!

I have several personal goals that I wanted to achieve before I hit 45 years old. Just a brief background, I just worked for less than a year and I am in the Information Technology sector, thus, I have very minimal clue when it comes to finance and building up my own savings not to say passive income.

I spend some time to plan my route map for 30 years, and I hope to achieve a reasonable amount of passive income and have the capability to build my own home (family).

I started work last year, thus, I will start laying down my route map at 30 years old as the starting point. My first starting point will be at 30 years old.

Updated: 11/10/2016

Before 30 years old expenses
  • Wedding Expenses: $30,000
  • Furniture: $6,000
  • Condo Down Payment: $150,000
  • Salary: $4,000
30 years old (23rd December 2018)  
  • Salary of SGD$4500 and above 
  • OCBC/UOB Savings of SGD$30000
  • Stocks: SGD$5000
  • SSG Bond: $5000
  • Joint Saving Account: SGD$4900 ($100 per month)
  • Children Saving Account: SGD$200 ($100 per month)
  • CPF: SGD$22,000
  • Total Passive Income: SGD$800 per year (Inclusive of CPF Ordinary Account Interest)
35 years old (23rd December 2023)
  • Salary of SGD$6000 and above 
  • OCBC/UOB Savings of SGD$110,000
  • Stocks: SGD$30,000
  • SSG Bond: $20,000
  • Joint Saving Account: SGD$10,900 ($100 per month)
  • Children Saving Account: SGD$6200 ($100 per month)
  • CPF: SGD$20,000
  • Total Passive Income: SGD$3,500 per year
40 years old (23rd December 2028)
  • Salary of SGD$7300 and above 
  • OCBC/UOB Savings of SGD$110,000
  • Fixed Deposit: $100,000
  • Stocks: SGD$100,000
  • SSG Bond: $30,000
  • Joint Saving Account: SGD$49,900 ($150 per month + add in monthly savings)
  • Children Saving Account: SGD$15,200 ($150 per month)
  • CPF: SGD$45,000
  • Wife purchase another condo for investment.
  • Total Passive Income: SGD$10,000 per year
45 years old (23rd December 2028)
  • Salary of SGD$8000 and above 
  • OCBC/UOB Savings of SGD$110,000
  • Stocks: SGD$250,000
  • SSG Bond: SGD$20,000
  • Joint Saving Account: SGD$50,000
  • Property Saving Account: $90,000 (For payment for condo)
  • Children Saving Account: SGD$50,000 - For Education
  • Children Saving Account 2: SGD$30,000 - For Personal Saving
  • CPF: SGD$8,000 - due to paying condo interest
  • Wife condo renting: $2.5K per month
  • Total Passive Income: SGD$34,860 per year

50 years old (23rd December 2033) - wife retired
  • Salary of SGD$8200 and above 
  • OCBC/UOB Savings of SGD$110,000
  • Stocks: SGD$350,000
  • SSG Bond: SGD$50,000
  • Joint Saving Account: SGD$50,000
  • Property Saving Account: $490,000 (For payment for condo)
  • Children Saving Account: SGD$50,000 - For Education
  • Children Saving Account 2: SGD$50,000 - For Personal Saving
  • CPF: SGD$8,000 - due to paying condo interest
  • Wife condo renting: $2.5K per month
  • Total Passive Income: SGD$40,000 per year

55 years old (23rd December 2033)
  • Salary of SGD$8200 and above 
  • OCBC/UOB Savings of SGD$110000
  • Stocks: SGD$150000
  • SSG Bond: SGD$100,000
  • Joint Saving Account: SGD$150,000
  • FD: $150,000
  • Property Saving Account: $290,000 (For payment for condo) - purchase one bedroom condo (Full payment)
  • Children Saving Account 2: SGD$80,000 - For Personal Saving
  • CPF: SGD$8,000 - due to paying condo interest
  • Two condos: $4K per month
  • Total Passive Income: SGD$63,000 per year
60 years old (23rd December 2033) - retire at the age of 60 years old, after I collect my last bonus
  • Salary of SGD$8300 and above 
  • OCBC/UOB Savings of SGD$110000
  • Stocks: SGD$150000
  • SSG Bond: SGD$100,000
  • Joint Saving Account: SGD$150,000
  • FD: $150,000
  • Property Saving Account: $290,000 (For payment for condo) - full payment for wife's condo and purchase one bedroom retirement condo
  • Children Saving Account 2: SGD$80,000 - For Personal Saving - release to children
  • CPF: SGD$8,000 - due to paying condo interest
  • Two condos renting: $5K per month
  • Total Passive Income: SGD$80,000 per year


The passive income did not include my wife portion, so certainly we will have more than what I stated here right now. 

6 comments:

  1. Nice Goals James! On your way to becoming a rental property owner.

    ReplyDelete
    Replies
    1. Thanks! Aiming for two condos and one HDB. Renting two condos for passive income and hope everything can be as smooth as I plan.

      Delete
    2. How do you intend to have one HDB when you are going to pay for a condo down payment before 30 years old?

      Delete
    3. Hi Ruby,

      That was previously when I was thinking to purchase resale HDB before purchasing condo (would require my fiancee to sell her one bedroom condo). However, our target changed as my finacee and I think that we should go for condo so that each of us will have one condo each (she can rent out her one bedroom condo and we can stay in my two bedroom condo). This will help to escalate our goal of financial freedom.

      Sorry for the confusion.

      Regards,

      James

      Delete
  2. Are you only planning for 1 child and not more ?

    ReplyDelete
    Replies
    1. Hi Roy,

      It really depends, of course I would like to have two to three kids. But have to depend on the situation. Sometimes you get it, sometimes you dont. So it really depend.

      Delete