Advice needed on how 30 yo female can become self-made millionaire

kittenpie

New Member
Profile

30 yo tertiary educated female
Very fluent in English and Mandarin
Above average looks
No CPF
No excess cash, whatever balance now, prefer to keep as savings buffer
Annual income S$90,000
Present job - white collar OL. Future job - willing to consider sales.

Pls help her chart her route to become millionaire.

All helpful and constructive ideas are welcome.
 


thommy

New Member
thats a lot...about half of what u earn which is a good sign!

other than investing in stocks/property, can't think of others...how about setting up a biz?
 

kittenpie

New Member
setting up a business? no leh. 1) i dont know what to sell and i dont have a passion for anything that i want to sell. some people like to bake and sell cakes but i'm not like that. also, i want the thing i will be selling to be high margin, which is likely to be high-tech in nature which is not my cup of tea.

2) the overhead will kill me flat
 

kittenpie

New Member
i tried local stocks but my returns have not been glamorous. in fact, i just earned a couple of hundreds each time, how to get rich like that?
 

kittenpie

New Member
maybe i should have been more specific. become millionaire in 10 years.

also, not depending on handouts from parents or husband hor. achieve it independently
 

simpleman

Active Member
Annual is 90K. so Average monthly is 7.5K.
40% is 3K per month.

If you want to accumulate 1M in 10 years, just need investment vehicle of 20% per annum. that will land you: 1.128M in 10 years.

Two ways you can go:
1)
Buy a 1.+ million property - you should be able to take a loan over 25 years.. with monthly payment of 3K per month. And hope the property capital gain will be in excess of 1M over 10 years.

2)
But I would rather invest in equity. Direct investment in Stock market is too risky and time consuming. You can look for investment-link funds for fast growing market like India & China. I have funds in China/India and they are like growing at 50% per annum.
 

kittenpie

New Member
SM, currently im investing in the singapore stock market like a silly loser, earning pittance per transaction.

could you share the names of your funds or shall i PM you?
 

simpleman

Active Member
Investing stock markets need a lot of discipline and time as well.

Most people just buy and sell on market sentiments. You need to be very discipline.. yes, read the market reports, read the market sentiments.. but be discipline on your approach.

Stocks go up and down.. The key thing is do sell high and buy low.. Very simple fundamentals but most people buy when everyone is buying (high) and sell when everyone is selling (low). That is why most players will lose money.

I used to trade actively and speculatively 10 to 20 years ago. made bundles.. but also lost heavily during market crashes. I normally make money but I can't predict crashes or see it coming.. so years of gains can be wiped out easily in a single crash.

Nowadays, I prefer funds because they allow me to take a mid term view of 3 to 7 years. So I am investing more on macro level.. 5 years ago, I invested in China and India funds as I see their growth potential. It is the best investment decision I have made. I can see it grow again in the next 3 years.. although at a lesser rate.
 

simpleman

Active Member
Most of the funds are investment-linked and provided by insurance company or banks. If you have your regular insurance company, you can ask them for the funds that they managed. There are many many funds.. I chose funds that invest heavily in China/India.

You can also choose tech stocks in the US. Or Asean funds..
 

kittenpie

New Member
SM, for me whose resources now are limited and can only invest in either stocks or property now, what would you suggest?
 

simpleman

Active Member
Stocks or property.. it is your pick.. depends on your interest.. Property is more work..

I speculated in both stocks and property previously. If I have concentrated on property.. I would probably be worth much more than I am now. I was force to sell 1 property to pay for by lost in stocks during the 1998 crisis.

So right now.. for property, I would only invest for rental.. I pick old apartment/condo as they provide better rental yield than new condo.

For stocks, I steer clear except for some blue chips. I invest in equity-linked-funds for growing markets.
 

kittenpie

New Member
i can't share with you my occupation, but my job is desk-bound in nature and non-sales related.

how about you? how old are you and what is your profile? what type of job interests you?
 

kittenpie

New Member
7.5k per mth is NOTHING out there. on the streets, anyone pick will get someone who earns MUCH, MUCH more than this.

many Singaporeans are very rich. may just look ordinary on the outside but have wads of cash in the bank.

no CPF cause i cleaned out my CPF for HDB.
 

pinktweet

New Member
no true le .. median s'porean monthly salary (based on 2009's stats) is only $2.4k .. while average monthly salary is only $3.8k .. Your 7.5k is sure high high above average
 

sweeet

Member
"7.5k per mth is NOTHING out there. on the streets, anyone pick will get someone who earns MUCH, MUCH more than this"

pwah.. i would like to pick someone off the street who earns MUCH MUCH more than 7.5k too.. lol. FYI, 7.5k/mth is NOT nothing when the average salary in SG is much lower than this.
 

simpleman

Active Member
may,

Please let money accumulate in CPF and don't dump them for HDB. HDB interest rate is low so it does not make sense to dump all to HDB if possible. In fact you should dump as little to HDB as they allow.. of course when you a getting a HDB loan, they will need you to use your CPF.. but as a general rule, try to divert funds from CPF for other purposes other than HDB
 

pinktweet

New Member
i got the info from the little booklet given by MOM on "Manpower Statistics in Brief Singapore" le

even if it's $4k, also much lower than your 7.5k
happy.gif
 

susanna_low

New Member
May, I am 1yr younger than you and really hate my current desk-bound job. I like fashion, organise events, meet people and hopefully could find a job that I could look forward to everyday and not dreading it. Starting low is fine as long as I could get out of the current administrative jobscopes
happy.gif


Really envy those friends who could find good jobs, there's one who just joined a co which just expanded their business ventures into F&B and even got her a co car unlike me who's always unlucky in landing good jobs and getting from bad to worse instead.
 

miloice

Well-Known Member
Not all income are declared. The national average is only based on income that are declared. Officially, the avg pay is as such, but unofficially, many have more than one income source.
 

thommy

New Member
"7.5k per mth is NOTHING out there. on the streets, anyone pick will get someone who earns MUCH, MUCH more than this."

May, you are too humble...not many ppl on the streets earn as much or even close to what you are now. To think you are turning 30 only...must be a high-flyer right?

And yes, I'm older than you and my pay is much lower than yours...haha. With the amount you're earning, I reckon you have quite a lot of personal savings since you say that you save 3k per month?
 

vios

New Member
given your current background, a more suitable route to your goal might be property investment for now...
 

kittenpie

New Member
i hum dum my savings into singapore stock market with lacklustre return.

at first i thought stock market will help me get rich but guess i too naive.

so that is why im calling out for advice from everyone on this forum on how to be more successful.

im sorry if i offended anyone with my comment on singapore wages.

i dont have anything to be boastful about. im just a salarywoman who can be divorced at anytime. what im trying to point out is that singapore has a lot of rich people (and im far far below this people).
 

powder

Active Member
pinktweet, those statistics only based on certain peripherals... if u use it, u will be in trouble. as it is, the top paying job in spore shows it's specialist doctors... do u think they earn so little? in any case, i dun think i earn more than a doctor, so i definitely dun trust those statistics... there's at least 30-50 other jobs that pay much more.
 

mum_of_2_girls

New Member
Hi sm,

Why did you need to sell 1 property just because the stocks dipped in value?
You can just wait for the stock to go up again.

I'm not very good at picking stocks but if the stocks' value dipped, I just collect dividence and wait out till it raise again. No need to sell any property.
 

scope_guy

New Member
May Ong,

My intention is to maintain a $1,000 net profit a day, then $3,000 a day.

Clearly this is not a big figure mission, but to help you understand, it all is possible only with divestments and investments.

Try not to cheat and such. You can only plan but how things will turn up will depend on luck.

For people like us, our 'promotion' or 'wage increase' comes from setting up new profitable and manageable operations. See?

If a new business brings about a simple $2,000 income, which is very little, it's extra $2,000. Invest the $2,000, it'd become $3,000. And $3,000 can become $5,000... and so on.

For me and you may be different because I was all along a businessman's son, and I have an honors in finance, plus I was top sales for various companies for various products.

Your question here could be that you have kind of hit your income celling. You might be a property agent...

Stock market can make money. I easily made $10,000 from a $10,000 investment. To me now, it's just a number game. LOL~

Don't be envious about other rich people. Just be yourself, make your money when there are opportunities and most importantly... Don't harm the society in doing so. Just say, it's karma.

There is no such thing as more successful. And there is no need to look down on those who are less 'successful'. Many successes are backed by pure luck, or evil-deeds.

If you want to live like a human, go to temples or churches standing tall, sleep well and die without regrets, your attitude towards wealth must be correct.

$90,000 a year is nice. Why compare? Work for another 20 years, you'd be a millionaire. What are you going to do with a million bucks? Go to Las Vega5? Go to buy horse? Go to enjoy wasting money and look down on talented but stuck people? LOL~

"im just a salarywoman who can be divorced at anytime"

Or you can grab a rich old lusty man... wait for him to die and inherit his money.

But is that what you want?

I know many people play forex... they thought there is what wonder-ways, some made a fortune, many failed. And those who made fortune this way... many more failed overnight.

The question is not how to be more successful, but if you fall... will you climb back? Singapore has become... crazy for money. People don't mind go to hell while going to church if that means big money, they don't even care the methods.

Don't be like them.
 

miloice

Well-Known Member
Albee, probably the lack of cash flow with resources all thin out and tighted down? And if the valuation of the property falls beyond the max loan limit, they would request you to top up with cash. that is why it is really to take up max loan on your properties if you don't have cash to tide over it.
 

kittenpie

New Member
Stock market can make money. I easily made $10,000 from a $10,000 investment. To me now, it's just a number game. LOL~
=============================================
Scope, which stock you buy. which year/mth you bought and which year-mth you sell.

or you play with CFD or options or what?
 

simpleman

Active Member
albee,

I'm not very good at picking stocks but if the stocks' value dipped, I just collect dividence and wait out till it raise again. No need to sell any property.


This is not the right way of investing in stocks. If a stock value dip, you should ask if it will rise or dip further. If you think it will dip further, then better to sell than to hold on.

I sell property because I "contra" a lot.. means I bought millions worth of share.. but I don't have the millions.. so when it crash, I need to come out hundreds of thousands to settle..
 

miloice

Well-Known Member
that's pretty much the same as betting with credit on the bookies. Only when you lose, you have to come up with the cash. Different things but same principle.
 

scope_guy

New Member
May Ong,

In a way, the market does give me enough pocket money. LOL~ I can't tell you more; commercial secrets.

My rate of returns average about 300~400%.

But last year, I had a quarrel with Dad, and ventured into a bigger risk investment. Not my usual style, but I am willing to 'gamble' for once. That's only because I am like going to take over from Dad soon. See?

It's just for the thrill of it. LOL~

There will be risks no doubt. We usually buy by the chunks of 100,000 to 1,000,000 shares in one go.

But the real money is still in a proper business empire... See? Not sales, not nothing. Just solid operations and balance sheet for many years.

So what you made it with speculations? What will happen if you crush to nothing? See?

Do you know now why I refused to join the real estate? I am not to speculate with my life. I want something that has a basis to grow from. And the rest will be luck. For you...

I think you should not be so envious of the rich. They fall. All the time... rise and fall, rise and fall again... You're making a nice income, if it is just a million, just work for another 10 years if you have already worked 10 years.
 

mum_of_2_girls

New Member
Hi sm,

Will you lose your sleep when you play with contra?

Will it affect your family life?

I won't let the money making part affect my family time. I rather spend time with my family then watch stocks closely all the time.

Family 1st, Money 2nd.
 

simpleman

Active Member
albee,

NO. I never let my investment or work interfere with my private life or vice versa.

I guess that is the difference between men and women.

For me, I don't worry once I made the decision.

Watch stocks only during office hours..
 

simpleman

Active Member
Building business is hard-work. I started a couple of businesses.. they are money making but to me it is too much work. And then you need to accumulate your CPF, medisave as well.
 

bedokboy

New Member
I'm more curious about the real goal behind wanting to possess sgd1m.

For a normal person, assuming you are one, a good stock portfolio can only get you so far.

The way to go is still the stock market, but not by investing in it.

Rather, by getting listed. So, still have to go in2 business.

You have a good job pay-wise May. JD-wise since you are unable to divulge we can only hope you are just as happy too. Don't lose your day job!
 

simpleman

Active Member
ha ha as I suggested.. with above average looks.. might as well look for a rich bf since you are going to divorce soon..
 

mum_of_2_girls

New Member
Hi May,

For me, I'm not so good in property or stocks, our money come from the hard work we put in our business.

The money generate from hard work is more than property or stocks.

To us, property and stocks are just our side line.
 

kittenpie

New Member
fyi, my husband is supposed to be rich. ah hem, i mean, his lao peh.

if i can choose again, i will never get involved with someone whose wealth is not self-made.

but otherwise, the lesson taught me to never depend on anyone again.

i understand why some of you wonder why i seem to be so greedy. i don't deny i am. but a better word to use is ambitious and aspiration for self-fulfilment.

one thing i abhor - the use of religion for personal monetary gain. Buddha or Jesus were not materially rich. followeres should not use religion as a means to get rich. this issue has been in the news recently. i can't wait to learn more about the developments.

albee, i understand that successful businesses can be a cash cow. what does your business deal with?
 

powder

Active Member
May,

No i dun think u're greedy... in fact aiming pretty low based on your character profile thus far, from what i assess.

i would think that to make your 1st million in 10yrs, u should be looking at vehicles that offer this 1mil to u in a 5yrs spectrum, or at least 200k a year that u can save... 1million in 10yrs WILL NOT put the kind of drive in u to make that 1million... u will find that u fall short.

at 90k/anmnum, u are not an average-thinker nor an average-aimer... so your potential may be 5 times more than what u're currently at... and maybe more... u just need to find the vehicle to unlock it.

the reason why pple who start from ground (exclude those with good financial backing)... is becos they take a LONG time to realise that wanting 10k a month, is Not sinful nor greedy... in fact by the time they eventually reach 10k/mth, they realise that it does not make them any more above-average than the 6k/mth person. to actually have the financial power u expect at 10k/mth... u actually need at least 20k/mth... else expectations fall short.

for those without any such thoughts... sometimes best they dun even come into threads like these... cos Ignorance is REALLY Bliss when u do not have higher aims for material wealth and satisfaction. SADLY, once u've tasted certain luxuries... it's very hard to ignore... both u and i will get from jurong to changi whether or not we drive a corolla or a mercedes... why need to buy a merc? and Elle bag can carry as well as a Chanel, why a Chanel?

sometimes in life... it's not just abt the money... but some things just make u feel good, and make life so much worth living... that is the thing that drives us... Not so much to show, but to own to savour to fulfill.

u gotta re-align the 1mil in 10yrs... u will likely end with 15yrs becos we seldom make adjustsments for climate/econ factors... it is OK to get it earlier, not later... so dun plan too late. 1mil by 40 isn't anymore difficult than 1mil by 35. why aim lower? start exploring from here first...
 


kittenpie

New Member
regarding contra, it is also leverage, but leverage can cut both ways. it can make one very very rich, but it can also bankrupt people.

personally, i put up very very low limits for myself when i play contra. it still makes me frightened and excited to watch the stock price go up and down when i do it.

then as i do it, i wonder how it is different from gambling.

technical analysis, fundamental analysis. financial statements are historical information, may not even be factual. technical analysis is even more controversial. what is teacup? what is head-&-shoulder formation? sometimes i wonder if all those stochastics, MACD talk is just bullSh**.

i wonder if my risk-aversion is a female thing? are females generally more risk averse than men?
 

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