Overview

In a candid post on the popular NUSWhispers Facebook page, a 30-year-old Singaporean shared his financial journey, revealing that he has managed to save S$70,000 in liquid assets and an additional S$130,000 in his CPF accounts. Despite this modest achievement, he expressed his curiosity about the strategies his peers have utilized to accumulate significantly larger savings—particularly those who have crossed the S$300,000 threshold by age 35.

Diligent Savings Journey

The anonymous man, who has been in the workforce for three years, is proud of his progress but feels that his savings don't measure up when compared to others in the financial independence community, commonly known as the "FIRE" (Financial Independence, Retire Early) movement. This trend, which gained traction among millennials in the 2010s, encourages individuals to save aggressively to free themselves from traditional work demands and enjoy life at a younger age.

Seeking Answers

He mentioned in his post that he looked up to others aged 35 and above who readily boast liquid assets exceeding S$300,000. Balancing his own financial situation, he noted, "After three years of being diligent, I can only manage S$70,000. How do those who are only a few years older than me achieve so much more?"

Community Reactions and Advice

Comments from fellow Facebook users ranged from congratulatory messages to words of encouragement. Many participants reminded him of the importance of setting personal goals without being weighed down by comparison to others. One user provided a simple breakdown: accumulating S$300,000 over a decade translates to a monthly savings goal of about S$2,500, advising that careful spending habits can make this target achievable.

Different Perspectives on Wealth

Other users offered practical advice, encouraging him to seek insights from financial groups to better understand wealth management strategies. However, an interesting perspective emerged from a user who questioned the purpose of amassing cash: "What’s the point of hoarding all these cash/assets? Money is just a number/piece of paper. It’s useless until you translate it into goods and services to enhance your life."

Conclusion

As financial literacy becomes increasingly critical, this discussion highlights the varied mindset towards savings and wealth accumulation in Singapore, particularly among younger generations striving for financial independence. With the FIRE movement gaining momentum, many are recalibrating their views on wealth—not just as means of security, but as a tool for crafting a richer, more fulfilling life.