INTRODUCTION

A 30-year-old man recently took to a popular Facebook group to share his financial journey, revealing he has managed to save S$70,000 in liquid assets along with an additional S$130,000 in his three CPF (Central Provident Fund) accounts. Despite this accomplishment, he expressed curiosity about how many of his peers, particularly those in their mid-30s, seem to accumulate over S$300,000 by age 35.

HIS FINANCIAL JOURNEY

In the post on the NUSWhispers Facebook page, he explained that he has been working diligently for the past three years and has made a concerted effort to save since graduating. His liquid assets, which include cash and stocks, are a testament to his commitment, yet he feels his achievements pale in comparison to those aiming for ‘FIRE’—a financial independence movement that has gained traction in recent years among millennials.

FIRE MOVEMENT: A GROWING TREND

The FIRE movement encourages individuals to save aggressively and invest in order to retire early, often encouraging a frugal lifestyle to facilitate rapid wealth accumulation. This philosophy has inspired numerous Singaporeans to rethink their relationship with money and their future goals.

A COMPARISON IN ACCOMPLISHMENTS

Despite his feelings of inadequacy, he is proud of his discipline and is grateful for the financial foundation he has built so far. However, the stark contrast to his friends, many of whom reportedly boast over S$100,000 in liquid assets, prompted him to question the secrets behind their financial success.

COMMUNITY SUPPORT AND FINANCIAL ADVICE

Responses to his post ranged from congratulatory messages to practical advice. Some users encouraged him to keep striving towards his goals and reminded him that personal financial journeys are unique and shouldn’t be compared. One insightful commenter broke down the math, noting that achieving S$300,000 in ten years would require saving S$2,500 a month—highlighting that it’s not an impossible feat if one avoids unnecessary expenditures.

Others suggested turning to financial groups for guidance on investment strategies and savings plans. However, a thought-provoking comment questioned the value of amassing wealth solely for the sake of hitting monetary milestones. 'What’s the point of hoarding all these cash/assets?' they asked. 'Money is just a number/piece of paper. It’s useless until you translate it into goods and services to enhance your life.'

FINAL THOUGHTS: A PATH TO FINANCIAL WISDOM

As Singapore grapples with rising living costs and economic fluctuations, stories like this highlight the ongoing dialogue around financial literacy, saving habits, and the pressures many young people face. For those on similar paths, the questions around saving, investing, and the purpose of wealth only grow more complex. As our protagonist continues his journey, he will likely find that personal finance is not merely about numbers, but about aligning these numbers with one’s life goals and values.