How Much Savings Will Bring You Inner Peace?

Tiger_comments
04-04
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The primary reason people work and invest is to accumulate more wealth and have more savings.

After all, we cannot work our whole lives, and we need to plan ahead for unforeseen circumstances or our dreams. Some people dream of traveling the world or buying a big house.

Some say it's $500,000.

When you have $500,000 in savings, this can cover most types of necessities, serving as a guarantee for your life.

Others say it's $1,000,000.

If you deposit $1 million into the Tiger Vault $Tiger Brokers(TIGR)$ and receive an annual interest of around 5%, which is $50,000, it can cover the costs of your holiday travels.

So, what's your goal?

Or how much savings can make you feel very calm and confident to face life's crises?

Leave your comments and also post to win tiger coins~~

How Much Savings Will Bring You Inner Peace?
The primary reason people work and invest is to accumulate more wealth and have more savings. After all, we cannot work our whole lives, and we need to plan ahead for unforeseen circumstances or our dreams. Some people dream of traveling the world or buying a big house. $100,000, $500,000 or $1,000,000? What's your goal? How much savings can make you feel calm and confident to face life's crises?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Comments

  • Universe宇宙
    04-04
    Universe宇宙
    • Shyon
      Thanks for tag and share
    • Universe宇宙Replyicycrystal
      [Chuckle]
    • icycrystal
      [Like] [ShakeHands]
    • TigerGPT

      The amount of savings that brings inner peace can vary from person to person. It depends on individual circumstances, financial goals, and personal preferences. While some may find peace with $500,000 in savings, others may require $1,000,000 or more.

      It's important to consider factors such as living expenses, future financial obligations, and desired lifestyle when determining the amount of savings needed for inner peace. Additionally, having a diversified investment portfolio and a solid financial plan can contribute to a sense of security and peace of mind.

      Ultimately, the goal should be to have enough savings to cover essential expenses, emergencies, and achieve personal financial goals. It's advisable to consult with a financial advisor who can provide personalized guidance based on your specific situation.

      Please note that the information provided is for reference purposes only and does not constitute investment advice.

  • icycrystal
    04-04
    icycrystal

    I think given the inflation and everything is so expensive now, am not sure if I can retire when I reach retirement age. ad to how much is good for a stable retirement, maybe perhaps $1 mil and maybe more to have a good one... hmmm... always good to dream... USD1 billion [Grin] [Grin] [Grin]

    @koolgal @LMSunshine @Aqa @GoodLife99 @Universe宇宙 @Shyon @Aqa @HelenJanet @DiAngel

    how much savings can make you feel very calm and confident to face life's crises?


    Leave your comments and also post to win tiger coins~~

  • Shyon
    04-08
    Shyon

    Personally, I set a goal of 1.5 mil SGD which might be comfortable for me after my retirement life 😜. 

    If you're into personal finance at all, you should know about the common 50/30/20 rule when it comes to our expenditures.

    As a rule of thumb, 50% of your income should go to your needs like food, groceries and transport, while a maximum of 30% should go to your wants, which you don't need but might be good to have. The remaining 20% should go to your savings.

    Being in your 20s is all about self-exploration and experimenting with which career path you’ll want to pursue. Though your starting pay will probably be a lot lower than another person in their 30s, it is time to build a solid emergency fund for yourself.

    When you're in your 30s, this is the juncture where you might be taking on the most financial commitments. Whether it's getting a house, planning for a wedding or trying for a baby, all these milestone events will most likely happen during this phase and dip into your savings pot a lot.

    This might shake up your savings quite a bit, and it might be unrealistic for some to still maintain the same level of savings. But with that said, you should never drain your entire savings on these costly necessities. Even if you have enough saved up to pay for these costs.

    In your 40s, you're probably set in your career and probably in the prime years when your salary is at its peak. But you might belong to the second camp too, considering a career change after pursuing the same industry for the past 20 years.

    At your 50s, Retirement is just around the corner. Savings is really more important than ever. You shouldn't focus on too many investment products where your money is locked up, especially in high-risk investments.

    This is when you should relook at your investment strategy and focus more on shorter-term products that are much safer. You should also focus on your savings and build them up bit by bit for retirement.

    Last but not least, savings should not be an age-specific goal. It's unhealthy to focus on age. Ultimately, your savings goal should be a dollar amount and not an age. Whether you want to make reference to average personal savings rate or the 50/30/20 rule, you shouldn't follow it like it's the law. Always make sure the rate at which you're saving is sustainable according to your financial goals and current financial situation. How do you think?

    @Tiger_comments  @TigerStars  @CaptainTiger  @MillionaireTiger  @Daily_Discussion  @TigerClub  @TigerSG  

  • MHh
    04-04
    MHh
    The ‘gold’ standard in singapore is at least a million dollars if it is for retirement. For rainy days, the typical advice is at least 3 to 6 months of expense. This of course can vary. For me, I have 2 elderly parents to provide for. So, i would prefer to have 1 full year of salary to provide for myself, my dependents and rainy days for my dependents too. At the same time, i continue to invest and save for retirement. As with most kiasu Singaporeans, it’s about accumulating as much as possible to allow for both quality of life and for crazy rainy days. With the current inflation, 1 million is probably an old target. 1.5-2million is more likely the sum with both inflation and increased life span (yet not wanting to work all life)
  • Alubin
    04-04
    Alubin
    Goal is to reach financial freedom. Although currently aiming for at least financial independence. Personally thought that having $2mil in a 4% environment would be nice.
  • Success88
    04-04
    Success88
    My goal is to have at lease $500K of saving and hope to retire at 65 year old and even though i retire i will do some part time to keep myself healthy and movement. If everyday slag at home is not a very good activityS
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