In my early working years, I forced myself to invest more than 50% of my income. Internet and investment platforms such as Tiger brokers wasn't available so I went through the banks' ILPs. My idea at that point in time was that I can't touch the money in ILP so it acted as a forced savings for me.
I had 3 ILPs with varying maturities and varying amounts. At one point I was investing 1k sgd a month, leaving only 400 for daily expenses.
10 years after I started the ILPs and maturities, I realized that the fees in the ILPs ate up a lot of the returns. However, in hindsight, I did have a good amount saved up through this method.
After that and through a lot of trial and error, I have revamped my budgeting and investing style.
About 50% goes into my monthly investments through different platforms.
Another roughly 30% goes to high yielding semi-liquid funds and fixed income like the money market ones that Tiger Broker has.
The rest would be towards my expensea, if there is any left overs, I will put them toward high yielding semi-liquid funds.
I also allocate a very small amount every month to Cryto.
Time is really one of the best compounder provided we are consistent and know when to cut losses.
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- icycrystal·05-11thanks for sharing1Report