SINGAPORE: A 25-year-old man who saved his “first pot of gold” wrote that he was more confused than ever as he did not know what to do with the money.
In an anonymous post to popular confessions page SGWhispers, the man — who “saved 100k” — wrote that he was “Not sure where to share because want to be confidential as possible, but I managed to save what many people call ‘the first pot of gold'”.
He said that he did not want to show off but added that he just wanted a space to say it out loud as he did not trust his friends or family.
“I am 25, I didn’t go uni, worked hard as an employee, no business or side gigs. I saved everything by budgeting and not spending on luxury as much as possible. Problem now is what do I do with this money?” the man asked.
While many advised him to purchase property, he said that he was not eligible to buy many of the more affordable options and could not buy a BTO flat because he did not have a partner.
“I’m also not looking to splurge on luxuries like condo or car or anything. I can save more money but I’m at the point where I don’t know why I am saving. I am also scared of scams so have been secretive about my finances”, he wrote.
“I thought after hitting the goal I can feel some sense of relief, but I am more confused than ever”, the man added.
Here’s what netizens who commented on his post said:
Last year, online users cross-checked a financial website’s calculations after a netizen shared statistics on the alleged average savings Singaporeans of different ages have. According to the calculator, Singaporeans who have reached 30 years of age should have an average of $71,000 in savings.
“There’s an article that calculates savings one should have by age based on median salary,” a netizen wrote early in the week. “It says most people save around 30% of disposable income.” The financial question was posted on an online forum called Ask Singapore.
The online user then asked Singaporeans if they think these calculations are accurate, adding, “For me, I find it quite close.”
Read the full story here:
Singaporeans should have S$71K in savings by age 30? — Netizen asks if financial website calculator is accurate
Send in your scoops to firstname.lastname@example.org