SINGAPORE: Many Singaporeans aim to hit $100,000 by the time they turn 30, but is this goal still relevant today?
One Singaporean recently posed this question online after noticing that “everyone” he encounters online seems to have already achieved $100,000 even before reaching 30.
“It seems most people are already earning high salaries the moment they step out of school and getting near or past 100k even before turning 30,” he wrote on r/Singaporefi.
“… with rising wages and inflation, is this age-old financial advice becoming outdated?” he asked.
In the comments section, many Singaporean Redditors were quick to dismiss the idea that everyone in their 30s has already reached this financial milestone.
They pointed out that just because some individuals on the internet or Reddit boast about their financial successes doesn’t mean everyone is financially secure.
Additionally, they noted that individuals facing financial challenges or having lower incomes typically do not share details about their salary, investments, or savings online.
This means that the observation made by the Singaporeans doesn’t accurately represent the entire Singaporean population in their 30s.
Moreover, they gave some solid advice to the Singaporean: always take what he sees or reads on social media with a grain of salt, especially regarding money matters.
They reminded him that not everyone is completely honest about their finances and that social media often sugarcoats reality.
One individual said, “You got access to everyone’s bank account statistics meh? How do you know most people. Don’t let social media alter your perception.”
Another commented, “Nothing on social media is representative of anything.”
Several others also commented that the $100,000 benchmark is flawed because everyone’s situation is different. For some, reaching $100K by a certain age might be doable thanks to a cushy job, low expenses, or strong family support.
But for others dealing with money troubles, lower-paying jobs, or family responsibilities, hitting that mark might seem like an impossible dream.
One individual stated, “Here’s a hot take. If you live at home and don’t have any expenses like rent, parents pay for most bills and don’t have any debt. $100k is not a big deal. So don’t think you’re ‘self made’. You’re just in a position of privilege.”
Another person also mentioned that the $100k benchmark is no longer relevant today due to inflation.
Based on Singapore’s Consumer Price Index (CPI) numbers, one would need around $114k in 2023 to have the same purchasing power as $100k in 2018, just five years ago.
He added, “There’re some things that are not captured accurately by the CPI too: like resale HDB prices and private residential prices, both of which have gone on a tear in the past five years.
These things affect those who’re aged 30 more than adults in their 40s.”
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