So what goals do I have in mind? What do I plan for? What do I want to be in my future?
Goals
23 years later: 42 year old (year 2040) - $1,000,000
15 years later: 35 year old (year 2033) - $500,000
12 years later: 31 year old (year 2029) - $250,000
7 years later: 26 years old (year 2024) - $100,000
5 years later: 24 year old (year 2022) - $50,000
1 year later: 20 year old (year 2018) - $10,000
Assuming a conservative returns of 5% per year, excluding capital gains. From playing around with excel functions, this is what I have in mind:
Wow.. now it seems a little bit tough here.
I've also increased my targets for this year slightly to $7,000 as well as setting another goal to achieve $10,000 before my 20th birthday (by 1H2018). As a male in Singapore, I'll be conscripted to the National Service next year. This will definitely be something memorable. Keeping that in mind, with the allowances, it will restrict me slightly for my injection in 2019 and 2020 when I'm serving the army.
I understand that this goals are pretty far stretched and looks very unrealistic. However, I'm still giving it a go, and work towards my targets. Should the investment turns other way, it will also means that I will need a longer time frame to achieve my goals. Understand with the inflation, it will possibly mean that the $1,000,000 may not mean the same as the $1,000,000 today.
Fingers crossed....
