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4 hours ago
didn't read this article but if $110K by 21 years old, not so unbelievable he gets to $20K per month income because his account size might increase very fast but probably not from just investing alone. he may be adding to account size from other means.
ReplyDeleteanother consideration is maybe that is just a BHAG.
21 yrs old can get 110k? maybe father mother give 1 leh
ReplyDeletejust come out from army woh, that age ...
nowadays our youngster's parent very rich 1 ok
buy house also parents give money to buy u know ? :)
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Deletei bought the sunday times and skimmed the article.
Deleteif you read the article, having $110K at 21 for him is not surprising.
his goal of $20K per month probably might not be from just compounding his existing assets but include additions from future income.
(I really dislike this series by Sunday Times because sometimes they feature underwhelming subjects and some of the writing can be really misleading. there are times I enjoy dismantling the bs the interviewees dish out to the reporter and can spot the naviety of the reporter. but I don't get that sense here.)
by the way, assi and lady you can be free also got to their current account size to generate the existing dividends with a HUGE dose of contribution from their active savings from their active income. lady has a sizeable income, assi got a decent income too and a good leg up from property investing from the last trend up, not to mention his really frugal ways (he writes extensively on that in his blog too.)
so this young chap probably aiming for $20K per month not just from compounding his current $110K.
the main thing I would disagree with in the article though is the idea of passive income.
also jimmy might not be wrong - the article wrote that the kid at 19 (he is 21 now) calculated that after his university graduation in 2019, his family savings would have just been $60K.
Deletesince his father is already deceased and his mother 63, got dementia, it stands to reason his calculation of the final $60K at graduation would have included his father's inheritance and their spending over the years.
not too unbelievable that his army regular father who died 11 years old at 50 years old would have left something significant for his family (SAF regulars are paid comfortably, not well but at least comfortably.)
as I read his background, a kid at 19 years old with a parent suffering from dementia (costs are high - dementia is very scary and i believe no less traumatizing for the patient than cancer), a dwindling family 'fortune' (they downgraded from 5 room to 4 room too), taking charge at 19 years old and now at 21, also starting up 2 businesses (modest ones) and putting in the effort to be financially aware,
I think this kid has some quite admirable qualities!
which of us in the post baby boomers generations can say we took charge of our family's well being (and thus saving our own asses in the process too) at age 19?
I know people who are self made millionaires at 21, they started at age 16-18, putting in the physical hard work and running sales by putting down their egos and thickening their skin.
honestly, it is much much more faster in the modern day with the efficiencies in place, you have 26 yr olds starting clothing lines and people running a website earning $500K in a year.
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DeleteMost become really rich from running businesses or selling away their business.
DeleteRich Dad Poor Dad: ESBI
DeleteFor investment, has to be leveraged gains to become really rich e.g. properties
"For investment, has to be leveraged gains to become really rich e.g. properties"
Deleteif lucky and gutsy, yes.
"people running a website earning $500K in a year."
ReplyDeletewell those people *TRS* who earned money via hate mongering are a bad role model
but i think you get the point on businesspeople being able to run a profit much faster nowadays.
Not only from investment I guess. Perhaps he would get people to run his businesses, buy other income generating assets etc to try and achieve that 'passive income'?
ReplyDeleteOr another possibility - editor typed one more zero behind? lol
CW,
ReplyDeleteLOL!
If you guys are questioning the "realistic" part of the SMART goal setting, then its still Ants lah!
Got small itsy bitsy tiny black ants; got giant fiery red ants.
Small ants; small goals. Big ants; big goals?
Not all ants are created equal ;) (Yes, that's how you make ants fight amongst themselves!)
The grasshopper is amused.
That's the strength of youth! You don't know what cannot be done!
(Try telling Bill Gates, Steve Jobs, Mark Zuckerberg that their dreams/goal settings were "unrealitstic" when they were in their 20s)
Grasshopper is cheerleader.
Go do it! Crash got sound!
agree, whats wrong with dreaming big especially when you just 21?! i think i was aiming at castle when i was 21 haha...
ReplyDelete20k a month by 28 is not unachieveable if you put a lot of trading into it.
Now we know why many people are turning to trading. $20K per month is not unachievable. :-)
Deletecoconut,
ReplyDeleteYou have to "draw snake add legs"...
Could have stopped at "haha".
Rule no.1 in the art of poking: Never show our soft underbellies!
LOL!