DOUBLE YOUR MONEY! 👊👊 GROW YOUR MONEY FAST!
Money is a game and there are certain rules and shortcuts to double your money. Calculations to help you #growmoneyfast
If you have $10,000 and want to #doubleyourmoney (View 1:17)
Firstly focus on increasing your income. You need $833/m to double your money in 1year and grow your money fast!
A) Side hustles like tuition are very lucrative. Grabfood is an easy alternative.
B) Start a side business.
My recommendation is to match it to your core skill set.
C) Work MORE Overtime (OT)
When you up your income, you'd need to up your savings. Use dining apps to save you money.
Look for dividend paying credit cards and earn sum cashback
Read article: https://www.theastuteparent.com/2018/...
Read articles on bank accounts mentioned:
1) Why I choose Stanchart JumpStart over DBS Multiplier!
https://www.theastuteparent.com/2020/...
2) Should I Choose DBS Multiplier Or stanchart Bonus Saver? (Updates For 2020)
https://www.theastuteparent.com/2020/...
3) Why I Choose OCBC 360 Account over UOB One Account! (Updates For 2020)
https://www.theastuteparent.com/2020/...
If you have $100,000 (View 6:24)
$100,000 is a pivoting point.
Saving 20% (with a starting pay) and investing it well would still get you only $50k at age30. Hence the solution is to save MORE THAN 20%
Take note of lifestyle creep.
Also watch this tutorial for 50/30/20 rule: • Beginner's Guide To The 50/30/20 Rule 😎 Fo...
Useful articles from points mentioned in the video:
1) SRS guide by Josh Tan: • 5 Min Guide On Supplementary Retirement Sc...
Invest $2000/m, invest it for 3years at 7%, you can get to the $200,000 level.
Saving on taxes starts to become important.
In this category, focus on income+ savings + investments
If you have $1,000,000 (View 11:34)
In this category, the focus mainly on investments. And invest it properly.
Hire the right professionals to help you in managing your wealth.
To double your $1m to $2m, invest 7% for 10years.
To double your $1m to $2m, invest 5% for 14years.
Sources:
https://mothership.sg/2020/01/singapo...
https://www.straitstimes.com/singapor...
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About Josh:
Josh holds a degree in Accounting.
In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips to help you kickstart your journey towards financial freedom.
As a ChFC charterholder, Josh has agreed to be bound by the ChFC®️/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video. No products were advertised.
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