Investing Updates: Can You Still Become A Millionaire In Singapore By Just Earning The Median Salary

Source:

https://dollarsandsense.sg/can-become-millionaire-singapore-earning-median-salary/

ChatGPT:

Becoming a millionaire in Singapore remains possible — but not by saving alone. With the current median income at $5,500, a worker takes home around $3,888 after CPF deductions. After average expenses of $2,435, only $1,453 remains monthly. Saving this entire amount would take about 58 years to reach $1 million — longer than the typical 40-year career span.

To realistically achieve millionaire status, investing is essential. If savings earn 4% annually (similar to CPF’s Special Account rate), one can reach $1 million in about 31 years — achievable within a working lifetime. However, those investing in global equities (like the S&P 500, historically averaging 10% returns) could hit the goal in just 21 years.

Higher earners reach the milestone even faster. A PMET with a take-home pay of $5,061 or a degree holder earning around $6,000 could invest $3,565 monthly and build $1 million in 12 to 13 years, given a 10% annual return. This highlights the impact of higher education, income growth, and disciplined investing.

Additionally, CPF contributions — up to 37% of salary — compound wealth further if invested wisely. Ultimately, the article stresses that saving alone is insufficient in Singapore’s high-cost environment. To accumulate meaningful wealth, Singaporeans must start early, invest consistently, and increase earning potential. While $1 million today offers solid financial security, future inflation will reduce its purchasing power — reinforcing the importance of investing early and strategically to preserve long-term financial freedom.

Opinion:

Good information.

Portfolio Updates

It seems like portfolio updates posts attract more traffic to this blog.

Not sure why though. My investments are now pretty boring. 😂

Will try to update monthly and keep it simple, stupid (KISS) which gives the best results for an average investor like myself.

Still dcaing into VWRA to reach 60% target.

Predicting REITs to start recovering with upcoming interest rate cut.

Thus, adjusting CFA and CLR targets to 15% to allow more funds.

Breaking 500k feels like a milestone worth celebrating. But I feel nothing much 😜

The end goal never change. To retire well with spouse, relieve children from sandwiched class and live a simple hobbies life.

Portfolio Updates

Portfolio link : 𝕐𝕠𝕦 𝕆𝕟𝕝𝕪 𝕃𝕚𝕧𝕖 𝕆𝕟𝕔𝕖, 𝔽𝕖𝕒𝕣 𝕆𝕗 𝕄𝕚𝕤𝕤𝕚𝕟𝕘 𝕆𝕦𝕥 𝟙𝟘𝟙: Portfolio & Tools

It's been a while since my last portfolio updates.

Well... it's targeted to be simple so there shouldn't be many updates to begin with 😄

The goal is always the same. To achieve 1m - 1.5m from 55++ and convert most to dividends/interest payments in late life to fund retirement.

Let's brief through what's happened so far.

Portfolio Updates : 

On equities market, I've continued to DCA into VWRA bringing it closer to the target 60% allocation. But market has been hitting ATH frequently since liberation day, and so the logical steps were to top up allocations to "decent valued" CFA, CLR which I did a few times.

On crypto market, I've exchanged my remaining DOT to ETH when Altseason had a mini bull run. Turned out it was a wise move 😋. I'm left with BTC (70%), ETH (20%), ADA (5%), USDC (5%). I transferred more to Aave for USDC staking as the rates got better.

On cpf updates, I've added more into POEMs Amundi world etf. Endowus has not responded to POEMs entry into CPF OA investing. Perhaps the client shift is not significant.

On T-bills, bonds and cash mgt, I'm still replacing the expired T-bills monthly. The interest low is pretty low and so there's no need to add additional funds.

Overall, this portfolio is performing closely to the average S&P500 returns. Looking to streamline further over time (45, 50, 55, 60 age) to < 12 holdings.

Rewards Updates : 

On referrals, I've received more referrals from MooMoo, Interactive Brokers, etc. Thanks everyone for your contributions 😀. I'm still using mainly seedly, reddits for spamming referrals and social engagements to get referrals. This is the best setup for now as my time is in a balanced manner between family, hobbies and money making.

LifeStyle Updates : 

Nothing ground-breaking happening 😉

Same old 3 kids.

Same old football, tennis, video games and jogging hobbies.

Perhaps the biggest change is I've started refreshing the wardrobe due to wear and tear issues. There's many clothing that are worn from 5 to 10 years. Very loose, dropping all the time, etc. 😂