Millionaire by age 45 is possible...

[Dennis Ng]

1 May 2010

My starting income is not S$6,000. My starting pay when I graduated from NTU Accountancy in 1993 was only S$1,500. My Average income for 15 years, or total income earned in 15 years (from 1993 to year 2008) was S$1.08 million, yet I managed to Grow my wealth to S$1 million by year 2008, excluding the Value of my house (a 5-room HDB flat).

Millionaire by age 45 is possible, in my case, I did it by age 39 in year 2008. I'm likely to reach my 2nd Million dollars by end of year 2010.

And if you want to learn "How to Save and Accumulate One Million Dollars", you can do so.

Typically full-day seminar might cost S$998 or more. We are offering Special Price of S$98 only (include over 100 pages of notes, 1 buffet lunch and 2 tea breaks. You can register and pay for the seminar by clicking this link:

http://www.masteryourfinance.com/web/in ... &Itemid=35

Date:_15_May_2010 (Sat)



Mon, Jan 18, 2010
AsiaOne


Millionaire by 45? It's possible if...

For a graduate couple in Singapore earning median salaries, the goal of becoming millionaires is not too distant, at least on paper.

That is, if they save a third of their income from age 25, and invest prudently to earn a modest return of three per cent a year. This does not include non-liquid assets such as property.

Singapore website salary.sg says that according to the Ministry of Manpower's report on wages 2008, the median salary for professional in the 25-29 age group is $3,416. Professionals in their late thirties can expect to earn a median salary of $5,048. According to this estimate, their combined income will range from $6,832 to $10,096, and by saving a third of their income every month, they can afford to invest between $2,277 to $3,365 a month.

The website claims, "suppose both of you started working at age 25, and always save and invest one-third of your income. If your savings and investments earn just a three per cent rate of return a year, you would have accumulated half a million dollars by age 37 and a full million bucks by age 45".

It also says that a couple who are both managers, earning a median salary of $3,860 a month, can become millionaires by age 39, if they save 40 per cent of their income.

Some netizens have reacted to this post with enthusiasm, while others were doubtful.

One commented that the hypothetical couple must have no children, while some said the blog post assumed that the couple suffered no financial setbacks such as failed investments, retrenchment or expensive medical treatments.

However, a financial adviser interviewed by Lianhe Wanbao agreed that by saving conscientiously and investing prudently, this is possible.

Financial adviser Mr Dennis Ng told Wanbao that low to medium risk investments can yield a three to five per cent return, so the assumption of a three per cent rate of return is relatively conservative.

"If they can invest shrewdly, such as putting a portion of their savings into high-yield stocks, then they can reach their target even faster, but this also entails higher risk."

Mr Ng says he earned his first million just 15 years after he started working. He started with a monthly income of $6,000.

"I agree that how fast you accumulate your first million is due to two main factors - how much you save and the rate of return of your investments," he said.

A poll on the site also asked readers how old they were when they accumulated $1 million in cash and investments. The majority - 50 per cent - said they have yet to reach that goal. Thirty-eight per cent said they had saved $1 million by age 44. However, it is not clear how many people took the poll.

One forummer nicknamed "lucky investor" shared that it was possible with the assumption that one's investments do well consistently every year.

"I am pretty sure many investors who placed their hard-earned savings with so-called professional fund managers over the last five years would still be seeing a loss, much less any profit. Worse-off are those who invested in structured deposits like credit-linked notes. One has to overcome market volatility, corporate scandals, financial crises and emotions, as well as have a bit of luck to succeed.

"Personally I have been quite fortunate in my investments over the past six years, and managed to turn $200,000 capital into $1.25 million through real-estate and stocks," he said.

Another forummer "Skeptical" shared that "my wife and I don't club, don't drink, don't smoke, don't drive, hardly shop and I have paid off about $60,000 of loan after five years. I am a month away from 31 years old and I don't even have $10,000 of savings to my name".

He also wrote that after graduation, he had to pay off study loans, spent an additional $22,000 on an MBA and purchased an HDB flat in 2007 at the height of the property market.


He concluded, "I too would like to save up one third of my salary but it really isn't too realistic if you would like to have your own place and your parents are too poor to help you with the down payment."

[Dennis Ng]

Sharing this discussion we had at Property Market Discussion Thread.

Thanks Dennis for your sharing.

I agree that regional/global rich people will find Singapore properties very very attractive. As a country, we are renowned for being clean, green, safe, efficient, minimal corruption, good transportation networks and has multi-racial society that is foreigner-friendly.

And our properties are still much cheaper compared to many other cities in Hong Kong & China.


The most probable result is that these foreign investors will continue to buy up good private properties & drive the market price upwards.

There is also a lot of "hot money" chasing after limited good properties!


If we can't beat them, better find some way to join them .....
Singapore is really becoming a paradise for rich people, but normal working class people are merely "modern-day slaves" in this mad rat race, sighz ...

Hi wemakebread,

don't get discouraged and disheartened, it is POSSIBLE for an average person in Singapore to achieve Million Dollars and also Financial Freedom by age 39, as I have proven using myself as a Living Example.

Why I am so sure of this is because of the Universal Law of Cause and Effect, there is a specific effect for every cause. For every action, there is a reaction.

Financial Success is the result of doing certain specific things over and over again until you achieve the financial independence you desire.

Some of these specific actions include continue to Learn, continue to Increase your income, and continue to Increase Savings (becos of increased income) and continue to Make your Savings work harder (earn higher returns than Inflation Rate.....if you continue doing this, it is just a matter of time, that you will reach Financial Freedom.

To encourage you further, it took me 15 years (from year 1993 to year 2008) to reach my First Million dollars, yet the Next Million Dollars I'm likely to achieve it by end of this year, or just 2 Years instead of 15! And as I made Public Declaration in my seminars, I Believe I can reach S$10 million within the next 5 years...

There is a Compounding Effect in everything we do, it is NOT just about Compounding Interest. Today, when I read books I read 10 years ago, I realised I learn so much more, I can "see" things that I could NOT see 10 years ago....

It took me 5 years to hire 3 employees for my business. Last month, I hired 3 additional employees in 1 month. There are so many examples that I cannot list them all for you to try to illustrate to you the Compounding Effect in everything we do.

From your postings, I can tell you're moving ahead in terms of Financial Knowledge, whether you are conscious or not conscious about this fact, and with Knowledge, you will realise that Making Money get Easier and Easier.

Press on, I can see you sharing with ALL seminar graduates your Personal Life Story one day, like I do, in my seminars. Will this become a Reality, it WILL if you can also SEE this happening.

[Dennis Ng]

Dennis, I've got to salute you for always giving us words of encouragements. I actually found out that applying your "teaching" is quite a lonely journey. It actually do not appeal to people who have not got the right mindset yet. People like things which are exticing and cool, likewise in investing. They like famous and branded stocks. This is just human nature.

Last few weeks was trying to get a friend to attend your seminar. Was quite frustrated cos he actually invest without doing homework. Told him CMA was overpriced, try to look at starhill or suntec. He said "suntec? u sure? my fren say no good.. the dividend they take out from the NAV one..". I was quite frustrated actually knowing he doubted my advice which i know can really work. Another typical qs like " why did the guy bother to teach if he's so good, he can just retire and enjoy life is he's so good with investing". Incidentally he's quite successful with work and business, so like doubting people who are financially below his level. This is something like to say that a $10m-guy can not learn anything from a $1m or $100k-guy or whatever figure is definitely a wrong mindset to adopt.

I can't imagine Dennis' journey when he 1st started his seminar education. Must be a very lonely journey with many sceptical and doubting people along the way. Im glad you go all out and do it. Just want to encourage you to conduct the next seminar about the secret in doing business. Im sure many of us here will want to attend it

yes, agree.

This is why I only wrote my book after I reached my first million in year 2008 (Book was launched on 30 May 2009), and only started conducting How to Save and Accumulate One Million Dollars Seminar on 23 May 2009.

His skepticism is not unfounded. I realised quite a number of Trainers are "fake", that they did NOT become Rich from what they teach but their main source of income is Seminars, not whatever investment strategies they teach. This is one Reason why I decided to start conducting seminars in year 2009 as I reached the point of "I can't stand it" on some of the "Rubbish" Seminars out there.

Lonely? Setbacks? Doubts? Skeptics?

Yes, I have encountered many of these many times along my journey, until I have lost count of them.

Well, none of these really can put me down becos my Guiding Light is Conscience (so why do I be upset about what others think of me) and what pushes me to go forward is Passion and my Definite Major Life Purpose of helping to educate the public on Financial Matters.

I've been sharing on internet forums since 1999...stopped in year 2007 after I realised much of the time is spent responding to some silly attackers on internet. So this is the 11th year I'm doing what I'm doing. Now as my business on track, I get to spend more time daily to pursue my Personal Life Mission of educating the public on financial matters.

P.S. I'm also on the look out for a few persons who want to join me in educating the public,I can even train them to conduct Financial Seminars, so that we can reach out and benefit even more people. The goal is to help one million people achieve one million dollars.

When the Student is ready, the Teacher will Appear.

As mentioned, before age 28, I felt anyone talking about Money is very disgusting. I only changed my mindset and started to learn actively since age 28. Perhaps your friend should consider the possibility that if he learns more, he might be a few million dollars richer, and imagine what he had "lost" becos he is NOT Richer than he IS right now.

I achieved one million dollars, excluding the value of my house in 15 years when my total income for that 15 years is S$1.08 million. My life experience shows it is possible for average Singaporean to become financially free without having a HIGH income.

However, to have one million if one earns total of 10 million dollars is no big deal. To have one million dollars when one earns slightly over one million dollars, I think NOT many can do that and perhaps, there might be things they can learn from me.

This year I'll be reaching my 2nd million dollars, or additional 1 million dollars in 2 years instead of 15 years, and I'll be reaching S$10 million in 5 years' time. Perhaps your friend might only be considering to learn form me when I reach deca-millionaire status (more than S$10 million dollars). Well, he would have lost 5 years of his time then.

Opportunity Cost is something most people omit or overlooked.

[Dennis Ng]

It took me 15 years to reach my First S$ 1Million, but just about 2 years to reach my 2nd million dollars.

Power of Compounding works, not just in Personal Finance, but in everything. For eg, I read 1 hour each day....however, even though I spend the same time NOW as I do 10 yrs ago, now I learn so much more becos of the compounded ...Knowledge/Experience I have. The sooner you start, the earlier Compounding can work for you.

So when do you want to learn "How to Save and Accumulate One Million Dollars?" In 1 year, more than 753 people have Learned how to Save and Accumulate One Million Dollars, here's showing you testimonials from some of the First Batch of Graduates in May 2009:

http://www.youtube.com/watch?v=cm1sULeqiW4