16 Oct '15, 5am

Here’s how you can save up $1 million together with your partner in 18 years [spreadsheet provided]

Here’s how you can save up $1 million together with your partner in 18 years [spreadsheet provided]

Suppose you and your spouse each start with a $2,500/mth income. Without bonuses, huge increments, investments or lottery windfall, is it possible for both of you to save up $1 million? You bet. By our calculations, if you get a yearly increment of 4% and a bank interest of 1%, your savings balance will hit $1 million in 18 years. We even factor in a yearly increase of 1% in your expenses. In the first year, you spend $1,500/mth. Year after year, as you have more financial responsibilities, your expenses are projected to go up to $4,870/mth in the 18th year. Pretty decent. But are our assumptions valid? Assumption 1: Starting pay of $2,500 . Most working professionals start off at around this amount. Check. Assumption 2: Yearly salary increment of 4% . Most companies give a minimum increment matching the inflation rate to even the worst performing employees. And if you job...

Full article: http://www.salary.sg/2015/heres-how-you-can-save-up-1-mil...

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