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  • Writer's pictureDaniel Lee

How Much Do You Need To Achieve Financial Freedom In Singapore?

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Let’s talk about how much money you will need to have to achieve financial freedom in Singapore.


While I am a licensed financial advisor, I am not your financial advisor, therefore I am unable to give you personalized financial advice without speaking to you and understanding your situation and expectations.


However, what I can tell you is that generally, for every $1,000 of inflation-hedged monthly passive income that is necessary, you will need to have a total of $400,000 that is to be invested in income-producing assets.


In general, if we were to exclude the cost of accommodation and the cost of financing for responsibilities such as children’s education, the typical cost of living for “what is enough” here in Singapore today is around $1,500 to $2,500.


This will translate to a price tag of around $600,000 to $1,000,000 for you to achieve the basic level of financial freedom here in Singapore.


That said, if you do not already have that amount today and would need some time to accumulate your wealth, you have to factor in the impact of inflation on the prices of general goods and services.



Depending on when and how much passive income you need to produce a month, here are the corresponding amount that is necessary to maintain the amount of desired purchasing power you wish to have today.



While the above calculation may not be the numbers that are relevant to you depending on your desired version of financial freedom, notice how the numbers are all proportionate to the first column which is for the purchasing value of $1,000.


As such, should you need to calculate your price tag, you can just multiply the respective factor that is relevant to the amount of passive income that is necessary.


All of these can also be found in my eBook: “The Price Of Financial Freedom” which will provide you with a comprehensive guide to help you achieve financial freedom and live life on your terms in the shortest amount of time.


You can download a copy of it for free on my website:


If you do not know how to get started with your financial planning or if you do not have the time to manage your finances, you can consider engaging an Independent Financial Advisor who can help you make sense of the market, accelerate your progress and achieve financial freedom by 5 to 10 years earlier!


To find out more information about how you can benefit from my financial and investment planning services, you can check out what I do on my website here:


Daniel is a Licensed Independent Financial Consultant with MAS and a Certified Financial Planner (CFP®).


Connect with me on social media platforms to receive updates on future content! You can also slide into my DMs if you have any questions :)





 

Disclaimer:

This article is meant to be the opinion of the author

This article is for information purposes only

This article should not be seen as financial advice

This advertisement has not been reviewed by the Monetary Authority of Singapore


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