Why I need a gold pot

Why a gold pot you might ask...

I have a dream of earning my first million by the time I reach 30. So from now till then, I have an 8 year time frame. Whether or not it is an ambitious dream, I have no qualms about it, though I know its not going to be an easy journey.

There are various ways of reaching that millionaire dollar target. Business is one, stock investing is another, flipping pancakes in the real estate is a third while trading is a fourth. My parents would probably say things like working hard, climb the corporate ladder, plant your flag on the director chair while leading a frugal life and saving hard. Not wrong, it is definitely a feasible route except that even if I work my butt off in the next 8 to 10 years, I'll probably end up as a manager earning about double of what I earn now, about 5K and that is if I'm capable enough to last 8 years in TNC where pay is low and turnover rates are high.

If I am not married at that time, then I keep what I earn.

If I am married at that time, and I have no kids yet, then good. I still keep what I earn cuz I expect my husband to have his own source of income.

If I am married at that time and my parents have retired, even as a manager, see what happens to my salary:

Total Salary : 5,000

CPF : 1,000 (20%)
Insurance : 200 (saving)
Life Insurance: 200
Money to Parents : 500
Handphone Bill : 60
Transport: 120 (MRT)
Food: 300
Children: 800 ( I don't know)
Children Education Policy:
Children Insurance:
Housing Mortgage
Housing Insurance
Monthly Utilities
Grocery & Expenses

The list is apparently endless. Bottomline here is clearly: one income source, multiple expense accounts. Lose the job and I don't know what will happen because I'm not in the govt sector, so no pension, no job guarantee, no nothing.

Now you see why I need a gold pot. Because gold is the recognised currency reserve and backup in the world. We all need back up plans and I am no exception, just that I aim to lead a life more different from the people around me by learning to plan early.