September 2019 has been a month of milestones. Earlier this month, I shared that I have reached the SA limit of $176,000 for 2019. Today, I am happy to share that I have accumulated half a million in my CPF accounts.
For those readers who do not know my background, I am an ordinary employee who has been working since graduation from a local university in 2003. I see myself as pretty happy-go-lucky and sometimes lazy. I had my fair share of lousy employers as well as nice bosses and colleagues who I still lunch with from time to time. I am not a superstar employee who gets extraordinary amount of bonus. I see myself as an average worker. I like to see myself as someone who embraces life, both its highs and inevitable lows. I enjoy life and love to indulge in good food occasionally. My wife and I also love to travel. I would say travel is one of our largest discretionary expense.
What I am trying to highlight here is that everybody can accumulate enough $, achieve financial independence and retire early (FIRE) if that is their wish. It is not simple but it is also not as difficult as one imagine it to be. It requires a clear objective and the discipline to take steps towards attaining that objective.
Looking back through my records, I had about $40,000 in my CPF accounts in 2007, about 4 years after I started working. That sounds like a small amount but at that time, that was my biggest pool of $. Thanks to the magic of compounding and mandatory contributions, $40,000 grew to about $100,000 in 2010, $200,000 in 2013, $400,000 in 2017 and finally, $500,000 in 2019. The latter years were turbocharged by SA top-ups.
It’s been a good journey so far. I invite to join me. It is never too late to start. I look forward to reaching the milestone of CPF millionaire in the years ahead.