Sharing My Wealth-Building Routine Starting with a Monthly Salary of 3 Million Won
I started my first job last year and began building wealth with a monthly salary of 3 million won. Here's the method I've been consistently following: 1) Invest 500,000 won every month into ETFs (mainly SPY and QQQ) through a regular savings plan. 2) Put 300,000 won into a savings account as an emergency fund. 3) Keep living expenses under 1.5 million won. I use the remaining 700,000 won for hobbies or self-development. In my first year, I saved 6 million won. At this pace, can I reach 100 million won within 5 years? Let me know if you have any other tips.
5 answers
Wow, you're doing a great job systematically! I also started with a similar amount, and if you consistently focus on ETFs, reaching 100 million in 5 years seems totally achievable. However, rather than just sticking with SPY and QQQ, mixing in small amounts of bond ETFs or REITs is good for risk diversification.
I started with 3 million won per month, and now I'm in my third year. With a similar routine, I've saved about 25 million won. Reaching 100 million might take a bit longer than five years, but if there's a salary increase or bonus, the pace picks up significantly. Are you also taking care of tax planning or year-end tax settlements?
Isn't 300,000 won a bit low for an emergency fund? I've often had to spend over 1 million won at once for sudden hospital bills or car repairs. How about increasing the savings account to 500,000 won and reducing the ETF to 300,000 won instead?
Oh, thanks for the tip! I'm planning to start a similar routine. Which brokerage app do you use to buy ETFs? I've heard the fees and currency exchange rates can vary quite a bit.
That's amazing! Saving 6 million won in a year is really impressive. I struggle with a living expense of 1.5 million won, so I end up spending 2 million won, but reading this post has given me the courage to cut back a bit. Keep up the great work!