I find this article from Mothership very inspiring. It is about a young lady who realized her dream of becoming a homeowner before the age of 24. Her goal to own a condo started when she was only 21 and just graduated from Polytechnic.
In order to fulfill her dreams, she took on multiple part-time jobs on top of running a home-based bakery business. No matter how tired she was, she pressed on and hustled hard. She also scrimped and saved every penny she could, such as choosing to walk an hour instead of taking public transport. She also cut down on social gatherings so she would spend less money and invest the money saved into her business.
Due to her very disciplined approach, she managed to save between $250,000 to $300,000 in 3 years and decided that she was financially ready to own a condo. She finally collected her keys to her freehold unit on July 23.
Watch her sharing on Tik Tok here:
[My Thoughts]
While some people are complaining about the high cost of living and expensive housing, this young lady decided to hustle harder to earn her stripes. It was definitely not easy to juggle both studies and work at the same time, but because she has such high determination in achieving her goal, she was ready to grind through all hardship and achieve her dreams.
Initially, I thought she was finally going to enjoy the fruit of her labor by living in her condo but no, she rented it out immediately to cover her own mortgage and now has a passive income coming in every month from the excess she made from collecting rent. Her rent alone was enough to cover her mortgage, property tax, and maintenance fees as well as earn her a significant profit.
I like her investing principles as she chose to invest her money in safe asset classes such as property and CPF. Her diligence in topping up her own CPF over the years meant that she has a steady base built up, ready for the mortgage of her condo.
Her story pretty much reminds me of my own, on how I managed to build a million-dollar investment portfolio despite coming from a poor family and later being the sole breadwinner of the family. You can read more about my story here:
How A Poor Kid Got To A 1M Investment Portfolio | Tips & Principles Of Building Wealth
I think her story is inspiring not just because she is able to buy a condo at a young age but also as exemplary proof that it is possible to achieve your goals and dreams if you are determined to do it. No one said it was easy but with hard work and sacrifice, she was able to make it, despite coming from a humble family background.
I hope her story can inspire you towards financial freedom, your property dream, or any goal that you wish to achieve in life. It is the journey towards achieving these goals that makes everyday living exciting and worth living for. All the best!
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