1M65 & Getting to $1 Million By 35? [Chills 61 with HoneyMoneySG]

sThe Ambitious 30-Year-Old On Track to $1 Million Portfolio by 35

Achieving a $1 million investment portfolio by age 35 seems like an ambitious pipe dream to most. But for Chris from HoneyMoneySG, it’s a very realistic goal that he is confidently on track to reach in just 5 more years.

In Chills with TFC episode 61’s interview, the 30-year-old YouTuber revealed his meticulous plan to amass a $1 million USD portfolio through consistent investing and a high savings rate. Despite his young age, Chris has already checked off major financial milestones like purchasing a home with his partner and achieving his CPF Full Retirement Sum.

So what’s driving this straight-shooter’s zeal to join the million dollar club in the next half-decade? Here are the key insights from the candid podcast discussion:

The Psychology Behind the $1M Goal

For Chris, the $1 million target isn’t just an arbitrary number. It represents the portfolio size needed to safely withdraw around $40,000 annually using the 4% rule – enough to cover a comfortable lifestyle in Singapore on $3,330 per month.

But more importantly, Chris hopes reaching this aggressive savings goal by his mid-30s will allow him to opt out of the traditional career path and spend more time with his future family. As an only child who grew up largely alone while his parents worked, he doesn’t want his own kids to have the same isolating experience.

“I really do want to spend some family bonding time with him and not let him grow up in such an alone stage that he becomes a really quiet and introverted person,” Chris stated, revealing his introspective motivation.

The No-Frills Path to $330,000 by 30

So how did this determined saver amass over $330,000 in his portfolio by age 30 without any major windfalls or inheritance? Surprisingly, there was no get-rich-quick secret according to Chris. Just the ol’ reliable formula of:

1. High savings rate (60% currently)
2. Investing consistently
3. Decent market returns (around 12% annually)

Chris credits his humble beginnings and frugal lifestyle for keeping his expenses low enough to bank a low five-figure sum from tutoring side hustles during his college days. From there, he steadily grew his portfolio through investing those savings in a mix of stocks, index funds, and crypto.

His investing approach focuses on building conviction in a core portfolio of 5-6 stocks to hold long-term (making up 60-70% of his portfolio). The remaining 30-40% is dedicated to higher-risk “satellite” positions with potential for higher returns.

No Get-Rich-Quick Scheme

Notably, Chris claims he didn’t stumble upon any massive multi-bagger investments or one-time windfalls. No sexy stock picks or major strokes of luck – just slow and steady compounding with the occasional 1-2X winner.

“A lot of people, they actually think that you can make it with just a few stocks and the 10x returns. But realistically speaking, a lot of people will not have that,” Chris remarked.

He believes having the mindset and conviction to hold through dips is more crucial than finding the next big thing. His advice? “If you really do not know what to do, sometimes doing nothing is better than trying to go in and out of your portfolio trades.”

The Path to the First Million by 35

With a third of his $1 million target achieved by 30, Chris is aiming to accumulate the remaining $670,000 over just the next 5 years. His model assumes:

1. Maintaining a 12% annual return on his investments
2. Continuing to dollar-cost average new savings into his portfolio
3. Focusing more effort on building his YouTube business for supplemental income

If his projections don’t play out as planned, Chris has contingency targets like a $1 million SGD portfolio or a $1 million net worth figure. But undershooting his ambitious goal is something he’s willing to accept too.

“In the grand scheme of things, maybe you need to work like one or two more years to actually achieve that $1 million investing portfolio,” Chris reasoned. “In the grand scheme of things, one to two years is actually a very short time.”

The Future Beyond $1 Million

When probed about his post-$1 million plans, Chris shared that he has no intentions of becoming a beach bum. Instead, he hopes to transition into putting more focus and effort into his rapidly growing YouTube channel.

“For people who are not so savvy in investing, maybe just go and pick a side hustle, do something that you really love and can earn you some money, then go and capitalise on it. I think that’s more important.”

Chris’s bold $1 million by 35 target and pragmatic strategies serve as inspiration for young investors. With discipline and a long-term outlook, building a 7-figure portfolio before middle age is achievable, even without taking wild gambles.

Chris revealed that the goal originated from more than just numbers – it was about quality of life. “If we could withdraw 4% annually from $1 million, that’s around $40,000 per year which seems comfortable for personal expenses,” he explained. Furthermore, “at 35 years old, you have a long runway ahead to do what you want, rather than working your whole life without knowing what’s next.”

The goal was also personal for Chris, who grew up alone much of the time while his parents worked. “I want to spend bonding time with my future kids and not let them feel alone, which is why early retirement is appealing,” he shared candidly.

Though an introvert by nature, Chris’ side hustle in finance media and education evolved into a thriving YouTube channel called HoneyMoneySG. Between maintaining a full-time job and producing 3 videos per week, his drive is unmatched. What ignites his motivation? Read on to find out…

4 Secrets to Chris’ Success:

1. Starting Young – He began tutoring at age 21 and saved diligently throughout college.

2. Maintaining Low Expenses – Chris avoided lifestyle inflation even as his income rose with new opportunities.

3. Investing Returns – Compounding 12% average annual returns from a diversified stock and crypto portfolio grew his net worth exponentially over time.

4. YouTube Hustle – Monetising his passion through online content now earns over just a side job, putting him on the path for “Barista FIRE” financial freedom through work he loves.

You can check their full interview on Chills with TFC, Episode 61 on Spotify and YouTube for more tips from this self-made investor and budding online star proving dreams can become reality through dedication and smart planning. With a few years left to go, the world eagerly awaits his finale.

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