Tuesday, November 02, 2010

50k challenge - repeated!

Yesterday, I've finally put in the last bit of money to top up my savings to 50k for the year. Somehow I've felt that this year differs greatly from the previous year. I've blogged about my feelings after I've achieved the 50k challenge, so I thought I should do it again now. Here's the few things that I find which differs from what I felt last year:

1. Achieving the 50k challenge doesn't give me as much satisfaction as before.

Somehow I felt that the satisfaction part is missing. Perhaps I've already done it before so the sense of achievement is no longer present. But I think most likely I find that my 50k challenge is no longer a challenge because I've been there done that. I've also set myself a greater target which I've blogged about here - 100k. I don't think I can do it by next year, but hopefully if all goes well, within the next 2-3 years. Crazy right, 100k? Well, if it's not crazy, it's not a challenge isn't it?

2. Reaching there isn't as hard as last year

I remembered last year that I had to struggle greatly to reach my monthly savings target. Since it's progressive, it means that as each month goes, it gets harder and harder to reach the target. It's quite stressful and I have to complain and whine about it to my ex-gf (present wife, haha!). However, this time round, I already had a very clear and realistic idea of what I can do and what I cannot do. I don't remember pushing myself too hard to reach my targets...it's more like drifting towards a general direction instead of swimming furiously there. I think this state of mind is a more sustainable one that the one I had last year. I should also mention that I had a lot a lot more fun this year than I had last year. I definitely spend more money this year and pampered myself a lot more. It's better to reach your target happy rather than limping through it in pain.

The climb to the summit this time round is a lot more enjoyable than the previous year

I think I'm having a glimpse of what it must have been like to be financial independence. I can work when I want to now instead of working to make a living. It's a kind of joy and 'lightness' in the heart that is hard to describe. I think I'll take a break for a week or so until I'm bored, then I'll start lightly to earn some income to spend for the next two months. You know what? The best thing about the 50k challenge is that I do not have to save any amount after I achieved that target. If I earn $100, I can spend that $100 freely without worry. Sorry if this sounds weird, but I usually don't have this luxury at all.

Having gone the offensive to work and save 50k, it's time to defend the 50k from being used up by daily expenses. I will try my very best not to use it at all except for the purpose for which it is meant for (i.e. marriage which also includes a honeymoon, housing and flat). As long as I work a few hours per week, it shouldn't be too much of a problem to cover some fixed expenses and a little more for my own spending. But I think I deserve a break and I'll worry about it one or two weeks later. Or until I'm bored, whichever comes first :)


Anonymous said...


It is not impossible to save 100k /year. But your mode of income generation will have to be different. A better way would be like what Momo is planning, i.e. setting up of a business or leveraging on others. In your case, it would be having bigger classes or setting up a centre if you continue in your current profession. Otherwise, think of doing another thing that you are passionate about on the sideline first while being supported by your current income.

Don’t be in a hurry to achieve all those that you have planned. Most of what I have today started coming in at age 40 onwards. I have being in the same engineering profession for the last 25 years and I am only in the third company, of course with a minority stake. Even then, the director’s fees and dividends are a few 100k, all of which are used for investments.

Congratulations on you marriage. Just remember, that there is another point of view you would have to take into consideration from now on. You would be surprise sometimes how non-issues can turn into big issues. As always, I would advocate compromise, giving more than taking. You get the drift.


la papillion said...

Hi Ali,

Thanks for always sharing your pt of view, I learnt a lot from them :)

Yup, I realised that it's not possible to get 100k/yr based on what I'm doing. I would have to use a different sort of model, that's why I needed the 2-3 yrs to realise that. I think it's very possible.

You raised the pt about how non-issues becomes big issues - totally agree. Starting to see more of such things coming up, haha :) Would take your advice on compromising seriously :)

PanzerGrenadier said...


It was great meeting you in person! :-)

Married life is a whole new ball game. But enjoy the process as it is very much the journey that is as fulfilling as the destination :-)

Have a great break or mini-break over your next 2 mths.

Be well and prosper.

JW said...

Hi LP,


Instead of 100k, perhaps aim for a progressive one? For e.g. 60k ~ 70k next year?

AK71 said...

Hi LP,

Congratulations on your marriage and saving $50K! Double happiness! :)

Time to up the stakes. $50K is not longer a challenge. It is your new normal. ;)

la papillion said...

Hi PG,

Likewise for me :) Thanks for coming, really :) I hope that you had a great chat with the fellow cboxers there!

Ya, I'll try to take some break though it's hard. I find that I it's less stressful for me to work, at least a little, haha :)

la papillion said...

Hi JW,


Ya, it would have to be progressive. But since I had not started on it, I set myself a general direction. As the plans get more concrete and I know exactly how to do it, then I'll set more progressive goals :)

la papillion said...

Hi AK,

Thanks thanks! Indeed, it's the new normal indeed, haha :) But anything above 50k would have required a different model of business because as it is, I'm quite stretching it already.

Things can't move until I get myself a flat first :)