Mon. Oct 18th, 2021

I did a blog on how to cross half a million net worth in December 2020 to $ 550,000.

Half a year later, I am proud to announce that I have a net worth of $ 618,000.

This is the following breakdown:

These are the accounts I have:

1. CPF – OA, MA, SA

  • MA: He has earned BHS of $ 63,000
  • SA: 40% more in FRS
  • OA – I wonder if I should transfer an excess of $ 20,000 to SA, but I’m also thinking about growing it for the second property. Expert thoughts?

2. Stocks

  • CDP: Bleeding money
  • Tiger Brokers: $ 4k USD paper profit

3. Cash savings

  • DBS multiplier
  • $ Aver standard rental voucher
  • Singlife

4. Fixed deposits

  • Singapore savings bonds
  • Etiqa Elastiq

5. Cryptography

  • Twins – they also bleed money lol

Equity does not include insurance or plan value.

I apologize for deleting my OA (but you kept $ 20,000) for my apartment and paying a lump sum in cash for our mortgage. But what is done is done.

I may have raised $ 186,000 by the end of this year and could have more cash on hand, but I doubt I will aggressively invest to make higher profits.

Actions that are developed:

  • Reduce the proportion of cash savings and invest more in stocks and cryptocurrencies

    • I will no longer try to save $ 600,000 in cash on a 35. With low interest rates and rising inflation rates, my cash will devalue over time. Rather, I will invest more.
    • TBH, this seems counterintuitive, as I would have to invest aggressively in my twenties.
    • Still, since I don’t have kids yet, I have more leeway.

  • Continue to top up $ 7,000 in cash savings at CPF SA
    • Aside from getting income tax relief, my thought is that when I get to FRS, don’t I need to worry too much about my retirement income at age 65?
    • CPF advocates may call it crazy, as $ is closed up to 62 ++ and who knows if we’ll live until then, but we should make plans right?
  • Set up an SRS account
    • as my income grows, I need more ways to reduce my taxable income.
    • Again, SRS is also closed until I’m 62, so I guess my retirement life is probably fixed, right?
  • If I can maintain a net worth growth of $ 50,000 every half year, I aim to achieve a net worth of $ 1 million in 35.

Here we go.

Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission.

Source link

Leave a Reply