My net worth remains fairly stagnant at $1.048m compared to last month, despite savings and CPF contributions amounting to more than $8k this month.
This is due to weakening of share prices of the local Reits in my portfolio.
I have completed the $7k RSTU scheme for my CPF Special Account. Next up, I intend to top up my SRS account.
I just listened to the Budget 2021 which reported a -$64.9B deficit for FY2020 in Singapore. The Budget is more business and pro-enterprise to save jobs in times of a health pandemic and also provides a strong social net to help out the low income and vulnerable folks in the society.
There are not much benefits for the middle class other than the usual Town Council service & conservancy charges, utilities rebates, top ups to children education accounts on top of a meagre $100 CDC vouchers for use in neighbourhood shops. Notably, higher GST applied on low value goods with effective from 1 Jan 2023 is announced by DPM Heng.
Nonetheless, we should always be prepared for inflation and rising prices of good and services. Investment of our own monies in growth or income producing businesses, investing of own time to learn, self develop own technical and soft skills to get better paying jobs or innovate to create our own businesses are ways to beat inflation and strive towards financial freedom instead of relying on the government for payouts or subsidies.
Thanks for reading. Huat ah!
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