Net Worth Update Aug 2022 | SGD1.3m Surpassed!

S$1.315m

My net worth increases 1.4% to $1.315m from past month.

Another all time high.

This is after collecting my August 2022 salary, July 2022 CPF contributions and more dividends from my SGX income portfolio and paying off all my credit card liabilities and bills.

The increase was also contributed by strong recovery of stock prices in my portfolios in recent weeks before the retracement in recent days.

I have completed SRS contribution of $15.3k, $8k RSTU of CPF SA account and $8k RSTU of my mum's CPF RA account for the year, reaping all the low hanging fruits of tax reliefs and guaranteed risk free yields.

Cash is a great performing asset in such high interest rate environment and I have deployed my war chest into Fullerton SGD Cash Fund by Moomoo yielding on average 2% and into Money Market Fund by Phillips Capital yielding around 1.2%.

I have also renewed expiring fixed deposits from 2021 yielding 0.5% to 2.3%!

Cash is still King!

I plan to subscribe for the next few months of Singapore Savings Bonds, which should hopefully still yield more than 2.5% on average for the next decade.

The remaining months of year 2022 remains challenging and turbulent. Another round of 0.5% to 1% interest rate is on the cards of the Fed to curb immense inflation which could have already peaked but the pace of increase could slow down. Global supply chain crunch, high oil prices and the Ukraine war have caused the prices of food and necessities to remain high. Prices of large items such as properties and cars continue to rise despite more costly mortgage loans. 

The stock markets remain volatile and unpredictable but I still believe every dip presents a great buying opportunity to increase our investments in especially high quality income-producing Reits and growth tech stock.

Continue to invest for more passive income. Cashflow is also King! Continue making our monies work harder and own more income producing assets for more cashflow! Own more streams of income besides our salaried job.

Life is great in an endemic world. Ignore the noises. Stay focused. Remain on track. Be greedy when others are fearful. We will get to our goals and dreams. En route to financial freedom!

Thanks for reading. Stay safe and remain strong always!

With love & peace,

Qiongster