Net Worth Update | Rockets past S$1.55m in Dec 2023

 

S$1.553m

My net worth rockets by $50k to over S$1.55m in Dec 2023, achieving a new record high!

This massive increase is due to savings from Dec salary, annual wage supplement (13th month bonus), CPF contributions, collection of dividends, and strong recovery of the Reits' paper values in my investment portfolios after more certainty in interest rates direction.

I have been saving frugally, reducing expenses and conserving capital for purchase of Singapore Savings Bonds in the past few months.

CPF forms the bulk 36% of my net worth. I have already achieved full retirement sum (FRS) in CPF SA and topped up my Medisave account to the basic healthcare sum  (BHS) of $68.5k early this year. The FRS will be increased to $205,800 and BHS will be increased to $71,500 for 2024.

Cash and war chest constitute 18% of my wealth. In the current high rate environment, my cash is being stashed away in bank fixed deposits yielding more than 3% p.a., in Fullerton cash funds under custody of Moomoo and Tiger Broker, and in Money Market Funds held by Phillips Capital yielding more than 3.5% p.a. with interest paid daily.

Singapore Savings Bonds ($130k) and Astrea 7A PE bond ($9k) are low-risk bonds contributing to 9% of my wealth. Together with CPF, cash and war chest, they amount to 63% of my net worth as safe assets. I intend to subscribe to the coming Jan 24 tranche of SSB with average yield of 3.06%.

Stocks and Reits constitute 23% of my net worth. Together with SRS account which forms 8% and is deployed mainly into local stocks and Reits, they are the 30% of riskier assets in my financial portfolio.

In 2023, my net worth has grew by 11% from S$1.399m in Jan 2023.

I believe my net worth will continue to increase slowly and steadily in the new year. My target by 31 Dec 2024 will be S$1.65m. I aim to hit S$2m before I turn 40 yr old in 2026.

I hope to remain on track towards the path of financial freedom. Ignore the noises. Be greedy when others are fearful. Be fearful when others are greedy. Be contented when others are hungry.

Thank you for reading. Stay focused and remain steadfast as always!

With love & peace,

Qiongster