Here is an update of my net worth for July 2024.
It has surpassed my 2024 target of S$1.65 million to hit S$1.667m, another record high thanks to the recent CPF contributions, salary savings, dividends and rebound of S-Reits in my investments.
Since returning from a Shenzhen trip in early July, I have been frugal living my daily life, eat-work-sleep-rinse-repeat. I have even rejected a job offer which pays more than $10k a month as its annual compensation is lower than my current one and I am currently entrenched in my comfort zone of hybrid work which supports flexible WFH everyday unless there are physical meetings in office.
I now look forward to achieve a net worth of S$1.7m by 31 Dec 2024.
Asset Breakdown:
Safe Heavens (62%)
CPF (36%): Huge shoutout to my CPF for making a significant portion of my wealth. Attaining Full Retirement Sum FRS in 2022 was a great accomplishment.
Cash and war chest (16%): My cash is strategically placed in fixed deposits and Fullerton cash funds earning over 3% p.a.
Bonds (10%): A mix Singapore Savings Bonds and Astrea bond provides stability. I intend to add the upcoming Aug 24 SSB with average yield of 3.22%.
Retirement Savings (13%)
SRS: I have already maxed out the $15.3k contribution limit for 2024, adding another layer to my retirement savings plan.
Insurance: I also own Prudential Pru-life multiplier whole life insurance plan and other savings plans which in total, could provide me with 6-digit lump sum payout after my retirement age.
Income and Growth Assets (24%)
Stocks and Reits (24%): This portion of my portfolio caters for generation of passive cashflows and potential growth, with a focus on long-term compounding growth through dividend investing.
Tracking net worth is not just about the final figure. It is about seeing the results of all those past financial decisions. This update is a reminder that every step forward, big or small, is worth celebrating. This keeps me motivated on the journey towards financial freedom.
Thank you for reading!
4 comments:
Well done Qiongster!
You know when you’re on a right path.
Some may say the growth trajectory is too modest (slow) but we do what we are comfortable with. The growing principal will naturally help future growth.
Money makes money. More money makes more money!
Keep it up! 👍👏🏻👏🏻
Thank you for your support, mysecretinvestment!
Congrats! 24% equities is a solid low-risk portfolio, designed to protect the wealth you are earning from your salary. Or maybe you are getting ready to buy an investment property?
By the way, why is SRS a separate category? if you use SRS to buy T-bill, i would classify it as 'bonds' and if you use SRS to buy stocks I will categorise it under stocks.
Hi Hello World, thanks for your comments. Got to admit, I am on the conservative side with relatively low allocation towards equities. I feel comfortable to get rich slowly and steadily. Not intending to buy investment properties but seriously contemplating an early semi-retirement in the next 10 years.
I treated SRS as an illiquid asset class and accounted for it using the total cost of my top-up over the past years. I invested SRS in stocks and SSBs. Based on market value, they are worth more than $160k now but I decided to not account for their real value.
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