In the final month of 2024, my net worth reaches a record milestone of S$1.735 million driven by the timely influx of bonuses and dividends.
Net Worth Breakdown:
Safe Heavens (63%)
CPF (36%): As the cornerstone of my retirement savings, my CPF accounts has been diligently funded over the past years. Attaining Full Retirement Sum FRS in 2022 was a significant milestone. At this juncture, I am looking forward to the credit of 2024 interests on 1 Jan 2025.
Cash and war chest (17%): A liquid reserve strategically stashed in fixed deposits and Fullerton cash funds, earning around 3% p.a, this cushion provides me with a peace of mind and security for unexpected expenses or investment opportunities.
Bonds (10%): A balanced portfolio of low-risk Singapore Savings Bonds and Astrea Bond ensures stability. I have maxed out my SSB individual limit of $200k in Aug 2024, just before the interest rates declined.
Retirement Savings (13%)
SRS (8%): This tax-deferred savings account allows me to set aside an additional layer of retirement savings. Annual individual limit of $15.3k is maxed out. My SRS funds are currently deployed into $30k of SSB and 6 local stocks - Comfortdelgro, DBS, OCBC, Keppel DC Reit, Keppel Reit and Wilmar.
Insurance (5%): I also own Prudential whole life insurance plan and other savings plans which in total, could provide me with 6-digit lump sum payout after my retirement.
Income and Growth Assets (23%)
Stocks and Reits (23%): A carefully curated portfolio of stocks and Reits, focuses on dividend income and long-term growth. This segment of financial assets is riskier and more volatile but offers the potential for consistent passive income and returns.
More than just numbers
While the numbers are encouraging, the true value lies in the journey. It has been a journey of patience, discipline, and a relentless pursuit of financial freedom. I have learned to navigate market volatility, embrace uncertainty, and make informed financial decisions.
The Art of Financial Wellness
Financial success is not solely about accumulating wealth; it is about achieving a state of financial wellness. I realised that true wealth encompasses more than just building net worth. It is about having the freedom to pursue your passions, enjoying quality life, and contributing back to the society and world.
As I move forward, I strive to balance financial growth with personal fulfillment. By setting realistic goals, making informed choices, and staying mindful of my spending, I hope to inspire others to embark on their own financial journeys.
Remember, the journey of a thousand miles begins with a single step. Start small, dream big, and never stop learning.
Thank you for reading!
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