Thursday, December 19, 2019

End of 2019, Moving to 2020

Hi Everyone,

Hope you have a great year for 2019, it is definitely for me as this year quite a number of things happen to me especially my job change, new colleagues and new challenge. Also this year is the year that I start building up my portfolio.

So below is my portfolio

Fu Yu - 20000 shares
Ascendas Reit - 1160 shares
HRNet Group - 4000 shares
SSB - 10000 unites ($1 each)

Total portfolio value: $20,775
Dividends collected this year: $405.83

Dividends not that fantastic but it is still growing and hopefully my portfolio can hit $35,000 next year, with the dividend yield of 5% ($1750)

Of course, there is still CPF portion, the interest is going to come by early Jan 2020. Will be wondering how much i will get.

So with this, I will end my blog!!

See ya!

Sunday, November 3, 2019

Nearing the end of 2019, so what is my goal for next year?

It's already November 2019, two more month before the start of year 2020. This year was an eventful year for me as I just changed my job and lots of new challenges are laid down infront of me to go through.

Things have settled down for me and now it's time for me to plan my savings and investment journey!

This year spend quite a lot on treatment for my family, so my savings has been quite stagnant for this year, not much growth. Hopefully next year will be a good year but let's see how it goes.

So my financial updates

My assets are still the same, whereby I live in my condo that I bought two years ago and I have checked the latest price in srx, the value went up by $100k, which is a good sum but didn't have the intention to sell my unit yet.

My stock/bond investment
Fu Yu - current value $4500
ISDN - Current value $2400
SSB - current value $10000 - from joint account

Cash savings
Personal account - $650 (for my daily expenses)
Joint account - $21000 (only my money but handle by my wife)

OA - $4000 - use for housing installment
SA - $32000
MA- $29000

So if I am measuring only my own money, not joint account, my total will be $11,500 and my joint account saving is currently at $31,000

Not bad I must say but have to save more and invest more! I will be getting around $3000 after I get my AWS for investing, have yet to consider which stock to invest with this $3,000.

Starting next year Jan, I will update my passive income every month so as to arrive for all the readers to walk this path to $150k again!

I also have another goal which is to hit $200,000 in a bank account (joint account) before I hit 35 years old. So that we can become a privilege member of the bank account (have yet to consider which account to focus on yet but we will see, still got 4 more years to go!)

So wait till for my next post in the month of Jan 2020, I will be reporting my interest for my cpf account !


Saturday, February 23, 2019

I am going to clone myself to work towards my financial freedom

Hi everyone,

If you have seen the header, yes you are right. I am going to clone myself to work towards my financial freedom. Am I going to create a machine or create a medicine yo do that? No.

In fact many of us has try to clone ourselves to work towards financial freedom which is to investing and collecting dividends.

Cloning is just another way of saying that. So now you might want to leave the post as this post is nothing more than just a passive income post. If you are those who are able to achieve financial freedom, then yes this post is not much for you. However, those who have difficulty in saving money or investment, please take a look at this post as it might help you in the future

Why I say I am cloning myself? Simple, by investing or saving, you are like investing in yourself. However, many people might not think that saving and investing is enough which is why they tend to overspend on luxury goods and services to treat yourself better as a reward.

Yes that is a valid investment as well. But in order to achieve financial freedom fast, you must not think of it this way. Try to think that you are raising your another self to work for you. By raising your another self, you would need to spend time and money on him before he can go work and earn money for you.

Same concept as how you raise your kid. So treat this clone as your child, your child will need lots of expenses like diaper, milk, clothing and etc. So give all these to your clone via money and saving. Actually we already have a clone called CPF. This clone will help you when you are at your retire age by giving you a monthly allowance to you for spending when you are old.

So technically one clone is already there for you so now you can make yourself another clone to work for you if you wish to retire early.

This is a rushed post but just want to share with all that by using another way you can make yourself save more and invest more.

Hope you like this post!

Monday, February 11, 2019

Experience in Owning a Private Property

Hi Everyone!

In today's blog I will be talking about my personal experience in Owning a Private property

Owning a property in Singapore is expensive but it is necessary be it a HDB or private property because you will need a home to stay in. So come at times you will be facing a decision when it comes to purchase a property.

I have been through lots of question from my family, friends and online commenters that why I go for private property instead of HDB. Certainly HDB will be better for the start because it is cheaper and have tons of grants that you can apply for. Of course the resale value might be higher if you manage to BTO a superb location.

So why? The reason is because my wife already had a condo before we got married. So with this, it leads us to three options, HDB resale, private property resale and private property launch.

For first option, if we go for HDB resale, we will not be able to get any grant due to possession of private property and we have to dispose the private property within 6 months after purchase. During that time we are unsure whether if we can sell away the property and it will be a gamble as the market is not that good at that point of time. So we skip this option.

Second option, we tried to research and find out the possible price for a resale condo, but the price are quite steep during the time when we first searching for private property. The reason is because we will need to fork out around 24% (including lawyer fee and other miscellaneous fees) in order to make the purchase. At that point of time I don't have that huge amount of savings yet.

Then we go for the third option, purchase a private property at sales launch (meaning brand new condo). We though it will be cheaper like high Park residence but in actual fact, it wasn't that case. It was very expensive and the psf was way too high. Don't really justify our money so we look around and wait for bukot batok condo launch. And yes, finally it launch but the price was also way too high. At that time we are still aiming for 600+ square feet condo as it still within our budget but sad to say we didn't get to purchase it cause it is due to balloting. Totally no luck.

So we look around for both sales launch and resale and finally have found somewhere but and cheap but of course if you have these two, you will need to sacrifice one parameter which is the location. So we bought that place and pay the necessary for the purchase.

Understand that many would think that this is it! The payment is done and everything will go well. Well that is not true. Must plan well before you purchase property especially private property. Cause other than the common monthly installments that you have to pay (similar to HDB), you will need to pay maintenance fee as well. That will amount to around $250 to $500 per month, depending on which condo you stay. Also the maintenance fee also depending on the size of your unit. For example, the maintenance fee for 1 bedroom will be lower than the maintenance fee for 3 bedroom within the same project.

Of course the good point is that you have all the facilities free (except booking of function room and etc. That you might need to pay a small fee. But still better than renting a place outside as renting a place outside for function event can cost a bomb. So overall still worth it.

That's all for the post of you need me to clarify or share some more information about .do let me know

Wednesday, January 2, 2019

Personal Finance - Summary of 2018

Hi Everyone!

This year is indeed a fruitful year for me as the reader might know, i have made a huge purchase last year November 2017 and start living at my own house in Feb 2018 (right before Chinese New Year, after renovation).

So technically speaking, I have $0 saving (excluding CPF SA and MA) as I have put down all my savings in the home purchase, renovation and furniture. Also, going through $0 savings and no portfolio is like a huge miss of opportunity to earn passive income through dividends but the purchase is worth it.

If you didnt read my history post, I made a private property purchase (2 bedroom condo). I will write down the experience in owning a condo in my very next post so that those who had intention to make a condo purchase, can take my experience into consideration if you keen to purchase.

Born in 1988, which means that I am 30 years old this year! 30 years old with $0 savings in February is like lagging too much behind from my peers and you the readers who have started your retirement journey be it saving in bank, Singapore Saving Bond or even shares.

Okay, here's the thing, after 10 months of savings below is my rough result of my saving for this past 10 months

Cash portion
Personal Cash/Saving: $4000
Saving from joint account (I am the contributor only) in bank account: $20000
SSB: $10000
Shares: $5,350+($1990 - reserved for investment) - $7300

Total: ~$41300

CPF Portion
OA - $5300
SA - $27800
MA - $32200

Total: ~$65000

Well based on my goal in my personal goal page, I did not do quite well as I did not met some of the target like opening kids account and etc. Of course, the kids account I will do it when we are going for kids, should be around 1 or 2 years!

Just to share, I have been moving my OA to SA in order to gain more interest. Also my SA interest hits $1000!! Which is a good thing as now i can safely say that my future SA interest will be more than $1000. So how much have i been transferring? I have transferred around $6000 from OA to SA. Not a lot but for me i am trying to maintain my OA at around a certain level to pay for my housing loan.

Passive income, I will not cover for this year as it is not a complete year for me since i am still building my wealth from scratch and did not invest or getting passive income in the full year, so will start the calculation in 2019.

However, based on my goal, I have not met the passive income portion of hitting $800 for the year 2018. Next year it will be different, I have update my goals in my personal goal page and for those who are in the process of accumulating wealth (aiming for $100K challenge) do drop me a note on your blog so that we can keep track of each other. Challenge is always fun right?

So my goal is to hit $100K in cash portion (includes, cash, shares, FD, bonds and etc.) and hit CPF of $100K as well (should not be an issue though)

See you guys in the next post (experience of owning a private property)