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)