Networth Update

Taking stock of what you own and owe.

WHAT IS THIS POST ABOUT

This post is a continuation to my previous one, in which I proclaimed that I will do a review of my financial status every half yearly. I might be 1 month too early to do a review now, but with two young children to take care of, it makes sense to start working on this whenever I get some pockets of free time to do so.

I am going to use the same structure and format as the earlier post for consistency.

WHAT I HAVE

Growing your networth bit by bit.

Let me first start off by detailing what I have. As before, I'm going to exclude the DBSS that my wife and I bought because we still have a big mortgage to service, which makes our flat more of a liability than an asset.

Cash and Equivalents:

1. Personal Savings - $110,000 [no change]
2. Joint Savings with Spouse - $50,000 [no change]
3. Daughter's Savings - $20,000 [an increase of $1,000]
4. Son's Savings - $16,000

FD and Equivalents:

1. Dad's CPF - $20,000 (Can be withdrawn with short advance notice as my Dad is past 55 years old. Basically, instead of him withdrawing from his CPF at age 55, I gave him $20k cash. I treat it as a 10 year FD yielding 2.5% p.a.) [Since Oct 16]
2. Mum's CPF - $14,000 (My mum has minimal CPF balances, hence I've decided to contribute to her SA and getting some tax relief in the process. She will receive monthly payout from CPF LIFE when she reaches around age 65 to help offset her living expenses.) [Sep 16; Jan 17]

Personal CPF:

1. Ordinary Account - $42,000 [an increase of $11,000]
2. Special Account - $36,000 [an increase of $5,000]
3. Medisave Account - $46,000 [an increase of $1,000]

Investments:

1. Common Stocks - $87,000 (market value on 23 Dec 16) [an increase of $45,000, mainly due to capital injection]
2. 87 Oz of Silver -  $2,087.13 (87 x $23.99)
3. Bonds - $1,015 (market value on 26 May 17)

TOTAL OWNED: $444,100 [previously: $367,000]

WHAT I OWE

The burden of debt.

The only liability that I have is the $650,000 housing loan that my spouse and I took from HDB. Monthly mortgage is about $2,668. Very substantial in relations to our income.

1. Outstanding Housing Loan - $601,000 [a decrease of $9,000]

TOTAL OWED: $601,000

MY GOALS FOR 2017

The goal I set for 2017 is to sock away $30k, including the $7k I am putting into my mum's CPF SA. I've already exceeded that target in the first 5 months of 2017, as seen in the (more than $70k) increase in my total networth. Even if I take out the increase in CPF balances, I am still way above my initial target.

To be fair, the baby bonus (received $3k thus far) and CDA contributions/matching by the government ($6k in total) helped to bump up the figure a fair bit too. All my children's money are in their respective CDA accounts, earning 2% p.a. Not too shabby to be honest. =)

Author : F4FF

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