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| Taking stock of what you own and owe. |
WHAT IS THIS POST ABOUT
2016 is coming to an end, and I thought it might be useful to take stock of where I am now financially. I've stayed prudent and thrifty for the last 4.5 years since I started working, but I've never taken stock of my financial position. Instead of setting aside fixed budget every month, I view every spending opportunity independently, and rely on my principles (more on this in a separate post) to guide my spending decisions. While I can be sure that every cent I spend is well worth it, and that there are no more "fats to be cut" without inflicting much discomfort on myself or on people around me, I won't be able to say with certainty how much I've been adding to my net-worth annually. By putting down in details my financial status year after year, I hope to better quantify my progression. This is the first stock-take I will be doing, so wherever I am now today will set the baseline. I aim to do a review bi-annually.WHAT I HAVE
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| Growing your networth bit by bit. |
Let me first detail what I have. 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:
- Personal Savings - $110,000
- Joint Savings with Spouse - $50,000
- Daughter's Savings - $19,000 ($13,000 in her CDA; $6,000 in cash)
- (Unborn) Son's Savings - $10,000 (Part of this will be used to pay for the delivery expenses in Mar 17)
FD and Equivalents:
- Dad's CPF - $20,000 (Can be withdrawn with short advance notice as my Dad is past 55 years old.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.)
- Mum's CPF - $7,000 (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.)
Personal CPF:
- Ordinary Account - $31,000
- Special Account - $31,000
- Medisave Account - $45,000
Investments:
- Common Stocks - $42,000 (market value on 23 Dec 16)
- 1 Oz Canadian Silver Maple - $1,177.50 (50 coins x $23.55)
- Bonds - $1,000 (market value on 23 Dec 16)
WHAT I OWE
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| 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 $2,680. Very substantial in relations to our income.
- Outstanding Housing Loan - $610,000