Last August, after I left my first job, I bared our total net worth on this blog. Since then, many things have happened. The Mrs left her cushy regional marketing role (too stressful and busy) in April earlier this year and I left another job just two months ago.
Therefore, it’s not surprising to find some changes to our net worth. Honestly speaking, since our work density (cool term?) was probably around 60% – 70% for the past year and with the markets tanking in the past quarter, I was expecting the net worth to drop, or at most stay constant.
But how wrong I was.
After tabulating all our assets (and of course debts) up for the past quarter, I was treated to a pleasant figure: $530,000
Here’s the breakdown:
Liquid Assets: $150,000
Our two OCBC 360 Accounts makes up the bulk of our liquid assets. Easily $100k there? The Mrs has also terminated her AIA Achiever Plan recently and that adds up. Other deposit accounts (who doesn’t have a POSB account?), $21,000 of FCL bonds and $5000 of SSBs make up the rest.
Short Term Liabilities: -$35,000
$12,000 worth of student loans. $3,000 for me and $9,000 for the Mrs. There’s also another $23,000 that we pledge to return to our in-laws at an appropriate time. Those are the proceeds from an educational endowment plan they bought for my dear wife.
Illiquid Assets: $710,000
One of my favourite pastime during the GFC was visiting the HDB website to check on how much resale prices had fallen. Yeah, I was on the lookout for flats at the tender age of 23?
And even now, I use it (aesthetically enhanced recently) once in a while to check on the value of my 5 room flat in Punggol. However, there’s nothing to really benchmark against since most of the BTO projects nearer to Punggol Mrt are less than 5 years old. Things should change in a year or so as the MOP of some of these flats are met and I would have a better idea then.
Nonetheless, the $500k valuation I attached to the flat last year remains both relevant and conservative, so I shall stick to that.
Adding up the stock portfolio and our CPF Ordinary balances, we come to a figure close to $750,000.
Long Term Liabilities: -$295,000
My two siblings each have about $25,000 invested in the 15 HWW bond, which provides a 5% annual coupon. I have blogged about this here previously. And obviously, there is my home loan which after more than a year, is hovering at around $242,000. Half of the past year’s mortgage payments went to servicing the interest and the other half reducing the principal.
It’s really quite incredible that we still managed to add $30,000 to our net worth even after downsizing our jobs and navigating a ~20% contraction in our stock portfolio this year.
Moral of the story? Recording and reining in our expenses seem to really help.