I have been busy with my part time MBA studies so really trying to find time to update on personal financial thoughts for this year.
I told my wife ... Orh Gui Wife ah .... do you think Lao Orh Gui is stupid, spent money to suffer every weekend.
Some old man grumbling here…. Tahan (means endure) for 12-15 more months before graduation assuming I don’t fail any modules!!!
MBA school fee is 50% sponsored by the company so no complains at all. We shouldn't really measure education but since this is 50% sponsored, it will boost my ROI since my capital outlay is much lower.
Family
Both kids are growing up very fast, for those that have kids will echoed what I said. I always tell my friends, enjoy while they are babies and take more videos and photos, the baby fats will vanish in no time. I miss their chubby cheeks!!
Just traded in my very old 12.5 years COE car for a new COE 5 years 7 seaters station wagon. In terms of cash outlay, I pay an extra 5.5k for this "upgrade" of extra 2 seats. Car is a depreciating asset and I try to manage my expenses by not spending on new cars so the annual depreciation is low. I do enjoyed the car rides with my family, bringing them for Malaysia road trips and bringing the in-laws and my mum to JB for shopping trips. The convenience car brings to our family cannot be measured by numbers so this will be part of my family budget till we don't need a car anymore, probably when the kids are in their teenager stage.
Despite having 2 young kids (below 7 years old), doing my part time MBA, full time working, I will always visit my mum once a week to have dinner with her and so far I have been very discipline to that routine. I started kissing her forehead every time I bide her good bye after dad passed away, I am worried I will lose her suddenly like how I lost my dad.
Funnily, most of the people around me told me they are "paisay" (shy) to do that to their parents but since we could do that to our children every day, why no our own parents whom did the same to us when we were young? They are surprised by my actions. LOL. Asian Culture Irony.
Verdict: As long as my family is happy, Turtle is happy. Time don't wait for us so when you say I will visit your aging parents next time when you are free, the "next time" might not come if they suddenly passed on. Do hug and kiss your old parents every time you bid them goodbye, it is worth it, trust me. Don't do it only when they are "lying there" if you understanding what I meant. Cherish your love ones like the last day, every day.
Career
Being a full time salaried 36 year old (Lao Uncle Turtle) worker in a non management role in the same company for over a decade, I can say that there are no longer any excitements in the work I am currently doing rather work becomes very stable and predictable. Maybe age is catching up; I like being in my own comfort zone and enjoyed predictability every day whether at home or at work. Boring and lazy Turtle pattern.
I wouldn’t say I hate changes because in my industry, there’s a saying that “change is the constant” if you understand what this means. Disruption is everywhere, if you don’t evolve and change, you fade off and die.
Being a salaried worker, I am highly dependent on my salary to grow my wealth, feed my small Turtle family. Salary wise, it has been increasing annually and higher than Singapore inflation rate so I got no complains. Additionally I typically get an annual bonus of an average 2 to 2.5 months worth of salary every year except for 2008/2009 (Global Financial Crisis)
It has been a very volatile 2019 for the company I am working for, started with retrenchment, restructuring and ended with outsourcing of certain functions. Fortunately, my boss survived which means I also survived.
Am I worried I am the next to be retrenched? Very honestly speaking, I am not as worried about retrenchment as compared to when I started working a slightly more than a decade ago. Why? Probably I am doing some things right with my personal financial planning journey since my 20s and without any outstanding debt.
Verdict: Still a good year for career as I got my merit increment and my annual bonus as usual. No promotion, never mind, means less politics to handle. Guanyinma PoPi Company continue to hire Old Turtle till 45 years old so I can continue to accumulate wealth for my small turtles education and my retirement.
Health
Maintained my weight and BMI but due to full body check up soon. As part of company benefit, we have annual body check up for employee insurance. Didn’t do any this year, it’s time to check next year. I didn’t exercise but I have a relatively clean diet with occasional social drinking. Non-smoker.
The older I am, the more I scare going for body check up. Useless Turtle.
Verdict: Average for health, can be better with my exercise activities.
Wealth (As of 14 Dec 2019)
Savings rate (with CPF): 53% (Higher than previous year due to higher salary and maintain same level of expense)
Started the year with total net worth of $842,286.05 and as of 13 Dec 2019, net worth is around $967,041.55, an increase of 122,755.50 or 14.5%. This amount included my COE leftover value ($35,000) in my 12.5 year old COE car, the$150,000 CPF OA for my HDB purchase of around. HDB property valuation is not included in my total net worth.
Total CPF (OA/SA/MA): $194,615.91 (On track to meet FRS by Sep 2020 with 1 more top up to SA in Jan 2020 and OA transfers to SA)
Cash and Investment Portfolio: $578,892.27 (Increased by $59,402.98 or 11.13%)
Dividend and Interest Collected: $10,941.07 (Almost same as last year $10,103.78)
Debt/Loan Shark Borrowing: $0
Verdict: As boring as my name, Slow and Boring Turtle way of growing wealth. Continue to maintain above 50% of savings rate. Guanyinma BoPi Old Turtle and Family.
Have a plan, Execute it. Talk is cheap.
Slow and Steady, mai ganjiong (be patient).
Be discipline when you invest and Be humble when you win.
Living within means and for old turtle I live under my means, I do not inflate my lifestyle even with my salary increment and increased of networth. Being frugal became a habit over the years.
Old Turtle Wishing Everyone an advance Happy Year Year 2020.
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