Happy Chinese New Year to all.
This is the year of the horse, which happens to be my Chinese zodiac sign as well. You would think that you would have good luck in your own year, but that is not the case in Chinese geomancy. This is going to be a challenging year for me. Unfortunately I am still struggling mentally, and have just gone on medication to help with anxiety and insomnia.
Financially, it is going to be a tough year as well, with increased costs due to the therapy that I have to do, and looking at reduced income this year due to performance issues at work.
I have also gone ahead with the financial planner. The early retirement plan is tougher than I had expected. Basically, the planner does not feel that I will be able to achieve retirement at 45 in the way I wanted, or at least, not in a majorly risk-free way.
The reason for that is that most of my assets are locked in real estate and retirement funds. I have quite little in current liquidity by comparison. This is going to make investing a little more difficult in the coming couple of years. Basically I am woefully undiversified.
There are challenges in the insurance front as well. I just learnt that I have been mis-sold my hospitalization shield plan. So effectively, I am not covered on the medical front. For small claims, the insurance company might just not check, but I will be in trouble for larger claims. However, I have decided not to do anything just yet, as changes may be coming to medishield and maybe private insurance plans next year, so I’ll have some chance of coverage.
The silver lining is that I have substantial enough valid whole life insurance with critical illness coverage.
I have been trying to come to terms with all that, and modifying my various expectations for my retirement. Despite my preference for rental income forming a solid majority of my retirement income, I am rethinking my plan. With all the new limitations that has been put in place by the government on the rental of HDB flats, and the high cost of going with private property all the way, I may just have to find my passive income another way.
I also have to come to terms recently with some bad financial decisions that I made previously that have come home to roost. Whatever I may be able to save this year will probably go to pay for these decisions, and if my net worth does not decrease this year, I will be surprised.
I am definitely down now, but surprising do not feel beaten yet. Perhaps it is all the meds at work, :) or the good rest I just had during the CNY holidays. Let’s hope that I don’t have more bad news after my next meeting with the financial planner.