2012 Financial Wrap Up

It isn’t due for a couple of weeks yet, but I am prepping my 2012 personal account books for closure. I don’t have my final net worth for the month of December yet, but if nothing goes wrong, my total net worth increase for 2012 will be about SGD 100K (Total Networth = 630K). My highest annual net worth gain yet!

How does the breakdown for the increase look?


  •         Cash Savings: ~10K
  •         Retirement Savings: ~30K
  •         Insurance Cash Value: ~ 5K
  •         Condo Equity: ~ 60K
  •         Stocks and Funds: ~-5K

 Total: ~100K increase

This does not take into account the increased valuation of my condo since I bought it. According to the latest valuation, the condo has appreciated by about $300K to $1.8 mil. Apparently some of my neighbours are asking for $2 mil for their units (identical to mine), and I am waiting to see if they get it.


My total gross income hit $182K this year, also my highest ever to date. My basic salary accounts for 68K, bonuses and stock options another 49K, rental income accounted for 60K, and another 5K from dividends and miscellaneous sources.


The rest of the money went to personal spending, condo maintenance and interest payments, household contribution, taxes and charity. Stuff that caused me to go over budget in personal spending this year:

  • 5K worth of cab fares!!!
  • A $1,800 handbag
  • A $2,000 holiday to China
  • $500 on a Nintendo 3DS + Games

That was almost 10K of spending that could have gone somewhere else, though the only thing I regret up there are the cab rides. But it is really hard to be financially logical at 6 am in the morning.


This also means I achieved about 55% savings rate this year.


To be honest, I didn’t quite expect that even though I had been tracking very closely. I only received half of the standard bonus this year due to the sickness and absences in 2011 and spent about 30K renting out the condo. And I was not particularly frugal compared to the couple of years past. So I was expecting this year to turn out not quite spectacular.


Frankly, despite the breakthrough networth increase, it doesn’t feel like I’ve done much work financially this year. The networth increase came about almost automatically since I have all my payments on auto-payment mode, with the exception of two major extra payments to the mortgage once my bonuses and stock options were in hand. Once the condo was renovated and rented out, I didn’t even have to think about it at all except for one termite call. It almost seems too easy (except the cab rides).

I don’t have enough good things to say about paying myself first and having a good rental property. I am aware of the risks of on the rental though, and I am starting to get worried about the way some things are going in the Singapore property market.

I am hoping to at least replicate the same results for next year, and it should be possible as long as:

1)      My company stock doesn’t take a dive. We are doing quite badly this year, so it is a big possibility.

2)      My tenant doesn’t bail out on me.

 I have no other specific goals for next year, except to save as much as I can. The race to retire at 45 is still on.


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