Net Worth 2020: A Quick Estimate

Around this time last year, I did a quick estimate of my net worth just for fun and curiosity sake. Although it didn't paint a 100% accurate picture of my wealth (or the lack of it), it is still fairly accurate.

So this year I am going to do a quick assessment again. I have actually wanted to do it several days back but I didn't have time to log in to write this post until now.

I might do this on an annual basis since I find it quite motivating to me at least.

Again, this is a back-of-the-envelope calculation.

All figures are based on point of writing (14 July 2020 5.20 pm).

Insurance Cash Value: $105k

Investments: $131k

CPF: $178k
Singlife: $10k

Cash 1: $15k

Cash 2: $140k

Property Value (50%): $250k

Watch: $8k

Housing Loan (50%): ($25k)

Car Loan: ($52k)
CC Bill: ($1k)

Net Worth: $759k

I have excluded the car related values such as PARF and COE rebate.

I bought my watch at $8k+ about 9 years back. Current price for the same watch is around $11k. I have used the purchased price for my net worth calculations.

I guess I am not doing too badly. At least the figure is higher than last year and I'm glad it's not in negative territory.

Still can't retire yet. Work hard JASS. Work hard.

Net Worth (A Quick Estimate)

Recently have seen some bloggers writing about their net worth. With some free time tonight I thought it would be interesting to do a quick estimate of my current net worth for curiosity sake too.

This is a back-of-the-envelope calculation so figures are not 100% accurate.

All figures are based on point of writing (14 May 2019 11.50 pm).

Insurance Cash Value: $105k

Investments: $93k

CPF: $157k

Cash 1: $43k

Cash 2: $140k

Property Value (50%): $250k

Watch: $8k

Housing Loan (50%): ($35k)

Car Loan: ($54k)

Net Worth: $707k

I have excluded the car related values such as PARF and COE rebate.

I bought my watch at $8k+ about 8 years back. Current price for the same watch is around $11k. I have used the purchased price for my net worth calculations.

I guess I am not doing too badly but not great too.

Good news is that I can pay off my housing and car loans anytime.

Not so good news is that I am still a far cry from my retirement plan.

Work hard JASS. Work hard.

True Cost of Car Ownership in Singapore (My Case Study)

I bought my current ride in March 2009 and this work horse has been serving me well for the past 8 years 2 months.

Perhaps it's due to the expiring COE, it suddenly occured to me how much in fact is the total cost of my ownership of the car.

Hence I did a quick calculation to find out.

Of course due to various reasons, the calculated figure would not be 100% accurate. However it is 'more or less there' and serves as a guideline to find out the ownership cost.

1. Car price including interest: $45,000

This was the second lowest price historically for this model and I was lucky to get it at this price mainly due to two reasons.

COE price was low.
Korean won was weakening at that time.

Therefore I decided to seize the opportunity and purchased the car.

This mentality is somewhat similar to my stock investment mentality - I do not time the market. Instead I move in for the purchase once my perceived fair value for that stock has reached.

2. 10 year road tax: $7,200

3. 10 year insurance: $10,000

My insurance premium for the first few years of driving was about $1,200 per annum. Now is about $800.

4. 10 year servicing: $5,000

First three years of servicings were complimentary. After that I did the regular servicings in other workshops outside. Each servicing range from $108 - $128 depending on which package I chose. I send my car for servicing about 4 times a year.

On top of these I also went for the occasional comprehensive servicing which costs more.

5. 10 year ERP: $6,000

6. 10 year season parking: $10,800

7. 10 year petrol: $38,400

My mileage is averaging 14 - 15 km/l of petrol. And my monthly petrol bill is between $280 - $320.

8. Repair: $3,000

The car has no major issue in the first 5 years. After that I only changed 2 major components which were giving me problem - the aircon compressor and cooling coil.

Cost of both came up to about $1,200. Hopefully nothing more from now on.

9. Tyres: $5,000

4 tyres cost about $500 and I changed just about every year.

10. Misc: $2,000

I changed my rims once along with a set of new tyres for about $1,200 when my ride was still new.

To summarise the total cost of my car ownership, it costs me S$132,400 !! to use the car for a miserly ten years in Singapore.

This is enough to pay for the down payment of a condo unit.

Not that I am a strong advocate for cars. I usually take the public transport with my wife during the weekends.

However due to the nature of my job, a car has became a need, not a want in my case.