My Net Worth at 26 y/o in Singapore + Where I Keep My Savings
ฝัง
- เผยแพร่เมื่อ 13 มิ.ย. 2024
- Turn on [CC] for subtitles.
This is an update on my Net Worth, as of July 2023. I made a similar video last year in January 2022. I also go through my different pools of savings, and what accounts I use to keep these funds. Many of you have asked about specific accounts that I use, so I hope this helps!
🕑 TIMESTAMPS:
0:00 0️⃣ Introduction
1:22 1️⃣ Context & background
3:09 2️⃣ My net worth breakdown
-- 3:47 Changes to spreadsheet
-- 5:22 My net worth numbers
-- 9:19 Asset Allocation
10:18 3️⃣ My various savings pools, and where I keep them
-- 10:31 Explanation about my various savings funds and how I classify them
-- 12:26 3 types of savings accounts
-- Where I put my savings:
---- 14:15 💰 Emergency Fund (GXS Bank, Syfe Cash+, UOB One Account)
---- 16:41 💰 Mother's savings (StashAway Simple)
---- 17:40 💰 Holiday Fund (StashAway Simple Plus)
---- 19:33 💰 Study Loan lump-sum repayment (StashAway Simple Guaranteed)
---- 20:42 💰 Medium-term savings (StashAway General Investing portfolio)
---- 22:03 💰 Medium-term Sinking Fund (DBS Multiplier)
---- 23:12 💰 TH-cam side income (DBS My Account)
---- 24:34 💰 Family Fund (MariBank)
27:04 4️⃣ Reflections
🎥 VIDEOS MENTIONED:
- Net Worth in 2022 ➡️ • What is My Net Worth a...
- How I Bought A 2-Room Resale HDB ➡️ • How I Bought a Resale ...
- 2023 Money Goals ➡️ • 2023 MONEY GOALS
- Daily Money Tracker App ➡️ • Ultimate App for Budge...
- How I Budget My Salary in 2023 ➡️ • Living on $4000/month ...
🔗 ℹ OTHER STUFF MENTIONED:
- 📊 Net Worth spreadsheet + reviews of savings accounts ➡️ payhip.com/b/XlA3J
💰 *Sign up for Stashaway here: www.stashaway.sg/lisa-k
You can get get up to $20,000 SGD managed for free for 6 months! (* For investing portfolios only, excluding Simple products.)
👤🧐 KARL MARX QUOTE:
“The less you eat, drink, buy books, go to the theatre or to balls, or to the pub, and the less you think, love, theorize, sing, paint, fence, etc., the more you will be able to save and the greater will become your treasure which neither moth nor rust will corrupt-your capital. The less you are, the less you express your life, the more you have, the greater is your alienated life and the greater is the saving of your alienated being.”
― Karl Marx, Economic & Philosophic Manuscripts of 1844 ( / the-less-you-eat-drink... )
Alternate translation + full text: www.marxists.org/archive/marx....
For more context + other interpretations:
- conversableeconomist.blogspot...
- www.quora.com/Can-you-explain...
💁♀️ Where you can find me:
🧡 Find me on Patreon: / lisa_k
📧 Read on Substack: lisakletters.substack.com/
💬 Join my Telegram channel for updates: t.me/lisaksg
👉 *If you're looking for a financial advisor, I would highly recommend the folks at DaretoFinance: forms.gle/UCSudcU21ngzHXCF8
✏️ RESOURCES:
- 📊 Budget & Net Worth Tracker Google Sheets template (Version 2) ➡️ payhip.com/b/XlA3J
- 🗂 Home-buying and Renovaton Notion template ➡️ payhip.com/b/mMWzY
🔗 SERVICES I USE + REFERRAL CODES (only if you wish to support me, no pressure):
- 💰 Money Lover app (expense tracker app) ➡️ apps.apple.com/sg/app/money-l... (iOS) / play.google.com/store/apps/de...
id=com.bookmark.money&hl=en (Android)
- 💰 *Stashaway (investment robo-advisor) ➡️ www.stashaway.sg/lisa-k
- 💰 *Syfe (investment robo-advisor) ➡️ syfe.onelink.me/CBOg/LisaK (code: LISAK)
- 💰 *Singlife (cash management account) ➡️ app.singlife.com/y1Iyf0TB
- ☎️ *giga! (my phone plan) ➡️ bit.ly/refergiga (code: rU0Bvk)
📹 MY EQUIPMENT & TOOLS:
- *Logitech Yeti Nano Microphone: shope.ee/4pZfTbrnIP
- *iPad Pro 11" (3rd gen): shope.ee/8p5rSCBYO1
- *Apple Pencil: shope.ee/2KsNiHhwjw
- iMovie for video editing
- Canva for graphics
*Indicates use of affiliate links which provide a small commission that help to support this channel.
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hello Lisa, thank you so much for your transparency - sharing your financial journey so openly is definitely such a rarity in Singapore :-), I'm sure many people learn a lot from your videos!
Hi everyone! Here are some updates and additional thoughts I want to share that only came up after I had filmed this video earlier this month:
- Both GXS Bank and MariBank have increased their maximum deposit amount to $75,000 SGD. So what I'll probably do is continue to deposit any top-ups to my Emergency Fund in my GXS account moving forward, and also transfer my Family Fund from MariBank to GXS Bank since the interest rate is higher. And if I have excess funds from TH-cam that I want to put aside, I would keep it in GXS too.
- I accidentally pronounced "moth" as "moss" at 28:27, my bad. I had been recording for over an hour at this point and I think I forgot how to read.
- I don't claim to be an expert and I'm not saying this is the BEST way to allocate your savings. I'm just sharing what I do. Please take my recommendations with a pinch of salt and a good dose of your own critical thinking and situational analysis. That said, if you do have feedback or suggestions for me, do recommend them kindly in the comments, and I'd be more than happy to take them into consideration.
- In my reflection, I mentioned how I don't "obssess" over money - I just want to add that I acknowledge that this sentiment in itelf comes from a place of privilege. I'm lucky enough that I currently have a job and income that allows me to have a standard of living that is comfortable for me and my family, where I don't have to worry about money the way I used to. Even comparing my current self to my past self from one or two years ago, I feel like I'm in such in a different place now (mentally, emotionally, financially), and it's been a huge blessing. My mother just said to me the other day, "if only your father could experience the life we have now," and yeah, I wish for that too.
Good job Lisa. A few pointers.
1. Don't include your CPF - SA and Medisave into your networth as these are "locked-in". Never know when the goalpost will change.
2. Set aside some money for your wedding and future BTO wif future hubby - You may (or may not) not have a bf now or think about getting married at all but trust me when you do, you don't want to be scrambling for funds. It does not have to be much now, maybe $100-200 per month will do. This is to avoid the trap of taking out a wedding loan later on (like so many young people these days....)
3. Don't include your mom/family funds into your networth calculation - This may impact your perception of your networth if your mom suddenly wants the money back for whatever reason (help your bro out, etc). Its always messy with fam money.
4. Don't buy individual stocks yet. - Go for safe ETFs. SPY, QQQ, etc. Your portfolio is not big enough for individual stock with wide fluctuations
5. If I were you, I'll try to pay down the mortgage loan - maybe with your midterm funds. That would lower your monthly re-payments and lower the outstanding balance thus freeing up more cash with the lower repayment amount to invest.
6. Basic liquidity ratio needs to go up, girl - Not sure what industry you are currently in but I recommend at least 12 months as jobs are harder to come by these days.
You may feel the above is conservative but better to be safe than sorry. Other than that you are on the right track!
Huge respect for your financial awareness and planning at such a young age. You will no doubt be financially free much earlier than most of your peers. Keep up the great work!
Hey Lisa, just wanted to say that you're absolutely killing it!! I wish I had your sheer ability to just deal with everything that life has and keep trudging on =) Hope you keep crushing it, take care!!!
All I gotta say is, respect. Been following you maybe since 1-2 years back and you are really one-of-a-kind! All the best!
Hey Lisa, I just want to say how I love to your Grit, and journey! Keep Shining and Adulting Awesomely! I have been very honored to share in your growth in these videos! Your courage to be transparent about your journey and finances here is so refreshing and helpful to many! :)
Your transparency is so refreshing, thank you for these lessons
Hi Lisa, thanks so much for being transparent with your finances. I am trying my best to keep my finances in check and want to be better at managing and growing my savings for retirement so it’s nice to see what others are doing in their life to improve their finances. I do feel a bit alienated too when it comes to personal savings so watching your TH-cam made it less alone 😊
Your resilience, clarity of thought, insight, and eloquence are truly commendable!
thank you! ❤️
I am in my late 40s and I got a lot to learn from your videos. You got a new subscriber here. Bravo!!
Holy moly!the amount of details in your excel. Well done!👏🏻even im this detail for my spreadsheet. Tq for sharing👍🏻
Hi Lisa, I’ve been here since a year ago when you posted your first few videos. And I’m so glad you’re at where you are now! I’m happy to see you more relaxed and even being able to set aside a holiday fund now. Hope you have a great time wherever you plan to go 😊 I would suggest Thailand or Vietnam if you would like to visit somewhere interesting but still affordable~
Good progress and well thought! Just want to let you know that from last week, GXS has up their threshold from $5k to $75k. So that gives more flexibility than Syfe, which takes longer to liquidate for immediate use.
I love your well put together plan and goals. You are an inspiration!
I like how u closed it off! I think u are on the right track really, to balance savings n financial planning with living life in your 20s is not easy, but as u grow financially it does get abit easier. But on the flip side theres some stuff u wanna do that u can only do in your 20s and 30s, so i guess its important to know what those are and plan how u gonna do it. After all, we are all here for a limited amount of time, if we are not gonna enjoy every step of the way then its just purely existing n wheres the fun in that 😅 keep up the good work Lisa!
hi Lisa! thank you for this video, it's a very fitting video bcs recently i downloaded your template and i want to fill the net worth part but i'm kind of confused😂 also i was thinking of making another bank acc for my pure savings so this video comes in a very right timing for me
i'm actually not a Singaporean, i live in a neighboring country! but your transparancy gives me a better understanding about personal finance, budgeting, and just financial literacy in a whole complete package and you give so many links for me to learn so thank you so much for inspiring me!
Hi lisa, just came across your channel, glad to see you doing well, all the power to you and your family!
Very wholesome video. Appreciate the tranparency!
Thank you for sharing the sheets and explaining it in detail. It's really helpful in helping me keep track and manage my finances =)
so glad you are sharing in such details on your financial planning. ive been in the workforce for 10 plus yrs and have burnt my fingers in a few investment pools. x.x .
Lisa, you continue to inspire me 🥲❤️
Omg y’all back!
When I was your age I didn’t hv so much knowledge on finances. Great job you are doing, am sure u will achieve financial independence in near future
I'm very glad that you are aware to strike a balance between saving and spending to live a life! I used to think I could just live extremely plainly in order to reach my financial goals as soon as possible, but then I realised it's important to still live today instead of withholding experiences and living, because we never know when it'll be our last day, and it'd be a shame to die before we allow ourselves to live.
Hey Lisa, we're around the same age and you're doing great! Keep it up.
Truly impressive on ur financial knowledge and wealth mgt, not alot of ppl are this capable! Keep it up!!
Hello! Just some words of caution if you are looking into stocks: for US dividends stocks, the "take home" dividends that you get in the end is only 70%, owing to US dividend withholding tax. Which was why I started with stocks and has now been moving to entire ETFs to avoid/reduce this. I hope this is useful info and all the best on your personal finance journey! The videos so far had been very insightful :D
Hi there,
just wanted to say, regardless of the finance planning or stuff, I pay great respect to you for the support you give your mother. This is not something easy to do in today's standard. As in for young people having that mentality or sense of responsibility. well done.
You're videos help me to start planning my finance journey too
Hi Lisa, nice videos. Here are something that i thought could be better.
1) since you have a UOB one account, i feel that you should channel your funds to there and earn the fixed and risk free interest rate which is higher than GXS and stashaway. Also it is super liquid as you are using it like a savings account and you can withdraw cash anytime. It is also insured by SDIC for up to 75k so any amount below 75k is technically risk free(the criteria is pretty easy too).
2) CPF is super illiquid asset thus it shouldnt be counted in your NW. You can touch the OA for housing and MA for medical care but thats basically it.
3) if there is spare cash you should either start paying down the loan that is interest bearing(since your study loan doesnt bear interest till 2024 you shouldnt be paying down fully till near the end).
Cheers and hopefully you can achieve your goals to financial freedom soon!
To further elaborate on point 1, you are technically trying to max out the interest rate with 0 risk and channel those interest earn back into your investment, its like growing money with money.
At 32 years old. I feel like i need to be more prudent in my financial journey.. Better plan for things rather than just looking at my bank account figures. Lisa, thank you for sharing. i feel the need to rethink/relook at all my things
proud of your journey, super impressive keep it up!
Hi Lisa, thanks so much for being open and sharing all this very personal data. Do the cash savings accounts you use charge an annual fee? If so, we might have to deduct that from the interest rate.
thanks for the video lisa T_T this helps so much especially when i'm a new working adult with no parents to guide me appreciate your transparency
GXS now gives 3.48% up till $75k now with a partition feature called "pockets"!
Inspiring!🎉❤
Hi Lisa, thanks for the transparency in the video. Have been enjoying your videos since you've come on in the sg personal finance TH-cam scene. Didn't expect you to end with a Karl Marx quote at the end. I've not read the full Economic & Philosophic Manuscripts of 1844 but thought to attempt to interpret it my way. "The less you eat, drink, buy books, go to the theatre or to balls, or to the pub, and the less you think, love, theorize, sing, paint, fence, etc." -- perhaps Karl Marx meant these activities to be material wants. So, if a person has lesser material wants, the more the person is able to save him/herself from the capitalist world, and the more a person can save his/her wage and/or labour. Just my take on this, it maybe wrong. Once again, thanks again for the video. All the best, and looking forward to your next video.
thank you for your kind words! 🙏🏽🧡 hmmm yes i think contentment with one's life is very important in order to distance oneself from the capitalist mindset... but some things like art and relationships (family & friends) and education are really hard to quantify in terms of material benefit, and might not seem "cost-effective" at a glance. i think it's a balance between material wants and life experience instead!
Hi Lisa, thumb up for you. Also, my two cents worth, you may want to expand your study to include 3 areas like risk (worst case), insurance basket now showed zero and any gaps.
Good job Lisa
very organized spreadsheet and sharing 👍 have u also considered allocating a portion of ur cash/cash equivalent into t-bills (~3.85%) or SSB (to lock in ~3% for the next 10 years)? Ur investment portfolio does not look the most cost effective at first glance, but i look forward to hearing your thought process on how u constructed ur portfolio
i've heard of t-bills and SSB but i need to do more research! will consider for future investments 😁
@@LisaAdultinginSingapore Definitely look into SSB. I have been placing my cash into SSB spreading them apart. E.g. 10k in Jan, 10k in Feb, and so on. This way, after 6 months, every month I will receive the interest from SSB returned into my bank account. I will then transfer this interest into a separate account (I called it coffer) to track all the "free" money that I received (including those GST vouchers, dividends and what not). Then once this coffer account reach a certain amount, I will then re-invest this "free" money to grow more money.
Hi Lisa,
You are doing good and keep it up.
You will get very good result when you reach mid 40s.
Condolences on your father’s passing. Mine also recently passed and i received some of his cpf, hence i managed to reach my financial goals as a 25 year old but im not really sure what to do with it. Would be great if u could create more videos on retirement investments/what u invest on?
Big ups to you!
Hi lisa, thanks for sharing your financial journey. Wondering what are your side hustles and how did you grow side incomes?
Hi lisa would you make a video on how you use syfe portfolios for investments and retirement funds? Really love your detailed explanations on all these videos!
hi lisa, this is a very informative video. thank you for doing this. may i ask where did you get the general acceptable finance ratio range from?
Got it from Seedly!
Great sharing there! Looking forward to the topic on the investment. If you want to bound ideas on the investing part, feel free to reach out 😄
Hi Lisa, thank you for sharing all these info and insights. For the app you use, i'm curious to know if the Money Lover app is able to export the data out to excel or google sheets? and do you use both the app and google sheets?
Yes, there's an option to export to a CSV file but I've personally never used that option! I use both the app and google sheets, but for different purposes. I have a video on my channel on how I use my budgeting app, if that helps. :-)
I use Google Sheets to get an overview on my monthly budget, and I use the app to record my daily spending. Sheets for big picture planning, Money Lover for daily money management!
Hi lisa , gxs =75k u can put maribank excess in
and btw, just 2 cents, try to go for a 4rm HDB instead of a 3rm - u are very disciplined and will definitely be able to get there! honestly a 4rm HDB if u can afford it, will definitely improve your space and quality of life by leaps and bounds! not to mention it will have better market value in the long run =)
i'll think about it! 4-room hdb is the dream but i'd be very happy with a 3-room too 🙏🏽
I like how you went from worrying about buying lipstick to being able to afford Taylor Swift concerts!!! (And I was typing this before your Karl Marx quote so it's almost prescient!!!)
You're the first financial vlogger who's quoted Marx, let alone any philosopher. And I was curious enough to google the quote.
The next sentence reads "Everything which the political economist takes from you in life and in humanity, he replaces for you in money and in wealth; and all the things which you cannot do, your money can do." and knowing that Marx was afraid of workers being isolated, I guess he would be trying to say that "don't be so worried about saving for the future, that you forego spending for the future".
In other words I think he'd be happy that you can shop for Taylor Swift and I am too!
Am also glad that you're saving for holidays =)))
thank you so much, your comment means a lot 🙏🏽🙏🏽🙏🏽 and yes, looking back at my past self from even a year ago is so strange; to see how far i’ve come and how much my quality of life has improved!! and thank you so much for all your support this whole time too 💛
the important question is did you get your Taylor tickets?
UR ASKING THE RIGHT QNS AHAHAHA yes i did, but no thanks to UOB!! i got them from klook 😅
always love your video. hope it is well received and even the negative ones will build you up too. Best wishes
Hi Lisa! Was wondering how you edit your videos, is it using imovie on macbook? Dont seem to see it your equipment and tools. Thank you!
yup i use imovie on macbook! 😊
@@LisaAdultinginSingapore thank you! Really helpful :)
May I ask the reason for placing your savings in the many different banks/investment portfolios if the interest rate is about the same across?
She did explain at about 15:50. Bank interest rates tend to fluctuate too so is better to diversify in case any of the interest rate drops, you can shift the money to the other account with higher interest rate.
Just my personal opinion, not counting savings up till a year for money spent in the immediate future is too long. I know the meaning everyone attaches is subjective, but immediate to me is in a few days (as per your lower limit). I think up till one month is fine as the upper limit, rather than one year. You can deduct that from your net worth when those money is spent eventually, for a more accurate net worth. E.g. it could be 11 months later.
hmmm but i feel like it'll cause my net worth to fluctuate a bit more every month, which is why i prefer not to! and i'll also have less line items to keep track of in my spreadsheet if i don't include haha
New to your video. Currently my networth is over $240k including stocks at age 29 female. Waiting for bto with my partner.
happy for you
Happy for you
Hi Lisa! Thank you for sharing. May I know why you don't mention insurance much?
oh, because the video isn't about insurance 😅 i definitely think it's an important part of financial planning! i'll make a video in the future about insurance, hopefully
@@LisaAdultinginSingapore Yes that be great. My take away from this video was diversifying, something I need to work on. Thank you once again!
hey Lisa, just curious, which industry are you currently working in?
Your sinking funds should be consider in attribute to Net worth. It's like Petty cash type
A day would come and you could be our new finance minister :) love the spirit of adulting. It truly isn't easy but hey, its all part of growing up isn't it.
hey! have you considered tbills?
heard of it, but haven't looked into it yet!
Would you mind sharing any takeways from the PTO saga? if its too personal, let's not go there.
Smart girl
Hello lisa, as my parents may get divorced soon, I wanna ask at that point of time you and your mother what flat did yall buy?
Do some side hustle so that you can increase your income.
Vnot many young people do what you do
Just curious, is your mum working at 50+?
I thought her mom was on LTVP... if so, hard to find a job.
You have more money than me even though I’m older 😢
it's not about age! everyone has their own timeline and journey. don't be too hard on yourself. 🧡
Me too, i don't even have $20k in bank account haha. On hindsight, I shouldnt have wasted money on a masters overseas.
I really enjoy following your videos. As everyone says, thanks for the details and transparency.
One thing that bothered me a bit was that you have a bf now. Before you achieved a lot through your own drive, determination, research, for your family. But hearing you have a partner made me worry about this new variable in your life and how it'd affect things. I guess we'll find out 😀
i thought she mentioned before she has a bf xD
@@embershen364 I must have missed it. I dontvwatch every video, just 3 or 4 so far 😀
please just take all my money and manage for me
✋ Promo`SM
Feels as though Karl Marx views money and life as 2 opposite ends of a scale, if you want to experience life, you will have to sacrifice money. And if you want to make money, you will have to sacrifice living. He's almost taking a satirical jab at people that are obsessed with making more and more money thinking that will give them a better life, instead of just living and enjoying what the world has to offer. Dude was a socialist so he probs viewed the capitalistic nature of amassing more wealth and money not beneficial for the human soul
yeah i agree! this is how i read it too. i think at some point there are diminishing returns to how much money can give you a better life. learning how to be content is also important...
u r very meticulous but the video is way too long and confusing...😅but just for the record, i liked the video and subscribed!
🤣