How To Measure & Track Your Net Worth
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- เผยแพร่เมื่อ 14 มิ.ย. 2024
- Do you know what your net worth is right now? If you don't, then how do you know if you're actually growing your wealth and reaching your financial goals? In this episode, we share how to simply calculate your net worth and how often you should do it. We also share the average net worth of Singaporeans according to a Credit Suisse report, and how much wealth is actually 'enough'...
00:00 Introduction
02:45 Defining net worth
10:50 How often do you review your net worth?
14:48 How much net worth is 'enough'?
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Well said Victor!! We need to spend and indulge in ourselves along the way, otherwise what's the point of working so hard all your life and not enjoying it! And Yes Rusmin is right too, we should enjoy while we can (ie while we have the health, can eat, can walk etc). Another great video guys, thanks very much!
Great topic! Thought-provoking and quite humorous!
Glad you enjoyed it!
Great session
Very sound advice and clear definition of net worth. I like this episode best!
Glad you enjoyed it!
Health is the best wealth worth.
💪💪
Health is priceless
True. Thats why i left the chemical industry 😅😅
Very good discussion. I would also recommend the book "Die with Zero" by Bill Perkins, reinforcing the point on spending ones money along the way.
Thanks for sharing the book!
Thanks for doing what you guys doing and bringing laughters when I watch your videos.
I not sure about Adam and Rusmin, but I understand Victor has 2 kids. Would you guys consider doing a video/pod on how you guys would take steps in educating your children in finanical literacy? Considering that the schools here don’t really teach the students on such topics.
Thanks!
I use DBS apps to calculate net worth, the apps allow to login via singpass to link cpf, hdb balance loan, cdp etc and even insurances
I'm tracking my nett worth once a year. It motivates me to work harder and invest cautionly to see my net worth is growing. I am aligned with Victor's approach l, I write off my car and own stay property. I didn't consider my cpf into my calculation as I'm still long way to reach 55
Keep it up!
🔥🔥🔥
Thanks for the great content. Just curious...
1) If u buy house with spouse, do u divide the current value by 2? What is the best way to find a value to our house? Most recent sale transaction from the block?
2) Does CPF MA counts as asset since u can only use it for medical?
1) You should count the stake in the asset (50%, etc.)
2) This is really up to you. By definition, it's an asset -- albeit one that is restricted in its use.
Liked the short tangential discussion into "philosophy of life", "Networth is not _it_", "Remember to spend your money (wisely), cannot bring to grave (or as Victor likes it, coffin :D)".
(~First )
Should we include the insurance policies' residual value (or estimated surrender value) + accumulated bonuses (e.g. whole life plan) as part of our net worth too ?
Yes, if it has cash value you can redeem, that's an asset.
hi guys, do your think we earn more then expenses getting more also?
Just want to ask whether are insurances policies like endowment or whole life policies that can be cashed out are part of my net worth?
Yes, if it has cash value you can redeem, it's an asset.
Do we consider cpf loan as a liability i.e. should we deduct the loan + accrued interest from the value of a fully paid up hdb unit?
Yes, anything that you owe is a liability.
'Some people are so poor that all they have is money' by Adam at 15:50 and a few faces pop out from my memory
🫢
I personally consider net worth as what I leave for my beneficiaries after I passed on at a certain point in life.
That is the question you guys should ask yourself whether you should include certain components in net worth
What if you don't plan to leave anything behind to anyone?
@@TheFifthPersonChannel it was a hypothetical question for most people to address whether certain things should be included in net worth or not.
But for myself it’s probably mostly to spend in my retirement years
93K USD! Mean net worth, i think it appeared lower is cos some didnt account for CPF!
Sadly, It is true most are planning to earn and save more. We must enjoy our fruit of labour
too after we had reaches our goal.
Should you consider the house that you stay in part of your networth?
Yes, most people would count that.
@@TheFifthPersonChannel I think the networth data in this video excludes the primary residence which the owners live in. Can't be that low. Would be good to ask what is the formula used to calculate each networth.
Normally data from financial institutions exclude primary residence, because they are only interested in your (their client's) investable assets. My observation.
Age is not factor into the survey. If a person is
Yes, age is definitely a factor. In this case, we can use the median age of Singaporeans which is 42.
Once a mth. :)
about 300k net worth for age 34 considered low?
Yes if you include cpf
Throw in some infographics.. hard/tedious to follow
Thanks for the feedback!
IMHO, I think property that one lives in should not be counted as asset. Counting that in will give people a false sense of wealth.
It's up to you how you want to define it. Most would count it as an asset.
Private property you can take reverse mortgage or refnance to extract equity. HDB you can use lease buyback scheme. So yes, it should be counted.
It is an asset cause without that home, you need to pay rental to live in.
Net worth simply put is Asset minus liability. Exclude if you are looking at investable asset. My take.
I include it as it is generating income of $1.7k per month from room rental. That's easily 5-6% net yield on cost so no reason to not include it in my networth.
your home that you own and live in is a big liability.
the figures are horsesht, the median singaporean has a paid up hdb flat $600k, cpf $300k, others $300k - easily $1.2m
We were surprised too 🤷
Depends on whose definition it was. For banks who are filtering customers for their financial products, networth is about investable money. For this type, a home especially if u have only one may not count, likewise for some cpf monies. Btw, a car can be networth when it is a collectible, or when coe kept increasing 😂
I think the data excludes the primary residence which the owners stay in. May even exclude CPF.
it’s from a bank that collapse. thats your answer to its estimates 😂
That's why the report needs to be more clear on what defines networth in their findings
singaporean know the price of everything but the value of nothing.