This year is definitely going down as my WORST financial year. For the first time in my working life, my net worth DECREASED, although my income increased.
But I'm still holding on some hopes till 31 Dec 2022.
Praying for better stock and crypto market.
This year hasn't been kind. If not for my own intuition and initiative to job hunt, I'd be jobless. I am thankful to myself and any higher beings for blessing me.
I now have an inkling of how it feels like IF I had no income stream. While I have at least $100k cash savings across FD, banks, it's not as much as before. Most of it are stuck in stocks, for which I'd incur losses by selling now. A good portion is in crypto, which I'm preparing to write off as 0. I blame my poor planning and eagerness to strike it rich, fast.
If I had been more careful with my money, I'd be richer. I'd have more disposable cash to plonk into high interest accounts. I'd feel less jittery if I had no income for a while.
But, these are learning points. That as I cross 30, I must prepare for the next unforeseen event. That come 40, I may become less employable and I must be prepared to take pay cuts and pivot to other roles. That it is all the more important for me to save up more for rainy days.
I have not been as prudent as before. I guess because I've reached a certain level of income/financial security, I figured I can't just be saving and not enjoying. I began to spend more to fill my past void.
I spent on luxury bags, justifying that this is my first time rewarding myself after working for close to 10 years. I wanted to be seen as successful, that I could afford these. But on hindsight, nobody bothers much about what you wear. I did get a few praises on my bag which made me happy, for a few seconds. I have to remind myself that I should avoid spending on this the next time I travel to Europe.
I was more open to spending on food. In the past, I'd always choose the cheapest deal/meal. Now, I look less at the price, but more of what I think would be interesting to try. That said, I still make it a point to scour food promotions where possible.
I am now more open to travelling far, to Europe, to America. Such trips would easily cost $10k+. I feel that while I'm still healthy, I should travel far, instead of to neighbouring countries. In my 20s, given my desire to save more and spend less, I'd choose places like Thailand, Indonesia, Vietnam, Korea, China. On hindsight, I should travel to the other part of the world while I am young, and able to handle student hostels, ungodly travelling timings.
But time lost cant be recovered.
So, instead of wallowing in pity that I am in this financial state, and knowing I myself am to be blamed for the decreased net worth, I ought to be reframe my mind and be positive.
I ought to be thankful that I am healthy, I have a job, and a lovely partner. I shall leave my reflections till year end, and hopefully miracles happen and I'd be able to share improvements in my net worth.
Meanwhile, I will strive to be more mindful of my spending habits. After all, everything including GST is rising.