Skip to main content

Shitty 2022? Reframing my mind and be positive


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.

Till then

Comments

Popular posts from this blog

I finally cross $700k networth, after 1 year 4 months

I wondered how I should kickstart this post - should I be positive or negative about this? After 1 year 4 months, I finally crossed $700k in networth - returning back to where I've been at, back in Dec 2021.  I am disappointed.  For the past many years, I've always been growing my networth, at around $100-$150k/year. I had big plans to hit a net worth of $850k by December 2022, but the universe had other plans for me. Instead, I only managed to reach $646k, leaving me with a $204k gap to my target.  Ever since I became more aggressive in my "investment" portfolio in 2021, being sucked by greed to deploy most of my cash into stocks and crypto, I fell heavily, along with the crashes. Crypto wiped out 5 digits savings, so did the stock market.  To be honest, ever since the crashes and a bad hit to my net worth, I actually didn't do anything special to improve. I didn't make drastic spending cuts, I didn't stop my holidays, I didn't continue investing (no

Starting 2023 with extra $9,979.20

Happy 2023~! I woke up feeling not very positive. It seems like I've brought forward my 2022 negative thoughts along. I ought to be more optimistic! Anyway, my best way of welcoming the new year is to count the new inflow of $ and here's my CPF interest for 2022: Have you check your CPF interest yet?

First CPF top up in Jan 2023 and tax relief concerns

Detailing my yearly CPF top-up and thoughts.  This is my 8th year of top-up. 1. Top-up $2.5k to Medisave via Paynow Did a $2,500 top up to my Medisave, bringing it to 2023 MA ceiling of $68,500. Done the same for my husband as well. 2. On hold - To top up $5.5k to SA or no? Contrary to the past where I top-up at the start of the year, I have decided to hold off the top-up. A) Running out of cash Firstly, I'm running out of cash. I'm berating myself for degrading to the past where I look forward to my monthly income for cashflow. So I can build up my $100k capital in savings account again, given the current high interest environment.  B) Hitting FRS soon = no tax relief Secondly, I'm concerned about reaching FRS too soon.  The FRS this year is $198,800. I'm now sitting on ~$157k SA which means $41,800 away from reaching this ceiling.  I know some people encouraged maxing this out ASAP. But, as I've crossed 6 digits annual income, maxing FRS soon meant lower tax relie