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How rich/poor am I compared to people my age(27)?

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  #111 (permalink)  
Old 03-04-2022, 01:47 AM
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Revisiting this forum 6 years after my post and feel astonished that the thread is still pretty much alive! Wow! I was only 26 years old back then! Time flies!

So here goes my updated numbers (all round off to the nearest thousand)!

Assets

Cash: $350,000
Equities: $35,000
Watches: $$240,000
Alternative Investments: $340,000

BTO estimated open market value: $650,000 (shared with spouse)

Liabilities

Mortgage: $360,000 (shared with spouse)

Approximate total net worth:

$965,000 + $650,000/2 = $1,290,000 - $360,000/2 = $1,110,000

Not useful, in my opinion, to add insurance value and CPF/MEDISAVE.

Driving an entry level continental car with an outstanding auto loan of $50,000. Car is worth probably around $80,000 at this current juncture. Not looking to fully pay it off as I think there are better choices with higher returns Iím able to do with that money.

Not deeply invested in equities as I missed the boat during the 2019 Covid crash. Keeping some cash to enter when opportunity arises during the next bear market.

Didnít realized I crossed the SGD$1,000,000 net worth mark until a couple of weeks ago when I tabulated my assets. Not gonna lie, itís a pretty decent revelation.

Of course, there are many many more individuals who has achieved way more than I have but, as mentioned 6 years ago, comparison is a thief of joy. Due to the social media landscape that we are soaked in nowadays, it is extremely easy to forget giving ourselves a little pat on the back when we manage to unlock some milestones, especially seeing those amazingly success stories of young entrepreneurs achieving millions or even billions before they hit a certain age. Instead of comparing all the time, I think we should slow down our footsteps and look at what little things we have achieved. Instead of yearning for what we donít have, why not start by appreciating what we have at the moment and work hard towards our dreams and goals?

Iím not sure about you guys but I certainly did gave myself a nice pat on my back every once in awhile!

Quote:
Originally Posted by Unregistered View Post
Currently 26. Will be 27 next month.
Married with one kid and another on the way.
Private diploma holder.

Current personal net worth $245,000+ with no liabilities. Car fully paid for. Currently renting a condo unit awaiting BTO completion before moving in.

Used to work for others but owns my own business now.

Owns a couple of watches worth approx. $25,000.

I'm very grateful for the opportunities and help I've encountered and garnered during my down time. I don't think I'm doing exceptionally well but I think I'm doing better than most of my peers, though I've known many high flyers that have achieved much more than I have. But comparison is a thief of joy. So working hard now to achieve my dreams.

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  #112 (permalink)  
Old 23-05-2022, 03:51 PM
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Quote:
Originally Posted by Unregistered View Post
Revisiting this forum 6 years after my post and feel astonished that the thread is still pretty much alive! Wow! I was only 26 years old back then! Time flies!

So here goes my updated numbers (all round off to the nearest thousand)!

Assets

Cash: $350,000
Equities: $35,000
Watches: $$240,000
Alternative Investments: $340,000

BTO estimated open market value: $650,000 (shared with spouse)

Liabilities

Mortgage: $360,000 (shared with spouse)

Approximate total net worth:

$965,000 + $650,000/2 = $1,290,000 - $360,000/2 = $1,110,000

Not useful, in my opinion, to add insurance value and CPF/MEDISAVE.

Driving an entry level continental car with an outstanding auto loan of $50,000. Car is worth probably around $80,000 at this current juncture. Not looking to fully pay it off as I think there are better choices with higher returns Iím able to do with that money.

Not deeply invested in equities as I missed the boat during the 2019 Covid crash. Keeping some cash to enter when opportunity arises during the next bear market.

Didnít realized I crossed the SGD$1,000,000 net worth mark until a couple of weeks ago when I tabulated my assets. Not gonna lie, itís a pretty decent revelation.

Of course, there are many many more individuals who has achieved way more than I have but, as mentioned 6 years ago, comparison is a thief of joy. Due to the social media landscape that we are soaked in nowadays, it is extremely easy to forget giving ourselves a little pat on the back when we manage to unlock some milestones, especially seeing those amazingly success stories of young entrepreneurs achieving millions or even billions before they hit a certain age. Instead of comparing all the time, I think we should slow down our footsteps and look at what little things we have achieved. Instead of yearning for what we donít have, why not start by appreciating what we have at the moment and work hard towards our dreams and goals?

Iím not sure about you guys but I certainly did gave myself a nice pat on my back every once in awhile!
cringe.......



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