June holidays are almost over, and I am excited to update on my Financial Goals Progress for June 2025. As you can see from the above chart, the total value of my financial assets jumped from 91.07% to 97.32%. This means that I am only 2.68% away from reaching my financial goal that I have set for myself. I will share more details below on what I am doing to achieve my financial goals.
Before that, you may ask why am I setting and tracking financial goals? “Financial goals” are specific objectives you set to manage your money in a way that supports your short- and long-term life plans. Setting financial goals is important as it provides direction and motivation for managing money effectively. By establishing clear financial goals, I can track my progress, make informed decisions, and work towards achieving financial stability and security. My long-term financial goal is to stash sufficient money (target) which can help me to retire early in Singapore.
What is included in the total value of my financial assets? The total value of my financial assets is based on insurance savings, savings accounts (POSB, OCBC, CIMB, UOB, Trust, GSX), Fixed Deposits, Singapore Savings Bonds, Singapore Treasury Bills, current value of my stocks, and funds in Supplementary Retirement Scheme account.
What am I doing so that I can achieve my financial goals?
Below are some of the adjustments or actions I did.
Save 20 Percent of My Salary
I made a habit to stash 20 percent of my salary into the savings pocket under GSX digital bank. Every month when I receive my monthly wage, I will transfer twenty percent into this pocket. This helps to build up my cash on hand where I can use it when I need them in future. In May, when the stock market crashed, I used the money in this pocket to purchase DBS and OCBC shares.
Contribute to SRS
Needless to explain, every working adult knows the benefit of contributing to your Supplementary Retirement Scheme (SRS) account. The main benefit is for tax relief. Similar to above, I created a savings pocket under GSX digital bank. On a monthly basis, I have been transferring money into the Supplementary Retirement Scheme (SRS) Saving Pocket. In November, I shall close this pocket and transfer them into my SRS account to maximize the tax relief for this year.
Reinvest Dividends Collected
I hope you know the power of compounding. Compounding is the process of generating earnings on an asset’s reinvested earnings. To put it simply, compounding is the ability of an asset to generate earnings, which are then reinvested to generate their earnings.
Over time, compounding can lead to exponential growth in the value of an investment. This is because as the earnings are reinvested, the base on which they are generated increases, resulting in larger earnings each time.
Compounding is often referred to as the “eighth wonder of the world” and is a powerful tool for building wealth over the long term. The key to harnessing the power of compounding is to start early and be patient.
By starting to invest early and allowing your earnings to compound over time, you can benefit from the exponential growth that compounding offers. Even small, regular contributions can grow significantly over time through the power of compounding.
It’s important to remember that while compounding can work wonders for your investments, it requires time and patience. The longer you allow your investments to compound, the greater the rewards will be.
Whenever I get paid dividends from the stocks and REITs in my stock portfolio, I do not spend them away. Instead, I accumulate them and reinvest the dividends collected back into dividend yielding stocks and REITs. This helped me to increase my passive income over time. Do you know I have been doing this since 2012?
Side Hustle
What is a side hustle? A side hustle is a way to make extra money outside of your full-time job. It is typically a passion project or small business that you work on during your free time to bring in additional income. Side hustles can range from freelance work, selling products online, offering services, or even renting out property. Many people start side hustles to pursue their interests, build new skills, or save up for a specific goal.
In April, I decided to take the plunge and started a new side hustle. If you notice, I started selling stock investments and personal finance related books on my blog. Reading stock investment and personal finance books offers a range of powerful, long-term benefits, especially if you’re serious about building wealth and making informed decisions.
Reading books on stock investment and personal finance significantly enhances your financial literacy, helping you understand key concepts like budgeting, saving, investing, and risk management. These books cultivate an investor mindset, teaching discipline and long-term thinking while improving your decision-making and helping you avoid common financial mistakes.
They encourage wealth-building habits and provide diverse strategies from seasoned investors, allowing you to find approaches that align with your goals. Ultimately, they empower you to take control of your money, build financial independence, and make informed choices that support lasting financial well-being.
Beside financial related books, I also listed some of my other favourite items related to Health and Fitness. Do not miss the discounts and take a look at the items listed at my sweet retirement shop right now!
Updates to My Stock Portfolio
In June, Paragon REIT was delisted from the Singapore Stock Exchange. I am still holding on the cash returned from the delisting. I will wait for opportunity to reinvest the money back into stocks and REITs.
New Fixed Deposit Placement
If you have subscribed to my posts, the best fixed deposit rate in Singapore goes to DBS 12-month fixed deposit at 2.45% per annum. With the extra cash on hand, I have made a 12-month fixed deposit placement with DBS.
SORA has been on the downtrend over the past 3 months. As such, I am expecting banks to adjust lower the interest rates across fixed deposits and savings accounts in July. Getting 2.45% per annum for 12-months fixed deposit is a good deal.
Final Thoughts on Financial Goals Progress for June 2025
My stock investments held up well and I hope it stays it that way. Having said that, this might not be easy in the current modern world. The Iran Israel war is ongoing. The Russia Ukraine war has been for a few years. Not forgetting how the Trump tariffs throw the global stock market into turmoil.
The turbulent world taught me that having cash is king, and I hope to build up my cash stockpile to tide through potential future economic crisis.