June 2023 Passive Income

Wanted to compile passive income for the quarter but realised it might be difficult so doing for June 2023 instead. 

1. $163

2. $5

3. $37

4. $51

5. $2970

6. $19 (DBS multiplier)

Total = $3245

Rough estimate only as I am rounding  and might have missed some other items. 

I was surprised at DBS Multiplier Account since I set it up a few years back and haven't really been paying attention to it. I am also not making any effort to keep track of the categories that I need to fulfill in order to get the highest interest rates. Besides, the amount I have within is not significant.

The reason I am recording this down is because I realised that I have gotten a little haphazard in my finances and goals with little record-keeping and not even being certain whether I will be meeting my retirement goals. Time to record it more diligently so that I have a good record of my passive income and when I might possibly retire. :)

To obtain a $100  monthly passive income, I probably need $24,000 invested in an instrument that gives 5% yield. That means that $240,000 will yield $1000 per month and $2.4million (!!!) will yield a healthy $10,000 per month.

Looking back at my old goals, I was probably too naive that my expenses will remain the same. The family has grown and the cost of living has also gone up significantly. So whatever passive income goals that I have set now appears to have shifted even further away. But I was inspired afterbreading ASSI blog recently and realised that he is still blogging and has retired. Considering that we started blogging around the same time, it means he has stuck to his plans while I have failed in mine.