This will be one of my additional goals for the year.
I will aim to earn $1 a day through Adsense. This would give me a passive income of $30 per month. This would require me to learn how to direct alot more traffic to my site. In order to do that, I guess I would have to write interesting posts that would attract people to read the blog.
(Update on 31 Oct 2009: This goal has been achieved. For Sep 09 and Oct 09, I have managed to earn more than $30 per month)
Updated Passive Income for 2008
Updated the current sources of my passive income. Maybank deposit is now giving me $13 per month instead of $12 per month which I estimated.
1. 11,000 x Ascott REITs (DPU = 4.52 per half) = $82.87 per month
2. 15,000 x First REITs (DPU = 1.91 per qtr) = $95.50 per month
3. Maybank iSavvy Deposit = $13 per month
Total passive income per month now stands at = $191.37
I will also wait for the distribution from First REITs and Ascott in end August to buy some more passive income generating stocks or REITs.
1. 11,000 x Ascott REITs (DPU = 4.52 per half) = $82.87 per month
2. 15,000 x First REITs (DPU = 1.91 per qtr) = $95.50 per month
3. Maybank iSavvy Deposit = $13 per month
Total passive income per month now stands at = $191.37
I will also wait for the distribution from First REITs and Ascott in end August to buy some more passive income generating stocks or REITs.
To buy Ascott REIT?
Should I buy into a 1 x lot of Ascott REIT at the current price of $1.00?
It has a DPU that is around 9%. This would help me roughly hit my desired passive income of $200 per month for this year.
Or are there better options around. Thinking of diversifying as I do not want to be too heavily invested in only 2 different REITs
It has a DPU that is around 9%. This would help me roughly hit my desired passive income of $200 per month for this year.
Or are there better options around. Thinking of diversifying as I do not want to be too heavily invested in only 2 different REITs
Searching for that additional S$10 per month
Dear Reader,
I am looking for that additional S$10 per month passive income to hit my $200 per month goal for year 2008.
With current liquid cash of slightly over $20000, that leaves me with a roughly $1500 to $2000 (after setting aside 6 months of emergency funds) to invest to get that additional S$10 per month.
Any advice?
I am looking for that additional S$10 per month passive income to hit my $200 per month goal for year 2008.
With current liquid cash of slightly over $20000, that leaves me with a roughly $1500 to $2000 (after setting aside 6 months of emergency funds) to invest to get that additional S$10 per month.
Any advice?
Current Sources of Passive Income
These are the sources of my current passive income:
1. 11,000 x Ascott REITs (DPU = 4.52 per half) = $82.87 per month
2. 15,000 x First REITs (DPU = 1.91 per qtr) = $95.50 per month
3. Maybank iSavvy Deposit = $12 per month
Total passive income per month = $190.37
It is quite amazing. I am nearly on target to achieving my $200 per month passive income for this year. $200 per month passive income however is only 4 percent of my current earned income.
My goal for the remaining months in 2008 will be to look for buying opportunities to enter into REITs or stocks with regular dividend payouts.
An additional goal would be to explore the use of Google's Adsense as an additional source of passive income.
1. 11,000 x Ascott REITs (DPU = 4.52 per half) = $82.87 per month
2. 15,000 x First REITs (DPU = 1.91 per qtr) = $95.50 per month
3. Maybank iSavvy Deposit = $12 per month
Total passive income per month = $190.37
It is quite amazing. I am nearly on target to achieving my $200 per month passive income for this year. $200 per month passive income however is only 4 percent of my current earned income.
My goal for the remaining months in 2008 will be to look for buying opportunities to enter into REITs or stocks with regular dividend payouts.
An additional goal would be to explore the use of Google's Adsense as an additional source of passive income.
Current Monthly Expenditure
This is a rough gauge of my current monthly expenditure. I will be including the housing installments even though they are paid by CPF as I hope that my passive income will be able to pay off the housing installments (if any) at the age of 40.
My current monthly expenditure in (S$)
1. Housing installments = 1096.00 (wife is sharing the burden)
2. Car Monthly Installment = 518.00
3. AIA Investment Link Plan = 350.00
4. Asia Life Policy = 154.20
5. Aviva Insurance = 51.72
6. Conservancy Fees = 49.00
7. Telephone & Internet = 33.96
8. Cable TV= 25.68
9. Mobile Phone Bills= 30.89
10. Electric, Water, Gas= 100.00 (estimated)
11. Car Insurance = 110.00
12. Parking= 150.00
13. Road Tax= 60.00
14. Petrol= 300.00
15. Food= 300.00
16. Tithes, Parents = 600.00
Total = $3929.45 !!!!!!!!!!!!!!!!!
How on earth did my family accumulate so much monthly expenditure? And this is being optimistic.. there are months in which I spend much more on food, entertainement, miscellaneous stuff, etc....
Okay, maybe its because I included the housing installment which is actually covered by CPF now.
How can I decrease my monthly expenditure to S$2800 and below?
My current monthly expenditure in (S$)
1. Housing installments = 1096.00 (wife is sharing the burden)
2. Car Monthly Installment = 518.00
3. AIA Investment Link Plan = 350.00
4. Asia Life Policy = 154.20
5. Aviva Insurance = 51.72
6. Conservancy Fees = 49.00
7. Telephone & Internet = 33.96
8. Cable TV= 25.68
9. Mobile Phone Bills= 30.89
10. Electric, Water, Gas= 100.00 (estimated)
11. Car Insurance = 110.00
12. Parking= 150.00
13. Road Tax= 60.00
14. Petrol= 300.00
15. Food= 300.00
16. Tithes, Parents = 600.00
Total = $3929.45 !!!!!!!!!!!!!!!!!
How on earth did my family accumulate so much monthly expenditure? And this is being optimistic.. there are months in which I spend much more on food, entertainement, miscellaneous stuff, etc....
Okay, maybe its because I included the housing installment which is actually covered by CPF now.
How can I decrease my monthly expenditure to S$2800 and below?
Sources of Passive Income
The following are sources of passive income that I have identified as being suited for my current situation:1. Dividend paying stocks
2. Distribution from real estate investment trusts (REITS)
3. Fixed Deposit interests
4. Revenue from Adsense
Financial Freedom (Goal 2022)
My definition of financial freedom would be to simply have sufficient passive income (income that I do not need to work for) that would cover my monthly expenditure by the age of 40.
Simply put :
Financial freedom = Passive Income > Monthly Expenditure
That is a total of 14 years to achieve it. Hopefully I will achieve it by the 31 Dec 2022.
The purpose of achieving financial freedom is to give me the flexibility to pursue things that I enjoy doing and value in life. The goal of achieving financial freedom is just one of my many goals in life.
I intend to achieve this through the following steps:
1. Increase my monthly passive income to S$200 by end 2008. (S$2800 per month by 2022)
2. Reduce my monthly expenditure to below S$2800
3. Pay off all debts (HDB 4 room flat, car) or attain a debt level that combined with my monthly expenditure would not exceed S$2800
This blog serves as a journal to chronicle my journey and I hope that you would learn as much from it (be it from my failures or successes) as I would from the entire process.
Simply put :
Financial freedom = Passive Income > Monthly Expenditure
That is a total of 14 years to achieve it. Hopefully I will achieve it by the 31 Dec 2022.
The purpose of achieving financial freedom is to give me the flexibility to pursue things that I enjoy doing and value in life. The goal of achieving financial freedom is just one of my many goals in life.
I intend to achieve this through the following steps:
1. Increase my monthly passive income to S$200 by end 2008. (S$2800 per month by 2022)
2. Reduce my monthly expenditure to below S$2800
3. Pay off all debts (HDB 4 room flat, car) or attain a debt level that combined with my monthly expenditure would not exceed S$2800
This blog serves as a journal to chronicle my journey and I hope that you would learn as much from it (be it from my failures or successes) as I would from the entire process.
Financial Knowledge
I believe that to achieve financial freedom, one must strive to gain financial knowledge.
Nowadays, one can simply gain financial knowledge by searching the internet and looking online for ways to invest, save money, etc.
I am compiling a list of financial websites/resources specific for the Singapore audience.
Banks
Citibank
DBS
HSBC
UOB
OCBC
RBS
POSB
Standard Chartered
Maybank
ABN Amro
finatiq.com
Unit Trusts
Fundsupermart
finatiq
Stock Brokers/Trading Platforms
POEMS
UOBKayHian
DBSVickers
The author currently has a POSB account, Maybank account, defunct OCBC account, Citibank account, Fundsupermart account and a UOB Kayhian account
Nowadays, one can simply gain financial knowledge by searching the internet and looking online for ways to invest, save money, etc.
I am compiling a list of financial websites/resources specific for the Singapore audience.
Banks
Citibank
DBS
HSBC
UOB
OCBC
RBS
POSB
Standard Chartered
Maybank
ABN Amro
finatiq.com
Unit Trusts
Fundsupermart
finatiq
Stock Brokers/Trading Platforms
POEMS
UOBKayHian
DBSVickers
The author currently has a POSB account, Maybank account, defunct OCBC account, Citibank account, Fundsupermart account and a UOB Kayhian account
About Me - Financial Freedom
Welcome to SgFinancialFreedom.blogspot.com - a Blog that details my journey towards Financial Freedom. For those who don't already know, Sg is simply a short form for Singapore, which is the country I am from. This introduction was last updated on 5 Mar 2012
Who Am I?
My name is FF and I'm a part time Blogger, trying to leave my footprints in the sands of time even as I explore this brave new world of digital media. I live in Singapore with my wife and son.
From Hobby to Obsession
Back in 2008, I was sitting around in my hotel room taking a rest from a run. I was looking out at the sea and just watching people laze around at the balconies of their hotel rooms. It was during then that I thought to myself: "Wouldn't it be nice to be able to do this for the rest of my life?"
I decided there and then that I had to do something about my life.
I took out a piece of paper and wrote down some of the things that I was passionate about and how I could actually channel my energies into it while earning a decent income from it.
When I arrived home the next day, I started this blog so as to detail my journey towards financial freedom. What was meant to be just a personal diary ended up into a project in which I gave myself a certain time frame to increase my passive income so that I will be financially free one day.
My blogs started out like a monologue session where there were like zero visitors and zero comments for a long long time. Slowly but steadily, I have seen my blog grown in popularity and this personal diary has turned from a hobby to a certain sort of obsession. Little did I realise that I was also able to earn some small income from blogging.
A Trying Year - 2008
The year 2008 was indeed a trying year for me as I made the decision to quit my job for a change in career so that I could do something that I was passionate about which would at the same time give me a chance to develop myself personally. It was not an easy decision as the global financial crisis was just starting to unrevel its mighty arm on the employment scene even in Singapore.
There were many times when I simply wanted to stop blogging but I decided that the stuff here would one day serve as a good record for me should I need to look back at my thoughts and feelings some day.
A Brighter Year 2009
The year has been much better for me and my family. The little one is growing up slowly and I have successfully started out my own business. While the money is still not rolling in as much as I would like it to be, we are still surviving pretty alright.
This year also was a more productive year in terms of blogging as I slowly saw the visitors to this blog increase. People were basically visiting from all over the world and leaving their comments and that sort of spurred me on to do a better job at blogging.
At the same time, the other bloggers have also enriched me alot through their personal sharing and advice. I have grown alot just based on the books that they have encouraged me to read as well as the interaction we have had over the internet.
2010 till now
Job applications and interviews..Landed a wonderful job. Loving every moment of it and looking for the next lap ahead.
Why Financial Freedom?
This site is dedicated to helping my readers determine their own financial goals. If anything, I hope that this blog would serve to encourage those who are trying to gain financial independence or freedom. This is done through sharing of experiences, knowledge as well as simple skills that one can take to slowly walk towards financial freedom.
I fully understand that money does not buy me happiness nor will it make me happy. However, I believe that those who do not manage their money and finances well will soon be a slave to money - even if they refuse to acknowledge it. What money will give me is the freedom to do the things I want and to help people who are in need. If I am financially needy, I cannot help those who are in material need.
As I journey along, I hope that you will journey along with me too. My pledge to YOU the reader is that I will try to the best of my ability to provide (1) Quality Content, (2) Regular Postings and (3) Honest Updates. As I am not a full time blogger, I do not have the means to generate articles at the rate of some sites.
Further Reading
If you would like to learn more about my financial freedom journey, please follow the link here.
Find out for yourself why people read this blog. Read the FAQs here.
It would really be useful if you could comment on any posts at SgFinancialFreedom. No spamming though as I will delete any comments which does not meet the comments guidelines of this blog.
Who Am I?
My name is FF and I'm a part time Blogger, trying to leave my footprints in the sands of time even as I explore this brave new world of digital media. I live in Singapore with my wife and son.
From Hobby to Obsession
Back in 2008, I was sitting around in my hotel room taking a rest from a run. I was looking out at the sea and just watching people laze around at the balconies of their hotel rooms. It was during then that I thought to myself: "Wouldn't it be nice to be able to do this for the rest of my life?"
I decided there and then that I had to do something about my life.
I took out a piece of paper and wrote down some of the things that I was passionate about and how I could actually channel my energies into it while earning a decent income from it.
When I arrived home the next day, I started this blog so as to detail my journey towards financial freedom. What was meant to be just a personal diary ended up into a project in which I gave myself a certain time frame to increase my passive income so that I will be financially free one day.
My blogs started out like a monologue session where there were like zero visitors and zero comments for a long long time. Slowly but steadily, I have seen my blog grown in popularity and this personal diary has turned from a hobby to a certain sort of obsession. Little did I realise that I was also able to earn some small income from blogging.
A Trying Year - 2008
The year 2008 was indeed a trying year for me as I made the decision to quit my job for a change in career so that I could do something that I was passionate about which would at the same time give me a chance to develop myself personally. It was not an easy decision as the global financial crisis was just starting to unrevel its mighty arm on the employment scene even in Singapore.
There were many times when I simply wanted to stop blogging but I decided that the stuff here would one day serve as a good record for me should I need to look back at my thoughts and feelings some day.
A Brighter Year 2009
The year has been much better for me and my family. The little one is growing up slowly and I have successfully started out my own business. While the money is still not rolling in as much as I would like it to be, we are still surviving pretty alright.
This year also was a more productive year in terms of blogging as I slowly saw the visitors to this blog increase. People were basically visiting from all over the world and leaving their comments and that sort of spurred me on to do a better job at blogging.
At the same time, the other bloggers have also enriched me alot through their personal sharing and advice. I have grown alot just based on the books that they have encouraged me to read as well as the interaction we have had over the internet.
2010 till now
Job applications and interviews..Landed a wonderful job. Loving every moment of it and looking for the next lap ahead.
Why Financial Freedom?
This site is dedicated to helping my readers determine their own financial goals. If anything, I hope that this blog would serve to encourage those who are trying to gain financial independence or freedom. This is done through sharing of experiences, knowledge as well as simple skills that one can take to slowly walk towards financial freedom.
I fully understand that money does not buy me happiness nor will it make me happy. However, I believe that those who do not manage their money and finances well will soon be a slave to money - even if they refuse to acknowledge it. What money will give me is the freedom to do the things I want and to help people who are in need. If I am financially needy, I cannot help those who are in material need.
As I journey along, I hope that you will journey along with me too. My pledge to YOU the reader is that I will try to the best of my ability to provide (1) Quality Content, (2) Regular Postings and (3) Honest Updates. As I am not a full time blogger, I do not have the means to generate articles at the rate of some sites.
Further Reading
If you would like to learn more about my financial freedom journey, please follow the link here.
Find out for yourself why people read this blog. Read the FAQs here.
It would really be useful if you could comment on any posts at SgFinancialFreedom. No spamming though as I will delete any comments which does not meet the comments guidelines of this blog.
Welcome to My Financial Freedom Journey
Hi there! It is indeed a privilege to have readers coming to this blog to learn about my financial freedom journey. Some background about myself:
Me and my wife earn a combined income of around $8500. Our current monthly expenditure is close to $4000. To achieve financial freedom, I have decided that it is important that our monthly passive income surpass our monthly expenditure.
Before you start navigating around this blog, these are some articles that you might like to read first to learn more about my financial freedom journey:
Me and my wife earn a combined income of around $8500. Our current monthly expenditure is close to $4000. To achieve financial freedom, I have decided that it is important that our monthly passive income surpass our monthly expenditure.
Before you start navigating around this blog, these are some articles that you might like to read first to learn more about my financial freedom journey:
1. About Me - Financial Freedom
2. My Financial Freedom Journey
3. My Current Expenditure
4. My Current Passive Income
2. My Financial Freedom Journey
3. My Current Expenditure
4. My Current Passive Income
5. Ten Facts About Myself
Do bookmark this blog or Digg It to show your support. I welcome any comments too that might help me fine tune my investment decisions to achieve my aim of gaining financial freedom by age 40. Feel free to visit my other blog called Singapore Stock Screener.
Do bookmark this blog or Digg It to show your support. I welcome any comments too that might help me fine tune my investment decisions to achieve my aim of gaining financial freedom by age 40. Feel free to visit my other blog called Singapore Stock Screener.
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