Cory Diary : Perpetual Portfolio - Legacy

In one of my earlier articles, I used Excel to compute how long the draw down of one's portfolio can last. Ideally we like to able to expense it till we died. The problem with this methodology is that we do not know when we will died and the portfolio may dried out before we do. There is also some who like to have legacy and uplift their children ahead. So Perpetual Portfolio design maybe nice to have.

There is also linearity issue as in certain year we may have higher expenses while in major market crash. Working on borderline is risky. Furthermore with advance in science and maybe space travel, our life may be much longer than we expected though saying this now is quite speculative.

Nevertheless, trying to attain a goal of ever lasting portfolio is not that difficult once variable points have been reached. The question is what are they.

1. Portfolio Size

The starting point is important at the point we retire because it gives us the critical mass needed to cover the expenses. Therefore able to compound them from young helps.

2. Portfolio Returns

If the expense is lesser than the portfolio growth and yield, we hit an inflection point where the portfolio will keeps growing.

3. Inflation and Expenses

Both of this are tied to purchasing power and needs. A low inflation couple with controlled expense will help in a long way to be below Portfolio Returns.

In today article, I will assume my performance maintain for the past decade, Inflation I cannot change, therefore the only key variables will be my portfolio size and therefore expenses I could afford.

Portfolio A : A design for middle class family. Probably upper. Lives in Condo. Simple Travel.

1.3M Portfolio Size

Portfolio B : Living standard upgrade to have longer distance travel. Better or more gadgets.

1.5M Portfolio Size

Portfolio C : Living standard further upgrade to have Car. More external activities.

1.7M Portfolio Size

One could do some item exchange as needed depending upon preference such as switch to HDB, and this will provide a good uplift elsewhere such as fully paid loan, better renovation and other upgrades listed in B and C. And this is where physical asset is very useful. Frankly this is my Plan "D" as my wife preferred to live in HDB for living space. I prefer in case my performance screwed up.

Touchwood.

Cory

2021-0629

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Jolted in my Sleep

I have this Fear again. Remembered the series of relapse after graduating of occasional lingering dreams that I am late for exam, not ready on certain subject, missing important classes etc. So I am fully aware on my emotional fear deep down coming to formulate my dreams.

The recent fear is in similar situation where after the human mind is conditioned to do things resulting in stress accumulation. And when it ended or plan to end in this case, the dark side appears in our lingering dream. Is something like PSTD though probably in milder form.

I have been working for more than 20 years and now towards early retirement and semi is not in the card yet. Knowing myself psychologically, I need to be mathematically safe before I take the leapt. Yes, the binary problem which I just blogged in my last article. Is pretty hard to shake it off. That's the angle that may come useful to explore too.

For now what are the things broadly. Is basically Money. How many people is not ? Money cannot solve everything but no money definitely cannot.

1.    Young Family

2.    Home Loan

3.    Portfolio Safety and Returns

4.    Maximize CPF VC Contribution till 55

So probably occasional jolts won't subsides till I get my Math right on my income generation asset or robust plan to get it through. And maybe after will still have few instances of recurrences.

Financial Status

Working Expenses Fund

Two years of working expenses in cash

CPF

CPF RA will kick in on Age 65 which will supplement my income after 14 years. This also align my daughters age to college. To optimize my returns, I need to maximize VC till 55 where SA allocation is at it's highest. This potentially means tapping on free cash that I am reluctant to make. The plan is to ensure my investment bonds are reduced accordingly to zero except for SSB. Fortunately, the amounts will match what I needed and likely more. 

Whether I will contribute further after 55 will depends on Free Cash Flow and CPF policies. It will be interesting to know by then.

Non-Salary Income

Dividend Income today is capable to cover annual Home Loan. So technically speaking, there is no worry of paying housing loan. Whatever additional free cash will be for living expenses. And that's the point. Living expenses sufficiency. So the crux of the matter is I will be quite dependent on this dividend income for living expenses if I am to retire today.

I still have rental income support as well that I have yet bring onto the table. Well I have decided this income leftover will be buffer since I am not allocating Loan payment on it.  Rental income covers Maintenance, Tax, Repairs, Upgrade, Insurance Payments and Parental Allowances. As you can see, Rental income is quite sizeable therefore I think is a bad idea not to let local benefits from rental market which can well support their retirement.

14 years of Home Loan Outstanding

Currently,

Reserved Two years of Home Loan Installment in cash

Secured Three years of Home Loan Installment in Bond

I could eliminate the Two years of reserved cash to 6 months, this will optimize my returns. The three years in bonds will be use for general emergency long term as the returns are reasonable. 

Opportunity Fund

10% of  Portfolio Opportunity Fund currently. This fund is critical because is active managed and helps to grow my dividend income. How to maximize it returns will be tougher as I may need it quickly. Putting them into bond or fixed returns that affects my response time or sell price won't be good either.

Maybe maintaining 15% of portfolio value for Opportunity fund seems a better balance and not too much idle. One way is to sell some of my portfolio when the market is in euphoria stage. This will secure 15% needed with shrinking portfolio value and growing cash. Dividend will be reduced. However since I have some idle free cash now, I should have them injected to increase my opportunity fund instead.

Market Returns

Well after going through so much on managing my finance, it looks like I am set to go. The final is the broad market returns. Frankly Speaking, Investing in Stock Market has been fruitful exercise. See below chart on over the years return. Absolute Profit vs Year.

The cumulative gains switching to dividend play has been amazing. To be be truthful I don't see myself getting rich from it versus the Net Worth I have accumulated. The gains likely mirror similar to a landlord. 

Even though I have stepped into US market a little. Most of my Portfolio gains over the years are still unrealised gain being a dividend player.

Looking at the chart carefully since 2018, if we include this year, there will be 3 years of strong profitable returns. The chance of 4th in the Year 2022 is lesser based on my track record. Maybe time for me to be prepared for a curve ball. So my take is I will hold on to the larger Opportunity Fund amount more stringently.

If the market continues to move up in my 4th year, I am happy else I have a larger Opportunity fund to buy in. Sounds like an exciting plan though mitigated.

In summary

The plan will be as follow except that the stage in blue will need to be very careful.

2 Year cash reduced to 6 months -> 15% Opportunity Fund -> Invest fund greater than 15% opportunity allocated -> Grow dividend well above annual home loan -> Support living expenses

Retirement where Living Expenses is covered by Increase in Dividend Income above loan and returns outside Shares dividends. No draw down planned.

End Goal

15% opportunity fund

Home loan covered by dividend income

Living expenses covered by additional incomes

2 years of living expenses

3 years of general emergency fund

6 months of cash buffer

Quite sure this will not be the end of it. I will be back again to straighten things out.

Cory

2021-0627

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Exchange Rate Matters

Something strikes me today when I was thinking whether S&P500 ETF is the way to go that many financial experts recommended besides Warren Buffett who is an American.

So what I do is to pull up the historical exchange rate for the past 30 years. Basically, USD has depreciated roughly -25% against Singapore Dollars. So what-if I have invested say $1M starting 1990s. What is my compound returns for S&P500 ETF in Singapore dollars be like ?

Long term is 5% for Singapore Investor ?

Any investment in Oversea Market need to consider the risk of exchange rate. I am sure there are other considerations as well but I stop it here. BTW, the figures are ROUGHLY.

Cory

2021-0626

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : The Elephant in the Room

From the day we are born and going through years of educational learning (Some take it further ), the whole idea is to get a good job so that we have enough money for our family and retirement. That's like basic needs in life. 

What-if we push ourselves further and achieve earlier the monetary needs can be covered ? Will grinding for one more million make sense ? And here's the take. When we do call it stop and do things that we truly like ? And here is the crux of the matters. We procrastinate on many things, get them postpone intuitively but unfortunately only the top few percentage will able to meet the biologicals deadline. We have limited lifespan and productive years.

Life is not 1 and 0. However many people thinks that way including myself. For example, some people may only want to marry the pretty lady or handsome man that everyone is also hoping for else will not get settled. But time do not wait. Soon you will find yourself in mid 30s, 40s, 50s .... . You really want to remain single for rest of your life? Deep down most will not if they can. Who is going to care for you when you on wheel chair or sick. Do we think this scenario is improbable or most likely ? Living in a luxurious apartment but only have yourself in it. What for ?

Personally for myself, I want to make sure I have enough before getting married and having kids. For many, by then we are too old. Fortunately, I am a guy so no problem. But for the ladies once you hit near 40, is really pray for miracle to have one. Even then there maybe health issue and both parent can be contributing factors. The best time to have babies probably is in early 20s.

Same with Retirement we want to make sure to have all it needs before we call a day. We truly forgot how to live our days before that. If there is not enough we can do part time for few hours and enjoy the process of socializing with others. Is not a clear cut retired line that has to be drawn which places the bar too high. People who get retrenched in late 40s or early 50s, maybe is not a bad thing after all. The key is how we manage our finance before and after. Delay gratification helps but Procrastination is not.

Life is Now. Don't be 1 or 0. We cannot turn back the clock.

Cory

2021-0623

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Interest rates - Saver Alert

I remember many years ago, accidentally decided to put $10k into a fixed deposits for 5% annually. Think nothing much of it then. Financial Literacy is non-existence especially from a family of below average where investing in stock market is equate to Gambling. If we think 5% will happen again, is highly unlikely, and we will probably be in trouble if indeed it happens.

Interest rates on average has been coming down for the past 40 years. Savers are thoroughly burned. Long term wise, chances are interest rates won't be high even in between there maybe rate fluctuations that confuse investors for a tiny moment in time.

Therefore, any bet of interest rates impacting Reits long term or benefitting banks are likely hallucinations in the long run. Bottom line is how each of this businesses are run. So for opportunists, any news of rate hikes one could benefits from trading due to market sentiment driving respective business sector.

A simple arithmetic on Saving in Fixed Deposit vs Stock in reliable Reit. We don't even want to talk about growth stock.

From table above, a saver takes more than 8 years what a stock investor can do with just a single year to achieve. Yes the later has Risk but what doesn't in life ? The Risk in fixed deposit will be much higher due to inflation is definite. Saver anchoring to mental fixed number in bank account could be detrimental to their financial well being.

However, a saver who has no interests in Fundamental of Business could be a tall order able to choose the right Unit Trust or Stock Picking. Even Insurance Investment and Bank Products could be even worst for them as they have significant vested interests to profits from the sales. Many Bonds are mediocre and not easy to understand and assess by Savers with potential to even risk away their coffin money.

What else can a saver person do if they have no interest to pick up on stock investment ? Personally I feel that's left with CPF and Broad Market index such as STI and S&P500 with preference to the later due to Wider Market. I would probably fill all three if I am them. 

Just reminder this is Not replacement for insurance which I feel is critical. And all above is just my personal view and not advise as I am not qualified. But who else can they seek advise from that is whole heartedly helping them  ? Maybe we need a National Reach system.

So Please DYODD.

Cory

2021-0620

Cory Diary : Changing Expectation

I have faint memories of my first home, a one-room HDB flat in Toa Payoh more than 45 years ago. As a child, I rarely ventured beyond our block and spent most of my time in the long, dark common corridor that was flanked by units on both sides. The building itself was a long block with a central area connecting two blocks. In those days, chewing gum was abundant and unsightly patches of gum stuck to the cement floors.

Our entire floor, which had more than 20 units, had no lift. It only stopped on specific floors, so we had to climb the stairs for the rest. Once or twice, someone urinated in the lift, and the smell was unbearable. Often, one of the corridor or stairway lights would be spoiled, and if we were lucky, it would be dark for that segment of the corridor, otherwise, the flickering lights would blur my vision. Thin railings fenced off both ends of the corridor, and from our end, we could see the open space carpark below. Owning a car was a luxury in those days.

One interesting social behavior was that neighbors would leave their doors open, and there were no gates then. A small hump on the entrance prevented water from flowing in or out of the unit when the cleaner washed the corridor. I would often visit my Malay neighbors across the walkway just to explore, and they were always welcoming to a three-year-old Chinese boy's "intrusion" visits.

It was also the first and last place where I witnessed my father and his friends praying in the direction of Mecca. I loved the carpeted area where my elder sister and I would lie down and watch TV. Our black-and-white TV was large, almost like a table, and watching it too much probably resulted in my having to wear glasses at an early age. I still remember the cartoon with the song "Gu Gua Gu Gua Xiao Qin Wa...", about the story of a frog. The entire unit size was probably the size of a living room space of a 4-room flat, so there was no separation between the bed and the living room.

There was a narrow pathway connecting the kitchen to the backyard, and the narrow side was fenced with a railing at the bottom, so I could see what was happening on the ground floor. Once, I was naughty and dropped an eaten apple stem a few floors above, hitting a young girl's arm on the ground floor. She shrugged it off and walked away.

Right at the back of the backyard, we needed to make a U-turn to get into the toilet. The door was made of flimsy metal sheet, and it made a cranking sound every time we used it. We had to squat to get our business done, and I never really understood which direction I should face, but squatting was easy then. It would be a feat for me to try today. Back then, you could slip and have your feet stuck inside the shit hole if you were not careful. There was also a rubbish chute in our backyard, but it smelled.

Doing laundry used to be a strenuous task for housewives, involving rubbing clothes on a washboard in the toilet. It seemed like my mother did this all day. However, I found the process interesting. The long bamboo pole used to hang the clothes was heavy and angled, making it a challenge to handle when it was loaded with wet clothing. It required a certain level of skill to hang them out to dry under the hot sun. I still recall the practice of our neighbor, who lived one floor above us, slamming the bamboo pole against the outside wall to notify us that she planned to hang wet clothes. My mother would then quickly collect the dried clothes.

Our home was simple, lacking a table, with only a master bed neatly tucked against the inner wall. The floor was polished cement. Across from the bed was a window where my mother placed her vintage sewing machine.

Surprisingly, our home did not have a fan or air conditioner, but I hardly ever felt hot. Perhaps we were conditioned to the climate in those days, or the room temperature was much lower. Life was simple back then because we did not have mobile phones, computers, or washing machines. However, we did have a charcoal oven in the backyard for cooking Chinese medicine for hours. It was also the place where my mother would slaughter chickens, which was quite gross, with blood dripping down.

I just remembered that we did not have a water heater, but I never felt very cold while taking a shower. In the kitchen, we had a medium-sized fridge, which was already common and invented by the 1970s. Other than that, I can only recall the washing basin next to it. We hardly ever ate outside, as my mother would cook all our meals, visiting the wet market, which was within walking distance. Supermarkets and coffee shops were unheard of, and our expenses were very low.

Living like we did back then would make it much easier to raise a family with less money, even after adjusting for inflation. However, I could never live like that today unless I had no other choice.

Cory

2021-0616 - First Pass

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Investment Updates

Last week we seen a change in tone in the market. There appears to be more buys of Local Reits than Banks/Index. So their performance charts is closing in. If this trend continues we will see good result for the local market.

Sheng Siong

One of the stocks I am keenly interested in is Sheng Siong. It has been in and out of my portfolio for years as I never view it as long term holding even though I invest based on long term expectation of returns. This time round after the significant correction from high $1.85, it has seen 15% correction today. Decide not to wait further and increase my investment in Sheng Siong. Allocation wise is now 3.8% of my portfolio. Still not large enough. We will see is there further opportunity.

SGX

Blogged about SGX a few times I guess. Elaboration of one is here. ( Link ). Price has increased from 8.71 to 10.73 at today trading. 23% increase for 10 months wait. Current yield is about 3% but if we are to value based on this we cannot be further from the wrong as the rational we buy has more weight in its growth and steady returns. Currently allocation has grown to 6.3% from market capital gains as I have not manage to buy more this year. While it is not in the same business as iFast, both has the Financial, Technology and Moat themes. Basically fintech businesses. Their future will last a long while than the 3 major banks. 

So how to assess the situation. At this yield, as mentioned above, people who are willing to buy at this price is looking mainly for capital gains through growth now. How I wish they setup crypto exchange wing instead of collaborating with DBS. Oh well I am vested in DBS but that is not the same. To estimate the growth takes too much work for me right now as I have to read up more as is no longer low hanging fruits though I am confident is not high high up there yet. Hold for me now. 

MINT

On current right issue. Allocated slightly more than 1lot (old system ... ). Excess yet known. Hopefully I can get a lot more than anticipated. At price 2.64 is rather cheap for a Reit with good amount of DCs and good yield. Having say that I could potentially buy more from the market if necessary to further build up my allocation in the portfolio. If I am to rank all the strong reits, Mapletree Family is number one imo.

The next move of my action in the counter if there are will likely be right after Excess allocation as there could be opportunities. There should be some meats for upside supported by good DPU.

VICOM

So far this year, this counter price is a little boring as it is not moving much. Not much News since I last reviewed. I do not have a good grasp of the situation to be sure should I play more or others. I am more engrossed with many other counters and has neglected it. Dividend wise is ok but not great. Maybe it is still absorbing the 1 to 4 splits. What I don't see enough here is the growth story compared to SGX. Vicom is quite behind in this aspect. I would rank it long term safer than Net Link BNB Tr however Vicom is much less dynamic. Another Hold in my Portfolio.

Astrea 3.85%

Cleared all finally. I blogged earlier on shift to CPF focus for my bond segment and this month I have the opportunity to do just that. At 1.049 after Ex-dividend, it has 2.2% yield after cost. Still good lah. Do note this yield calculation can varies between people but I sold mine with this data in mind. So pls DYODD as usual. CPF is giving me 2.5% for OA. 4% for SA. If I have a lot of spare cash, I could continue to hold till each year CPF Top-Up however I may not get the sell price I want since this proceed is for funding my warchest. I may regret so there is no right or wrong. Is still a good place to park money.

Cory

2021-0614

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Sustainability of Dividend Income

In this post I like to blog about how I try to rise and maintain my conviction in dividend investing. When we talk about dividend investing, the play is about total returns of the stocks. Therefore, DPU + Capital Gain/Loss. What this mean is the measure of shareholder total returns in any of this forms.

Realized gain is actually not so fruitful exercise other than incidental situation to rebalance the portfolio or when there is fundamental change in the company. If one does not have the main mindset of continuing run the dividend business through compounding the portfolio growth with long term skin in the game, this strategy will be painful to your Health. haha. So the first mindset is, we don't realised capital gain or cut loss unless specific condition as mentioned is needed.

Quality Companies come with a price. Reits performance are usually ties to Sponsor, Credibility, Capability and Business. A good sponsor provides support of low funding cost when Reits borrows from the bank. The Reit/Sponsor Credibility is the most important however but as long it satisfies enough returns in a Win-Win situation, investors will be willing to push up prices. Management capability play a big part too. Another key area is the business type. I won't be interested in Ship Business as their depreciation is real and heavy whereas investment in properties are much more robust and can even grow with inflation. 

Yield is tricky. Forward yield is more relevant than current yield when comes to long term investment. It helps to support price and if it doesn't, an opportunity to average down for higher dividend returns in the future with lower cost. Current yield can spikes due to decrease in stock price. So one must do their home work to understand the mechanics on price decrease reasons. If a Reit is sold down without good justification, is a gem to get them. However if we are anticipating consistent poor performance or ticking time bomb ie. First Reit sustainability of contract, high yield can also be a Warning to avoid. When a yield keeps going lower but DPU maintains well, this likely due to increase in stock price. That's mean the Reits are probably doing it right and if this can last over a long time it will look more expensive. There could be situation where the DPU drops with increasing stock price. The Market may feel good about the future but one has to make sure stock price can be sustained.

Business Risk comes in many form. Short Lease, Depreciating Currency, Poor Future Contract, Poor Cycles, High Borrowing Cost, High depreciation, High maintenance cost, High Perpetual Cost, High Gearing, Bad acquisition/Sales, High Taxes, ... . If we feel a specific event could change the dynamics significantly, we may need to re-balance or cut loss. This has nothing to do with whether I still make money from the current investment or not.

Diversification to me helps to mitigate my wrong choice. ie. Retail Reits. For example I use to have CICT mainly. But today FCT is more but I still retain some CICT. In-addition I have MCT on accumulation path for months. Many decision needs not be 1 or 0. Of course to maximize profit, we may have to do that and this are probably for Experts. Am I ? It also depends one's risk appetite. Between counters I may do within sector rebalance as needed with changing market situation. There is also need to look at broader and deeper diversification such as Industrial Reits due to Covid.

This result a Portfolio of Reits where we can play around the allocation with specific needs. If we do this right, we will see compounding growth in Value and sustainable Dividend over many years. After learning for many years, maintaining a dozen stocks of Reits are not really hard because the business usually are not difficult to understand unless one try to be picky say between 1.1 or 1.2 performance differences. And I could be wrong and still be ok and will not be left far behind. Will there be a day we will see a large fall in our portfolio. You Bet ! A 1M size on large crash say 50% drop, is 500k capital loss. A big test on you. Will you Hold, Buy or Sell ?

Thinking ....

Cory

2021-0611

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Weighted Average Cost of Capital ( WACC)

"Low-interest rates may also lead to NLT’s regulatory weighted average cost of capital (WACC) for the next review period (Jan 2023-Dec 2027) to be revised down from 7% currently, adversely impacting distributions potentially. In addition, there is no visibility on any acquisition by NLT which could be positive catalyst in the long term."

Bumped today on how people is concern with WACC. So I started to do some research into it. Basically this can helps to determine how regulator managed regulated companies.

" A high weighted average cost of capital, or WACC, is typically a signal of the higher risk associated with a firm's operations. Investors tend to require an additional return to neutralize the additional risk. ... In theory, WACC represents the expense of raising one additional dollar of money. "

The WACC formula is as such

Basically is the weighted amount of Equity Cost and Debt Cost.

Cost of Debt

2.87% of 509,120k and 1.2% 155,587k

= Weighted will be (14,612k + 1,867k ) /664707k

= 2.48%

Cost of Debt Variables

Gross debt 666M

Market Cap 3683M

Tax rate 17%

CAPM

CAPM model to estimate cost of equity.

Cost of Equity

Let's say Risk free rate 1.53% per Singapore Saving Bond

Expected Rate of return say 8.3%. ( 5.34% yield + 3% growth )

Cost of Equity = 1.53% + 0.3 x ( 8.34% - 1.53% ) = 3.573% ( 8.34% for Beta = 1 )

The calculation of Beta is tricky. Who should we use as reference for NLT ? Should we use STI Index ? Since NLT listed in Year 2017, their stock price has raised more than 21% compared to STI -1.3%. Yahoo put NLT beta as 0.3. Some other put 0.5. This one need another article to think about and compute !

If we assume Beta = 0.3,  plug in all this data into the model, we have

WACC = Weighted ( Cost of Equity + Cost of Debt )

= 3683M x 3.573%/(666M+3683M) + 666M x 2.48% x (1 - 17%) / (666M + 3683M)

= 131.59M/4349M + 16.52M x 0.83/4349M

= 0.03 + 0.00315

= 0.03315 or 3.315% ( or 7.3% for Beta = 1 )

Below is NLT model. There are other moving wheels such as Depreciation and Opex for Rev determination.

Interesting Exercise. However this is my First pass. Please DYODD.

Cory

2021-0606

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Net Worth Updates

Seems a long time that I last did my Net Worth report. Some time ago I do some revamp on my Chart to make it even more easier to manage with lesser time. During this period I learned how to use macro in Excel to do VBA. Quite excited about it as this add a layer of automation to my learning. It is much simpler than I thought it would be. Maybe I can start to learn to do some tool for my colleagues as automation is sorely lacking even though we have some power tools using VBA, BI and Power BI.

I added a trend line in my chart just for fun. Though it might gives the impression of exponential type of feel into my net worth growth, seriously I doubt it can last. I am going 52 and looking forward to age 55 as a milestone which I could ask for retirement. Frankly I am not sure I would when time arrives. Nevertheless is something I look forward to in the aging process as an option which is favorable by then.

Back of my mind is I could be "retired" before 55 but this seems less likely for now as the company business is doing well. They even give a special bonus to boost Work-From-Home Morale. When you are at my age, we are earning a much higher salary that is near the peak of our career. The cost of retirement would be costly. So there is always the motivation or to some fear factor in play.

I am thinking should I do a comparison against my previous net worth report but is quite a hassle when I want to go sleep asap. I am nodding off.... . Instead I would focus on a particular highlight in the chart and talk about it which is the securities + MMF line in the chart. Is getting more steeper which basically is the result of my action to optimize wealth generation. Therefore channeling idle fund to more active use. There is still some gap to fill except that sizeable amounts allocated for War Chest needs. So the easy picking is reduced.

Cory

2021-0603

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.