Many people nowadays are mesmerized by their net worth.
Net worth is the value of all assets, minus the total of all liabilities.
In other words, net worth is what is owned minus what is owed. Simple.
Basically, the typical liabilities of Singaporean are either mortgage loan or car loan or both. That’s all about it or at least these are the two big ticket items.
Hence, I also keen to join the hype and calculate our net worth too!
What’s our liabilities? Mortgage loan and car loan la! See, it’s very common. I just told you! :)
As of today (October 11, 2021), we still have a private home mortgage loan (liabilities) of S$856,612, car loan (liabilities) of S$64,033. In total, net liabilities of S$920,645. Nice. :(
You can obtain your monthly properties market value update from SRX. It is a very good information. We have cleared the HDB mortgage loan.
The 4-room HDB flat has a market value of S$484,000, hence, that’s one of our good asset that generates a monthly passive income of S$2,150 (since 5 years ago).
The 4-bedrooms private property has a market value of S$1,630,000.
As for the car, even it has a liability of S$64,033, it also has an "asset value" of at least S$14,500. That is my car scrap value if I have to continue to drive the same car for another 9 years until the entire 10 years COE is expired. That says I will get back this value of S$14,500 in October 2029.
Not too bad la. It is a fun car to drive.Hence, for the 3 biggest assets calculation, we stand to have a net worth of S$1.207 million.