Rolf 2022 in Review, Looking forward to 2023!

2022 is a year of Covid transition where life finally sort of return back to normal. No more mandatory mask wearing, social distancing, quarantine and borders reopened.

Refer here for what does H2F3 (Health, Hobbies, Family, Finance and Friends) means.

Refer here for 2021 review.

HEALTH

All my family members ended 2022 healthy. While everyone in the household contracted Covid in 2022, none of us have serious symptoms to cause any alarms. I put on a tad kilos of weight and cross the 80Kg mark, and noticeable less muscular due to less visits to gym. However, I did exercise regularly either by walking, playing table tennis and home light-weight work out.

I always had intestinal issues and in 2020 was recommended to go for operation, but I decided not because of Covid as well as a weaker body back then. During my regular check-up in 2022, I was diagnosed to be healthy. My doctor suggested that I should go for operation now. I obliged as I look forward to resolve my intestinal issues in 2023.

2022: All healthy. Put on a tad of weight.

2023: Praying for a successful operation and no more tummy pain. Weight to be 78Kg and below. 

FINANCE

Career

My new superior lasted only half year and left, before my new current boss took over. He/she is my 16th boss in the last decade. So far, he/she has been good for the business and also treated me well.

Business picks up within Oil & Gas and Renewables, with many new enquiries. However competition is intense.  Costs and lead times are rising, in what is still a difficult environment to be lucrative. From God’s blessings, I manage to score several substantial contracts in the region. Overall company business that includes other sectors is ailing, as restructuring took place yet again. Future is not as bright for the company. That said, the offshore industry should remain pretty robust in the next 3-5 years or so.

Business travel resumes. I first travelled in March 2022 to Hamburg and the Netherlands since Covid period. Refers earlier post here. Subsequently, I made trips twice to Japan, thrice to Indonesia and also to Taiwan and Malaysia, plus a personal trip to Bangkok. It is really good to be back traveling and meeting people around the world.

2022: New bosses again. Business picked up and travel resumes.

2023: Keep enquiries coming, keep orders running, and most important of all, keep the job.

Net worth

My net worth consists of the sum of my investment portfolio, net property value and CPF. My net worth in 2022 increases by close to 20% year over year. This mainly due to appreciation of our landed property value (making reference to latest transacted pricing), that far offset the losses in stocks.

Above is the chart showing my net worth increase in the last decade years, normalise to 100% in 2013. In ten years, my net worth has increase more than five folds. Considering my huge expenses supporting a huge household with kids (i.e. average of 37% of total expenses in the last decade), I am relatively happy for the achievement.

Income Vs household expenses

My net household income is calculated to include salary, gross rental or any types of income, subtract income/property taxes and rental expenses, excluding CPF contributions and not taking into account mortgage interest rate. My net household income in 2022 increased substantially by 24% in 2022 due to rental income collected from our landed property more than offset condo lease expenses (own stay), taxes, maintenances etc. In addition, my wife also see 20% pay increases for the year. Thank God for that. My mortgage interest rate is fixed until middle of 2024, hence income over interest coverage is still good. Our tenant contract expires this year, and we hope to be able to find a good tenant with reasonable fees. If not, we may also considering moving ourselves into the house.

My household expenses as a ratio to income increased by 10%. This is to service higher property (30%), children (20%) and household (19%) expenses. In essence, whatever me and wife earns, it is all for the kids and the family, and lesser of which for ourselves really.

Investment portfolio

My investment portfolio contains stocks, cash, bonds, precious metals but excludes CPF linked fund, property and other assets. My overall investment portfolio tumbles 17%, taking into account realised profits and dividends collected for the year. The biggest culprit is tech stock crash for both US and HK listed shares. It is really painful, but I try not to focus on the paper losses and continue to be optimistic on the performance in the long term.

As 2022 closes, I am 37% shares, 37% cash and 26% precious metals and luxuries. I pared down 20% in shares yoy and increased cash holdings. I also increased my Gold holdings and also bought Rolex/Chanel this year, thereby increase our precious metals-others holdings from 13 to 26%.

My Tech and Green shares are 43% compared to 70% last year.  This is due to paper losses and as well as selling off many tech stocks such as SEA, Pinduoduo, AppHarvest, Matterport and Astra Space earlier this year. The rest are mainly in REITs, banks, oil and gas etc that are all dividends generating stocks.

As opposed to my year-end review 2021’s thoughts, I did not add on more Tech and Green stocks and Crypto. Guess it’s a sensible choice, considering Ukraine war, and crazy interest hike and Inflation in 2022.

2022: Net worth increases 20% yoy, and 5-folds in a decade. Overall Investment portfolio tumbles 17%. 10% rise in expense-income ratio from higher household, children and property expenses. Holds 37% cash, 37% shares and 26% metals-others.

2023: Increases nett savings by at least 10%! Overall investment portfolio loss not more than 10%. 

FAMILY

Family is great but all of us were very busy in 2022. We ended last year with a simpler and cheaper family holiday at Legoland across the border, plus some nice food and visits to the malls. The kids love it. When back in Singapore, we watched Avatar 2 and to me, it is undoubtedly one of the best movies ever produced. We also visited the Zoo and have friends gatherings, walk the malls and of course, many trainings and enrichment classes for the kids.

My girl represented Singapore for two youth World Table Tennis competitions in Thailand and Australia in 2022. While she did not win any medals, it was a fantastic experience for her to be wearing jerseys with Singapore flag. My wife and me also take the opportunity to visit Bangkok for short holiday while seeing my girl’s competition.

My maid left after more than a decade working for the house. We decided not to hire a replacement in an attempt to let the kids learn independence. At the same time, it can also help to relieve some of our financial burden.

Throughout the year, the adults in the house are really occupied handling all kind of household chores and logistics for the kids’ trainings and tuitions. Guess it will be the same in 2023.

As a ping pong family, we often played together and enjoyed the game as family. I also went jogging and playing football with my son. Love it!

2022: All good. Maid left after a decade. Super busy – kids, kids, kids!

2023: Family togetherness, work hard and play hard together. Successful PSLE for my girl. Year-end holiday in Japan.

FRIENDS & HOBBIES

Since borders re-opened, I have met many old and new friends – Malaysia, Vietnam, Indonesia, Taiwan, Japan and Europe. Locally, there were also many work-related gatherings, as exhibitions and events becoming alive again!

One of the most memorable overseas trips for me in 2022 is to get to know a bunch of good Singapore and Japanese friends who lived in Tokyo, as we partied from night to dawn bar-hopping, drinking and singing in the beautiful city. It is a lot of fun.

We also become close to my son’s BFF’s parents and have several nice house gatherings together.

I try to play Table Tennis at least once or twice a week either with friends and/or training with my kids. I also participated in two small scale competition this year, and emerges champion team for one. By chance and out of passion, I also become a table tennis coach and besides having small extra income.

While I still love my hiking trips with friends, it moderated since covid restrictions subsides, and also becoming extremely busy.  For the same reason, I also only have three blog articles in 2022.

2022: Met many new and old friends in 2022, as Covid restriction relaxes.

2023: Gather with new and old friends with no new virus, and continues to enjoy my hobbies that includes: table tennis and working out.

I started the second day of 2023 with morning breakfast and hiking at Rifle Range road.

Hereby, I wishes everyone a Happy New Year ahead. Let’s hope that 2023 will be better than 2022.