Friday, June 13, 2014

Mid Year Goals for End 2014

I think one of the things that I am rather poor at is making goals, especially financial goals.

The purpose of this post is for me to write down some simple year end goals that I would like to hit. I'm doing the current situation + expected savings method, instead of the reverse method, which is to work backwards from my retirement goals, haha. Which, I should get down to forecasting and doing btw. Just not now I guess.

Goals for end 2014:
1. $50,000 cash in OCBC 360 account

2. Open a CIMB StarSaver account ($5,000)
3. Convert 5% of my liquid networth to precious metals
4. Fully insured
5. Health check up

Goal 1: I want to have $50,000 cash in my OCBC 360 account to maximize the amount of on-going interest that they offer. Hitting the $50,000 account interest limit and qualifying for all 3 bonus interest payments will net me an extra $125 a month. Holding cash never felt so good!

Goal 2: After I have reached the $50,000 account limit in my OCBC 360 account, I would not want to keep more than a certain minimum "working capital" amount in that account, since interest will be minimal. I plan to move all my excess cash into a CIMB StarSaver account and yield a higher interest there. Of course, I will also ensure that I deposit at least $100 a month into the account to benefit from the higher 0.8% interest offered. I think this is the best long term base solution to manage my money.

Goal 3: I will be aiming to diversify my entire portfolio holdings by having a position in precious metals. Also with precious metals, it is extremely easy to cash out into other currencies, like the USD or Euro. (BullionStar has a stunningly good spot rate, I am impressed) In a sense, I am basically cementing a portion of my portfolio from growth, but also protecting it from any adverse situation. It's like my personal reserve.

Goal 4: Although I have completed most of my insurance needs, I think there are some gaps here and there that I should have completely sorted out. I think mainly I need to transfer my hospitalization shield insurance from being my father's liability to be fully look after and managed by myself. I will also be looking for a rider to go along with it. Even though I have compared most of the shield plans, I am not absolutely sure yet, but currently I am leaning towards GE.

Goal 5: The last time that I had a proper full medical check up was back in university when the university offered discounted health screenings at the medical centre. Since it has been a while, I think that it is about time that I go get a good proper thorough health screening. I am to do this late November or in December, after I finish my reservist and when things are a bit more lull.

From the look of things, as long as I do my job well, get a decent bonus and don't spend too much money, I should be able to quite nicely meet my goals for the end of the year. I should have started this goal planning a bit earlier, things seem a lot clearer now to me!

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