It’s no doubt that I declare 2024 as my most tiring yr of labor until date, but additionally one which has been financially rewarding as we reaped the fruits of our efforts this yr.
The end result? I’ve formally crossed the $1 million mark (the worth of my HDB flat just isn’t included within the equation).
Trying again, attending to $1M was doable solely as a result of I constantly (i) grew my revenue, (ii) saved bills low and (iii) saved investing in shares and cryptocurrencies over the previous 10 years.
2024 noticed the inventory markets and cryptocurrencies explode to new all-time excessive, and my funding portfolio has been a beneficiary of that phenomenon. On the identical time, this yr was the yr the place my salaried revenue doubled and my facet hustles took off exponentially.
If not for these, I most likely wouldn’t have been capable of cross 1,000,000 {dollars} this yr, nevertheless it nonetheless blows me away that this occurred in 2024.
In order the yr involves an finish, that is my annual evaluate of my funds to verify the place we are actually in the case of our monetary targets and progress. Throughout this yearly evaluate, I sometimes look at my revenue development, bills, financial savings, insurance coverage protection, and funding efficiency – which helps me to raised strategize for the brand new yr forward.
Time flies, and this marks the eleventh yr that I’m doing this on the weblog! Earlier than I am going into this yr’s evaluate, right here’s a fast recap of my earlier years:
- 2014: Saved $20,000
- 2015: Saved $30,000 and grew revenue
- 2016: Saved $40,000 and grew revenue, hit $100k in web value at age 26 together with CPF
- 2017: Saved $45,000 and doubled my web value in a yr
- 2018: Saved $50,000
- 2019: Saved $35,000 (didn’t realise I fully missed out on a round-up submit, however right here’s our child-related bills as a substitute)
- 2020: Saved $30,000 and achieved loopy (irregular) funding returns
- 2021: Saved $40,000, grew revenue however noticed diminished funding returns
- 2022: Saved $45,000 and battled a bearish funding local weather
- 2023: Saved $60,000 and investments turned the nook
Financial savings & Revenue
This yr’s financial savings hit an all-time excessive, largely fuelled by the expansion in my revenue. As an worker, I 2X my paycheck by placing in double the time at work. On weekday evenings and weekends, I labored on my facet hustles which then did one other 3X this yr.
Right here’s my cumulative financial savings complete since I began monitoring on this weblog:
| 2014 | $20,000 |
| 2015 | $30,000 |
| 2016 | $40,000 |
| 2017 | $45,000 |
| 2018 | $50,000 |
| 2019 | $35,000 |
| 2020 | $30,000 |
| 2021 | $40,000 |
| 2022 | $45,000 |
| 2023 | $60,000 |
| 2024 | $200,000 |
I discussed right here final yr that I bought promoted and was concerned in increase a brand new line of enterprise for the corporate, which was the rationale that my bosses supplied to double my wage final yr. Consequently, that saved me busy all through this yr, however due to working with the most effective colleagues and crew at work, we pulled it off! The enterprise basis has now been laid and our CEO just lately gave me a shoutout throughout our year-end firm assembly – with a devoted slide to our line of enterprise (one which didn’t exist a yr in the past). I used to be additionally nominated as one of many firm’s 6 “rockstars” (an award for many who embody all 6 values of the corporate), so the large sense of accomplishment is indescribable.
With the ability to do impactful work and get recognised for it? Superior.
My facet hustles additionally took off this yr, as my Youtube channel lastly certified for monetisation. Phrase-of-mouth referrals meant that my e-commerce enterprise continued to see new prospects, really helpful by their family and friends members who had benefited from my store’s choices.
Whereas I slogged for energetic revenue, my passive revenue additionally grew considerably this yr because the shares I owned continued to lift their dividends, together with DBS and Keppel, amongst others. It was really a bumper yr of dividends for me as an investor!
I additionally talked about final yr that I used to be making an attempt to construct a brand new supply of revenue for 2024 (teaching and talking), and I’m proud to say that it was an unimaginable success. A lot in order that I used to be invited to share about it onstage on the current Nas Summit Asia in Singapore, the place I used to be seated subsequent to the IMDA crew (Infocomm Media Growth Authority) and had the privilege of assembly different international content material creators with tens of millions of followers, together with Jordan Matter and his youngsters, Salish and Husdon.
It’s value noting that quite a lot of 2024’s work accomplishments weren’t an in a single day success; moderately, it was my monitor document, outcomes and status over 10 years of content material creation that compounded and bore fruit these few years. For that, I’m extremely grateful – particularly to all my readers and the manufacturers who’ve supported me all through this journey.
I’m seeking to construct one other new supply of revenue for 2025, within the type of royalties. That’s as a result of my childhood dream to grow to be a printed creator is about to occur; a global writer approached me to put in writing a ebook and naturally I mentioned sure! Though that led to many sleepless nights as I labored on the manuscript, I’m certain it’ll repay in 2025 when the ebook makes it to print, and I’m excited to see the place that may take me.
To sum up, my document revenue development this yr was fuelled by the next:
- Salaried revenue (company)
- E-commerce enterprise
- Talking and training enterprise
- Content material creation (throughout varied platforms as Price range Babe)
- Passive revenue by inventory dividends
Nonetheless, I’ll should caveat that this development in revenue got here at a price. My well being has suffered; I’ve principally been surviving on 4-5 hours of sleep each day for this yr, and it bought to the purpose the place I skilled 3 bouts of debilitating migraine assaults which left me unable to work for a number of days every time. My immune system grew to become so weak that I contracted COVID-19 twice, despite the fact that none of my relations had it (and didn’t catch it from me afterwards both)!
Consequently, my focus for 2025 could be to construct again my HEALTH. I intend to decide to common exercises and go to the fitness center extra usually – a behavior that I developed in 2022 – 2023 however fell off monitor this yr on.
Well being is wealth, and I’m gonna get that again subsequent yr as a substitute of simply specializing in one facet of the equation like I did this yr.
Bills
This marks the final yr we’ll be paying excessive childcare charges, as my eldest baby shall be getting into Main 1 subsequent yr so our bills ought to go down consequently.
Our present month-to-month family spending this yr remained pretty just like what we spent in 2023:
| Nate: childcare & enrichment | $1,200 |
| Finn: childcare & enrichment | $1,000 |
| Helper wage and levy | $1,000 |
| Mortgage & residence insurance coverage | $1,300 |
| City council, carpark and utilities | $650 |
| Eating & groceries | $1,500 |
| Household insurance coverage insurance policies | $1,200 |
This excludes our particular person eating bills, the allowances that we give to our mother and father (a 5-figure sum every year) and different miscellaneous bills that aren’t recurring in nature, so the precise sum is rather a lot increased.
Our family’s greatest expense this yr was on travelling. My husband and I went on a 2-week journey within the US in February/March, the place I bought to go to my alma matter and finest pal who lives overseas. Shortly after in April, I used to be despatched to New York on a brief 3-day journey to symbolize Singapore finfluencers on the NASDAQ headquarters, which was really a second to recollect! As well as, my husband and I needed to make a number of enterprise journeys to Malaysia and China for my e-commerce enterprise, and the year-end holidays noticed us travelling to Batam and Shanghai upon the youngsters’ requests. I used to be too busy to essentially monitor our journey spending this yr, however I estimate that it might have crossed $25,000 in complete (though not all would have been at our personal value since some had been claimable beneath enterprise bills).
Insurance coverage
We didn’t make any new strikes in our insurance coverage portfolio this yr, since there have been no new life milestones. Nonetheless, one spotlight was getting our portfolio reviewed by the consultants at Havend, and I used to be fairly proud to listen to that they too, agreed with the choices I’d made for our household insurance policies.
When you’re in search of unbiased insurance coverage recommendation and want to have licensed professionals evaluate your portfolio, I can’t advocate the oldsters at Havend sufficient. Examine my expertise right here to determine if it’ll be value your time reserving a evaluate with them!
Investments
I saved the most effective for the final, as a result of this yr was really an enormous breakthrough for our funding portfolio. Anybody who has stayed invested all through the previous couple of years and saved shopping for ought to most likely see their portfolio up by a minimum of 2 if not 3 digits too.
When you thought the S&P500’s +25% achieve final yr was loopy, guess what? The index repeated its feat once more this yr, coming in at one other +25%. That is beginning to really feel a bit bubbly although, so I’ve been paying nearer consideration to valuations as a result of I don’t need to make the error of overpaying for shares on this local weather:
The bullishness of the markets had been attributed to the hype and pleasure over synthetic intelligence, which propelled NVIDA and Broadcom to new heights. I personal each shares, so I benefited from their surge. Right here’s a number of the extra notable features I loved this yr, which has now pushed my funding portfolio to new all-time highs:
| Inventory | Features |
| Meta (purchased in ’22 and ’23) | 200% |
| C*** (secret, finance) | 180% |
| M*** (secret, healthcare) | 50% |
| Tencent (purchased extra in Dec ’23) | 55% |
| S*** (secret, information) | 65% |
| DBS (new tranche purchased in Feb ’24) | 50% |
| Keppel DC REIT (purchased in Apr ’24) | 30% |
| Shopify (purchased extra in Might ’24) | 88% |
| Zoom (purchased extra in June ’24) | 45% |
| Amazon | 36% |
| Disney | 25% |
All of those led to some unimaginable features this yr, particularly liquidated ones like Nice Japanese (the place I made near 50% in a number of months) as my thesis that OCBC may privatise them materialised. Whereas there have been definitely some losers, the winners from my portfolio greater than dwarfed these losses by a number of multiples. I didn’t liquidate any shares at a loss although, as after analysing them I felt that the headwinds confronted are merely short-term, so I’ll be holding them till the enterprise recovers. I additionally moved aggressively to buy a number of shares throughout the August yen-carry commerce collapse, which turned out to be a fantastic transfer and these shortly recovered to be within the inexperienced proper now.
Within the cryptocurrency markets, Bitcoin went on to hit new historic highs because it broke previous $100,000 this yr. Older readers may bear in mind me saying this could occur in due time as I predicted that Bitcoin would finally play a big position in buyers’ portfolios instead asset, particularly digital gold. That thesis performed out this yr because the SEC accepted spot bitcoin and ethereum ETFs, and re-elected President Donald Trump introduced his help for crypto in addition to his intentions to construct a Bitcoin strategic reserve for the nation.
I began shopping for crypto in 2017, however obtained quite a lot of flak between 2017 – 2021 over my vocal help for cryptocurrencies then (particularly as I’ve spoken quite a few occasions in regards to the potential of Bitcoin, Ethereum, BNB and Solana), so this yr felt like a yr of redemption because the skeptics had been lastly silenced and governments worldwide stopped calling it a rip-off. The very best half? My crypto investments – the majority of which had been bought between 2017 – 2022, yielded me insanely good-looking returns. These are perks of staying the course and figuring out totally properly why you invested in it within the first place.
On the property facet, I additionally purchased a brand new property overseas utilizing a number of the enterprise features that I earned within the earlier half of the yr. In Singapore, as costs are too excessive for our liking, we shelved our plans to put money into an industrial property this yr. As an alternative, we plan to buy one other property in both Malaysia or China throughout the subsequent 2 years, though it stays to be seen whether or not that may play out. The offers we noticed this yr haven’t been engaging sufficient to get us to half with our cash simply but.
All in all, my investments and money holdings have now crossed $1 million.
I by no means imagined that I’d grow to be a millionaire earlier than 35.
Constructing my a number of revenue streams
I bear in mind after I first began penning this weblog, I used to be nonetheless very a lot a salaried employee (with a take-home pay of $2,000 after CPF) who dreamed of attaining monetary freedom by the age of 45.
Through the years, I’ve been extraordinarily fortunate that my content material on social media resonated with so lots of you, which then drew manufacturers and sponsorships which have enabled me to create a second supply of revenue through social media. Whereas I spoke at no cost at occasions and conferences at first, manufacturers began paying me to talk afterwards as the facility of my speeches and supply grew to become evident. Employers began to interact me to run monetary literacy workshops for his or her staff, and I’ve since been capable of earn in many alternative methods due to the energy of the Price range Babe model right this moment.
In 2021 – 2022, my weight reduction journey unexpectedly led to one other facet hustle within the type of my e-commerce store, which has since grown with each passing yr by the facility of profitable buyer testimonials and word-of-mouth referrals. I reluctantly gave up my tuition revenue to liberate time for this, which, on hindsight, was a sensible transfer as my enterprise revenue grew to exceed my tuition revenue in lower than a yr!
I began podcasting work (see right here) throughout the pandemic, and this began yielding revenue this yr as manufacturers began sponsoring the present and I bought paid. One among my aspirations throughout college was to grow to be a radio DJ, so internet hosting a podcast is a good way for me to attain that dream!
In 2023 – 2024, my passive revenue by dividends grew as firms raised their dividend payouts (popping out from the pandemic disaster). I continued to make a number of investments into dividend shares, which elevated the passive revenue payouts I now take pleasure in – and I count on to speculate much more in 2025 to proceed constructing this in the direction of my retirement years.
In 2025, I’ll have a brand new supply of revenue (royalties) as soon as my ebook will get printed. I’ve been advised that authors don’t make rather a lot, so that you’ll have to remain tuned on this weblog for my subsequent few years of monetary evaluations to see how a lot this brings in!
The one draw back of incomes extra is that you just’ll should pay increased revenue taxes as properly – each when it comes to my private revenue taxes and company revenue taxes (a painful 17%), however that is a matter I’ll gladly settle for as a result of with increased revenue, everybody should pay increased taxes anyway! After I look again at how my taxes payable has gone up through the years, it’s a reminder to me that my revenue has risen over the identical time. What’s extra, I bought to make the largest donation I’ve ever made this yr (as a tax discount transfer) to assist enhance underprivileged lives, so for that, I’m grateful.
Conclusion
Reality be advised, I wasn’t anticipating to cross the $1 million milestone this yr, and I’ve been so busy working all through 2024 that this didn’t even happen to me till I sat all the way down to work on my revenue (and tax discount strikes) final month.
When you don’t know what to do to cut back your revenue tax invoice for subsequent yr, learn this text I wrote earlier this yr right here!
When you’ve been following my journey, you’ll have seen my onerous work, sweat and tears.
This wouldn’t have been doable if not for the help of my husband and relations. I’m blessed to have actually supportive in-laws, who’ve helped to step in and maintain the youngsters throughout the occasions the place we had been abroad. Whereas I can by no means shrug off working mum guilt, I’ve consciously carved out time a number of occasions per week to be with my youngsters and skim them their each day goodnight tales. We’ve constructed a number of treasured reminiscences this yr as a household, together with our visits to the Disney exhibition at MBS, Inside Out at Gardens by the Bay, Disney at OCBC My Account launch, attending associates’ birthday events, a number of playdates and parent-accompanied faculty outings, celebrating Christmas early at illumina, and visiting the latest (and largest) Disneyland in Shanghai, amongst others. I hope that I’ve been a great position mannequin for my youngsters as they see how onerous their mom works – and by no means offers up – even after I encountered setbacks and challenges all through the way in which.
I mentioned this final yr:
“We must always proceed to work onerous and construct by our 20s and 30s, in order that we will have a better time in our later years.”
This yr was a yr of reaping the fruits of our labour, and the seeds (from my investments) that had been planted years in the past. I’m not the one one; a number of of my associates who had additionally constructed diligently because the early 2010s (across the identical time as I did) have additionally crossed the million-dollar mark this yr. They don’t monitor or reveal their funds yearly like I do, so their wins are saved a bit extra hush-hush, however I can attest to the truth that most of us who continued to earn, save, make investments and construct by the final bull-and-bear cycles ought to have seen our web value climb to new all-time highs this yr.
For these of you who’re nonetheless constructing, I hope this evokes you and reveals you that it actually is feasible to attain your monetary targets. You don’t should be wealthy or working a gross sales job to grow to be a millionaire; so long as you retain on the 3 elementary guidelines of cash like I did, you’ll finally get there. The inventory market is actually a wondrous place while you’re in it for the long-run and make investments correctly, and allocating a portion of my funds to cryptocurrencies again in 2017 proved to be a salient transfer.
What a loopy yr of development it has been in 2024! Don’t overlook to remain tuned for my ebook, which shall be printed subsequent yr someday in mid-2025. When you’ve caught round these final 10 years, thanks to your help, and right here’s to extra to return in 2025.
I’m excited to see what subsequent yr will carry!
With love,
Price range Babe
