040117 Net Worth Update – Php1,010,057.64

THIS IS NOT A DRILL! THIS IS IT GUYS!

No, it’s not an April Fool’s trick. I wish I could give you a fun prank today but I am just too excited to share this milestone with you. I am officially a millionaire.

As I have forecast last month, I have hit the million milestone today in terms of net worth. Here’s the breakdown:

The Balance

0417

Maven’s net worth – Php1,010,057.64. Up by Php232,816.76 from last month.

The Breakdown

I have roughly estimated the amount of bonus I’m gonna be receiving for last year’s performance (net of taxes) so adding that up to my current net worth standing, I had the idea that I may just hit the million mark with this. However, despite the nerd that I am, I actually did not try to really accurately compute what I’m gonna end up with.

So making this month’s net worth was really amusing. I usually start with updating the asset portion, and by this time I can already see that my total assets are in the million already. But how about my debts? I carefully checked each of them and good thing I have gotten back to my normal spending levels and did not overspend.

And then TADA! Only P10k above the million mark. I almost did not make it! Just another reminder that each peso goes a long way to making that million.

Again, if you have read my previous posts, you know where it’s primarily coming from: our company’s bonus payout. I am really very grateful for a strong year for our business and with the help of my colleagues, I have also been able to perform well in my role. Come to think of it, this is the first time I am getting a full year’s worth of performance bonus from a company. This is really an accomplishment for me.

So how do I feel?

  1. Amused – I was really giddy when I tried to compute this month’s net worth. I was already preparing myself that I might fall short but actually ending up with a million? Ha! Super kaaliw.
  2. Bragging rights – H hates those memes about ‘if you’re not drinking Starbucks, you should already have a million by now’ – and now I do! Ahaha. Boom! And I still do drink Starbucks once in a while.
  3. Major adulting – Unlike maybe some of my university batchmates who must have crossed this milestone way before, this is something major for me and for all the other normal people out there. It’s like finally achieving something you’ve worked very hard for.

And speaking of very hard, I find it challenging now how to keep my net worth at that level. I mean, I should survive with only P10k ’til the next payday! My 2012 self would think it’s a piece of cake, but can I still do it? Let’s see.

What now with your P1million?

  1. SunLife VUL plans – I got myself and each of my family members a plan with SunLife. Right now majority of my money is in cash, so I plan to use some of those funds already to fully pay our premiums for this year. This way I won’t have to worry about the quarterly dues and it will also accelerate the growth of our investment.
  2. Franchising – I was initially planning to buy a car this year for Grab, and to enable my dad to come back home finally and use it as a replacement of our family income. Sadly, he still thinks he’s not ready for it so my next option is to get a franchise that would also generate constant cash flow for us. Do you know how to begin with this? Hit me up!
  3. Time Deposit – I know, I know. My money’s gonna lose value in the bank. Right now I just don’t have any other option where to put it! Haha. I think I would need the money soon so either here or maybe try a money market fund. Have any other ideas?

Final thoughts (of a millionaire)

Haha. Right now I really feel more relieved than excited. Maybe because I know that with my plans of setting aside savings, investing in the stock market, getting a piece of real estate, and diversifying with other assets, I would eventually hit it. And despite having a lot of other obligations (brother’s and nephews’ schooling, some help at home and with relatives), I was still able to reach being a millionaire at 27. And also not without a lot of fun throughout the journey.

I hope this serves as an inspiration to others, especially to millenials like me. That there are other things that you need to set as #goals. And that there should be a balance between #YOLO and actually living for your future.

Like my page to stay tuned to my net worth journey. And if you want to start your journey to having a million too, feel free to reach me for help!

Cheerios,

Maven

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15 thoughts on “040117 Net Worth Update – Php1,010,057.64

    • linmaven says:

      That’s great to hear, Jonasiyo! 😀 Share it with the world too if you’re courageous enough to do it. 😉 Let’s aim to increase our net worths further and inspire others to do the same!

      Liked by 1 person

  1. Jun says:

    Congratulations! Contrary to what you said above, there are less millionaires of your age than you might think so this is really a nice achievement.. I havent posted an update on my blog for quite some time but I hit 10m this month, which I am patting myself on the back for. 🙂

    Liked by 3 people

    • linmaven says:

      Wow! Congratulations too! P10M must be awesome! 😀 I should target that someday; not sure how long it will take though. Haha. Thank you, thank you! Please share your blog so I can get some inspiration from you too, Jun. 😉

      Like

  2. Mai says:

    Hi Maven,
    Congratulations! You really are an inspiration.I actually started computing my net worth following your format 🙂 I just turned 28 this April and I haven’t started saving and investing until 2015. I still have a long way to go though especially in achieving my first million.
    By the way, aside from your net worth, can you also share how do you do your budget?
    Keep inspiring people especially the millenials like us 🙂
    Thank you.

    Liked by 1 person

  3. PwedePadala.com says:

    Congratulations Maven! I’m a new fan from Canada. I’m inspired to reach 1M in Philippine pesos . . . for now.

    I’m not familiar with some of your investment such as coop, WeSOP, and loft furniture. Can you write about it in your future blog posts. Just a suggestion. Thanks!

    Tip: another way to earn extra is through ads on your website once you move it to a self-hosted site.

    Liked by 1 person

    • linmaven says:

      Hey girl! (Sorry, not sure how to address you.) XD Great to hear from a kababayan from Canada. 🙂 Yes, I am sure you will get to P1million and more as long as you have the right attitude towards money.

      Let me indulge you now with some of the assets in my net worth. WeSOP is actually share options offered by the company I’m working for. Because I am an employee, they give me preferential rates when I buy (like discounts, or matching the amount that I give). Loft furniture are basically the value of the furniture I own. For coop, you can actually check this article I wrote a couple of months ago: https://ithecorporateslave.wordpress.com/2016/12/17/multi-purpose-coop-dividends/

      I agree with your tip! Though I’m not sure where to start on it for now. Followed your blog and maybe I can learn this from you? 😉 Tip too to use a pseudonym so maybe we can call you something. Hihi. Keep in touch! 😀

      Like

      • PwedePadala.com says:

        Hello! I’m still thinking of a pseudonym. It’s hard to come up with a name as good as Maven. 🙂 Thanks for the tip.

        I never thought that furniture can be an investment too. And since I’ve read about coop on your blog, I researched and realized that there are so many cooperatives in the Philippines that it is hard to choose and challenging to join especially if you’re not in the Philippines.

        I’ll leave a comment again with the update of my quest for coop investment.

        For self-hosted blog, these are good choices based on my experience: Namecheap (domain), SiteGround (hosting), G Suite ($5/mos for domain email) and Genesis Theme. You can try Google Adsense and Nuffnang Ads for advertisment. Let me know if you have more questions. I’ll be glad to spare a kababayan from my newbie blogging mistakes.

        Liked by 1 person

      • linmaven says:

        I’m actually already thinking of removing furniture under my assets ’cause they’re bound to depreciate in value. Hehe. Will “clean up” my net worth list soon. 😉

        As for the COOP, yes, I also only have access to one because of my employment. Maybe try to look for one there in Canada? 🙂 Or set up your own!

        Wow, nosebleed on the blogger stuff that you mentioned. Haha. But I promise when I find the time to get back and focus on revamping my site, I will seek you for guidance and to help me stay away from stupid decisions! Haha. 😀

        Like

  4. Menard says:

    Hi Maven, Congratulations for hitting the big 1M at a very young age. I’ve been following your FB page. I’d like to invite you to join our new “Millionaire Before 50” FB group. You can promote your brand there. More power to you!!

    Liked by 1 person

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