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

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