050117 Net Worth Update – Php1,051,074.75

Hi everyone! Welcome back to another net worth update. Can I just say straight to the point that I’m so glad I’m still a millionaire?! I actually got freaked out the first time I’m running through my numbers and missed out one digit in my savings account that resulted to my net worth falling below P1M. Gah! Good thing I rechecked.

So here it is, my second millionaire net worth update!

THE BALANCE

Maven’s net worth – Php1,051,074.75. Up by Php41,017.11 from last month.

THE BREAKDOWN

Time Deposit. So although I had grand plans on what to do with my bonus from last month, I eventually chickened out and just put most of my cash in a time deposit. Haha! I’m still thinking where to spend it eventually hence I preferred to put it somewhere where I can withdraw them quickly but at the same time, not let them sit in a regular deposit account. For your information, it is super easy to open a time deposit account in BPI! If you already have an online account, you can simply apply there, nominate the account where the funds will be settled (where the bank will get and return the money eventually), and wait for a few days for the approval, and voila! The time deposit account will appear in your portfolio.

Franchising. I was initially planning on getting a franchise but from asking Sir Butz Bartolome, one of the expert speakers from the Financial Literacy Summit I attended last April 1-2, I realized I should save up for a more sizeable seed fund like Php300,000.00 or more for the franchise in order to maximize the returns on it eventually.

Company share options. With this, I decided to invest more in our company share options. It gives a matching of up to Php76,000 and a 15% discount on shares you purchase. Plus, you can have it under salary deduction for 12 months! I’m thinking to write more details about this next time. Let me know if you are keen on reading more about this!

Minimalism and Finances. In other thoughts, I’ve been trying to be minimalist for a while now – trimming down my wardrobe and sticking to shades of black to reduce thinking time of what color to wear. (Haha!) And I wondered, maybe I should do the same for my finances as well? Though it is fun seeing my net worth grow and become an even lengthier list, keeping track of it and thinking how I should properly classify stuff is getting a bit tedious. First, I will probably write off some stuff that I don’t think are worth taking note of anymore like my furniture and foreign currency money. Next, maybe I should close a few bank accounts that are no longer serving their purpose. Last, I should probably start consolidating my investments too so they are not all over the place. I’ve heard indexing is the new cool thing in the personal finance world – any insights on this?

As usual, please help spread the love and share our goal for financial literacy for all! Like me on facebook, share this blog to your friends, comment below if you like what you’re reading or if you have any questions. 😉

Cheerios,

Maven