20 something lawyer

My first million


While writing my last net worth update, I noted that I had Php 41,330.85 to go before I made a million. I estimated that it may take me a few more months before then. I wishfully hoped that I made my million at least before I get married or before I turn thirty. I pored over my expenses the past year and noted which areas of my budget I overstepped. I lamented that I need to cut down even further than I did in 2015 in order to meet my goal.

Before I knew it, I had reached my goal – one million net worth. My current net worth is:

PhP 1,041, 412.53


This is broken down as follows:
Cash 44.12%
Stocks 30.23%
Equity in condo 25.65%

How does it feel to be a millionaire? I’ve been planning and dreaming of this for so long it felt anti-climactic. No fireworks went off. I’m still the same person. I still didn’t have enough passive cashflow to quit my job and have an early retirement.

Still, there is that awareness of financial stability and a feeling of security. I felt good about achieving my goal. I don’t think I look or live like a millionaire. As a frugal and young lawyer in my twenties, I bet most people wouldn’t perceive me to have a lot of money, much less a millionaire. And that is really the point isn’t it?

How else does one become a 20-something millionaire? I lived frugally and kicked off my fast fashion habit. I let go of spending so much money on expensive restaurants and going clubbing every Friday. Living in Cebu City really helps. The laid-back atmosphere here and the general attitude of Cebuano frugality were contagious. Just when I needed it, I was surrounded by people who made a lot of money and had the right attitude to saving and spending.

Working at a job that is less stressful and with reasonable hours likewise helped. Since I don’t put in 14-hour workdays anymore, there was no need to spend so much money on stress-induced cocktails and dinners out! I could do those at home. Less stress also results to less stress-driven shopping.

Another issue once you reach the million mark is the worry that one might mismanage this. Right now I have a vague idea of what my next project will be and I hope I continue to manage my money well.

I’m still not in the ideal 2 million net worth as the Millionaire Next Door says I should, but I’m getting there.  How have you managed your net worth so far?

To the next million!
20 something lawyer