Kung hei fat choi to the Filipino Chinese community! While I don’t believe in Chinese traditions, I personally enjoy eating all the tikoys. Just yummy. I also find it entertaining to listen to my Chinese horoscope every morning from That morning show on ABS-CBN.
It’s been quite a busy two weeks for me. A few all-nighters here and there but I never fall short of family time. To usher in the Chinese new year and to ever keep myself accountable to an audience, let me give you an update on my net worth.
This is comprised of the following :
Rel properties 56.02%
From the time that I started this blog in September 2015, my net worth has grown 189%. Back then, becoming a millionaire appeared so remote. I never even contemplated reaching this kind of growth in 15 months.
I got lucky with my assets, whose present value increased despite present market conditions. I’ve been buying stocks for quite a long time.
Other than that, starting this blog and sharing my net worth, buying expensive real estate, and saving over 60% of my net take home pay have truly super charged my net worth growth.
Keeping myself accountable through this blog
This blog is a non-profit. I earn absolutely nothing and write articles here not only as a hobby , but to share my financial literacy advocacy to Filipinos who are lacking in information.
This blog has intangible benefits – sharing my net worth updates keeps me accountable to you, the reader. Not wanting to disappoint readers, I am motivated to keep expenses low and avoid shopping frivolously, which is difficult for me at times, as a former shopping enthusiast.*
Buying real estate as forced savings
When I signed that contract to sell with my developer in 2014 and committed to paying almost PhP 10,000.00 (USD 200.00) a month in equity, I knew I had taken on a huge responsibility. Should I f##k up, all my equity payments would be lost. This threat of loss kept me from wasting money like I used to.
Further buying land, made me dream about eventually buying land within the city. I could never have saved and paid so much in equity had I not bought real estate. That cash would’ve just either: (1) been spent on tickets to Europe! ; (2) spent on shopping ; or more remotely, (3) been saved or invested. That last possibility is so remote, given my young and flighty self, whose priority back then was just travel and shopping! Come on, you know those are where most 20- something millenials’ priorities lie.
Saving over 60% of net take home pay
Note that this kind of extreme saving may not be possible for everyone. I have to check my privilege. Living at home for a while, I enjoyed several subsidies from my parents. These were in the form of food, electricity, water, laundry and maid subsidy. Sure, I paid rent (which was below market rate), but what I got for it was so much more.
Now that I live away from home, I now take over paying for every household expenses, without subsidies.
Saving rate in 2016
My saving rate in 2016 dropped because of several major life events. I also started living away from home and no longer enjoy the parental subsidies.
In 2017, I hope to maintain a higher saving rate. To the second million!
Have you started tracking your net worth yet?
20 something lawyer
*Fortunately I never got into debt because I never opted to get a credit card. Thanks for the advice mama! But I didn’t save much either.