Mid Year Net Worth Report
I honestly dreaded calculating for my mid-year net worth because with everything that's happened, I was afraid of what the figures would show. Let's recap.
Remember the next door condo unit that we were thinking of getting, and then decided not to anymore? After all the hemming and hawing, we ended up buying it after all. Now we are the proud owners of adjacent 30sqm condo units. However, in order to pay off my brother (the condo's previous owner), I had to drain our emergency funds AND take out a loan from my parents. So while my real estate assets doubled, my real estate related liabilities also doubled plus I also incurred some hefty personal loans. But on the bright side, the personal loan is from the Bank of Mom and Dad where the payment term is pay when able ;-)
The bottomline is that my net worth grew by 14.47% from the first quarter of this year (mostly brought on by the new condo unit), however, my liabilities (mortgage + personal loans) almost tripled.
As already mentioned above, my savings took a big hit because of the condo purchase, it is now a piddling 12% of what it used to earlier this year.
I'm happy to report though that my stocks really rallied, gaining a tumbling-worthy 26% from its value during the first quarter. Take note too that I didn't add any capital to my stash, I just sold when my profits reached at least 25% and dumped my earnings into FPH which is still still in the red for me, but is ever so slowly clawing its way back up.
My FAMI-SALEF account isn't doing as well as I hoped it would though, because in the two years or so that I've been doing cost averaging with FAMI-SALEF, my returns are barely Php2,000. Not good at all. But my Sun Life balanced funds are a revelation, considering that I only top up 4x in a year. In the three years that I've had my account, my money has grown by 15%, not bad.
Here's the breakdown of my assets as of June 30, 2014:
My assets are so real estate heavy that it's really scary. Talk about being not liquid :(
Right now, my main goal is to bring up our emergency funds to at least a month's worth of expenses before we start on joining the two condo units and renovating the kitchen. I have already allotted my September bonus for condo constructions, so all our extra cash will be funnelled towards paying off my brother and building up our emergency funds. The goal is to have 2-3 months worth of expenses banked before the year ends.
Can you believe how fast this year is whizzing by? Before you know it, it will be December once again! Ack.
* Read my first quarter net worth report here.