Second Quarter Net Worth Report
The last few months with my new job have been so challenging. I couldn't wait to get my paycheck and give my savings a break, but a new requirement just seemed to pop up every time I turned in a document. I've been suspecting though for a long time that the requirements weren't really given piecemeal style as I was made to believe, it's just that the person in charge of my documents is kinda scatterbrained so she would relay the requirements to me one at a time, even if she already had a list of the needed documents. The lesson learned here is to go directly to the person in charge and not rely on the office Ate, who is nice and sweet but kinda slow on the uptake. Anyway, bygones. My family and I survived the four months of drought, so it's all good.
One of the good things that the four month wait brought was that I finally sold my FAMI equity funds after months of hemming and hawing. Nothing like an urgent need for cash to spur you into action.
My FAMI funds registered an impressive 8.6% gains last quarter after flatlining for almost a year before that. The market was starting to go down and I needed money, so it was a no brainer. I sent in my request for withdrawal, effectively locking in about 7% gains for the 2 years or so that I held my account. It's a good thing too that I acted when I did because the stock market has been bloody these last few weeks and my 7% would probably be -7% if I waited any longer.
I also took advantage of Sun Life's newly opened index funds last quarter and I intend to build this up in time to act as my son's school fund.
My stocks are not faring well at all. My Metrobank (MBT) stocks are hanging in there and have been very resilient with its 12.93% gains, although it reached as high as 20% just a few weeks ago. My First Philippine Holdings (FPH) stocks are another story altogether, and whatever gains it slowly made through the months have been wiped out. Kaput. Gone. It is now a bloody -4.73% from its high of about 22%. Even my comeback kid Cebu Pacific (CEB) is currently at a loss of -2.13%.
But all that red seriously doesn't bother me because now that I have 3 months worth of backpay, with the 4th month coming in soon, I'm on the prowl for more stocks to add to my slim portfolio. I don't want to add to FPH anymore because it's almost 60% of my entire stash. Maybe I'll add to either CEB or MBT if the prices go further down. Or maybe I should introduce 1-2 more players to my team. Esep-esep muna.
My savings saw an amazing increase, from 4% last quarter, it's now at 8%. That's a 100% improvement y'all! As you may have probably guessed, that big jump was brought about by the arrival of my backpay, so I don't expect my revolving account (where I cleared the check) to remain as fat as it is now because I already have plans for that cash (i.e. emergency funds and condo renovations).
The second quarter saw a 4.7% increase of my net worth from the first quarter, but my big goal is to see a double digit increase within the year. Until then, I'll just continue paying extra on the condo mortgage, building up our emergency fund and investments.