I read an article today from http://www.gmanetwork.com/ and It
was titled “How To Make A Million Pesos By The Time You’re 30.
The Advice given was sound and reasonable but seems impossible
if you are an ordinary worker with one work one meal kind of
But the advised given given is good to imitate and I encourage
you to do the same.
The article pointed out the following advice:
1. The phrase “money can’t buy you happiness, but poverty can’t buy
you anything” is true. Money may not buy you happiness but
at least it will fed you 3 times a day.
2. Set a time line, Becoming a millionaire is a long process. Set
a particular amount of money each month depending on your
budget and the time you want to have your 1st 1 million peso.
3. Protect Yourself, this is one of my favorite part of personal
finance. Imagine that I was able to save 2 million in a bank
then suddenly get hospitalized requiring a 2 million pesos
expense, My entire life savings just goes down the drain.
The article says we must strive to get a health insurance.
Philhealth is a good start but if you can afford a private
health insurance then you must get one so in any event that
you get sick, let the insurance pay the bill and your savings
Save for your emergency fund, If your family is not dependent on
your income, three months’ worth of emergency funds is OK
otherwise, save for a least 9 months. So if you are earning
10,000 pesos a month, save at least 30,000 pesos as your
Get a life insurance, If you are the sole bread winner, then
getting a life insurance is most important. Say you are insured
for 2 million pesos payable upon your untimely death. Your
family will receive 2 million pesos in case you die to lessen
the financial burden of your death and help your family stand
on their feet.
4. The article said that once all of the above are in place, it is
now time to invest.
The Article posted the info-graph below to illustrate How To
Make 1 Million Pesos Before You’re 30.
Infograph owned by GMA Network
If you are just an ordinary worker, say a sales lady or a security
guard, the figures posted above seems unrealistic.
If 1,000 pesos a month is what you can realistically save and invest
then that is what you should do. You will still make 1 million pesos
but not before you’re 30 of course but it may take a little while
When you begin investing, the article pointed to remember the
1. Always have a goal
2. Know the right investment product for you
If you do not know how to invest in the stock market like
me, then start investing in a mutual fund or UITF offered
by most banks.
3. Stay consistent
Once you started investing, do not stop. The key how to
make 1 million pesos is consistently investing. To stay
consistent with your investing, automate the process. For
instance I personally have a savings account with BDO and
I consistently save 2,000 pesos each month. I also have an
investment account with BDO in which i enrolled my savings
account where it will automatically deduct 1,000 pesos to