Is It Possible To Make 1 Million Pesos Before You’re 30

By | July 6, 2015

 

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

a life.

 

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

untouched.

 

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

emergency fund.

 

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.

 

make 1 million

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

longer.

 

When you begin investing, the article pointed to remember the

following things;

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

be invested.

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