How did you reach your first million?What age and how?Inspirational stories 2

[Tigershark09]

i want 5 million in 3 years konting tiis pa...at dasal...

[Mizz.Cee]

  Pajoin din para mainspired mag save.. If I stick to my budget I'll have my 1M next year, I hope  Magbabakasyon pa naman kami sa pinas and other countries this year and may iba ding pinag iipunan..

[OD]

^^ WOW!!! Im so stoked with your affirmation... nakaka-baliw! That should be the spirit

[atemai]

i said before that i should have a million before my 30th birthday - ill be 28th on may 31 but im not anywhere near that goal - not even close to 3k in my bank account

[lischan]

Just wondering, those who have reached 1M or are very positive na maka reach ng 1M sa target age nila, are you guys working in pinas or abroad?

[kaiz]

^ my bro in law who had 1M before he reached 30 works here lang. Trend Micro.

[OD]

@atemai: on the upside, at least you are aware of where you currently stand and that's a good start. also you can begin from there

@lischan: it remains highly likely for anyone with a good-paying job or profitable biz to attain that financial goal in our country. It's all a matter of spending wisely

@kaiz: a bit OT but i know someone who makes 80-90K gross monthly income with a multi-national IT firm and he still reaches for his mom at times for fare allowance when he's running short of expense budget. You could deduce that given that paycheck, to haul 1M in less than 2 years is remarkably probable. But then he still rides a cab to work everyday when he can very much afford to get a car and even hire a driver to ferry him to work.

I got stunned myself when I heard about it as we have the same status, single and practically have no dependents. It only goes to show how we have to handle financial matters smartly.

[lischan]

That's good news. It's still possible pala for us who are in pinas lol. I guess spend smartly and invest properly talaga. I realized a little too late that letting your money sit in the bank for years doesn't really help it grow much.

@OD: nakakalooka naman yung kakilala mo.... and I assume that he's living with his mom since he's still asking her for money, which means rent is not even a problem for him. and wow ma short pa.

[joban99]

Ako naman, Im fortunate enough to have a great partner in life kaya we were able to hit our first million together twice as fast as my wife and I are both working. Also, people say when you have kids its harder to save, pero having kids has actually made us save and invest more kaya blessing talaga ang chikitings ko. Actually I cant even remember when I/we reached our first million kasi everytime we reach a high amount of money (about half a million), we start to look for ways to invest it kaya our cash/savings dont reach 1M. Kaya for me, I agree with lischan, I actually wouldnt really want a million in my bank or in liquid form as Id prefer to invest it in something para it keeps growing. Also when you know you have a million in cold hard cash, its true that you have a heightened sense of security, but it also gives you a sense not to strive harder as you know youre financially stable.

But to answer the question, I think we made our first million at the age of 28, just by working. We work abroad kaya it was a bit easier for us. But again, we didnt have one million in our hands, we saved our money for about 2 years and built a house, pero the building of the house was 1.3M so you could say our first million was at the age of 28.

So my advice is dont try to have 1M in your bank account, try to invest your money before it gets to 1M. Kasi if you have cash worth 1M in your bank or at your disposal, you tend to get comfortable and start buying mga luho kasi you know you have money. Pero if you invest your money little by little in a major investment (na worth 1M or more) youll always strive to work harder to finish paying off that investment. Another great thing with investing your money little by little is once you do finish of that investment worth 1M or more, youll realize that it wasnt that hard to make 1M in the first place and your goals get much bigger.

[lischan]

^ very nicely said joban99! I'm currently checking out insurance companies where I can try to put a certain amount of money regularly for a certain # of years. I really hope this will help me out 

[OD]

^ you're right, he does and that makes it all the more quite incomprehensible. but then i really couldnt bring myself to chide the guy as I, at times, get included as one of his beneficiaries for the unconditional generosity. Mahilig syang manglibre amongst kins and close friends. Imagine, pag nagpa-inom sya isang case ng vodka cruiser or treat 5-6 peeps to a spa or dinner, ang sarap kasama hehe! Thus, one can easily deduce how enormous the expenses are for himself alone.

^^ very sound advice. when one reaches a certain degree of financial security, by default, complacency takes over particularly when it took a lot of tenacious effort to attain the fiscal goal. Instinctually, a reward is anticipated and must be had in order to sustain the efforts and/or advance towards higher financial targets. And the reward, in this scenario, ironically becomes/transforms into an unnecessary evil.

aside from real estate, where did you invest if i may ask?

[joban99]

Hi lischan, good to hear your looking into investing as well. Id like to learn more about insurance, but I dont know much about it. You should also look at preselling condos, maganda rin maginvest sa mga ganyan. Ill PM you if youre interested (dont worry, Im not a realtor or anything, hehe..)

Hi OD, real estate is I feel the only investment we have as of now. The house we built was just more for a sense of security and isnt really an investment. My wife's family lives there (hence it doesnt make any money) and when we retire (which is a looooong time still :p), well probly live there. We actually just bought a house last Feb which is purely for investment as we have no plans to ever live in it, but only plan to have it only rented out. All the money my wife and I have and are making are locked into that house as we took a 5 year loan from a bank and the monthly amortization is a bit high. So we cant invest in anything else for 5 more years. Pero ok lang rin kasi the only good investment I know is real estate as Im not into anything else.

Moreover, the house we bought is in a nice area so its really easy to rent out and most houses in our area are never vacant for long. After we bought the house, we were able to rent it out for 40k/mo within a week. We could have asked for more but we asked our tenant for a 1 year advance kaya binabaan namin ng konti. Kaya I think its a really good investment as Im making a fixed monthly amount of passive income. I also bought stock at a hospital, but the hospital's still a bit new so we're not gonna get any dividends from it any time soon. I actually dont know why I bought the stock, hehe.. Now that I think about it, parang I wasted my money on the stock. Pero I dont plan to sell it naman.

[chacha.12]

oh no, nakakastress at the same time nakakainspire naman tong thread na to. im 26 and ang goal ko is to have a million by the age of 30. kaya natin yan nga sisses! business!

[funky f]

^ very nicely said joban99! I'm currently checking out insurance companies where I can try to put a certain amount of money regularly for a certain # of years. I really hope this will help me out 

i've talked with sunlife and manulife just last week since i'm planning to get insurance myself.  in the past years kasi, everytime may increase, dinadagdag ko sa monthly savings ko.  but then, naisip ko just a couple of months back na why not invest sa insurance for my kids' future na rin and security.  so ayun.  i've actually decided na which to get.  just finalizing details.

i think it's better to have a healthy balance of investment and savings while enjoying your hard-earned money.

re: investment, i wanna invest in a lot na pwede rin pagawaan ng resthouse in the future since my family and i like to go out of town a lot.  surprisingly, may mga lots pa pala sa probinsya na malapit sa magandang view that sell for just 500/sqm!

[sachism]

At 28 yo  swerte sa asawa  but i also want to have my own.. Sana thru wise investments.

[lischan]

i've talked with sunlife and manulife just last week since i'm planning to get insurance myself.  in the past years kasi, everytime may increase, dinadagdag ko sa monthly savings ko.  but then, naisip ko just a couple of months back na why not invest sa insurance for my kids' future na rin and security.  so ayun.  i've actually decided na which to get.  just finalizing details.

i think it's better to have a healthy balance of investment and savings while enjoying your hard-earned money.

re: investment, i wanna invest in a lot na pwede rin pagawaan ng resthouse in the future since my family and i like to go out of town a lot.  surprisingly, may mga lots pa pala sa probinsya na malapit sa magandang view that sell for just 500/sqm!

I've spoken na din with both, one has given me a proposal already and the other I'm still waiting for. Hinde biro ang mag save sa goal ko na amount, suffocated na ako just thinking about it haha..

[sweet_sexythang]

I reached my 1M at 29 through freelance writing only. Now, I'm 30 and my house is nearly finish.... Hindi sa pagyayabang at pagbubuhat ng bangko but I am proud of myself.

[funky f]

wow, mukhang lucrative ang freelance writing =)

[OD]

tsk... forgot about this thread


@sweet_sexythang: would you be generous enough to share some tips as to how you did it thru writing?

@joban99: you think it;s a good investment? wrong choice of words, it's such an amazing, providential investment ang galing nga kasi you need not worry abt the monthly amortization as the rent covers for it already, youre getting returns even this early eh mag-aapreciate pa yan.

but does that mean that this house you bought served as collateral for the bank loan? oh and another good news is kalakaran these days is that rent escalates by 10% after 2 years. btw, pls send me info about those pre-selling condos as well. may nagpapa-hanap lang. 

[joban99]

@joban99: you think it;s a good investment? wrong choice of words, it's such an amazing, providential investment ang galing nga kasi you need not worry abt the monthly amortization as the rent covers for it already, youre getting returns even this early eh mag-aapreciate pa yan.

but does that mean that this house you bought served as collateral for the bank loan? oh and another good news is kalakaran these days is that rent escalates by 10% after 2 years. btw, pls send me info about those pre-selling condos as well. may nagpapa-hanap lang.

Thanks OD, my mom is into real estate rin kasi kaya pumasok na rin kami ng asawa ko sa real estate. Actually the rent only covers 40% of my monthly amortization and I made sure di ako aasa sa rent kasi eventhough Im very sure our house will always get rented, I made sure Id be able to pay for the amortization solely on me and my wife's salary. Siguro the house serves as collateral rin.

If you check out condos sa New Port City and McKinley Hill, most of them are pre-selling condos kasi medyo bago pa ang areas na yan but these places have lots of potential. Pre-selling condos are the condos that are still being built and wont finish for another 3 or 4 years pa. What the developers do is have people buy condos na for a cheap price and have them pay something like only 10k/mo until the condo is done, and then you pay the remaining amount. Maganda yan kasi for example, yung SM sea residences near MOA in 2007 yata was something like 1.6 for a 1 br condo na 24 sqm and now that its gonna be handed over, I have no idea how much it costs now but Im pretty sure itll be something like 2.2M or 2.4M na siguro. So if you bought nung 2007 pa, you can make a profit of about 600 to 800k when you sell it and you didnt really have to break your back with payments as you only paid 10k/mo from 2007 till 2011. If you do wanna keep it, then just get a bank loan to pay of the remaining amount and the rent will pay for the amortization. Maganda ang pre-selling kasi hindi talaga mabigat ang payments.

Id like to ask the other girl talkers how insurance works, actually wala akong idea eh, hehe. Pls share how it works like how much you need to give per month and for how long and then how much you get back and what the process is of getting back. If possible, pls give real examples like sunlife insurance plans. Thanks.