Saturday, April 13, 2024

Advice#8: I Want to be a Millionaire

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Advice#8: I Want to be a Millionaire

Photo by David Suarez on Unsplash

Dear G,

This will sound like an impossible dream, but I want to be a millionaire. Do you have any suggestions?

Sincerely,

I Want to be a Millionaire


Dear I Want to be a Millionaire,

It’s not an impossible dream at all. Regular people can become millionaires. This dream, though, requires patience and discipline.

Now, I’m not a financial expert but a technique I learned way back is to save 10 percent of all earnings after taxes. Put this amount in the bank. For example, if your net (after taxes and deductions) is 20,000 pesos, then 10 percent would be 2,000 pesos. You’d have 24,000 pesos in savings per year. In 41 years, you’d be a millionaire. If you’re in your 20s, this is doable.

Now, this may seem too slow. You may work with a financial advisor and invest the saved amount. You can start investing in stocks, or find another source of passive income. Just remember, that is a gamble.

Good luck!

G


Dear I Want to be a Millionaire,

So does the rest of the world, darling!

Photo by Eyestetix Studio on Unsplash

I reckon you have no pending inheritance from your parents or any wealthy relative, so be prepared to carry out any of these wicked suggestions:

  1. Be extraordinary in the office. Show off that talent and skill. Sooner or later, you’ll go up the ladder. Just don’t step on anyone’s foot, okay?
  2. Get yourself educated. Find the time to get a masters or attend short and relevant courses that will teach you innovative methods to perform better at work. Education will make your resume look good should you decide to jump to a better and high-paying job or apply for a higher internal position.
  3. Simultaneously, think of what business or company to put up that is aligned with your skill. This early, think of putting up your own company and making yourself rich. In fact, richer than your boss.

No one becomes a millionaire by ‘wanting’ he wants to be one. A lot of work is necessary. Be ambitious enough to think in advance.

Still, plow on!

G

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