How to Save Up for your first Million
Tips and Tricks on Savings for your First Million
Who doesn't want to be rich? Most of us do. But most people doesn't know where to start either.
I compiled a list of tips and tricks that could help us grow our net worth and become multi millionaires soon. So have a good life and read on. :)
Start early. The best time to start saving for your first million is now. The right moment to decide to be rich is now.
Live below your means. Do not spend what you do not have yet. Wag maging sosyal now, pulubi later.
Have multiple streams of income. The more the merrier. Be more productive and find ways on how you can increase your income flow. That's why I'm trying Steem. Who knows. I might really earn for the contents that I write.
If you have a choice try to choose a profession which could give you the best financial potential, find a profession which you can excel so you could also increase your income. Enjoy what you do and the earnings will follow.
Avoid loans with high interest. Such as 5/6, sangla ATM or credit card balances. Always aim to pay your credit cards in full each time.
Aim higher. When you aim higher you tend to put more efforts. Mangangarap na nga lang tayo, taasan na natin. :) But let us make sure that our dreams are realistic and attainable to prevent discouragement in the future.
Invest time and money to your fianancial education. Enhance your skills and this could help you fuel your way up nearer your goals. There are different venues and means to do this. Read financial books, attend financial literacy seminars. No one is to knowlegeable to know everything. We are forever students in this so called rat race.
Try to save as much as you could. Set aside your savings first before spending. Always remember the golden rule of paying yourself first. Earnings-Savings= Expenses is the right way to go not the other way around.
Be disciplined. If you have not started saving yet and are still paying your house mortgage or your car use the discipline that you will develop from monthly setting aside an amount to saving for your future.
Maximize contribution. SSS premium or GSIS premium or even you company retirement plan.
Try different medium of investment. Diversify. Another investment golden rule: Do not put all your eggs in one basket. There are different mediums on which you can invest your hard-earned money for your future: stocks, mutual funds, ETFs and bonds, long term savings plan, VUL's, real estate, collectibles and start-ups businesses. A diversified investment portfolio means that you can potentially take advantage of multiple sources of growth and protect yourself from financial ruin if one of your investments did not succeed in earning for you. Just be careful not to concentrate your money too heavily in any one investment. Always remember that the key is to DIVERSIFY.
When you diversify, study where you can put your investment that will give the highest returns. Ex. Long term deposit plans with the highest interest, mutual funds and stocks with the highest historical performance or track record etc.
Stay focused and believe in yourself. Faith can move mountains. Hope and focus will help you reach your financial goals soon. You can be a millionaire, you can be rich. Believe and you will.
Sipag at Tyaga. Not everything can be attained very quickly. There are very few ways on how you can be rich very quickly.
Be healthy. Being a good steward of God's blessings is also applicable to being good to yourself and giving your health a priority. Health is wealth and that's very true.
Don't forget your priorities. Don't sell your soul just to get rich. Learn to achieve your dreams not at the expense of others. In short WAG KANG MANLOKO.
Don't be afraid to make mistakes but, make sure that you learn from them. Do not be afraid in taking risks for most of the things that matter does take some form of risk
Don't forget luck. Be open to opportunities.
Pray and always be thankful to the Lord.
Gather enough money streams so that when the time is ripe, they could run on their own and provide passive income. My personal goal is not really to be rich but to have the freedom that money can buy so I could focus more on what I love doing without any financial anxieties.
Have a good life everyone.
This is first posted on my blog. Please do visit it too. I think the robot will reply on this since this is also posted on my blog.