It’s a huge challenge to become a millionaire in five years. In this article, I will teach you the strategies and the rules which you should stick with if you want to know how to become a millionaire in five years. The main point is, you will need to have the right mindset for becoming a successful investor.
Being a millionaire is a good goal to have, but you’ll likely want to go beyond that. You might want to be an out-and-out billionaire. This requires more than taking extra care with your expense management. It requires some special insight. Here you can get that insight into the strategies for becoming an outright billionaire in 5 years or less.
Steps How To Become Rich In The Philippines
Have you ever wondered how to become rich in the Philippines? We have broken down the foundation of wealth in easily readable financial steps to help anyone start earning money in the Philippines, no matter their situation. Of course, how to be a millionaire in the Philippines is a different question; however, we will also be exploring this topic as both questions require the same skills.
How To Become Rich Philippines
When Look At How To Become Rich In The Philippines Start To Increase Your Income & Decrease Expenses
The first step on how to become the rich Philippines can be completed in 15 minutes. All this takes is a few simple things, either a pen, paper, or a computer. If you haven’t done this already, the first thing to do is to list your incoming and outgoing expenses.
Clear (Bad) Debt If Your Looking To Become A Millionaire In The Philippines
With financial step one being completed, we now have a more significant difference between our salary and expenses. This will lead us to our second stage, and that is Debt. Do you have any debt? If so, I felt your pain once when I was very young and foolish. I managed to get myself in a lot of Debt (around half a million pesos!) So, I know how tough and crushing it can be.
If you have several debts, the trick is to pay off the highest interest first. Start by working out how long it will take you to pay off each Debt, let’s say nine months. Then work out the total interest you will pay. After doing this, you can see what carries the highest interest and start to destroy this Debt, then move on the next and the next until you are debt-free.
This step can be the longest depending on how much debt you have, and I will be honest, it won’t always be easy. Nevertheless, it is possible, and once you are debt-free, you can start to build the rest of the foundations of wealth. Sadly, this is a hoop you must flip through before moving onto the next stage because Debt is a wealth killer and needs to be deleted before you look into how to be a millionaire in the Philippines. (unless its good debt, more on this below)
On a side note, you may be saying… “what if I took out a loan so I can build a business so that I can build wealth? Surely that is okay to do on my financial steps?”
A great question to ask. This is referred to as Good Debt, which means Debt has been taken out to make more money. If you are successful in this, then great, but I would only advise you to do this if you have a solid foundation first.
When we spoke to people across the country, we often met people who were highly motived to become rich, and they knew that their Debt was slowing them down, so they worked very long hours and put all available funds on their Debt. As a result, many of them became debt-free quicker than they would usually have.
However, some people paid off more debt than they could afford each month and got themselves into more Debt, so I would strongly recommend you only pay what you can afford & also speak to an independent financial advisor about your situation if you are worried about your financial path and need help with financial steps.
Can a regular employee who earns 10,000 to 15,000 a month become a millionaire in 10 years?
Let’s say your salary ranges from 10,000 to 15,000 a month. You less your expenses, maybe 5,000 will remain. If you are a shopaholic, please stop reading this. If you love buying the latest gadgets and just earn this salary range, please forget about this. If you are not serious about saving money and are not disciplined enough, just try something else.
5,000 a month for 10 years would give you 600,000 if you save them on hand. If you save them in a bank, they would earn interest but that is not much. If you want to earn millions out of it, invest your 5000 a month in the stock market. If the Taho vendor earned less than 5 million from his investment, what more you? 🙂 So the answer is YES. Take note, time is money. If you want to earn more millions, extend your target period from 10 years to 15 years or more. How to become a millionaire starts with your mindset.
Can you earn 5 million pesos in 5 years?
I assume now you know the concept of this thread. I assume you are not a Taho vendor and you are earning more or double or triple of those salary ranges discussed before. Maybe you are an OFW so your salary when converted to pesos will amount to hundreds of thousands every month. 5 million pesos in 5 years is so possible for you then.
If you will still try the PCA method 40,000 every month for 5 years could give you a close amount to 5 million. But then again, I expect you are earning more than the average bracket mentioned before so hey, I’m sure you know other channels on how to get your millions in just a short time – not just thru stocks but also thru business, interest income, trust funds, and other vehicles.
Assuming the examples above grow by 10% per year. This is only an example.
- The earlier you invest, the more money you will earn in the long run
- Time is gold and time is money.
- The key to Peso Cost Averaging technique is choosing the right company where you will buy stocks, choosing to invest long term and following your chosen time and amount to invest regularly.