Imagine that you wake up in the morning, brush your teeth, ask your driver to drive you to a fancy restaurant for breakfast with your family without worrying about money. Imagine that you can buy whatever new gadget there is, new clothes, a new car and all that. That’s a great feeling honestly.
But it requires considerable effort to be able to get to that status. It requires building healthy habits, passion in what you do, hard work and big dreams to achieve financial independence. In global standards, being a millionaire means you should have a net worth of 50 million in pesos. But what I want to talk about is to start at 1M pesos.
1. The first step is to set the target income. If the target is to achieve your first million, then multiply it by 10, so it’s Php10M. It’s the 10X concept of Grant Cardone where it says that to realize your dreams, you have to exert significant effort. So multiplying your goal by ten means, you will increase your energy 10 times as well. You shoot for the moon, even if you miss, you’ll land among the stars. You can start with an 8-5 job, or a be salesperson of a promising industry or a legitimate networking/direct selling company.
2. Pay yourself first and save the 40%. With this, it means you will have to spend considerable efforts to minimize your expenditures first to 60% of your actual income. If your current income is P40k per month, then it means your budget threshold should only be at P24k. If your salary is 100k, then spend only 60k. I know its difficult. It might say that you have to downsize your apartment, minimize dining out or avoid credit card installment. Let go of your ego and focus on the vision and the long-term benefits.
3. Invest the 40%. Your savings or your money has zero value if it’s stored in the bank. It should be moving. It can be with a good product idea, stocks, or any business that you are passionate about. You can always work in a company while running an online business.
4. Continue to grow your business until your monthly business net income is equal to your salary. The next step is to leave your current employer and achieve your target on item 1.
5. Apply the same concept with your business, invest the 40% back to your company or another business or any other form of investment.
People want to go to heaven, but they are not willing to die. Same concept here, if you’re going to earn your first million, then you should be willing to do the above.
Just bear in mind that it’s not always about the money, the main goal is about having the time to do what you love to do without working your ass-off all the time.