A complete guide on how a simple Filipino could become a millionaire in the Philippines today…
As a Filipino today, there’s no better feeling than a having a million pesos in your bank account. As to money, is one of the most important things that your life always revolves on. Everything in this world is always related to money, especially on the material things.
With the current situation on our country today, the Philippines, it is very appealing and relaxing when you’re not thinking about finances, especially about money.
For me, becoming a Filipino millionaire is one of my dreams, since I will never think about money. Since most of the problems that you and I face is always related to money.
There were no age limit as when you must become a millionaire, if you become a millionaire in young age, that’s great and if you become a millionaire in your late age then that’s a good thing also.
To become a Filipino millionaire today, you must do some sacrifices and actions that can make or earn you millions of pesos on monthly basis or a yearly basis.
To me, money always attracts to people who are doing actions on something that have value to the marketplace. While chasing money will make just yourself poor in any way.
Becoming a millionaire today, is not an impossible task anymore because of the opportunities that can lead you there. So many opportunities that if you don’t grab it now, then yourself is to be blame why your not yet a millionaire.
There will be two parts on this post about becoming a Filipino millionaire in the country today...
First Part – The Decision
Have Millionaire Mindset
Yes, it will always start in your mind, if you decided today that you want to become a millionaire today, then you should begin to think and act like a millionaire. Not on the spending part of millionaire.
If you’re a poor person today, but act and think like a millionaire, you will become a different person because you will have different ways in handling money.
Your millionaire mindset is just about handling money today, and you should change it first immediately but it will always a challenge since there will now be a conflict in your brain that something is not right.
Your old habit about handling about money will be the first challenge on your journey of becoming a young millionaire, since your mind will have a hard time processing it because you will not do those things anymore.
But this struggle is just temporary, once you surpass this challenge, you will see massive result in your life and money.
Equip Yourself with Right Information
Information is one of those asset that you can get and equip your brain with it. Take time on reading many books, especially about Financial Books. Books will provide you a ton of information how money works and you can use it to become a millionaire.
Aside from providing you information about money, many books also will give you some idea on how to handle money in the right way. Because many of the Filipinos today have the wrong way on how their finances should be done.
My recommended books you should read are “ Psychology of Money – Morgan Housel, The Richest Man in Babylon – George Samuel Clason and Rich Dad Poor Dad – Robert Kiyosaki “. But there are more books about money available for you to read.
Have A Mentor
Having mentor, especially those who had become millionaire themselves will be a valuable asset to you. Because you will have a shorten journey, because your mentor will give you right way on how you can become a millionaire.
When your mentor talks about there journey on becoming a millionaire, you should listen, so that you can have an idea on what are mistake that you will encounter along the way.
If you can’t find a mentor, then you should study those people such Henry Sy, John Gokongwei or Lucio Tan. They maybe out of reach but you read there biographies or books about them, because those books contains a lot of information on how they do it, from nothing to millionaire then become a billionaire.
Second Part – The Action
Start your own business
Having your own business is one of the best ways to become a millionaire here in the Philippines. There many young Filipinos already become a millionaire by having a business whether online or have physical store.
Starting your own business is challenging part because you don’t have any idea how to do business exactly. It will be grueling months or years you will be experience, problems in many areas of your business will arise time to time. You will just need to find the solution to those problem one at a time.
Many of the successful business will always tell you that, you should never quit in doing business whether you’re making sale, a profit because time will come that you will achieve those.
Also, once you achieve your success in your business, maintaining it is a another challenge for you, it will be more difficult than starting a business. This is the time when you become complacent on your business, because of the success you’ve achieve.
Always keep in your mind that, before starting your own business, you should do some research on your chosen industry. Never jump immediately, because the chance of failure is high than having to conduct studies first.
Lastly, business is just about building trust with your customer, having a great business reputation will lead your business into success, and destroy those reputation, you will never be back in doing business with them again.
Invest and Trade Stocks
Both investing and trading stocks at the Philippine Stock Exchange could become you a millionaire today and in the future. But with this two, with reward there will always risk on this.
With Investing on Stocks, you are buying a portion of a company in the Philippines, then you will be holding it for couple of months or even years until the stock’s price goes up.
On the other hand, trading stocks is more of a “BUY and Sell Game”, but you should keep in mind that you must buy the stock in low price then sell on higher price. The difference will be the profit, which is yours to keep.
In terms of risk, Investing on stock will lower the risk from time to time, which means that you should that stock much longer, like many years. While on trading, you will need to analyze patterns of stock price to anticipate, when will the stocks goes up or down (very difficult to do).
If you’re familiar with Warren Buffet, he is one of the richest people today, he made his money by investing on a number stock. He had certain principles when doing investing. His principle truly made him billions today.
For me, to have safer way in becoming a millionaire in the Philippines today, I would go to the route of Investing than Trading, for the risk will be alleviated with time.
Invest on Real Estate Asset
Investing on real estate asset is one best way you can do if you want to become a millionaire now and in the future. Because real estate asset are products in the market today that continues to appreciate, means it always goes up in value every year.
Buying a piece of land for certain amount, then wait for a year for double of previous amount, that’s win for you right?
Or you build a rental property, which includes an office, houses or anyplace that a human will rent for her or his benefits. That rental property would be recurring income you’re for many years to come.
But before investing on real estate asset, be sure you conduct the necessary research on this, what are disadvantages and advantages. Because, jumping to this immediately you will likely to lose your capital and you don’t want that, right?
Become an Influencer
With social media today controlling the 80% of our life, it is really impacts to many people what those influencer said or talks about.
Becoming a social media influencer takes time and effort to achieve it, because you will need a lot of followers and your opinion should make sense to many people at all. Or you will just be viewed as dumb person in the internet.
Those social media influencers you’ve known are earning millions from their different sources, which includes product endorsements, there social media platform and more…
Be sure when you become a social media influencer, you must influence your followers on right side, so that it will affect their lives on positive way.
My Final Thoughts
The decision on becoming a millionaire today must come from changing yourself completely, those habits must change if it is an hindrance in achieving that goal. It will a difficulty journey but it must be done if you want success.
Then the second part is more of a action, those are example ways to becoming a millionaire, before entering any of those, make sure you are equip with the right information, the ins and outs, the advantages on doing this or disadvantages itself. Must covered the exit, so that when those ventures fails, you will only land on pillow not on a rock.
Only the tomorrow I can see now.