Your First Million - Inspirational Stories

[girlontop]

I'm interested in investing in US stocks. I do have a US bank account with around $10k. I want to invest at least half of it. I'm still here in Manila finishing my degree, though.

 

How do I start?

[MiguelAquino]

In pesos, I made my first million when I was 21. I make the equivalent of P6,000,000/year now. But i spend too damn much.

[cuatro_ojos]

If in pesos, then I made my first million when I was 28. With my present job, I make an average of around P1.2M every three months. But since I work and spend abroad, it's just enough for one to live comfortably in a city considered to be one of the most expensive in the world.

Edited March 2, 2007 by cuatro_ojos

[zoudangles]

the peso to dollar exchange rate was 26 pesos to 1 dollar in 1997 just before the Asian crisis, for your information. check out the facts.

That's true, but for the longest time (starting from the mid to late 1980s) the USD was hovering around Php 26 to 28, which was why by the mid-90s there were already warnings that the peso was overvalued.

[hilars888]

Just before my 25th birthday......Thru a job here in P.I. w/ no parental intervention....

[willow_boy]

I just want to share the following article on how some people never get rich. Though written in the States, there are still a number of tips you may find very helpful:

 

TheStreet.com

10 Reasons You Aren't Rich

Thursday March 22, 11:30 am ET

 

ByJeffrey Strain, Special to TheStreet.com

 

 

The reason why you aren't a millionaire (or on your way to becoming one) is really quite simple. You probably assume it's because you aren't earning enough money, but the truth is that for most people, whether or not you become a millionaire has very little to do with the amount of money you make. It's the way that you treat money in your daily life.

 

 

Here are 10 possible reasons you aren't a millionaire:

 

1. You Care What Your Neighbors Think: If you're competing against them and their material possessions, you're wasting your hard-earned money on toys to impress them instead of building your wealth.

 

2. You Aren't Patient: Until the era of credit cards, it was difficult to spend more than you had. That is not the case today. If you have credit card debt because you couldn't wait until you had enough money to purchase something in cash, you are making others wealthy while keeping yourself in debt.

 

3. You Have Bad Habits: Whether it's smoking, drinking, gambling or some other bad habit, the habit is using up a lot of money that could go toward building wealth. Most people don't realize that the cost of their bad habits extends far beyond the immediate cost. Take smoking, for example: It costs a lot more than the pack of cigarettes purchased. It also negatively affects your wealth in the form of higher insurance rates and decreased value of your home.

 

4. You Have No Goals: It's difficult to build wealth if you haven't taken the time to know what you want. If you haven't set wealth goals, you aren't likely to attain them. You need to do more than state, "I want to be a millionaire." You need to take the time to set saving and investing goals on a yearly basis and come up with a plan for how to achieve those goals.

 

5. You Haven't Prepared: Bad things happen to the best of people from time to time, and if you haven't prepared for such a thing to happen to you through insurance, any wealth that you might have built can be gone in an instant.

 

6. You Try to Make a Quick Buck: For the vast majority of us, wealth doesn't come instantly. You may believe that people winning the lottery are a dime a dozen, but the truth is you're far more likely to get struck by lightning than win the lottery. This desire to get rich quickly likely extends into the way you invest, with similar results.

 

7. You Rely on Others to Take Care of Your Money: You believe that others have more knowledge about money matters, and you rely exclusively on their judgment when deciding where you should invest your money. Unfortunately, most people want to make money themselves, and this is their primary objective when they tell you how to invest your money. Listen to other people's advice to get new ideas, but in the end you should know enough to make your own investing decisions.

 

8. You Invest in Things You Don't Understand: Your hear that Bob has made a lot of money doing it, and you want to get in on the gravy train. If Bob really did make money, he did so because he understood how the investment worked. Throwing in your money because someone else has made money without fully understanding how the investment works will keep you from being wealthy.

 

9. You're Financially Afraid: You are so scared of risk that you keep all your money in a savings account that is actually losing money when inflation is put into the equation, yet you refuse to move it to a place where higher rates of return are possible because you're afraid that you will lose money.

 

10. You Ignore Your Finances: You take the attitude that if you make enough, the finances will take care of themselves. If you currently have debt, it will somehow resolve itself in the future. Unfortunately, it takes planning to become wealthy. It doesn't magically happen to the vast majority of people.

 

In reality, it is probably not just one of the above bad habits that has kept you from becoming a millionaire, but a combination of a few of them. Take a hard look at the list, and do some reflecting. If you want to be a millionaire, it's well within your power, but you'll have to face the issues that are currently keeping you from creating that wealth before you will have a chance to call yourself one.

Edited March 23, 2007 by willow_boy

[tombone]

I have earn my 1st million on my late 20 it take a long time , since most of my earning go back to investment and expansion of my business it really take year but after that is really history. Is just the decipline of one self to set the goal saving it and not using it to a lot of non sense buying. usually I set target that only 30-40% of my earning will be use and the rest to a good investment or to realty just to save it from depreciating . is just alot of hard work money don't come easy so need to have good investment.

[boni]

I'm interested in investing in US stocks. I do have a US bank account with around $10k. I want to invest at least half of it. I'm still here in Manila finishing my degree, though.

 

How do I start?

 

I suggest start with an index mutual fund.

[Waterbearer]

I expect to get a million next year when our organization offers MAS to its employees. I'm going to use the money to finish my masters abroad and probably work there na rin.

Edited April 13, 2007 by Waterbearer

[DCRJ]

I have earned my first MILLION in 1998. Physician. Private Clinic.

[scooby91]

Bought land for P70,000 and the following year the area went up in value. Its now worth a cool P2M.

 

Now this is making "money work for you" !!

Where is this area? Any tips?

Would like to learn more on making 'real estate' income.

[Ken Miura]

Aggressive stocks buying. Was able to get on the tech stocks bandwagon in the late 90s. Bailed out at the right time. Still doing a lot of day trading. (Buy low, sell high.. or hold). Mainly Defense funds.

[Ken Miura]

does this hold true even in the philippines? may mga defense funds ba tayo dito or is in the States?

 

Not sure if there are any defense funds sa Philippines. I do my trades stateside. Sorry.

[Ken Miura]

Ok lang po ginoo. pwede rin naman kami mag-trade sa nyse at nasdaq, basta maabilidad lang broker mo

 

Have your broker look into IPOs. Catch them on the upswing. Also have him look into Mutual Funds - Specialty (Real Estate (EEIPX) and/or Communications (TCPIX)). Goodluck.

[movey]

made my first million the traditional way...through sheer hard work and determination and being honest with my customers.

when i started my business, i worked 18 houres a day, now business is more stable, i work only 16 hours a day. when i started, i couldn't afford to hire a helper, so i had to do deliveries myself, i was carrying real heavy merchandise, veins were showing on my neck when i carry these merchandise, and my hands were trembling when i go home each night. but that is history. now i have 10 workers to help me, and i am able to enjoy life a little...and i am happy.