How much do you want to be worth in 20 years?

[aticus]

Just finished reading "Rich Dad, Poor Dad" upon the recommendation of my friends. Excellent book. Good insights and an engaging writing style. :)

In any case, the main premise of the book is simple: If you want to be rich, you have to think intelligently about how to make your money work for you. There are many ways to do this, including saving money, investing it in stocks and bonds, buying real estate, etc.

But one of the key principles of any financial plan is your own goals. Many people don't think about how much they'd like to be worth in 20 years. They assume that they'll have a higher-paying job by then, and that the job should be able to handle expenses, which grow over time. Very few really have a serious savings/investment plan, and a set goal to reach for.

I'm now asking all PExers, young and old, employed or "not-quite" employed: How much do you want to be worth in 20 years?

Let's make this a poll... :)
(all values in Philippine pesos)

a) less than 1 million
b) between 1 to 3 million
c) between 3 to 5 million
d) between 5 to 10 million
e) over 10 million

Now go read my thread on "Anyone can be a millionaire in 10 years... Guaranteed!" to see how you can achieve your goals. :)

[KuyaDanny]

A poll has been added to this discussion.

[aticus]

Originally posted by KuyaDanny
A poll has been added to this discussion.

Thanks, KD! ;) You da man!

[NoisyCricket]

Hehehe.. is it too much to ask for to be RICH now? :lol:

[enchantress]

Oy\o nga, paano if you want to be rich NOW? :lol:

[aticus]

Originally posted by enchantress
Oy\o nga, paano if you want to be rich NOW? :lol:

Then I suggest starting yesterday... :lol:

Seriously, though, there are no shortcuts to wealth (barring any inheritances, of course... and even then someone's gotta die first...), so I suggest starting NOW! :D

[zimdude]

In any case, the main premise of the book is simple: If you want to be rich, you have to think intelligently about how to make your money work for you. There are many ways to do this, including saving money, investing it in stocks and bonds, buying real estate, etc.


tutorial please... or hire KuyaDanny? :glee: it's also harder if you have to support the family, whether your wife's or your parents'.

[aticus]

Originally posted by zimdude


tutorial please... or hire KuyaDanny? :glee: it's also harder if you have to support the family, whether your wife's or your parents'.

True, it's harder, but the point of saving is, "If you know it's hard, it's even MORE important to save for the future..." :)

Actually, saving isn't as hard as you think. :) Just stop drinking softdrinks, for instance, and you could save hundreds a month, maybe more. ;) You don't really NEED softdrinks, do you?

Go to my thread on "Anyone can be a millionaire..." use the table to calculate how much you spend on softdrinks each year, and then see how much that money could be worth by the time you retire. You'll be amazed.

Let me give you an example. If you buy one softdrink a day on the average (some days you don't, some days you buy more...), and you spend only about P20 per softdrink (adjusted for inflation each year at 6% inflation), and that you could get a 5% interest rate if you put that in the bank, here's what you'll find:

After five years: You've spent almost P46,000!

After 10 years: You've now spent about P120,400

After 20 years: You've now spent about P414,000

After 30 years: You've now spent about P1,067,000 PER PERSON in the family...

Imagine what you could have done with that money? If you have 3 kids, and they start buying softdrinks at 10, then they'd only be 40 by the time they'd have spent over P1 MILLION EACH on softdrinks alone...

Wouldn't you rather spend that money on something else? :)

That's what I mean by "It's easier than you think."

Now, imagine doing this for all unecessary expenses, like cigarettes, unecessary phone calls on the cell, spending for expensive lunches and dinners, etc., etc...

I kid you not, show me how much many people spend on things, and I could probably show you a way to save millions by the time these people retired, IF they'd only be willing to be a bit more self-disciplined and serious about saving.

[richyuppie]

Of course, Over 10 million.

Indeed!

[Sportster]

one may save 1m by not buying that softdrink but after 30 years would that softdrink be as enjoyable..does one really want to wait until the geriatric stage to be able to enjoy the finer things in life or will it be too late by then for some things we didn't get coz we were saving?

[jaypogi]

3-5

[aticus]

Originally posted by Sportster
one may save 1m by not buying that softdrink but after 30 years would that softdrink be as enjoyable..does one really want to wait until the geriatric stage to be able to enjoy the finer things in life or will it be too late by then for some things we didn't get coz we were saving?

I believe we can balance out the sacrifice by looking at the things we CAN buy with that money, and I'm not referring to softdrinks. :) Insurance, a new car, money for the kids' tuitions... and on and on. :)

Your fiscal responsibility now is the key to a much better life in the future. ;)

[Carpe_Diem_Z]

"Living below your means" is the key if you want to save, then use that savings to make your money work for you.

That is the essence of what aticus is telling us. The are too many things that we Filipinos spend on, that we can really live without.

[Saikee]

how much would i like to be worth?

i'd like to be worth exactly what i am worth.

what i mean is i do not want an terribly huge paycheck if i know deep inside i do not deserve it. on the other hand, i do not want to wallow in poverty if i know that i do not deserve it.

i simply want to be given what is due to me.

at the end of the day, i want to be totally at peace with myself. i guess that would be my personal "bottomline" :)

[kNIGHT]

If there were options more than 10 million then definitely, most people would choose that option. Based on what most have been posting, its more of trying to think of ways to move your way up the ladder. Whether you work or you own a company, its best to improve yourself as fast as you can so as you can move up in whatever chosen path you take.

P.S. Posting in PEx...hmmm...I should be more productive.