My First One Million Pesos

[kimsan23]

Hi guys! Do visit my blog. It's all about my struggle to reach my goal of being able to save a million pesos.

I started saving when I was 31 years old. In the process of trying to reach my goal, I have encountered a few hits and misses.

In my blog, I share financial advice, tips on how to save and talk about other topics like debt management, monitoring savings and budgeting.

Enjoy the read!


http://myfirstonemillionpesos.wordpress.com/

[kimsan23]

Getting the Best Loans

Loaning is something I would try as a last resort. As much as possible, I really want to be debt free. From experience, I have tried loaning and I was okay in paying and in case I’d ever need the money again, I would probably look to the best loaning agencies around.

(cont. http://myfirstonemillionpesos.wordpr...he-best-loans/)

[BeerhandBop]

someone told me, that right after making your first million, it's easier to make your second million.. and every other million gets easierr again.

[kimsan23]

Selling Old Items for a Good Profit

Firstly, I’d like to say that you cannot do this for everything you own. There are certain things you can sell at the price you once got them for (or maybe a tiny bit lower) and there are things that you just simply need to sell at super discounted rates.

(cont. http://myfirstonemillionpesos.wordpr...a-good-profit/)

[kimsan23]

Originally Posted by BeerhandBop

someone told me, that right after making your first million, it's easier to make your second million.. and every other million gets easierr again.

I wonder if it's true? How easy could it be? Well -- let me know when you get there when you get there ahead of me .

[jay372011]

Medyo the title was a bit confusing - akala ko you were to discuss how you earned/got/worked for your 1st million. Like first year you had 100k and started a business and then the ladder goes up etc.

But what you shared was really helpful and has lots of things we should learn. Dapat kasi determined ang wants and needsmo is it a want (vacation to hongkong disney land or need nice good black shoes for your work. Anyway do you have your 1st million now? At my age i still dont - but i do have insurances and bought a small "housing unit" for myself. Pls. do share how you earned your first million - because not all of us can be like KC or Miel or Franky who have earned there millions at age before 10 years.

[kimsan23]

Originally Posted by jay372011

Medyo the title was a bit confusing - akala ko you were to discuss how you earned/got/worked for your 1st million. Like first year you had 100k and started a business and then the ladder goes up etc.

But what you shared was really helpful and has lots of things we should learn. Dapat kasi determined ang wants and needsmo is it a want (vacation to hongkong disney land or need nice good black shoes for your work. Anyway do you have your 1st million now? At my age i still dont - but i do have insurances and bought a small "housing unit" for myself. Pls. do share how you earned your first million - because not all of us can be like KC or Miel or Franky who have earned there millions at age before 10 years.

Hi there! I'm sorry if my title confused you. I used that title in the spirit of optimism. I just started out actually and I'm not even at 20% of that million yet. I'm now looking at time deposits to start making bigger steps to saving up. Most of the stuff I shared brought me to my first few thousands of pesos as well as helped me get rid of my debts. If you have anything to share with me, please do -- I'm open to trying things that would help me acheive my goals. Good to know that you have your housing unit! I'm renting!

[ready2go]

Yes, it's practically true. Earning the second million is easier once you have your first million. Why?

1. You have better leverage because you already have 1M to invest.
2. You can correct your mistakes from the previous endeavors so there are less speed bumps for you.
3. You already have passive income from investments that will help you acquire your second million.

If you want to know the factors that lead to success, you can click the link title below and watch an inspirational short video that I posted in my blog.

What Leads To Success?

[jesse]

I've read your blog and I personally liked it. But yeah the title is a bit off. But I guess the title will be more appropriate as you get closer to your goal.

[kimsan23]

Originally Posted by jesse

I've read your blog and I personally liked it. But yeah the title is a bit off. But I guess the title will be more appropriate as you get closer to your goal.

Thanks jesse! Glad you liked my blog. Come back for a few more updates.

[kimsan23]

Originally Posted by ready2go

Yes, it's practically true. Earning the second million is easier once you have your first million. Why?

1. You have better leverage because you already have 1M to invest.
2. You can correct your mistakes from the previous endeavors so there are less speed bumps for you.
3. You already have passive income from investments that will help you acquire your second million.

If you want to know the factors that lead to success, you can click the link title below and watch an inspirational short video that I posted in my blog.

What Leads To Success?

I really enjoyed your blog! Lot's of advice I would like to try. Thanks for visiting me!

[kimsan23]

Smart Gambling

Gotcha there! If you’re not an uber-psychic-math-electronic-super-villain-whiz, sorry to say but there is no such thing as smart gambling. I’ve done casinos for fun but never for real serious gambling. Some people win, but not everyone is lucky.


(cont. http://myfirstonemillionpesos.wordpr...mart-gambling/)

[kimsan23]

Micro Financing

Yesterday, I went on a Tagaytay trip with some very good friends. One of them introduced the idea of micro-financing, basically giving small loans to people. I don’t quite know how this can be done without getting myself into trouble. When I was younger, I got in cahoots with my maid to lend money to the people in her neighborhood. Little did I know that I was on my way to becoming some kind of invisible loan shark. She would borrow from me at a profit of 10% returns in 4 weeks — that wasn’t too bad at all. The moral dilemma I faced was after finding out that she was doing a 5-6! She was splitting the interest between us! Ten and ten! I was so guilty that after I found out, I no longer loaned money to anyone.

(cont. http://myfirstonemillionpesos.wordpr...cro-financing/)

[f_chickay]

Micro financing or most commonly known as lending is a very risky business. Whe i graduated college, I worked for a Sales Company. It went out so well that I was able to save my 1st Million at the age of 23, my 2nd Million at 25. When I stop working there, I dreamed of having a small business. Since my family is into Micro financing / lending for almost 15 yrs, I tried my luck. Luck was not with me because as of now, I only have 10% of what I saved yrs back and 2 pending cases for those people who owed me money. Its been a yr since I filed a case but up to now Im still waiting for an available judge to handle it. Imagine, a year? To think they said that it should be 60 days, max of 90 days from prosecutor to court. So now, after this Im starting all over again. Im not losing hope though but in case I get back on the track, I dont want to dip my hands into lending again as much as possible.

[kimsan23]

Originally Posted by f_chickay

Micro financing or most commonly known as lending is a very risky business. Whe i graduated college, I worked for a Sales Company. It went out so well that I was able to save my 1st Million at the age of 23, my 2nd Million at 25. When I stop working there, I dreamed of having a small business. Since my family is into Micro financing / lending for almost 15 yrs, I tried my luck. Luck was not with me because as of now, I only have 10% of what I saved yrs back and 2 pending cases for those people who owed me money. Its been a yr since I filed a case but up to now Im still waiting for an available judge to handle it. Imagine, a year? To think they said that it should be 60 days, max of 90 days from prosecutor to court. So now, after this Im starting all over again. Im not losing hope though but in case I get back on the track, I dont want to dip my hands into lending again as much as possible.

Hi f_chicay! Thanks for sharing! I recognize the risks involved in this lending practice I still wanna try it out though with a small investment. I'm thinking of pegging a fixed limit to the lending. All the interest I will earn won't be rolled over into the lending cycle but would be deposited as savings. Wish me luck in this little endeavor! I also hope that your court cases become successful victories as soon as possible.

[jay372011]

Hi Kim! I would also like to invite you to post sa TIPID TIPS para magkatulungan tayo sa daily gastos natin specially now where belt tightening is very important.

I have been in the microfinancing for 18 years now. For 8 years it was run by my uncle (RIP) it did not go very well and folded up. I started my own "INFORMAL MICRO FINACING" super SMALL TIME LANG TALAGA. My tip? Dont put your eggs in one basket - dapat may limit ang bawat client mo - ako for new clients 1k. The most that i lend is 4k. How do i compute? I use the personal loan sa mga credit cards - the interest is like 20% per year. They pay straight to my savings account. What else. C's of credit - FOLLOW IT. Character - character - character. In my opinon most of the time mas magaling magbayad ang minimum wage earner kesa sa mga nasa opisina. Sa dinami dami ng clients ko over the years - lahat ng nanaloko sa akin puro white collar workers - konti lang din sila. Ang mga iba na blue collar mas matino pa minsan kausap. And sa dinami dami dami ng clients ko mabibilang ko pa sa daliri ko ang TUMAKBO SA AKIN. Wala nga pala akong papers - LAHAT WORD OF HONOR LANG TALAGA - parang Boy Abunda - Lolit Solis - NO CONTRACTS WHATSOEVER.

[kimsan23]

Originally Posted by jay372011

Hi Kim! I would also like to invite you to post sa TIPID TIPS para magkatulungan tayo sa daily gastos natin specially now where belt tightening is very important.

I have been in the microfinancing for 18 years now. For 8 years it was run by my uncle (RIP) it did not go very well and folded up. I started my own "INFORMAL MICRO FINACING" super SMALL TIME LANG TALAGA. My tip? Dont put your eggs in one basket - dapat may limit ang bawat client mo - ako for new clients 1k. The most that i lend is 4k. How do i compute? I use the personal loan sa mga credit cards - the interest is like 20% per year. They pay straight to my savings account. What else. C's of credit - FOLLOW IT. Character - character - character. In my opinon most of the time mas magaling magbayad ang minimum wage earner kesa sa mga nasa opisina. Sa dinami dami ng clients ko over the years - lahat ng nanaloko sa akin puro white collar workers - konti lang din sila. Ang mga iba na blue collar mas matino pa minsan kausap. And sa dinami dami dami ng clients ko mabibilang ko pa sa daliri ko ang TUMAKBO SA AKIN. Wala nga pala akong papers - LAHAT WORD OF HONOR LANG TALAGA - parang Boy Abunda - Lolit Solis - NO CONTRACTS WHATSOEVER.

Hi jay! Thanks for reading. Yeah I've decided to put lending limits to minimize losing money. In my experience of lending, the ones that really pay quickly are the ones my maid used to refer. She wants to get into business again but I need to modify the scheme. She used to charge 5-6 pala, I didn't know! Anyway, I'll post some articles in Tipid Tips soon.

[Milliardo]

I don't know if this will help or not, but from my blog way back 2006:

I was reading a book last week, "The Millionaire Mind", and began thinking why the rich become richer while the poor become poorer. In that book, it states that one's attitude towards money makes a lot of difference in making one rich. You can make about $500,000 a month, but can still end up broke. It all has to do with how we see money, and how we view rich people. The attitude of the poor, according to the book, is often negative towards money and the rich. They often think, 'Money is the root of all evil", or "The rich only prey upon the rest of the populace". Such negative outlook would, consciously or not, affect how we deal with money. So even if you make a lot of money, if your attitude towards it is, as we say here, galit ka sa pera, you'll more likely spend it until it's gone than save or invest. So the first thing that has to go is one's negative attitude towards money. You can see how the poor here thinks: "Hanggang dito na lang ako"; "Ito lang binigay sa akin e"; "Masaya naman ako maski mahirap lang". If you noticed, such remarks are fatalistic and shows no move towards advancement. That's another difference between the rich and the poor: the poor often limits one's self to that state. They think that once they reach a certain goal, they're content with it. That is why few OFWs become millionaires, because once they reach their desired income, they stop there. So, for instance, if you think P15,000 per month is enough for you, chances are you'll receive that amount for the rest of your life. Why? There's no striving for something higher. The poor stops when they're content. The rich, however, strive for something higher once they reach their goal. They don't stop when they get to it.

[kimsan23]

The desire alone to become rich isn't enough though. I guess that would be the first step. The second to me would be finding resources and ways to make more money. The third would be to allot how much will go into savings! Some people concentrate on making money but would spend it right after (I was like this once). I would go from step one to two then forget about step three. At least I know better now.

[Milliardo]

Originally Posted by kimsan23

The desire alone to become rich isn't enough though. I guess that would be the first step. The second to me would be finding resources and ways to make more money. The third would be to allot how much will go into savings! Some people concentrate on making money but would spend it right after (I was like this once). I would go from step one to two then forget about step three. At least I know better now.

That is covered in what I said above; people spend what they have earned because unconsciously, they still have this attitude that to become rich is wrong or bad, so they spend what they have earned to get rid of money. The important step one has to do then is to change one's attitude towards money. Money is not the root of all evil (this in itself is a twist of Scripture, since what is written is the love of money which is the root of all evil). I would go one step further though, and try to quantify what Scripture says, in that there is nothing wrong in loving money provided that one knows how to allocate and invest his money well. Now, desire alone isn't enough, and that's true. But even if one actuates that desire to reality, it isn't enough if one's attitude is not corrected--again, you end up spending your money. Rectify first that attitude towards money, then you will make your first million.