How to reach your first million
Earning your first million may seem impossible, especially when you’re just starting out. Regardless of how difficult it may seem, many self-made millennial millionaires have shared that with hard work and creativity, it’s definitely possible. 💯
We’ve binged Carla Bolado’s (a Pinay digital nomad) inspiring podcast called The Million Peso Podcast in the past. In the pod, she featured several Filipino self-made millionaires from different walks of life who testified that reaching their first million is achievable.
We arrived at three key points or common denominators among these millionaires on how they were able to achieve a seven-figure savings which we can learn a thing or two from.
- Clearly define your goal
Your financial goal is unique to you. Whether you want to reach your first million in a span of a year or beyond, you have to be clear with yourself so that you can track whether you’re ahead or behind your target.
- Increase your income sources
Seven streams of income is a common pattern among millionaires, with three (and up) as the base line. The types of income sources that you should know are earned income, profit income, interest income, dividend income, rental income, capital gains, and royalty income. Discern which of these is already existing and think which ones you can further establish.
- Strive to be more financially literate everyday
Allot at least one hour of your day in learning more about personal financial management. Whether it be reading finance-related books, listening to podcasts, watching educational videos, or even interacting in interest groups about finances. If you also have millionaires within your circle, it doesn’t hurt to reach out to them and seek guidance (should they be willing).
Whatever financial goals you have in mind, SAVii is always here to back you up. Watch out for more insightful educational materials that we publish regularly to learn more.