Do you have a total of that amount in your bank account?
If YES, then congratulations! You are now a 100-thousandaire! Cheers!
Given the meager median income of our country worsened by the high tax rates that eat up our take-home pay, a 6-digit savings is indeed a remarkable accomplishment, especially if you’re still in your early 20’s.
A lot of people are dreaming to become a Millionaire (P 1,000,000) in a very short span of time through various methods, instead of saving up to accumulate their P100,000 first.
Because of this selfish greed, they are lulled into get-rich-quick schemes that usually end up in losing a lot of their hard-earned money, including the finances of their friends and families, instead of growing their money just as what they initial planned.
Let me share with you my personal experience. Honestly, I had lost a significant amount of cash because of my foolish desires to acquire cash quickly. Perhaps, you too, had also experienced the same.
Few years ago, I joined various organizations, attended seminars, and marketing groups with the goal of acquiring my secondary source of income to augment my monthly salary.
Sadly, like some of you as well, my ventures ended up a horrible disaster, making me lose cash instead of increasing my income. Haste, indeed, makes waste!
I’ve been such a fool to easily believe what other people were saying instead of doing my due diligence, crunching the numbers, and standing firm on my beliefs.
Back then, if I just lowered down my living expenses, lived frugally, and saved money from my impulsive self, then I had acquired P 100,000 much faster.
So kids, don’t make the same mistake that I did. I suggest that you:
- Save as much as you can.
- Live a frugal, yet debt-free, life.
- Avoid Credit Cards especially if you’re an impulsive shopper.
- Review your Financial Goals regularly.
- And if you’re going to venture into a business, investment, or anything, ensure that your equity is safe and guard yourself from that insatiable greed.
We may not be able to acquire a million pesos quickly in the coming years ahead. But if we save continually, work hard relentlessly, and always handle our finances well, then I am certain that we can become at first a 100-thousandaire, having a sweet 100,000 in cash or more. We will reach our desired financial goals in due time.
To our first 100,000 pesos and beyond, we can make it!