Last Updated on July 17, 2014 by Izza of SavingsPinayPH
Who wouldn’t want to be a millionaire at a tender age of 20-29 years old??? Not unless you were born with “Gintong Kutsara”, becoming a rich at an early age is something we all would like to be. I remember when I’m still young I always envy those who have great life… those artists I see on the TV and even the beautiful lady in the magazine.
Now, I am 20 years old, working plus doing a lot of sidelines and had known God, I realized that we are all equal no matter what. Life is never unfair and there’s always an opportunity to be better every day of our lives.
I’d love to be a millionaire soon and I know today in my financial status is so so far from that aim, I still caught these 5 Steps that will eventually make one a 20-something Millionaire.
If you are still far from the 20-something age mark then bless you, you’ve got a lot of potential to be rich in life. For those who are in their 20’s like me, then let this post be a guide for you all. And for those who are beyond the 20-somothing, don’t worry… these 5 Steps still Applies to Y-O-U!!!
1. Save Early
Time is co-dependent to money so the earlier you start the better. Make sure to start saving any amount that you have whether it is from your allowance or let’s say the money you received on your Birthday or Christmas Holiday.
2. Know your Investment Vehicle
You need to know what investment vehicle applies to you. Are you a risky investor? Or you’ll a long-term investment. Knowing your investor personality will help you a lot in choosing the Investment Vehicle to choose. Take time researching and don’t forget to ask personally for at the end of the day we are talking about your hard-earned money here.
3. Have an Investment Method
Choose the investment method that appi=lies to your character. Buying and Selling stocks can be a lot of risk so know the potential of Cost-Averaging Method. (I’ll share this in a latter post). It’s better especially for beginners and those who have no emergency fund to be able to guarantee a safe return of investment even if it means a slowly but surely method.
4. Value Time
This is co-related to Saving Early for us stated by yours truly, the earlier you start saving and investing the wealthier you get. Let time be your advantage. Don’t delay your key to financial freedom.
5. Commit
Well, a great plan is nothing without ACTION. Make sure to be committed to your saving technique and budgeting what-abouts. Though there are those Things that can Truly RUIN your BUDGET just like the things I shared HERE. Make sure that you learn from your mistakes and continue to commit with your financial plans.
Thanks for reading.
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