By Izah Morales
INQUIRER.net
DO you want to be a millionaire at an early age of 21?
You may raise an eyebrow and say it is not possible but certified public accountant and entrepreneur Joey Magtibay made it possible as he became a self-made millionaire at 21 years.
“It’s very doable. When I started, I was only 18 years old. It took me two-three years to learn how to do business,” said Magtibay.
How did he do it? He began by exploring financial literacy.
According to Gene Stone, senior associate of Loma citing Lois Vitt’s study on financial literacy in the US, financial literacy is the “ability to discern financial choices, discuss money and financial issues without (or despite) discomfort, plan for the future, and respond competently to life events that affect everyday financial decisions, including events in the general economy.”
But for Magtibay, financial literacy is simply making the right decisions when it comes to money, business, and investments.
“It’s about having the right mindset,” said Magtibay.
However, Magtibay said that financial literacy is not taught in school. Nonetheless, he said that it can be learned from seminars, books, workshops and programs.
Magtibay cited that the on-the business-training program they are holding can help people develop entrepreneurial mindset.
“Bakit ba tayo nagnenegosyo [Why are we in business]? Not just to earn money but to achieve financial freedom,” stressed Magtibay.
But before entering into any kind of business, Magtibay shared that an aspiring entrepreneur should first check whether the business has at least a five-year track record of audited statements, has a long-term vision of 10-20 years, has the right system and can run on its own.
As Robert Kiyosaki, famous author of Rich Dad, Poor Dad puts it, “Why climb the corporate ladder, when you can own the ladder?”
Filipino a millionaire at 21
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ano negosyo nya...paano nya ginawang milyonaryo sarili niya...parang unfinished symphony tong article na to...bitin..what's the logic in this article?
Great! Let every Filipino follow your example.
Yes, The Filipino CAN!
Arle
Yes! I love hearing stories like this. My clients are some of the wealthiest young people you will ever meet. I have a few 20 somethings making several million every year. You might check out some of the coaching conversations I've had with them on my blog. :-)
http://matthewferry.com/blog/?p=30
what is his business? how did he get to be a millionnaire at age 21?
what's the point of this blog?
Wonder why the article did not mention his business? Seem more of a recruiting piece rather than a storied article.
I wouldn't be surprise if it is a networking scam that is so prevalent in our nation, which by the way is still spreading to other nations via a big population of filipinos who's in it for the quick cash.
Hi readers!
He didn't disclose the full details of his business but he's with a health and wellness company.
parang nag mayabang lang ang dating nito.
Parang kulang sa pito, sobra sa walo ang blog na ito. hmmm....? di ko ma get
Reading comments here truly dampens the Filipino spirit... especially my spirit...
So what if he got rich because of a Health and Wellness company? I may not be interested in selling multivitamins to people, as I'm more interested in Internet, but I believe it takes great courage to market these products...
the only interesting comment here is the one written by Mr. Matthew Ferry... and he does not even look like a Filipino...
Crab mentality... that's what I "read" in others... we are supposed to help each other, not doubt someone's ability to help himself succeed...
Also, I hope this "financial literacy" can be taught in the Economics' class of highschools, as the youth is the hope of the country...
Any violent reaction? Send me an email: mon1elli7@gmail.com
I think it's a recruiting-thing business..
They're selling ordinary products at a very high cost.. as in very high..
BTW, I think it's more fruitful if you achieved financial freedom in a corporate world rather than putting yourself to business where your clients will eventually ending up hating you.. just my opinion
tama si eryk p. parang unfinished symphony itong article na ito.
anyway, i am so happy for this person if he finally escaped the financial burden that most filipino tries to do everyday.
I'd love to read success stories, I do hope that this one has a follow-up. I feel that there is still so much more to share about this.
i agree to what ms de leon said,we should be proud of our fellow filipino who became a millionaire at the age of 21. Its a good article too, its one way of encouraging Filipinos to strive hard and continue believing in our talents no matter what kind of business as long as its not against the law..Keep it up!
yes, some older folks may hate the idea,as being too late na daw for them to know it,sayang daw, but the youth has more potential of changing their mindsets, "lalo na yung masisipag magtrabaho" and also the OFWs. However some say it could affect the flow of some businesses or the consuming side of the economy, if all will be converts and be wise spenders, specially the credit card group, hehe falling into the "wants" category... more business must be shifted to the "needs" category
me too,glad to hear that there were young Filipinos like Mr. J.Magtibay,he is an inspiration and i suggest that we will promote his ideas because thats i think what we must do..start our own business...("why work abroad and work with boses when you can work here and be the boss.")...... and and let them be the guiding star of our youth...,,,let us stopped the "brain drain"...........
found his profile on friendster. it's http://profiles.friendster.com/3404229
he also has a facebook account.
Maybe we can message him that we read about him and ask him to add us in his friends list so that we can learn more about what he does.
making millions in 3 years is not impossible especially if you have business and if you have the entrepreneurial mindset.
I think this is so amazing that you became a millionaire at the age of 21. I wish i was able to do this. ponte vedra dentist
Why can i not do this. I want to be a millionaire like this kid. This kid is so smart to do this. I really respect this so much.
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I was always inspired by Mark Zuckerberg, the Facebook founder, being so successful at such an early age. Now there's Joey Magtibay to look up to. Stories like these are exemplary for young folks.
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it is true if you born poor its not your mistake, but if you die being poor that could be your mistake.
This thing is not impossible , its an art to analyze the financial situation and make the decision. one decision can lead you to such a big success like this.
yes your are true the business was not mentioned there but proved such thing possible.
any business is not a science what you have to do is to get the information , have a research on that information, analyze your input, make the decision and don't forget the most important ingredient Be Honest you can be Filipino..
Its a good article because if any one get the inspiration from filipino he will definitely try to be like him, so that means the productive work and of course every productive work definitely appreciated by the God..
people like Filipinos is an example for us what we have to do it just concentrate our efforts towards a positive way.This is real example for us and we have to flow his dedication.
This is an inspiring article especially for those people who are striving hard to be successful in earning a lot of money in an honest way. Kudos! health insurance company
I agree with you. You have given to us with such an large collection of information. Great work you have done by sharing them to all
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It's easier than you think to become a millionaire. The magic combo? Getting an early start saving and having the discipline not to raid the piggy bank. Of course you might end up being 67 by the time you can cash out the money with no deductions but you could become a millionaire... The secret to become a millionaire at 21 or even earlier... well that's the tricky part and not many know the secret recipe.drug rehab programs
i also agree with all .you have given to us with such an large collection of information .which is a great work .i have done by sharing them to all .
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Magtibay cited that the on-the business-training program they are holding can help people develop entrepreneurial mindset.
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According to Gene Stone, senior associate of Loma citing Lois Vitt’s study on financial literacy in the US, financial literacy is the “ability to discern financial choices, discuss money and financial issues without (or despite) discomfort, plan for the future, and respond competently to life events that affect everyday financial decisions, including events in the general economy. mp3 download, iscsi cake
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