i answered yes to the first nine…now where is my excel spreadsheet is

What’s up with this question then?

“10) Are you bothered if your friends or relatives look like they have a better lifestyle than you do?”

does it mean anything?

*sigh* I missed #3, #5, #9. I’m not an aggressive investor and I wasn’t able to spend heavily on education as it’s too costly to study in China where the curriculum is only in English. I’m saving up money so I can return home or study somewhere where my chances of having a good paying job is better. Right now, I’ll just enjoy the Olympics! You shouldn’t miss the Opening Ceremonies. It’s really WOW! I’ve seen the dress rehearsals!

nice read! it harks back to this blog’s topic #1: http://blogs.inquirer.net/moneysmarts/2007/03/07/the-millionaires-around-us/

and ok, it seems I’m yes to 10/10 questions above hehehe

If your answer to the first nine questions is yes it only means you are going to be better off than anybody else. I think being on the road to becoming a millionair is too far fetched.

Someone I know lived by the following, rightly or wrongly:

1. Penny-pinch to buy real estate with or without recurring income but has the potential because of location, location, location,
2. Sometimes work 24 hours straight, without going home. Keep 3 jobs while young. And put up/run own business when able.
3. Keep your car for 20 years or until it refuses to run. Buy small Japanese 2-seater so you don’t waste gas and time shuttling freeloaders.
4. Shop second hand or thrift stores for clothes, etc. Avoid paying full-price for anything.
5. Limit eating out, and if you do, go for inexpensive but tasty Chinese and always bring home the leftover condiments packets, plastic spoon/forks to be used at home. Tip generously for good service. Eat at home.
6. Limit socializing to family members only. Surround self with people of simple tastes, shun parties and socialites. Hire loyal, honest, and hardworking people from humble beginnings.
7. Never advertise your wealth. Never decline freebies. Do not act as if you are better than anyone. Apologize when needed and remain grateful.
8. Eat simply, dress simply, talk simply, and live simply. Save more than you spend.
9. Stay single and childless. Children are a big worry and drain on time and finances. Ex-spouses who run after better looking young things can sue for half of your property without having worked for it.
10. Work hard, pray hard, give plenty, and help many without bringing attention to self.

And died last year leaving the following, rightly or wrongly:

1. Four companies each grossing over $1.5M annually, ancillary companies with lesser gross income, and numerous real estate – both developed and undeveloped
2. At least 500 families coming to the US after legally petitioning and providing employment to their breadwinners in a span of several decades.
3. Several scholars who are now gainfully employed
4. Several convents that often received miscellaneous donations
5. The IRS knocking on the front door asking if the estate had access to the Marcos’ loot (being Ilocano is the closest association to the former dictator, otherwise no ties in any way)
6. “Souvenir” white towels from various Las Vegas Hotels contained in the master closets of two Beverly Hills residences overlooking the Hollywood skyline.
7. $5 M death tax bill from the IRS, in spite of numerous trusts.
8. Family members enjoying the decedent’s fruits of labor.
9. Relatives, friends, and neighbors both in the US and Philippines who never really knew the person whom they jostled in the boat/jeepney, often dressed in “duster”, and ate bagoong with abandon when she came home for vacation.
10. Anonimity

got 10/10 now, it’s time to make that first million! way to go moneysmarts!

The real worth of having a million now is just good in a buying a brand new SUV. I believe if your answer is yes on the first question, you wont be buying the said vehicle. The question now is where to put your money? question 2 to 10 will give you an idea on where to invest to make money out of your money.

Thanks Salve for making me money smart!

yes for every item except for (6) because i’m now bleeding my brain how to be a (7) like my father. yes for (10) because it’s a motivation for me. and yes i’m a proud tightwad and bookworm.

i’m happy to say i’ve come a long way since my first glimpse of money smarts.. and guess what? i’m still learning a lot

and if i may add to the list
(11) do you surround yourself with people/friends who are keen on being financially free themselves?

just like people in money smarts!!

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I got 8 out of the first 9.

easier said than done… nowadays, if your NET income is less than P50K and you are still renting, married with children… it will be YEARS (i.e., >= 10 years) before you can even save 50% of the target 1 million. By the time, you reach the target, the value of your 1 million is probably worth 50% (or less if inflation goes bad..the way it is happening now) of today’s value. So, answering all 10 questions with a YES “may” mean you are a millionaire in the making BUT does not and will not mean you are on the way to becoming a millionaire. It takes a LOT of patience, sacrifice, discipline and the ability to invest your savings in something that will provide you income. How to make your money work for you is something that sadly, very few of us knows. Saving and investing goes hand in hand to achieve that goal of a million.

@Robert, if we are going to talk about statistics, it can be depressing as hell. Half the population live below the poverty line, so how indeed can they become millionaires? But it has been done. One of the millionaires I interviewed is the daughter of a lowly seamstress from the north. They grew up poor. She is now worth more than P7 million and on her way to more due to sheer hard work and good money smarts. I thought it was an isolated case, but this past year, I have been seeing more and more pockets of Filipinos who have been successful in turning the statistics on its head. Sure, it’s probably far from being a nationwide phenomenon. But all I can say is that it can be done. It’s definitely not easy. As you said, it will take a lot of patience, sacrifice, discipline and investing-smarts.

@Mikoy, thank you for adding number 11 :). Very good point. For example, couples who support each other find it easier to succeed financially.

@boy and girlfriend, don’t forget — the first million is the hardest. It gets easier from there! for sure, you won’t stop at one million

Hi Salve, I’ve been browsing through your archives for the past hour. Very interesting pieces, I must say. I’m buying a car by year-end to drive the kids to school (next year), but I can’t wait to have one of my own. Can’t rely on my hubby to keep driving us everywhere. The car-buying and driving tips that many have cited will help narrow down my choices.

DB, isn’t that just amazing! She sounds like an Ilocana to the core. I particularly like number 10. Number 9 is not an option for me because I love children and number 8 is something that everyone can do, right now. People are so interesting

Hi Katatonic, glad you like the articles :-). You might want to go through the categories to find topics that are interesting to you. Join the conversation and jump in if you have any questions or comments!

@spawn, question number 10 measures how sensitive a person is to status symbols. The millionaire mindset shrinks from spending only for status. A “no” answer to number 10 is good.

[...] million is not so much these days. As many of those who commented on my previous article “Are you a millionaire in the making” said, P1 million can hardly buy you an [...]

Salve, the subject of my previous post used to hawk huge “bilao” of boiled corn from the Ilocos farm to the market during the summer season to help augment her college tuition. She later got a Master’s degree at a prestigious school in the US while juggling two full time jobs and growing her businesses. Of having enough sleep she said, “Hindi ako pumunta sa America para matulog.”

thanks for sharing this.
I have answered yes to all 9 questions and no to # 10.
im on my way to be a multi millionaire.

I am a millionaire in the making! In fact, I am exposing on how I am doing it in my blog expecially the “How Did I Get To My Networth” and “My Path to Financial Freedom” articles.

I don’t believe in living below my means as a way to become rich.. it’s a cheap way of doing it. How about managing your expenses/finances, get financially educated and increase your passive income? As one author stated “Living rich and die cheap is stupidity while living poor and die rich is INSANITY”.

I rather to have 1centavo grow exponentially..to make it millions. than 1 million..grow in decay…..

I’m on the way to becoming a millionaire

as our bosses say’s Limits only exist in the mind,.. so why not try this…. to become a millionaire… count me in

[...] Are you a millionaire in the making? [...]