A few hours after it was uploaded, the article “Hidden, self-made millionaires around us” has reached the top slot in the business section’s Most Read list and 9th for the entire INQUIRER.net site. People are either in a hurry to know if people are catching up with them, or leaving them behind.
While writing the article, I was particularly happy to find that there are many millionaires around us who did not inherit their money. I lived in the province during my growing up years, and it seemed that the only way you could get rich is by being born in a wealthy family or marrying into one.
That’s not true anymore.
So, how do you know if you are a millionaire in the making? Do you have the same qualities these hidden, self-made millionaires have?
I would love to work on a full-blown systematic study on this topic, but for the purposes of the article, I found that these questions that will help you begin to find out if you are a millionaire in the making:
1) Do you live way below your means?
2) Are you a tightwad?
3) Do you own your home or actively planning to own one?
4) Are you smart in managing your credit card debt?
5) Are you an aggressive but informed investor?
6) If you are a professional, do you love your work?
7) If you are an entrepreneur, do you love your business?
Can you forego buying something that will give you status for something that will enhance your investment or business portfolio?
9) Do you spend heavily on education?
10) Are you bothered if your friends or relatives look like they have a better lifestyle than you do?
A “yes” answer to the first nine questions is a good key to being a millionaire – or billionaire – in the making.
28 Responses to “Are you a millionaire in the making?”
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Pages: « 6 5 4 3 [2] 1 » Show All
August 5th, 2008 at 10:39 am
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!
August 5th, 2008 at 8:50 am
got 10/10
now, it’s time to make that first million! way to go moneysmarts!
August 5th, 2008 at 7:47 am
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
August 4th, 2008 at 11:14 pm
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.
August 4th, 2008 at 9:58 pm
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