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 6th, 2008 at 11:47 am
@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.
August 6th, 2008 at 2:37 am
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.
August 5th, 2008 at 8:00 pm
I got 8 out of the first 9.
August 5th, 2008 at 7:57 pm
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August 5th, 2008 at 11:39 am
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!!