Saving P1 million by age 30, malaki na ba yun?
March 7, 2007
What do you think of someone who has already saved a million pesos by the age of 30?
Would you consider that a feat? Or is it normal? Is P1-million a big amount of money, or is it just something you can earn after working for a year?
Join the discussion in the forum thread “Malaki na ba ang makaipon ng P1M by age 30?“
Views from some PinoyMoneyTalk members after the jump.
If you are an average income earner (say P10k-15k/month), P1M is already a relatively large savings especially if you will consider the salary of a regular employee here in the Philippines. On the other hand, if you belong to a job that pays high (i.e. Bank managers, Real Estate developers, Financial analysts, etc.) plus you have a regular income-earning business, then P1M is small savings.
In my own perspective, to live comfortably, you must not rely on what you earn from your own employer/company. There a several business ventures you can go into — farming, apartments, hog-raising, etc.
Another option is to go abroad and look for greener pastures if oppurtunities allow you.
I treat monthly savings as a regular expense. I set aside a certain amount, say 10K per payday by putting it in a passbook savings account. I consider it as a monthly expense like utility bills, etc.
If I stay at this course and only keep the money in the regular savings account, I’ll have a little over 1M in 4 years and 3 months. It’s a bit tough and I know I can’t do it. So I invest part of the savings to get there in a shorter period of time.
Para sa kin, ok ang P1 million at the age of 30 if you have a plan of getting more cashflow from that money. Wag po tayong magisip na porke may isang milyon tayo e ok nayun. Kailangan din po nating tingnan yung expenses natin.
I believe the more important consideration is not the amount that you save but really just the mindset that you gain in becoming disciplined and sound-minded with regards to following proper financial management practices.
P1M is not a big amount when you consider that you want to buy a lot of things like cars, condo, and travel. But P1M is also really hard to earn so it is a big amount for me in that sense.
View more of these replies or add your own in the “Malaki na ba ang makaipon ng P1M by age 30?“ thread in the forum.
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