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The First Million is the Hardest...So They Say

rds · 102 · 19280

rds

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That's what I've always heard - "The First Million is the Hardest, the Next Million(s) is Easy".

But International author's use this phrase in terms of DOLLARS not in PESO. And this phrase was used some time ago which after inflation and economic crisis, the value of a million dollar now maybe 20% less than before.

So to us Filipinos, it will mean that our first 50 Million is the hardest, and the rest would be very easy.

No wonder why we cannot reach the EASY PART because most of us is very very far from the 50 Million.


mackygoof

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Reply #1 on: Dec 26, 2011, 09:37 AM
Very true. :D


freelancer_babe

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Reply #2 on: Dec 26, 2011, 11:58 AM
Yes indeed!

But don't forget the fact that the average income of those earning in dollars (that is, in the US) is a lot higher than our average income here in the Philippines.

With that said, we could still safely say "the first million (in pesos) is the hardest, the next is easy ...".


rangel

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Reply #3 on: Dec 26, 2011, 12:25 PM
I would like to put it at the First Php10M is the hardest...the rest is still not easy but a lot easier than those first 10M.


rds

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Reply #4 on: Dec 26, 2011, 02:25 PM
^Can you live with 10M, being resigned from work and doing only investing (stocks, MF, real estate, etc.).

Will the interest from this investments cover all your/family's need and still grow your money at the same time?


rangel

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Reply #5 on: Dec 26, 2011, 02:51 PM
If meron lang akong Liquid10M at this point....and will have to stop work and will just rely on investing..I think I could. Though the growing part of the existing 10M will be tough due to your daily financial needs.. The exponential growth will be directly affected since nga nawala na yung steady work income mo. But I would assure na at my current lifestyle sobra na yun.


joconcepcion

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Reply #6 on: Dec 26, 2011, 03:52 PM
^Can you live with 10M, being resigned from work and doing only investing (stocks, MF, real estate, etc.).

Will the interest from this investments cover all your/family's need and still grow your money at the same time?

Sir rds, possible po kung simple lang ang lifestyle mo, lalo kung may sarili kang house na hindi naka mortgage at simple lang din ang appliances sa loob ng bahay mo, para tipid ka sa kuryente...
:hihi: :hihi: :hihi:


bauer

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Reply #7 on: Dec 26, 2011, 04:02 PM
^Can you live with 10M, being resigned from work and doing only investing (stocks, MF, real estate, etc.).

Will the interest from this investments cover all your/family's need and still grow your money at the same time?

Your retirement budget (let's say 1M, or 5M, or 10M or higher) is entirely dependent on your lifestyle.

if your lifestyle is simply to eat 3x a day with a simple meal, then a lower budget of 1M is acceptable.

you can easily check your current lifestyle if it is acceptable to you.  if yes, then how much is your monthly expense?  from your monthly expense, then establish a benchmark how much you need for retirement.

Example:

if your comfortable lifestyle monthly expense is 15,000 per month x 12 months = 180,000

current time deposit rate is 4% per year, so if you want to retire before 60 years old, you must spend only the interest of your retirement fund.  In this case, before 60, your fund needs to be about 5 million pesos.

if you retire at 60yrs old and above, assuming you will live until 80 years old, then 180,000 x 20 years = 3.6 million pesos in retirement fund before it begins to run out.  of course, there are still interest earned even if your fund is being depleted.


freelancer_babe

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Reply #8 on: Dec 26, 2011, 04:07 PM
maybe the senior citizens at present could live with the 10M that will last them for a decade, as long as they won't splurge. The medical expenses should be factored at that one.

Pero for me - that i still have around more than 20 years before retirement, magiging kulang na ang 10M. And that's for a simpler lifestyle lang.


rds

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Reply #9 on: Dec 26, 2011, 04:08 PM
^so that 10 million is LIQUID...which means you ought to have a net worth of more than 15M which includes your house and car, and insurances for your wife and children, and a ready cash for your daily expenses, etc. etc.

15M huh! not too much for some, but for ordinary employees like us, that's quite a lot.

Post Merge: Dec 26, 2011, 04:14 PM
you can easily check your current lifestyle if it is acceptable to you.  if yes, then how much is your monthly expense?  from your monthly expense, then establish a benchmark how much you need for retirement.

Example:

if your comfortable lifestyle monthly expense is 15,000 per month x 12 months = 180,000

current time deposit rate is 4% per year, so if you want to retire before 60 years old, you must spend only the interest of your retirement fund.  In this case, before 60, your fund needs to be about 5 million pesos.


- that's a quite simple mathematics...but i don't think it's not that simple in real life.

your say 15,000 monthly expenses, and living comfortably with it, may cost you 20,000 after 5 years for the same lifestyle, and 25,000 for the next ten years. this means your interest from TD or even MF, etc. may not beat inflation.
« Last Edit: Dec 26, 2011, 04:14 PM by rds »


ferrariEverest

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Reply #10 on: Dec 26, 2011, 04:19 PM
That's what I've always heard - "The First Million is the Hardest, the Next Million(s) is Easy".
So to us Filipinos, it will mean that our first 50 Million is the hardest, and the rest would be very easy.
No wonder why we cannot reach the EASY PART because most of us is very very far from the 50 Million.
dont get hung up with the dollars & pesos.
puro numero lang yan.
u dont have to follow or agree with their points of view.

very few Pinoys will acquire P50M, let alone P500k to P1M.... sa buong buhay nila.
just work hard & smart. d kailangan ng P50M para mabuhay or maging masaya.
iwasang maging materialistic.

^Can you live with 10M, being resigned from work and doing only investing (stocks, MF, real estate, etc.).
if most Pinoys can live with $30 to $500 a month, why would anyone think that P10M isn't enough?
saka kung may P10M ang isang Pinoy, i'd guess he earned it thru discipline & smart/hard work. so if he/she'd apply the same discipline & smart/hard work sa investing, nothing is impossible.

& to be honest & realistic, sobra na ang P10M if u want to live off of your investments.
assuming experienced at may edge ka na sa investing (mainly investing/trading stocks/forex), ang +/-P500k to P1M capital, ok na ok na to generate adequate o substantial monthly profits.

Post Merge: Dec 26, 2011, 04:23 PM
your say 15,000 monthly expenses, and living comfortably with it, may cost you 20,000 after 5 years for the same lifestyle, and 25,000 for the next ten years. this means your interest from TD or even MF, etc. may not beat inflation.
in all fairness, he said P15k x 12 months
he didnt say
P15k x 12months x 5/10 years

saka u shouldn't rely on your TD or MF to beat inflation.
« Last Edit: Dec 26, 2011, 04:23 PM by ferrariEverest »


rds

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Reply #11 on: Dec 26, 2011, 05:12 PM
@ferrari, before going further, this i just want to know first -

"If they say that the First Million (Dollars) is the Hardest and the Rest is Easy, HOW MUCH IN MILLION PESOS (DO YOU THINK) SHOULD I HAVE, BEFORE I WILL GET ON THAT EASY PART." And when I say easy, it means no 8-5 job, not self-employed, but some investment here and there - a pure passive income.


guy17

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Reply #12 on: Dec 26, 2011, 05:15 PM
hindi lang sila contento kung ano meron sila.. pero sympre ganon talga ang buhay kanya kanya lang yan. hindi naman parehas mga isip natin. iba gusto simple, iba naman gusto talgang bonggang lifestyle hehe.. madami talga pinoy hirap mag ipon kase ang sweldo dto sa pinas sobrang baba..


vicces

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Reply #13 on: Dec 26, 2011, 05:31 PM
"If they say that the First Million (Dollars) is the Hardest and the Rest is Easy, HOW MUCH IN MILLION PESOS (DO YOU THINK) SHOULD I HAVE, BEFORE I WILL GET ON THAT EASY PART." Xxx
- a pure passive income.
Before u even look for those passive income, u need to determine ur living expense today, and compute its future value by factoring in inflation, among others.

 According to nscb.gov.ph, average core inflation rate for the past 8yrs is 4.8%, round up natin to 5%/yr. Thats what ur investment should beat per year para lang makaagapay. Nakakapanic, hindi ba?


GoodSteward

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Reply #14 on: Dec 26, 2011, 05:32 PM
I got rds POV, and somehow agree with him...With a modest lifestyle P5-10M can give you decent passive of 25,000 to 50,000 per month..That should be enough...if you are single, or no dependents.

In my opinion, kung may isang anak ka at isang asawang housewife, to be safe, 20-40M should be ok....


 


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