Saving P1 million by age 30, is it already an achievement?

James Ryan Jonas

What do you think of someone who’s already saved a million pesos by the age of 30? 

Would you already consider that an achievement? Or is that something normal?

For some people, one million pesos (P1 million) is already a big amount of money, but for some, this may not be enough.

What’s your take on this question: Malaki na ba ang makaipon ng P1 Million by age 30?

Join the PMT Forum discussion by clicking the link above.

We picked out some of the best answers from the forum discussion and shared them below. Here are the views of some Pinoy Money Talk (PMT) Forum members.

Langerhans says:

If you are an average income earner (say P10k-15k/month), P1 Million 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 opportunities allow you.

ultimate says:

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.

ociregjm‘s opinion:

Para sa akin, 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.

Emo’s view:

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.

For lucky_pinay:

P1M is not a big amount when you consider that you want to buy a lot of things like cars, condo, and travel. But P1 Million is also really hard to earn so it is a big amount for me in that sense.

Do you agree with these opinions? What’s your own take on the issue?

View more of these replies or add your own in the Malaki na ba ang makaipon ng P1 Million by age 30? discussion thread in the PMT forum.

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.