Making Your First Million

Earlier, I received an email from Truly Rich Club with the heading “My Maid is Now a Millionaire”. At first glance, I somehow instantaneously have an idea about the content of the newsletter since I have read Bro. Bo’s book “My Maid Invest in Stock Market. As I read, I am stoked and massively inspired that her maid finally made her million and now financially free. She is now a millionaire through investing in the stock market!

Years ago, I embarked on stock investing with the same dream—to get my first million. I ride with the tides of the market and try to profit from every buying and selling opportunities. Today, I am quite disappointed that I did not make it (yet). I falter to get my hit the target probably because I miss out some points on how to make my first millions or probably because I did not put those lessons into hardcore practice.

As I continue reading, I am stuck on the third line and had my answer why I probably failed in becoming a self-made millionaire through investing in the stock market. Bro. Bo Sanchez wrote: “She is very disciplined, investing each month without fail” (referring to her house-help method of investing). Boom! It suddenly dawned on me a poignant lesson--I failed to religiously stick on my saving plan resulting to minimal to zero amount invested on a particular month.

MAKING MILLIONS TAKES TIME, SYSTEM AND DISCIPLINE

From day one I knew that I needed discipline. Growing my first million will take a span of time with consistent saving and investing of resources to my chosen financial vehicle. That happen in the first few months or probably for a year. I was consistent but when a life crisis or an event far from the norms strikes me I lose the rhythm and go back to my old way of bahala na (come what may).

From my monthly habit of saving a certain amount, I proceed with any amount will do, then followed by skipping a month or two and trying to catch up on the desired month which never happen. I felt short of the monthly amount and the intervals. My internal system has malfunctioned. My habits are broken. I did not reach the goal.

Making our first million takes the institution of a system; saving and investing habits done persistently, consistently; and a solid discipline to stick to the methods. There will be countless of times when we will be tempted to depart to our strategies and just say “saka na lng” (maybe later). These are the instances when we should think of our ultimate goal and the primary purpose why we want to grow our wealth. Keeping in mind that dream will redirect us to our path when we seem to take some detours and turns.

Today, I am starting again my journey to the first million. When the million dream seems too far and impossible I apply some mitigating measures just to ensure I stick to the plan. Here are some of my tips to keep the discipline intact:

AUTO DEBIT/TRANSFER

I have set my payroll account to automatically transfer a specific account to a separate save up account. The save up account does not have an ATM or passbook so I do not have the easy means to physically withdraw an amount from the account. In emergency cases, the transfer can be made through a request which usually takes some business days.

ATM/CREDIT CARD AWAY

When I do not have any plan to purchase anything while I am outside for a stroll, I do not carry my ATM or credit card. This will save me from the temptation of impulsive buying.

ENVELOPE SYSTEM

Recently, I reapplied this method after I have taken some of my savings to pay expenses which are no longer in alignment of their respective budgets. With the envelope system, I am only limited to spend what is inside the envelope. It was difficult at the start but this method has imposed discipline which in the long term will strengthen my character in terms of sticking with my budget.

Setting up goals of becoming a millionaire is the first step but will never be enough. It takes determination, discipline, and consistency. Bro. Bo Sanchez has taught his maid these techniques and she diligently applied by consistently setting aside a portion of her salary for saving and investing (without a miss). Her success is an inspiration that all of us coupled with the right knowledge and attitude can also achieve financial freedom. So, every time I am disheartened or tired of keep pushing towards that dream, I remember her and the many Filipinos who made it to financial freedom.

Post-Script: Friends, if you have any suggestions, comments, or add ups regarding the topic just leave those in the comment box below. We will be very delighted to start a conversation. Thank you.

Learn more through Truly Rich Club: https://bosanchezmembers.com/amember/go.php?r=54130