We all know that savings from what we earned is really hard nowadays, especially when we earned less than our personal needs. A letter sender from a Facebook page shares how he saves 1M in just one year.
The Philippine Financial Freedom Campaign aims to improve the financial acumen of both Overseas Filipinos (OFs) and their beneficiaries. The program, funded by the generosity of The Western Union Foundation in collaboration with Western Union® Agents e–Business Inc. and Petnet Inc., is executed by the United Nations Development Programme (UNDP) in collaboration with the Commission on Filipinos Overseas (CFO).
Below is the post from the said sender with the image above showing his available balance :
Hi PesoSense! Please kindly hide my identity. I just wanna share my “First Million Challenge”. It was a dare given by one of my professors exactly 8 years ago. Just few weeks before graduation, our college director challenged each of us to set a goal of saving our first million in at most 10 years after we start making our own money. He said it wasn’t easy but I thought 10 years was a pretty long period and there’s no way that I could fail.
Then here comes my first paycheck on my first job. I spent everything on stuff I dont need. Oh well everyone wanted to enjoy their hard earned money especially for starters like me. 2 years passed by and my attitude on money hasn’t changed a bit yet I’m still down to the challenge.
I am not a wise spender so the first couple of years I couldn’t even save a dime. Another 2 years passed by and I started earning more. “More income means more expenses.” So I bought my own car loaned from a bank (which up to this date is still under financing) and rented my own place. And with all the luxuries money could buy I almost forgot to save for tomorrow or invest on anything. Yes I could still save some but will probably take me 50 years to reach my first 7 digit savings.
Fast forward and I got married spending 80% of my savings. I was 25 and I am earning 100k/month. Less tax and all the expenses I could only set aside roughly 10-15% to my savings.
5 years have gone by and I am nowhere near my first million.
Then I realized my mistake and remembered the most promising phrase I read somewhere in the internet “It’s not how much we earn but how much we save”. I could earn 200k and save nothing but I could also earn 10k and save 5k. So the following 2 years was my biggest transition and I worked so hard to pay my not-so cheap lifestlye and save enough money.
Fast forward again and I was 26. I lost my high paying job. Eventually I got another one however unlike before that I could earn up to 180k/month it was down to 110k.
Still more than enough but had to change some habits like eating on a buffet twice a week, buying nonessential stuff and etc etc…
Ok back to present. I am 27 years old. I made it. My first million.
I have no intention to brag, I am just really proud that I am one of the successful people who completed the challenge in less than 10 years. They say that earning the first million is the hardest but I think the second is even harder. LOL.
Anyway thanks Pesosense for inspiring many people like me. BTW please congratulate me I’m gonna be a dad very soon! My wife is due this coming June so I need to work my ass off!
Thanks for sharing my story!🙂 I am a programmer . I got my degree in BSIT at CLSU (Central Luzon State University). I do website development as side job.
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