It takes 7 Steps To Make Your First Million Pesos Be Inspired And Keep The Faith!

Most of us today wants to be a millionaire in order for us to achieve that, it's either we join game shows that offers that as a grand prize or join a lottery which has a million grand prize.

But Tyrone Solee made his first million pesos when he was 26 years old because he was tired of the rat race and he don't rely on luck in winning instant million grand prize.

Now, his passion is sharing what he’s learned on how to succeed in becoming financially free with others. 

According to his blog Millionaire Acts, he gives tips on how to improve your financial habits as well as sharing his personal insights on wealth-building. sat down with Tyrone to pick his brain about his personal finance philosophy, as well as to ask how he was able to make his first million.

You will see on this article that hardwork really pays off.

We'll share to you below what we learned, and here’s what you can do to make your first million pesos without hoping your first million on luck:

* First to keep in mind is that you need to: Have a clear goal.
- According to Tyrone, becoming financially free was his ultimate goal,So he set himself the goal of being financially free from his job by making his first million pesos. You need to set your goal according to your own wants with determination that you will achieve it by doing a hard work.

* Second to think about is to: Have more than one source of income.
- If you want to make a million pesos, the surest way is to earn more. Tyrone says “You can earn more either by jumping into a higher-paying job, or having multiple sidelines,”.in addition to his day job, he suggest to find sidelines, you can also increase your income by investing, and reaping the returns.

* Third part to do is to: Educate yourself on your options for wealth-growing.
- There are lots of options out there for growing your wealth, and picking the one that suits you requires some education and effort. At first, Tyrone invested in bond funds, He also paid attention to his decision making when it came to buying and selling stocks. You can start doing research about investments you can afford, start with an option of five thousand pesos.

* Fourth part is a sort of: Income – savings = expenses.
- Tyrone observes,“Employees spend first before they save,” and he says “But me, ever since, I always saved first. That certain amount was 20% minimum, but more if I know that I’m getting income elsewhere, like my blogging.” he also suggest before you spend, save first. After receiving your salary save more spend less. This will get you towards your goal faster.

* Fifth shift to a thinking that you need to: Spend less.
- Earning more can take a lot of time; spending less is something you can do right now. Tyrone was “really, really, really, really, kuripot,” restricting himself to a tight budget and completely focusing on saving money. Some of his extreme tipid moments included never buying new clothes and just using his dad’s old clothes, ride jeepneys and tricycles, and spends Php 50 a day for lunch. Tyrone advises. “But you have to enjoy some of your money. You’re working for it!”

* Sixth to think about is to: Accept that you’re going to make mistakes.
- When he was younger, he lent money to other people’s entrepreneurial ventures that ended with them disappearing with their debts to him unpaid. “What I learned there is don’t be too trusting, especially with money.” He also lost money in the stock market at the first sign of loss. “Natakot ako,” he admits. You need to learn from your financial mistakes.If you make any mistakes in your journey, learn from it and improve upon it so that you can make progress towards your goal.

* Seventh part to keep in mind is to: Keep track of your progress.
- Tyrone kept an Excel file of all his investments and savings, which he updated every month. The day he finally reached the goal “was really memorable. It took 4 years and 7 months to make my first million, and in April 2009, it finally happened. I felt so accomplished,” he says. You need to Keep track of your financial progress so you know how close you are to reaching your goal, and make course corrections just in case things aren’t going as well as you’d like.

* Final thoughts on your journey to a million 
- It's not easy to make your first million. And it may take you longer than the 4 years and 7 months that it took Tyrone. But if you follow his advice above, make the necessary adjustments to your income and your attitude towards money, and keep track of your progress, you could be well on your way not just to your first million, but to true financial freedom. “Money is not the be-all end-all of everything,” Tyrone says. “I still want to prove myself, but now I feel like I’ve achieved a lot already.”

We hope that this brief article is informative to you, share this post so that you can also inform others about this and might help them a lot.

Source:  Money Max PH
It takes 7 Steps To Make Your First Million Pesos Be Inspired And Keep The Faith! It takes 7 Steps To Make Your First Million Pesos Be Inspired And Keep The Faith! Reviewed by LVS Staff on 9:28 PM Rating: 5
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