I Want To Be A Millionaire!

Who doesn’t want to have a million bucks? I do and with the rate I’m going right now, I’m not exactly sure when will I reach my first million. It got me thinking, where does all my money go? Would I ever have one million at least in my life?

A month or two ago, Inquirer’s Finance Blog “Money Smarts” featured an article about “What does it take to be a millionaire?” It listed down 7 tips to help this goal and let’s see what have I been doing to achieve this goal.

1. Treat money as something to save and invest. The minute you receive your paycheck or a windfall (example, an inheritance or a bonus), think of how much you can put away as savings. Then look for venues where you can invest your money. If you think this way, you won’t be tempted to splurge money.

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Tips to Trim Down Your Expenses

In difficult and bleak times, people tend to hound the internet on ways to trim down their expenses. One method which may work for one person, may not work for others. I’d like to share you some thoughts that I’ve noticed a long the way in this circle of life.

1. Annualize your expenses – my former colleague take the cab everywhere she goes. That’s like RMB 10, one way at least for 30 days which is RMB 300/month or RMB 3600/year. When I told her about it, she was shocked to know how much she’s spending on cab fares alone. Trying to get the big picture makes you realize if something is worth it or not.

Life is Hard…

“Life is Hard” .. A phrase which is in the lips of most people nowadays as prices of everything is increasing and our incomes doesn’t increase as much. Then, how can we cope and weather through this difficult times? I’m no expert but here are some of the tips I’ve read from different websites.

1. Turn your hobby into income – If you’re good at cooking or baking, you can probably sell your goodies to your friends/colleagues/relatives. If you have a passion to teach, tutor people! If you are visually creative, try to create something that’s useful and unique. Sell your stuff in Ebay or Multiply.

2. Recycle – Bottles, newspapers, boxes.. they’re trash which you can sell. You may not earn much but each cent counts. In China, they don’t like bottles unless it’s beer bottles. The old lady in the street usually carries a bag and search for empty plastic bottles in the trash bin. As for me, I collect the free magazines which comes out every month and sell it when I have a lot along with my empty plastic bottles.