Want to be a millionaire sometime in the near future? Stop the "mananalo rin ako sa lotto" mentality and start taking a closer look at your finances. Sure, you have a stable job and a savings account, but you have to employ a few financial tricks in order to make your money really grow.
With that in mind, read on to see the money-multiplying habits you can learn from observing the filthy rich!
Don't just save
You don’t need us to tell you about the importance of setting aside a bit of your monthly salary for your savings. In fact, we’re pretty sure it’s been drilled into your core ever since you started working. But once you already have a nice amount saved up, you should start investing your money to grow your cash faster. The richest of the local rich, from the likes of the Gokongweis to the Ayalas, didn't simply watch their cash pool grow over time.
They took risks, invested (mainly land and real estate for the former and consumer goods for the latter), and invested some more. But don't spend all your money in one investment. It's risky business and it's always better to have spare funds when it all goes down. Speaking of which...
If you've really made it big, aim to have a diversified portfolio of investments, ranging from stocks, bonds, mutual funds, real estate, businesses, and prized objects (like Hermes bags). More importantly, the value of your assets should have the potential to increase. For example: A flashy new sports car loses its value the moment you whisk it away from the showroom, while the price of a pre-selling condo unit will go up once construction’s done. What’s the better investment, huh?
Quality vs. quantity
Material things can make you happy, but only up to a certain degree. Be more selective in your purchases: Pour your money into versatile, classic pieces that can stand the test of time, like Mark Zuckerberg's plain tees and the late Steve Jobs' turtlenecks. Case in point: Instead of blowing your cash on yet another pair of kicks that probably won’t get a lot of day-to-day mileage, save up instead for a pair of Italian leather dress shoes—they may not be as flashy, but they’re gonna last much longer than your would-be sixth pair of Roshes.
Set financial goals
It’s great to have something concrete to save up for. That way, it’s easier to resist impulse purchases. Print out a photo of that hip backpack you’re eyeing, the new phone you’re lemming for, or your dream destination, and stick it somewhere you'll see every day for motivation. Want to take it to the next level? Try saving a certain amount within a specific time frame say, P100,000 in a year. The sense of accomplishment you’ll feel once you reach your target would be unbeatable.
As much as possible, try to maintain your lifestyle before you started rolling on big bucks. According to journalist Wilson Lee Flores, some of the country’s top businessmen led simple lives even if they were already millionaires. "Before Lucio Tan became [Philippine Airlines] owner, he never flew business or first class. He always rides economy class... I heard one time his executives were in business class and he was in economy," Flores said about the tycoon.
Don't stop hustling
Remember, ladies and gents: Fortunes are made and lost in the blink of an eye. That’s why you should keep working your ass off even if you win the 6/55 lotto jackpot. "Andrew and Mercedes Gotianun are very low key but they are extremely hardworking," Flores said about the owners of real estate giant Filinvest. "I heard they hold meetings at 6 a.m. with their executives. They lead disciplined lives."