[Work or Investing???]
How to make 1 million? Well the easiest method that happened to me when i held, not just 1 million, but MILLIONS on my hand and I felt super nervous at the people around me.
How is it possible?
Well I was a student at that time and I changed my SGD to Vietnamese Dong. So I had Millions of Dong on my hand.[Cool]
Jokes aside, why limit yourself to Working or Investing?
WorkIng to Millions
Well working to Millions as an Employee seems only privileged to a certain few. With the median income in Singapore at $5k+, it'll take almost an eternity to hit one million purely by employment.
The exception however, would be if you are:
1. Working at the C suite or as a CEO like for example$DBS Group Holdings(D05.SI)$
2. Working as a politician or as a President in Singapore where your salary in a year will be in the million plus minus
3. Working at some illegal money laundering scheme, which I would not recommend.
Investing to Millions
Well if you would like to invest to a million, and you are young at 20 years old, conservatively if you wanted a 4% pa CPF like return, you will need 60 years and $95k to make it happen.[LOL]
Conversely, if you only had $1k and you generate consistent 10% pa annual returns, you will just need 72.5 years to hit a million.[Facepalm]
So how?
Well first we need to recognise that it's not a OR question, but we need to realise that the truth is an AND question. Meaning: "What do we need to do working, AND investing AND other methods, to achieve $1 million and more?"
I would humbly suggest quite a number of steps.
1. Do an honest self assessment of your current finances. How much are you worth now? What are your skill levels? What investment tools are you good or skilled at?
2. Assess your own psychological make up. Do you enjoy short, medium or long term investments? How much can you lose and sleep peacefully? How rational are you?
3. Assess your expenses and financial commitments. How much do you spend in a day, a week, a month and a year? What long term commitments do you have?
4. Understand what financial tools exist. How Do you earn money? How about trading, forex, ETF, mutual funds, Robo, investing, trading, swing, options, REITs, property, crypto, renting, creating other forms of passive income, etc.?
5. Understand your commitment and take action. What will you do in the next 1 day, 1 week, 1 month, 6 months, 1 year to ensure that you have stronger skills in one more new area or become more proficient in the existing skill that you have? Take action, and learn from the result.
I do know that what I have written is a oversimplification of what is required. But I do hope that you sincerely consider whether you want to DO WHATEVER IT TAKES to be a millionaire, billionaire, Legally, Ethically and Morally.
If not, you can still go Vietnam and change into Dong and feel like a millionaire.[Grin]
What do you think?
Like, Share and comment.
Keen to learn from you too.
@MillionaireTiger @CaptainTiger @TigerStars
@daz88888888 @LMSunshine @melson @Bonta @GoodLife99 @SirBahamut
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Yeah hope will keep going
Keep working hard and use the free money to invest