I
know that I have a lot more to learn when it comes to financial literacy. But
as far as I'm concerned, a lot of readers of this blog may have the same goal
as mine, to reach their first million peso. I know its not a lot but hey, its
still the start of becoming a millionaire! I am in the process of realizing
this goal and hopefully by the end of the year this would materialize. Stay
positive everyone!
I am in no
position to give you advises regarding financial freedom since I am still in
the learning process of it. Instead I would like to share to you this tool I
came across the website of Mr. Fitz Villafuerte that gives you an estimate how
long it would take you to reach you 1million peso. Of course, this is not
accurate but you can just try it for fun. Who knows, this may just give an idea
how to reach your million in shorter span of time.
First enter your
Current Savings, and then enter how much you can save in a month in the Monthly
Deposits box. The Rate of Return is simply an estimate of how much the amount
is growing annually (e.g. the interest rate of the bank you put in your
savings, gains from your investments, etc). Lastly, your current age.
Let me quote his
description of the tool:
"This
financial calculator uses the principle of compound
interest to calculate how your money will grow. Although the
presented results are not realistic because it doesn’t take into account other
factors such as inflation; it nevertheless gives
us a strong vision
of what’s possible for us. By estimating our financial status and using this simple
tool, we can have an idea how far (or how near) we are to becoming a
millionaire."
Hope you enjoyed
using the tool! How far or near you are to your goal, one thing's for sure,
believe you can and you'll have it.
Stay positive
and pass it on!
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