A Millionaire In The Making?
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Am I a millionaire in the making? I think I am. But when someone asks me why or how, I wouldn’t know what to answer. Fortunately, Ms. Salve of Money Smarts listed down ten guide questions that would help us find out if we are millionaires in the making. A “yes” answer to the first nine questions is a good key to being a millionaire ? or billionaire ? in the making.
Here’s my take:
1) Do you live way below your means?
-> Yes. I think so
2) Are you a tightwad?
-> Yes.
3) Do you own your home or actively planning to own one?
-> Yes. Actively planning to own one.
4) Are you smart in managing your credit card debt?
-> Yes. 9 credit cards, ZERO credit card debt.
5) Are you an aggressive but informed investor?
-> Yes.
6) If you are a professional, do you love your work?
-> Yes. 
7) If you are an entrepreneur, do you love your business?
-> Yes. Not making that much yet but loving my online negosyo.
Can you forego buying something that will give you status for something that will enhance your investment or business portfolio?
-> Yes. I’d rather invest than buy new clothes, etc.
9) Do you spend heavily on education?
-> Not yet.
10) Are you bothered if your friends or relatives look like they have a better lifestyle than you do?
-> Not really.
I got 8 out of first 9. I guess I could consider myself a millionaire in the making. When will that be? I’ll let you know when I get there. For the mean time, this calculator might give you a clue on when will I become a millionaire. So, are you a millionaire in the making?
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11 Comments on this post
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Allen Taylor said:
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
August 5th, 2008 at 8:00 pm -
jersonn8 said:
Thanks for the visit Allen. I really appreciate it.
Sonn
August 5th, 2008 at 8:14 pm -
Aaron Wakling said:
You know, I have to tell you, I really enjoy this blog and the insight from everyone who participates. I find it to be refreshing and very informative. I wish there were more blogs like it. Anyway, I felt it was about time I posted, I
August 5th, 2008 at 8:15 pm -
Gem said:
I think you got 8 out 10 in your score. A good one. I agree that most questions are what makes a millionaire. But I think question #6 (professional) should not be included. Successful multi-millionaires run their own businesses and hire people, rather than getting themselves employed.
August 6th, 2008 at 4:40 am -
Tyrone Solee said:
Hi Allen, you might want to visit my blog also.
August 6th, 2008 at 8:25 am -
jersonn8 said:
@Gem - Thanks for the visit. Yup, I did get 8 out of 10. About the #6 question, I think it still needs to be included because from one’s salary he/she gets savings, savings that which can invested later on, either in business or other investment instruments such as stocks and mutual funds/UITFs. If one does not have the discipline to save and invest while he is still employed, I doubt if he would be successful in business.
My two cents.
@Aaron - thanks for the visit. Yes there are other blogs like this. You could go visit Tyrone’s blog at http://entrepreneurph.blogspot.com/
Sonn
August 6th, 2008 at 11:20 am -
salve said:
Thanks for the mention, Sonn! Good work on the millionaire test.
You are right about the professional vs entrepreneur thing. In the Philippine setting, both salaried individuals and entrepreneurs (especially those who are both) become millionaires depending on whether they are willing to sacrifice lifestyle choices for financial independence.
August 6th, 2008 at 11:54 am -
jersonn8 said:
Thanks for the visit Ms. Salve. Would like to let you know that Money Smarts has been a big help to me in terms of taking control of my finances.
Sonn
August 6th, 2008 at 2:04 pm -
Fitz said:
Way to go on the test! One thing though that really caught my attention… 9 credit cards? Whatdda! Hahahaha. Why do you need so much? Anyway, to each his own.
More power and God bless!August 7th, 2008 at 2:35 am -
jersonn8 said:
@Fitz - thanks for the visit. Yep, I got 9 credit cards. It’s gonna be 10 na after I receive my second citibank credit card. I actually don’t need that much. They dont’t wanna me to cancel the cards so they waive my annual fees, etc.
August 7th, 2008 at 5:42 pm
[...] LivingAlmostLarge wrote an interesting post today onHere’s a quick excerpt Am I a millionaire in the making? I think I am. But when someone asks me why or how, I wouldn?t know what to answer. Fortunately, Ms. Salve of Money Smarts listed down ten guide questions that would help us find out if we are millionaires in the making. A ?yes? answer to the first nine questions is a good key to being a millionaire ? or billionaire ? in the making. Here?s my take: 1) Do you live way below your means? -> Yes. I think so 2) Are you a tightwad? -> Yes. 3) Do you own yo [...]