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Originally Posted by Henry  A million in 2 years? Are you almost there? |
Henry, I would be lying if I said I'm anywhere near. That is the reason why I gave myself 2 years. I turned 25 two months ago, and decided that while most people my age are facing the quarter-life crisis, I would like to embrace it, and achieve my first million. There are many who have done it before 25, so what's stopping me?
Since then, I have been planning what I need to do to reach my goal. Along the way, while implementing it, I realise and made certain mistakes. But hey, it's better to make the mistakes now then later on. Eventually, I decided on 3 streams of income to get me where i want.
1. My own business. As a self-employed, this gives me the advantage of being able to earn more. The sky's the limit. I'm paid according to the time I devote to my business. Afterall, income = the time spent x the value you create.
2. An internet business. The good thing about the internet is the global reach. I have a global audience of almost 900 million. How is it if I just reach 1% of them, and have them buy my product. And even if I do fail, the cost of it is relatively low compared to a brick and mortar business. And since it's an internet business, business is on 24/7.
3. Investments. Stocks and shares, unit trusts, options trading and so forth.
Lastly, it's down to cutting down my expenses and saving another 20 - 30 percent of unnecessary expenses, and reallocating this amount of money to either the business or investment.