The Million Peso Calculator
Friday, May 18, 2012I 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!
Update:
Of course to reach the Big M, you've got to work hard for it. Please don't expect it coming to you in an instant unless you're too lucky to win the lottery. And here's one way to get it: invest your hard earned moolahs instead of parking it on the bank. Oh, and make sure you study first where you are investing!
Update:
Of course to reach the Big M, you've got to work hard for it. Please don't expect it coming to you in an instant unless you're too lucky to win the lottery. And here's one way to get it: invest your hard earned moolahs instead of parking it on the bank. Oh, and make sure you study first where you are investing!
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