Getting your first million is pretty straight foward. Save up P2,000 in high yielding, SEC (Securities and Exchange Commission) regulated investment instruments and get your first P1 million in 15 years. You'll see that the total interest earnings amount to P636,598, which means that the total deposits you've made is equivalent to 370,000.
Did you money just get doubled? Remember: It takes 15 years because this form of investment is a safe way to go. Filipinos usually get scammed because of promises of high yields, short time, low risk combinations. Obviously, there is no get rich quick scheme.
If you want to know more about savings and investment alternatives to:
1. Savings account
3. Time Deposits
feel free to send the author an email.
Horeb Eliot is a licensed financial planner and professor of Political Science (International Affairs).