I just a hit a milestone, I finally reached a million in my savings

[sunrise88]

I would like to thank this sub for all the tips and learnings. I know a million is not that much in today’s economy, but it finally feels good to be called a millionaire.

 

[randytah]

@sunrise88 Congrats! Keep it up! Manifesting my own success.

 

[worriedjess]

@sunrise88 Super congratulations! You're richer in savings than half of Americans!

 

[jquill89]

@worriedjess Wow really? May data on this po ba? Would love to know the statistics.

Also on PH side rin sana kung mayroon

 

[hinniss1]

@jquill89 Ito lang nabasa ko dati. If you have 10 USD and wala kang utang then you are richer than 15% of Americans households put together.

https://www.forbes.com/sites/timwor...-than-15-of-american-households-put-together/

 

[worriedjess]

@jquill89 https://time.com/personal-finance/article/average-american-savings-account-balance/#:~:text=This%20content%20is%20created%20independently,Learn%20more.&text=American%20households%2C%20on%20average%2C%20have,according%20to%20the%20same%20data.

Here. Median means 50 percent of Americans. Don't look at average because that is skewed by those with really high net worth. It's not what 50th percentile has.

 

[muzza368]

@worriedjess Yep, Muricans don't save and why would they in low interest % bank accounts lol. Instead of saving, they invest. Big difference.

 

[drez_113]

@jquill89 Congrats OP for this milestone!

Regarding the query above, here are some references I can gather on networth comparison.

The latest is from the 2019 data for American median net worth by age and by family structure. Ideal to look at the median rather than the average alone.

CNBC

Forbes

Motley Fool

Sa Phlippines though, siempre allergic sa numbers and allergic sa research so walang reliable data easily accessible online. Nearest I can get is the ff. From external sites and news sites.

Worth noting din yung research sa top 1% and 0.1% per country for relatively direct comparison sa 2021 data.

Digido

Business World

 

[debbieg]

@sunrise88 Congrats!! Still working on my way to 1M, naiinip na ako nasa 500k mark pa ako

 

[sunrise88]

@debbieg Konting tulog na lang, like lietrally.

 

[twilightmom]

@sunrise88 Congratulations! What's next for you?

 

[sunrise88]

@twilightmom After reaching this milestone, I would still continue saving and then spend some of that extra cash along the way and investing the other of my monthly income. I am still young and within my 20’s the future is bright.

 

[spencervazquez]

@sunrise88 OP any tips? Kahit bulleted type lng hehe

 

[sunrise88]

@spencervazquez

• Save as much as you can
  • If you live with your parents or anyone you can depend on, use this time to save, learn and invest as much as you can.
  • be frugal
  • do not spend everything even if they are considered part of your budget.
  • have side hustles if possible.