How to Get $1 million in the bank at the age of 31

How to Get $1 million in the bank at the age of 31
Kristy Shen and her husband Bryce in Greece. Courtesy of Kristy Shen
Kristy Shen knows how to save money.

Kristy Shen, who runs the blog Millennial Revolution and who retired at age 31 with $1 million in the bank, says many people are making the same mistake when it comes to spending their money: They aren't keeping track of where it goes.

"I feel like people are not tracking the money," Shen told host Farnoosh Torabi on the podcast So Money. "And it's not because people they don't know what they're doing, or they're dumb, or anything like that. It's just — people are not tracking it. They don't know where it's going. At least that's what I found with a lot of my friends."

Shen continued:
"Even if you blow the budget once or twice, it's not a big deal. Everybody makes mistakes. I made mistakes, too. Being able to track it allows you to see, 'Hey, look! I'm going in the wrong direction. It's not going towards my financial goal,' so then you just move back towards the right path and then you're good to go. I think tracking is absolutely paramount. That's one of the things that would help people a lot financially." Source Business Insider

6 Step for Money Management Resulotion

Start practicing better money management habits is right now.

Remember these simple tips to start your way to financial security. Take advantage of BPI Express Online.
6 Step for Money Management Resulotion

How To Start Your Own Business Make More Money, And Quit Your Corporate Job

Steps to Starting Your Own Business Make More Money, And Quit Your Corporate Job
How To Start Your Own Business Make More Money, And Quit Your Corporate Job

1. Personal evaluation
“Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier” – Sabrina Parsons

2. Analyze the industry
“The more you know about your industry, the more advantage and protection you will have” – Tim Berry

There are also a number of less traditional sources worth turning to:
Advertising representatives for statistics and data on your competition or the industry in general
List brokers (to get an idea of the number of prospects out there)
Suppliers of your industry (again to get a sense of demand and for market information)
Students who will likely be happy to perform research for you at an affordable fee.

Evaluating your market In order to identify how attractive your prospective market really is (your own desires aside for the moment),

3. Make it legal Realistically speaking, registering your business as a business is the first step toward making it real.

Types of business formations include:
  • Sole proprietorship
  • Partnership
  • Corporation
  • Limited Liability Company (LLC)
Spend some time getting to know the prospect and consequence of each business formation.

4. Start the planning process
“Our goals can only be reached through the vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success” – Pablo Picasso

The standard business plan comprises nine parts, including:
  • The Executive Summary
  • Company Overview
  • Products and Services
  • Target Market
  • Marketing and Sales Plan
  • Milestones and Metrics
  • Management Team
  • Financial Plan
  • Appendix
Types of Business Plans
  • Feasibility plan
  • Operations or annual plan
  • Strategic plan
5. Get financed
6. Set up shop - Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Throw a “Grand Opening” party.

7. Trial and error

The Biggest Obstacles to Business Success

The Biggest Obstacles to Business Success
Many people dream of starting their own business, not everyone takes the plunge and many face that 50 percent of new businesses will fail within five years.

Here are the biggest psychological impediments to entrepreneurial success:
1. Perfectionism
2. Fear - Entrepreneurs’ resolve is tested from the very first step of starting a business.
3. Worry

Entrepreneurs Tips to Keep Moving Forward
1. Set goals.
2. Don’t fear failure.
3. Take risks.
4. Don't settle.
5. Seek a mentor.

The Difference Between Successful and Very Successful People
Myths of success that hold back from becoming very successful.
Myth 1: Successful people say, "If I can fit it in, I should fit it in."
Myth 2: Successful people sleep four hours a night.
Myth 3: Successful people think play is a waste of time.
Myth 4: Successful people are the first ones to jump in with an answer.
Myth 5: Successful people focus on what the competition is doing.