How does someone go from broke to rich?
I had Googled that same question so many times as well. My path to financial freedom was not easy. But I promised myself that I will get out of debt. I promised that I will not only achieve a million, but multi-millions! Aim high! Caveat though as I live in the Philippines. Our currency is far weaker than most currencies. But I believe, the lessons remain the same.
Of Hopes and Dreams
Growing up poor in a 3rd world country, I was sold on the dream that to get ahead in life I need to have education and a good-paying job. I believed that I can be rich once I work my way up the corporate ladder and get a six-figure salary.
I was so sure that poverty has an end. And my degree will be the key. I studied so hard to get good grades. I even passed the Board exam as I was sure that will give me an advantage in life.
At the start of my working career, my future seemed bright. Finally, I thought, our family will stop being so poor. I, as the breadwinner for our family of five, would get us out of poverty. Or so I thought.
Harsh Reality
By 2008, life proved things were about to go downhill. My mom was hospitalized due to a sudden stroke. And as any citizen living in a country without comprehensive health insurance would know, being sick and fighting for your life is expensive.
We were so racked up in debts that I had probably asked for a personal loan from everyone I knew. At the end of the year, I was in half a million peso ($10,000) worth of debt from my mom’s hospitalization and medical bill. Despite all this, I still lost my mother.
Numb from the pain I guess, I felt absolutely defeated. All my hopes of giving back to my family and treating them to dinners and travels abroad, suddenly vanished. I was holding on and fighting for my mom’s life and yet she was still taken away from me.
To be so poor that you felt powerless to give the most previous person in your life the best medical care they need is something I wish no one would ever feel. But to people like us, this was the harsh reality.
Turning Point
At the lowest point in my life, I promised myself, things will change. I vowed that poverty will stop with me. That we would no longer live paycheck to paycheck.
But instead of lamenting how unjust the system work or how corrupt the government is (something that I could not change), I focused on what I could change to be better.
Surely, someone has been in debt like me. Surely, someone else got out of it and turned their lives for the better. I simply need to learn how they did it.
And this started my journey to seek financial independence.
The Lessons I Wish To Share
This blog contains the lessons I’ve learned in the 12 years of my journey. From being in debt to making my first million and now on my journey to financial independence and retiring early (FI/RE).
To be honest, going from broke to rich feels surreal. In hindsight, I thought it would take longer for me to be where I am. In other parts of the world, I may not be considered rich. But to be a multi-millionaire for me is a goal that I have set for myself. I’m proud of what I have achieved but I know the journey has not ended. Far from it.
A disclaimer though, I am not a professional or a “financial advisor”. There are many ways to get out of debt and be a multi-millionaire. I will discuss some of them briefly in this blog. But I will prioritize talking about my experience and how I did it.
I hope you learn something from my journey and know that there is always a way. You too can get out debt and be rich. You too can go from broke to a millionaire. But to get there, one will need to grow. You will need to change for the better. And its going to be hard and seemingly impossible. But believe me and the rest of us who did it. You can do it too.
“It’s not going to be easy. It’s going to be worth it.”
Zig Ziglar