It’s been said that “If you want to get rich, you must be a business owner, not just a worker or an employee” as profit will mostly belong to the business owner. Those who don’t own any business and foresee being permanent employees or salarymen, possibly have a chance to be rich if they start saving money, learn about investment and grow their assets. Eventually, owning a million baht or more wouldn’t be out of reach. Here we have good tips to help salarymen become a millionaire. Go for it!

1. Learn how to save money and invest

Some salarymen don’t know how to save their money as they wonder if a monthly salary of ten thousand baht would be enough to save for investment. In fact, the easiest way to save money is to deduct 10% of salary every month, and when they have a sum of money they gradually start investing in Mutual Fund like SFF or RMF to get tax privilege. Or, if they want to invest in stocks, they may buy stocks by allocating an equal amount of money for each stock every month which is called DCA (Dollar Cross Average) to diversify the risk without investing a huge amount of money. Also, study well before start investing so that they’ll understand and accept risks that may happen from investment.

2. Save money in Provident Fund

The objective of the Provident Fund is to save money for employees to spend during retirement age, and it considers a welfare benefit provided by the employer. Money in Provident Fund derives from employees or members by deducting a part of salary/income on a monthly basis which is called accumulated money or savings. Salarymen will receive that money from employers in the form of ‘step money’ according to working period, such as 0-3 years; the employers will add on 2% for employers. This is an easy way that salarymen will get free accumulated money including profit from investment in Provident Fund. However, the amount of profit depends on an annual investment policy chosen by each employee or member.

3. Buy Cooperative Savings stocks

Many companies and organizations establish Cooperative Savings for members in the same organization to encourage them to start saving money and to offer loan services when needed. The condition is members must regularly buy stocks every month, and they’ll receive stock dividends at the end of the year. Most Co-Op Savings will pay tax-free dividends to members more than the current savings interest rate. Besides, if members buy Co-Op stocks every month until they retire, they’ll have many stocks enough for receiving a large amount of money to be spent during their retirement years.

4. Invest in Real estate

In recent years, most real estate investments are condominiums for rent along BTS and MRT lines. An advantage of salarymen is having good credit from earning permanent income, and a salary slip can be submitted to the bank for applying for personal loan. Some salarymen choose 1-2 years of down installment and then apply for a 100% financial loan to buy a condo plus decoration fees. After that, they’ll rent out that condo and take its fee to pay condo installment to the bank. It’s recommended to study how to choose the best real estate thoroughly before starting investment, and consider whether the profits are worth it in order to reduce risk. Besides, if the condo is sold out, investors will get the difference rising from asset value which is averagely about 5% higher per year (depending on the economic situation at that time).

4. Invest in Gold

Some salarymen spend their bonuses each year to invest in several types of gold starting little by little until they get a bigger amount, while some people prefer gold bars because they’re easier to trade and free of goldsmith’s charge. Gold investment generates profit from the inflation-adjusted gold price. Moreover, gold collection diversifies risk because profit gained from gold investment is likely to move against stock investment or other assets.

5.. Self-investment

Self-investment is another way to grow money for salarymen, especially if they develop more skills in their career fields plus new skills on market demand. As a result, they’ll have an opportunity to get a job promotion or salary upgrade. When the salary is higher, they’ll have extra cash to invest for even more money further.

Above all, salarymen must have the financial discipline and learn to save money. Don’t be overjoyed to treat yourself with temporary happiness because you’ll never earn savings and get rich. Overcome yourself and make your way to become a multi-millionaire entrepreneur! Please contact SCB Easy Invest, if you’re interested in investment. -SCB Easy Invest -