In the context of escalating prices and increasingly expensive living costs, many low-income people find it difficult to accumulate assets. Many people think that to get rich or have a stable finances, they need to have a high salary.
However, with the right financial mindset and effective money management strategies, accumulating wealth is still completely possible, even with limited income.
Mr. Minh, 30 years old, is an office worker in Hanoi with a salary of 9 million VND/month. Living in a city with the most expensive cost of living in the country, he once thought that accumulating assets was a very distant thing.
But instead of giving the low salary, he decided to manage his personal finances strictly. As soon as he received his salary, he always took 15-20% to deposit in his term savings account. The rest is allocated reasonably: about 55% for essential needs such as rent, food, and travel, while 25-30% for personal activities is always under control.
After three years of maintaining financial discipline, Mr. Minh accumulated nearly 150 million VND, not to mention an income from his overtime job on weekends. This amount helps him have capital to start investing in securities and the ETF fund (replacement swapping fund) - a safer investment channel than the stock itself but still brings stable profits.
Thanks to the profit from investment and continuing to maintain the habit of saving money, after 5 years of working, Mr. Minh has more than 300 million VND - a significant amount for a person with a salary of only 9 million VND/month.
Not only Mr. Minh, Ms. Lan, 32 years old, who works as an accountant at a private company in Hanoi, is also a typical example of accumulating assets even though their income is not high. With a salary of 10 million VND/month, she once had difficulty saving because her personal expenses were not controlled.
However, after realizing that if she continued her lifestyle of "do so much money", she would not be able to have financial safety in the future, she decided to change.
Ms. Lan applies the "reverse spending" method - that is, saving in advance and spending later. Every month, as soon as she received her salary, she immediately took 2 million VND into the savings fund, then calculated her expenses for the remaining expenses.
In addition, Ms. Lan also learned about different investment channels and decided to participate in life insurance combined with investment, both ensuring financial safety and being able to make a profit in the long term. Thanks to this method, after 5 years, Ms. Lan has accumulated more than 400 million VND, enough to buy a small piece of land in her hometown, preparing for her long-term plan.
According to Ms. Hanh Nguyen - a personal financial investor, the biggest mistake of many low-income people is that there is no money management plan. "No matter how much you earn, the important thing is how much you keep. Many people with high incomes but cannot save money because they spend indiscriminately. On the contrary, if you have a reasonable strategy, even if your salary is only about 10 million VND/month, you can still save and invest to increase your assets," Ms. Hanh shared.
