Having been conscious of saving since he was a student and working many jobs at the same time, Mr. Nguyen Phuoc Xuyen owned an apartment worth 2 billion VND at the age of 25.
Saved 100 million VND as a student
After 9 years of studying and working in Ho Chi Minh City, Nguyen Phuoc Xuyen (28 years old, from An Giang ) has owned an apartment worth 2 billion VND in Thu Duc City (Ho Chi Minh City) when he was only 25 years old. When he was a student, Xuyen chose to live in a dormitory to save money. In addition, this young man also took advantage of his time outside of school to work as a waiter, tutor, teaching assistant, digital marketer, fanpage designer... to earn extra income. Because he was always disciplined in managing his expenses and actively worked part-time, when he just graduated, Xuyen had saved about 100 million VND.
Thanks to his efforts and discipline, Nguyen Phuoc Xuyen was able to buy a house at a very young age.
NVCC
A corner of the 2 billion VND apartment that Mr. Nguyen Phuoc Xuyen owns
NGUYEN DIEN
"When I was a student living in the dormitory, I spent money every week going out with friends, but in return, I actively worked part-time. I learned to save and spend wisely, starting with the smallest things, and from there, I formed a habit. Later, when I started working, my income was stable, but my spending didn't change much, so I saved better," Xuyen shared.
After graduating from the English language department of the University of Finance and Marketing, Ho Chi Minh City in 2018, after working for a while, with the money saved from part-time jobs and a bank loan of 100 million VND (borrowed using a savings book), Mr. Xuyen started a business with a private dormitory project and real estate investment. Within 3 months of working many jobs, he earned 15% of the apartment value. And at the age of 25, this young man officially owned the apartment in June 2020 by installments because he wanted to save capital to reinvest in business . Up to now, Xuyen has paid about 60% of the apartment value and is expected to finish paying it off in the next 2 years.
The secret to "money making money"
Instead of using the apartment to live in, Xuyen chose to rent it out for 6 million VND/month, and he lived in a boarding house with cheaper costs. This income also helped him feel less pressured in paying off the monthly installments for the apartment.
"I usually work 2-3 jobs in parallel to optimize my income. In 2021, I switched to being a beauty queen's assistant but still worked hard on online business. Now, life insurance consultant is my main job but I still spend time taking KOL bookings (helping businesses contact and negotiate with influencers to promote products and services...), assistant to a beauty queen and running a vegetarian restaurant," he shared.
Mr. Xuyen's secret to "making money from money" is that when he has enough money, he starts dividing it into smaller amounts. Specifically, Xuyen spends 30% on long-term savings, and the rest is spent on potential investment opportunities. And the important thing is to increase income but always control expenses to have surplus. "When buying a house on installments, the biggest pressure is psychological. This is a form of debt, it will be a burden if there is no suitable installment payment plan. As of now, when bank interest rates increase suddenly, we also have to have a timely solution. Instead of having one job before, which was enough to pay, now we have to work 3 times as much," he said.
Mr. Xuyen added: "When deciding to buy a house in this form, you have to prepare a sum of money in advance, like now to own an apartment you have to pay at least 15 - 30% of its value in advance. With this amount, whether you want to pay more or less depends on your finances, whether you have time to do more work or not. And make sure that your monthly living expenses are still at a sufficient level before thinking about buying a house in installments."
Mr. Xuyen said he feels lucky because of the nature of his freelance work. Therefore, he can take the initiative in everything, from arranging his main job and part-time job, to having a detailed daily schedule. To do this, he must have a high level of discipline.
"In the morning, I'm at the insurance company meeting with the working group. At noon, I go to the vegetarian restaurant to check on the business and in the afternoon, I focus on doing media work or supporting artists on projects...", Mr. Xuyen said.
Nguyen Si Truong Dat (24 years old), working in Thao Dien, Thu Duc City, Ho Chi Minh City, shared: "I have known Xuyen for more than a year and see that this is a young man with a lot of positive energy and discipline at work. Xuyen always tries to achieve his life goals, so buying a house is completely possible. I admire Xuyen for always knowing how to create and follow the financial plan that has been set."
Thanhnien.vn
Comment (0)