Ep.15: What are the Factors for Millenials Becoming Millionaires

By Sean Si

As with all successful people, the grind is not done. Marvin Germo shares his plans, some of his recent investments, and his take on whether or not Millennials will become a force to reckon with in the near future!  Today, Marvin’s current goal apart from traveling is to look for investment opportunities with high potential.  When it comes to his influence, he feels that his reach is already pretty high thanks to his YouTube videos. These videos reach more people than his talks and seminars and they can be watched anytime from anywhere in the world. He is also promoting a digital bank, I.N.G., that is incorporating technology from other countries into the Philippines.  Again, Marvin emphasizes the potential that GCash has in the Philippines. He also states that he can highly recommend investing in either the stock market or in FOREX, as long as you’re using your extra money. When it comes to investment, it’s not about what the best option is, rather it’s about where your skills are.  There was news that around 70% of male millennials think that they’ll become millionaires. Marvin thinks that this is realistically possible, but that ambition should be supported by the same amount of hard work. A lot of people want to be millionaires but they don’t put in the needed amount effort to result in that. This is your dream. You should put in as much hard work as you can so that you can make that dream into a reality. For Marvin, earning money should only be a bi-product of how much change you facilitate, how many people you help, and how many problems you solve. The amount of problems you solve is the amount of business you get. The number of people you help is the number of times you become generous; and The number of times that you facilitate change is the number of steps you take in leaving a legacy.  A lot of rich people are such because they are innovators, they go against the status quo, and they strive to achieve change. The money that they get is just a source of validation. Marvin would rather earn less while doing what he loves, instead of earning incredibly high while doing something he hates. For most millennials to become millionaires, a lot of factors to happen. That includes either the upper percentage of the population becoming even richer, or there will be a paradigm shift which, in the current state of things in the Philippines, is highly unlikely. A large factor is the percentage of middle-class people in the Philippines. It should not be just 30% rather it should be around 80% to 90%. When that happens, the situation where millennials become millionaires becomes much more probable.  Marvin believes that the best time to be alive is right now—because doing business is very easy. With the incredible digitalization of the world, there are so many ways to reach and sell to people. Filipinos also have this mindset of preferring to work for foreign businesses just because they have a bigger salary. It’s very hard to find and keep the right team members because of this very reason.  Most people tend to see local businesses as just a stepping stone to flower up their resumes so they’ll have a better chance of getting into bigger foreign companies.  This tends to dirty the inner workings of a lot of companies because there will almost always be people who will make the team crumble from within—because they’re not driven, and are self-serving. That being said, I believe that it’s the problem of both the team member and the entrepreneur. The team member is too focused looking for their ideal job, while the entrepreneur is too focused on finding the best team member.   Support the show (https://tribe.leadershipstack.com/)

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