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No one will show you how to earn 8 million/month and still buy a house!

From working as a salary worker at a wood factory to buying a house 3.5 billion dong

“30 years old, I already have a house of 3.5 billion, a Mazda 6 for 1 billion, and several hundred million in backup. At the age of 24, he got married and rose from two empty hands. At that time, he worked in a wood factory, he was so hungry that he had to sell a pair of 3 million wedding rings to eat, life went up from misery, now thinking about it, I feel lucky. because then he didn’t give up.That is the sharing of Nguyen Bao, living in Binh Duong, when asked “What do you have in your hand when you are 30 years old?”

There are many inspirational stories to buy a home in installments at the age of 20 with low bank interest rates and smart investments. But there are still many questions: “The salary of 2-30 million to buy in installments is normal, in the article, is there anyone who earns 8 million like me?”Come in to learn from experience, but see that everyone’s salary is 50 million / month, stop turning the car, when you have that salary, continue reading!”or “With a salary of 8 million, you can only rent for life”… and there are many questions raised about how much a month’s salary can buy a house on installments.

I asked the same question to Bao about how with a salary of 11 million / month, buying a house with billions of dollars is so good. The new answer caught me off guard: “If I accept such a salary for life, a house and a car is a distant dream for me. We have to find a way to rise, but how can we live with that salary forever.”

Home buying journey Bao’s is also an opportunity, Bao said that life is better than wisdom. When I worked at a wood factory, it was very difficult at first, crying up and down, still having to leave my family. Lucky to meet a boss who changed my life. Bao’s boss not only owns a wood factory, but also does real estate business. Seeing that Bao was hard-working, honest and always trying his best at work, he asked if he wanted to follow the side job again. That’s when Bao was exposed to the profession of a real estate broker, then learned more, knowing that buying a house on installments turned out to be not as difficult as I thought.

Used to sell 3 million wedding rings to get money for food, now bought a house of 3 billion, have a car: No one will show you how to earn 8 million/month and still buy a house!  - Photo 1.

Then, at the age of 26, Bao decided to use all his capital to buy a house in installments and welcome his family to live with him. The house Bao chose to buy at that time was priced at 1.2 billion VND, 50% prepayment, 5 years installment payment, preferential interest rate for the first year is 3.5%/year, after that, the interest rate is dropping. On average, Bao has to pay both principal and interest about 12 million VND per month.

“When I decided to buy such a large property in installments, I was also very confused. But when I brought my wife and children to live with me, I found all the difficulties were worth it.” And of course, in order to have enough money to live and pay monthly debt, Bao had to work both at a wood factory and as a real estate broker. 15-16 hour working day is normal. 2 years later, after accumulating a little capital, he switched to real estate. When he had 2 billion in hand, Bao decided to buy and sell again and moved to a new house worth 3.5 billion VND that he now owns.

If you earn 8 million/month, can you buy a house? To this problem, Bao replied: “The choice is all mine. The salary of 8 million does not mean the final limit, when the goal is big enough, everyone will find a way to make their dreams come true. I just want to say that I’m young, I still have the energy to do many things.”

What is the lesson I learned here? That is, no matter how many articles you read, no one will tell you exactly what to do with the salary you currently have, or more specifically, no one will tell you what to do with your 8 million salary. buy a house. Most of the articles are intended to make you realize that that number is not enough, your human worth at that time needs to be increased, just like the 11 million/month salary helps Bao. Buy a house at the age of 30.

After the age of 30, renting is not good anymore, we have to buy a house!

Why are so many young people? choose to borrow money to buy a house, buy land with installment payment without choosing to save enough money to buy? For many people, having a home to nurture is more important than a fear of debt.

Like Tuan (1992, Hanoi) once shared: “As I turned 30, I started to have a lot of different thoughts. When I was young, I went out to make money in society, heard a lot of rich men say that the house was just a liability, heard that and kept making money to rent a few high-class living quarters. But when I turned 30, I found that my grandparents were right, settling down and losing their job. When I saw baby Bi, my daughter, hurriedly following her parents every time she moved house, she felt that it was not good, even when her wife was pregnant. The psychology of renting a house, I don’t elaborate much, because it’s not my house. So then, I knew I needed a home!”

Since then, Tuan cherished a new plan to have a home of his own, so that he could take care of that house together. When renting, I don’t dare to buy a lot of things, afraid that every time I move house, it will be extremely difficult. “So I have a new goal that I need to have a house, big houses, small houses, expensive houses, I haven’t discussed yet.”

Used to sell 3 million wedding rings to get money for food, now bought a house of 3 billion, have a car: No one will show you how to earn 8 million/month and still buy a house!  - Photo 2.

Thinking of doing it right away, Tuan decided to bring the couple’s previously accumulated assets to buy an apartment near the city center, also convenient on the way to work. The apartment that Tuan chose to buy at that time, 2 bedrooms and 1 living room, cost 2.8 billion VND. The couple’s budget to buy a house is higher than originally planned, but with long-term thinking, they still decided to borrow more to buy that house.

“When I found out that the house purchase exceeded my expectations, I was not surprised. I also determined, the couple are young, work a few more years to pay off the debt, can give their children a better living environment, what if it’s hard for a few more years. .According to the calculation of the balance of the couple at that time, Tuan chose to pay 60% in advance, and 40% to pay in installments within 5 years, on average, each month had to spend nearly 20 million to pay the debt. “That number doesn’t feel too much pressure for me, because in addition to working for a business, I also work as a career-oriented freelance content freelancer, my income is also considered stable.”

Buying real estate is the most effective investment channel in the past 20 years

According to Grand Capital, investment in real estate has an average return of about 11.9% per year, in Vietnam in 2021, the “fever” in real estate also causes the average increase in the whole country. up to 30-100%. Tom Peng – CEO of Mediastep Software Vietnam commented that: “Real estate in Vietnam goes against economic theory, real estate prices in Vietnam are completely unpredictable. So I can only guess that it will increase in price. Real estate prices in Vietnam will continue to rise no matter what happens in the world.”

Because of such assertions, in Vietnam you will always be advised to buy real estate as soon as possible. This story is similar to the case of Hung (1993, Bac Ninh): “If you want to buy land in the countryside, it also costs about 2-3 billion, not including the money to build a house, I am afraid that by the time I earn enough money to buy land, it will increase 2 times 3 times.”

That’s also when Hung thought about taking a bank loan to invest in real estate. As originally planned, the guy did not buy an apartment: “I don’t like living in apartments, the feeling of breathing in the countryside is still better, even if I buy it now, I can only afford to buy a few cheap apartments, which are easy to depreciate. I bought land and then accumulated to build my own house.”

Used to sell 3 million wedding rings to get money for food, now bought a house of 3 billion, have a car: No one will show you how to earn 8 million/month and still buy a house!  - Photo 3.

With the initial amount was not enough, Hung decided to take a bank loan, because the business still needed money to rotate capital, could not carry the whole money to buy land. Banking is still the best and safest choice. Because of his high credit score, the interest he has to pay is much lighter than that of new borrowers.

At that time, the guy decided to close the residential land plot for nearly 2 billion VND. Initially, Hung paid 65% in advance, the rest was borrowed from a bank to pay interest within 3 years. For Hung, the choice to borrow money to buy land is when the start-up process has started well. The money earned is enough for the guy to pay the land debt without monthly pressure.

Used to sell 3 million wedding rings to get money for food, now bought a house of 3 billion, have a car: No one will show you how to earn 8 million/month and still buy a house!  - Photo 4.

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