By: Gilbert M. Forbes
DepEd Quezon
All working folks, either salaried workers, professionals or those from the informal economy like all types of vendors, drivers, free lancers, etc.
Are you dreaming of a life of abundance where helping others and giving to charity is no longer a problem? You are not worried about any unexpected or emergency expenses such as those related to health because there is a fund for it.
You can still continue to work if it is your passion without any financial stress. We’ll, life of financial stability, abundance or wealth is actually realizable if we know how.
1. Understanding how money works
Money is not actually the root of all evils. It is the LOVE OF MONEY that is. Actually, we are equally vulnerable to the devil when we don’t have enough money because we may end up doing bad and evil things like gambling, falling into the trap of debt and corruption.
Money is not a complicated topic, at least, now a-days, because of the ability of self-help books and lots of articles on-line. One needs to browse and study one of these books.
There are books written by successful Filipino Entrepreneurs and financial wellness and spiritual coaches like Francisco Colayco, Bo Sanhez and Chinky Tan.
This blog also offers quite a handful of financial literacy articles that could somehow be of help. The only key is the interest to learn, internalize, reflect and apply it.
2. Life-long Learning
Never stop learning for the real wealthy people never stop. Learn from experiences and mistakes so that it will no longer be repeated. Don’t just go along the tide of a complicated and materialistic lifestyle which only makes our lives difficult.
Distance yourselves from influences which are not in line with your new chosen lifestyle. Let your immediate circles understand your decision, if not, let the time do it. Once they saw the result of your decision in the years ahead, they will surely realize your point.
3. Live below your means
Live at least 10- 20% below your means and save the rest. You have done it already while you were studying, much, when you were still looking for a job, why not this time?
Involve the family in your decision by explaining them and by educating them too. Let them have a prospect of the future too.
Most of the financially stable right now have made a conscious decision to live on less than they make 20 years ago.
They saved a lot until they were able to capitalize on things that will generate more additional or passive income like transport business, hardware, grocery store, agricultural farms like fish pen, rice and corn farm, etc., while others in high yielding time deposits, additional retirement funds, real state, educational and health fund, etc.
Budget and stick to it. Never mind what the close-minded people will tell or label you.
4. Avoiding bad debt as a deadly virus
Open an irregular and emergency account so that you will not get into the trap of debt in times of seasonal and emergency needs. Once, you become the bread winner of the family, be fully aware that you will gonna pay tuition and school fees, and most of all pay for hospital or medical needs in times of sudden sickness.
If you have an irregular expense account, then you will no longer be worried about tuition and sudden sickness requiring hospitalization.
5. Building assets that earn
Your house, your car, even your jewelries couldn’t be regarded an asset if it don’t give any financial benefit. These could be liabilities that are reducing your earning potentials towards financial independence and wealth.
A house for instance could be regarded as an asset if your monthly amortization and travel expense is less than or equal to your monthly expected rental and travel expenses to work.
Young professionals and income earners out there particularly the young ones. Becoming financially independent, wealthy, a millionaire or whatever you want to call it is not impossible. Since you still have all the time and a lot of prospects plus the knowledge to do so, it’s easy.
Those in the early 30’s, there's still a lot of time to catch up while those in their 40’s, double time. Those in their 50’s or retiring ones, all you can do now is fix your finances and free yourselves from debt as fast as you can before your retirement.
You may also like reading Save and Be Debt Free!
Stewardship and Financial Wellness
(Mr. Gilbert M. Forbes is an educator who was also a victim of financial ignorance. Upon stumbling on a financial literacy book a decade ago, financial literacy or wellness has become a part of his personal advocacy aside from politics, good governance, education and environment. He holds baccalaureate and post-graduate studies from the Philippine Normal University and have been a school head for more than ten years now.)
DepEd Quezon
All working folks, either salaried workers, professionals or those from the informal economy like all types of vendors, drivers, free lancers, etc.
Are you dreaming of a life of abundance where helping others and giving to charity is no longer a problem? You are not worried about any unexpected or emergency expenses such as those related to health because there is a fund for it.
You can still continue to work if it is your passion without any financial stress. We’ll, life of financial stability, abundance or wealth is actually realizable if we know how.
1. Understanding how money works
Money is not actually the root of all evils. It is the LOVE OF MONEY that is. Actually, we are equally vulnerable to the devil when we don’t have enough money because we may end up doing bad and evil things like gambling, falling into the trap of debt and corruption.
Money is not a complicated topic, at least, now a-days, because of the ability of self-help books and lots of articles on-line. One needs to browse and study one of these books.
There are books written by successful Filipino Entrepreneurs and financial wellness and spiritual coaches like Francisco Colayco, Bo Sanhez and Chinky Tan.
This blog also offers quite a handful of financial literacy articles that could somehow be of help. The only key is the interest to learn, internalize, reflect and apply it.
2. Life-long Learning
Never stop learning for the real wealthy people never stop. Learn from experiences and mistakes so that it will no longer be repeated. Don’t just go along the tide of a complicated and materialistic lifestyle which only makes our lives difficult.
Distance yourselves from influences which are not in line with your new chosen lifestyle. Let your immediate circles understand your decision, if not, let the time do it. Once they saw the result of your decision in the years ahead, they will surely realize your point.
3. Live below your means
Live at least 10- 20% below your means and save the rest. You have done it already while you were studying, much, when you were still looking for a job, why not this time?
Involve the family in your decision by explaining them and by educating them too. Let them have a prospect of the future too.
Most of the financially stable right now have made a conscious decision to live on less than they make 20 years ago.
They saved a lot until they were able to capitalize on things that will generate more additional or passive income like transport business, hardware, grocery store, agricultural farms like fish pen, rice and corn farm, etc., while others in high yielding time deposits, additional retirement funds, real state, educational and health fund, etc.
Budget and stick to it. Never mind what the close-minded people will tell or label you.
4. Avoiding bad debt as a deadly virus
Open an irregular and emergency account so that you will not get into the trap of debt in times of seasonal and emergency needs. Once, you become the bread winner of the family, be fully aware that you will gonna pay tuition and school fees, and most of all pay for hospital or medical needs in times of sudden sickness.
If you have an irregular expense account, then you will no longer be worried about tuition and sudden sickness requiring hospitalization.
5. Building assets that earn
Your house, your car, even your jewelries couldn’t be regarded an asset if it don’t give any financial benefit. These could be liabilities that are reducing your earning potentials towards financial independence and wealth.
A house for instance could be regarded as an asset if your monthly amortization and travel expense is less than or equal to your monthly expected rental and travel expenses to work.
Young professionals and income earners out there particularly the young ones. Becoming financially independent, wealthy, a millionaire or whatever you want to call it is not impossible. Since you still have all the time and a lot of prospects plus the knowledge to do so, it’s easy.
Those in the early 30’s, there's still a lot of time to catch up while those in their 40’s, double time. Those in their 50’s or retiring ones, all you can do now is fix your finances and free yourselves from debt as fast as you can before your retirement.
You may also like reading Save and Be Debt Free!
Stewardship and Financial Wellness
(Mr. Gilbert M. Forbes is an educator who was also a victim of financial ignorance. Upon stumbling on a financial literacy book a decade ago, financial literacy or wellness has become a part of his personal advocacy aside from politics, good governance, education and environment. He holds baccalaureate and post-graduate studies from the Philippine Normal University and have been a school head for more than ten years now.)
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