You have to break the law

A lot of people (including myself before) are thinking of high salary, working abroad, winning the lotto are some of the best solutions to their money problems.

Are these really true?

Sometime in 2005, I decided to pursue my career overseas. I got my 2 years contract with one of the biggest telecom company in Afghanistan. Continue reading “You have to break the law”

How to invest in UITF?

More than 3 years ago, I learned how to invest in the stock market. At first, I was hesitant to pour in my money into my broker’s account (COL Financial) to directly invest in stocks. I did it slowly because in my mind it could be a scam and besides I don’t even know somebody who invests in stock market. In short, I was really scared.

Since I’m comfortable with the banks, I decided to move some of my cash and buy UITF. So I told myself “It’s just a test”. Actually I really don’t know UITF back then because I asked the bank’s counter for mutual fund. They told me that banks don’t offer mutual funds but UITFs. By the way, the bank’s representative I asked is from BDO. Continue reading “How to invest in UITF?”

Take charge of your cash!

“More people should learn to tell their dollars where to go, instead of asking them where they went” Robert Babson

Once action-without-vision-is-activityupon a time I was an OFW.  It was a dream come true to me and my family.  I’m earning around 5 times of my salary as local employee here in Philippines.  I thought more salary will fix and improve my finances.  I was wrong.

After a year of working overseas, I looked at my passbook and saw the records how money comes in and goes out.  Although I’m earning much more, my expenses also goes up and this a common problems among OFWs.

My perception about money clearly reflects on my passbook that is, the idea of “work then spend all”.  It was really frightening when my 2-year contract is about to end because I can’t imagine going back to Philippines with no savings and so I asked myself “Where did my money go?”  

Continue reading “Take charge of your cash!”

Plant in the spring or beg in the fall

Have you heard about the real story of Lola Penny and Lola Pilar?  If not, let me share with you this inspiring story of Bo Sanchez about two Lolas. I really love this story. It’s actually the story that keeps me motivated and one of the main contributors why I develop the habit of investing each month for my retirement.

The 1st half of 2014 is almost over so time flies really fast, so act now! As Jim Rohn said: Plant In The Spring Or Beg In The Fall.

The Story of Lola Penny

I have a friend who retired 7 years ago.
Let’s call her Lola Penny. Continue reading “Plant in the spring or beg in the fall”

Old is cool: Reasons why I love my old car

After typhoon Ondoy struck Metro Manila four years ago, we decided to move and rent an apartment in another subdivision because our previous place was heavily flooded. Since our access to the main road is a bit far, my wife and I realized that we need car so we bought a 12-year old car online. Owning a manual transmission car is a very big challenge to me. Why? It’s because I don’t know how to drive! So the car needs to be parked in the street for several months before I can use it. At the time, the idea of investing in stocks has not come to me. In summary, here are the top reasons why I love my old car based on my experience:

It can take me and my family from point A to point B. Like most brand new cars do, my old car takes me and my family safe and sound from one place to the other. Now I don’t have to rush early in the morning to the bus station for the first trip whenever we decide to go to Laguna for a weekend break or a vacation. Continue reading “Old is cool: Reasons why I love my old car”

Do You Want to Earn Thru Dividends or Capital Gains

Just want to share you this sample stocks update from Bo Sanchez’ Truly Rich Club. I’m so excited in the power of compounding in the years to come. I remember the day I told one of my relatives about the dividends I received the first time. He was very excited to know and asked me “how much?” and I answered “well “it’s 200 pesos”. He laugh at me and said “are you excited with that amount”.  But that was 4 years ago. Now it multiplied many times because of my habit of investing month after month after month…  Thanks to the Truly Rich Club team for the motivation and encouragement.  You are doing a great job! Continue reading “Do You Want to Earn Thru Dividends or Capital Gains”

Still afraid investing in stocks?

A lot of people know and heard about the stock market, its benefits over the long term and specially if compared to banks’ offered savings and time deposit accounts. Surprisingly, few people get started investing. I’m also guilty about this. The most common question is: “How and where do I start?”

Knowing where to start investing in the stock market is very important. Most people are stuck to this because they don’t know where and how. I remember 3 years ago when I heard about investing in stocks. Somebody sent me the e-book of Bo Sanchez where he explains the stock smart. Although the book is easy to read, I have run through it many times until convinced myself that I should start it out. Continue reading “Still afraid investing in stocks?”

How to smell a scam away

“Make your money work for you” is a very popular slogan used in scams to attract investors.  Now if you are not aware, chances are you will fall to this trap especially if they promised to give enormous returns over a short period of time that will make you rich quick.  There is a very informative and a real life video from pesos and sense about this where a professor of Adamson University was a victim.  Watch it below:

In the Trulyrichclub, our mentor Bro. Bo Sanchez is giving several tips on how to smell a scam away and how to identify its many faces.  It’s a long article but I think worth your time reading.  Here it is: Continue reading “How to smell a scam away”

How budgeting can alleviate your savings experience

There are many such people who may have been saving for quite a long time now, but to no avail. So, what would you be required to do, in order to can save up more? It is important to have enough savings, so that you can lead a secure retired future. Furthermore, savings is important for emergency situations too. Therefore, you need to take stock of the situation, so that you can save up more than before. The health of your finance depends on how you handle or manage your money.

Improving the budgeting techniques

One of the greatest crucial factors, with regards to effective budgeting is, keeping your expenses lower than that of your income. You will have to set up a goal and work on achieving that. If you have been following a budgeting plan, try to set up a new one. In order to get the things changed, with regards to budgeting, you will have to check the old receipts. These can be the receipts based on rent, mortgage, grocery, insurance and debts or even more. Find out what the past expenses have been, on an average and work on the changes as required.

In addition, you will have to:

  1. Follow separate budgeting techniques – You can start following separate budgeting techniques, for different requirements. Like, you can prepare a separate budget for a week and a separate one for the month. Then, you can use a separate budget for your everyday living, and a separate one for traveling and so on. This may help you in saving up more and from every other aspect of your life.
  2. Set up some savings goals – Set up a proper savings goal, so that you can work towards achieving the same. If you have already been saving, you will have to set an even higher goal standard. If you can achieve the new goal, set an even more stringent one.
  3. Gift yourself if you reach the goal – If you think that you had easily been able to reach the goal, you can gift yourself a small nothing. For example, if you had set up the goal for a month, but if you were able to achieve it within 25 days, you can get a gift for yourself.
  4. Try going frugal – You can try going frugal, if you had not been able to save up lots through simple budgeting techniques. You will have to save on electricity, on gas, on other bills and even on grocery through couping.

These are the ways in which you can obtain more savings and can go on to improve your finances too, in the long run. This may further, help you in avoiding debts and thus you may also see improvement, with regards to your finance and credit rating.