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Monday, January 7, 2013

How to Get Rich this 2015! Secrets and Tips to Guide Pinoys

2015 has kicked off and for sure many of us has fattened savings accounts, fattened bellies and fattened credit card bills.  All because of the big amount of money we received last holiday season, the big volume of food we surely had indulged ourselves with and the big amount of expenses we also may have incurred.

Good for those who were able to save from the windfall and bad for those who incurred more expenses than what they actually earned.
So this new year, it is time to face reality, either with optimism, with negativism or fighting spirit.

For now, let us take a break from all board exam matters and topics.
Just as we have shared late last year, we want to add a new topic to our online page, that is - - 
financial literacy.

You may be asking a big WHY by now.

Well, because we understand the hardwork, rigor and financial burden of finishing your studies and then passing your respective board exams. 

Let us say to you, life does not end finishing your degrees and passing the board exams.  Life actually has just started.  We are pretty sure that you have already heard these lines from your teacher before graduation day.

What’s Next After Board Exams?

Let me tell you that after your board exam or even just after graduation, you are itching to find a job.  And after finding a job, you will soon realize that life is difficult.  That it was better than when you were a student that only receives an allowance from your parents.  Now, you have to work hard, live on a tight budget and even help your parents and your younger sibling in their studies.   
Difficult?  Yes.  But also noble.

But should we stuck ourselves in that situation?

You have the key, you have the choice to free yourself from financial difficulty by starting 2013 right.

Secret and Tips to Getting Rich this 2013       
      Save – if you are still a student, you can already starting saving from the allowance you receive from your parents.  Like if you are receiving 500 or 1000 pesos a week, you can save maybe 10 pesos or 20 pesos per day.  Seems small?  Yes, but if you will do this diligently, instead of buying maybe 30 pesos of load everyday or a bottle of soda everyday, you will be able to save 50 pesos a week; 200 a month and 2,400 a year.  And if you do it for four years as a student, you will have about 9,600 a year!  That is lots of money already saved, that could have only gone down the drain for everyday petty expenses.

No student can find P9,600 off the side of the road on his way to school/

Now, if you are already working, you can save money everyday.  The key is to save at least 10% of your income every month and then live with the remaining money for all your expenses and needs.  The computation therefore is:  income – savings = expenses and not income – expenses = savings.

For example, you are earning about 15,000/month and 10% of it is 1,500 pesos.  If you save 1,500/month, you will have 18,000 after a year.  And doing it for 10 years, you will have 180,000 pesos! 

Others actually go for 20%. 

The key to saving well is discipline and the power of time.  Savings only grow over time.  Time is your friend.

2.    Invest:  Guys, now is a great year to invest!  Why?  Because our economy is doing well.  The stock market is in all-time high once again as it breached the 6,000-mark today.

You can invest in mutual funds, UITF (Unit Investment Trust Fund), stock market and bonds.  Unlike a savings account that will only give about 1% interest per year, investments can give you a better return ranging from 4%-25% per year.  Of course, there is greater risk involved here as these investments are more volatile.  Therefore, the type of investment you will have to enter to depends on your “risk appetite” or the kind of risk you can manage.

Again, time is your friend even in investment.  Even if investments are riskier than having a savings account, return of investment (ROI) is more rewarding the longer you stick to it by following a good investment strategy.

3.    Put up a Business:  Are you studying?  You can find a way to have a business on the side.  Are you working?  You can also put up a business on the side that will give you extra income without hurting your productivity on your work. 

Offline and online business are booming as the economy grows, consumption for services and merchandise also rise.  So better ride the wave folks.  But before plunging yourselves into a business venture, even how small it is, always do your homework.  Study the business you will put up.  Every business is a risk, but all successful businessmen triumphed and got rich because they did a “calculated risk” and so the reward is a hundredfold.

4.    Discipline Yourself:  I am appalled to see on TV an interview of college students who declared themselves to be shopaholics and that the money they spend on buying all the things they like in order for them to be “in” comes from their allowance.  The reporter asked them about saving and they said that they don’t have any savings.  They furthered that they are bothered at saving anything because what they are concerned about is today and that money is used to buy and not to save.

Poor kiddies. 

Don’t be like them.  Why?  Well, you may be splurging today but how about tomorrow.  How about the time when your parents are gone?  How about the time when you will have your own families and you still have that same mentality?  How about when you already grow old and sickness is going to catch up on you?  Where will you get the financial strength you need in all these episodes of your life?

That is something that we should learn from the diligence of ants.  They save during summer in order for them not to beg during winter. 

So discipline is the key and add up financial literacy, and it will be the great mixture for financial freedom and success.

Buy only what you need.  You can buy some “wants” but this should not be always the case. 

Watch your expenses and make sure that what you earn is bigger that what you spend.  Don’t rely on credit cards.  Buy using cash and stick to your budget.

Are the things we shared something new?

Of course not!

They are still tips and secret as always because many people tend not to give so much importance and credence to them.  Getting rich is not a quick thing.  It is a slow tedious, disciplined process.

Every year, these are the same tips and reminders given to people but only a few take them to heart.  Those who took them to heart, they got rich.  And those who did not, well, maybe are still puzzled on what to do with life and their finances…and maybe getting desperate as time is running out on them.

To those who are graduating and just passed the board exam, take these things to heart as time is still on your side.

And for those who are already working, these tips will surely help you out in order to find financial freedom in the years to come.

Image credit: 123rf.com

Want to change your mindset from poverty into prosperity? Want to grow financially and at the same spiritually? Want to be financially secured and be able to help more people and loved ones? Join the Truly Rich Club now! And receive lots of Blessings!


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