Saturday, September 10, 2011

3 things I Would Do To Be Financially Free

I am excited to see young people think outside the box. What do I mean? Well, I have been teaching our children how to be financially literate. The schools they have gone did not teach them how to be financially free and think like a businessman. But it seems it is easier said than done. They are more focused on their jobs and building their careers. They are  fearful to step out of their comfort zone, their good employment. Understandable.

I have been there before. I know the feeling of the security my job gave me before. I've worked for two multi-national companies for 21 years. And you know what, I was successful. However, looking back, I had moments when I thought of starting my own business or investing because I knew my job can't and will not provide for me indefinitely. But I hesitated because I don't what to do and I was enjoying the fruit and benefits of my job,which was financially rewarding.

Looking back, and if I were to do it again, I would do three things to define and strengthen my financial stability:

1. Saved with a purpose. I was saving but not with a definite goal. Saving money with no plan or defined purpose is pointless because it will disappear every time the wind blows “unexpected expenses” your way.  It’s like running a race without knowing where the finish line is… you run but never get anywhere because you don’t know what direction you’re heading. 

2. Be financially literate. I was so focused on my job I forgot to equipped myself to be financially literate. I depended on others to teach me how to make my money make more money. I depended on my bank who could only suggest to put my money in a "time deposit", while I have no use for it. If only I knew what I know now, it could have been a different outcome. Today, I tell young people to read Robert Kiyosaki's "Rich Dad, Poor " to be financially literate. I started that way and I am still learning.

3. Invest, invest, invest. I wasn't thinking like an investor. I had the mindset of an employee. I could have placed my money in  ventures that would have given me more returns. Today, there are many opportunities to do that.
I know you can identify with my experience. If you are thinking to be financially free it is about time to start thinking about being financially literate. Buy books, get into seminars whatever it takes, equip yourself. If you have no savings, now is the time to start.If you have been saving but have not goals or plan for the money, now is the time to start saving with purpose. Lastly, try investing. 

To your debt-free life,

P.S. I have benefited a lot from Bo Sanchez' Truly Rich Club. He teaches us to invest in stocks. He even had his maids invest in stocks to prove that if they can do it, we to can.

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