3 Things Needed to be Financially Independent

Yesterday, I had a chance to meet 19 prospective Filipino overseas workers. I presented the session on "Financial Management", part of their Pre-Departure Orientation Seminar (PDOS). PDOS is a requirement every OFW have to go through to prepare them for their life overseas.


Three things were suggested in order to be financially independent.
1. Plan. We need to plan. Plan that is not just stored in our minds but a written plan, which covers education, house and investment or business. A written plan is better than one that is imagined. A written plan stimulates your thinking resulting in a better and doable goals. You can also refer to it every now and then and make adjustments when needed.


2. Save. Save at least 20% of your income. Treat this savings as an expense, which means you deduct it first. The formula goes this way: Income - Savings = Expense. The common formula, Income - Expense = Savings, doesn't work.


3. Invest. Invest your savings in order for your money to make more money. Savings must be converted to assets to increase income. Unfortunately, many OFW still need help in this area. There is a need to be financially literate.


The road to success is set for these batch of OFW going to Japan. They are excited with the prospect of making more money but more importantly, in the idea that they must be financially literate to efficiently manage their resources. Like them, we must make a decision to be financially literate in order to be financially independent.


To your debt-free life,
Jimmy

3 Practical Steps to Getting Out of Credit Card Debt

I like what I saw the other day on Channel 5's  SAPUL SA SINGKO morning show. They have a segment dedicated to FINANCIAL FREEDOM AND MONEY. The hosts were Amy Perez and Chinky Tan, author of "Till Debt Do Us Part".  
Money, to most of us, is a vital commodity. Without money, you'll have a hard time making things happen. Without money, you can't pay your basic bills like electricity, water, telephone and other equally important bills. With money, you can do a lot of things including helping people in their time of need.


So there I was, a bit sleepy coming out of a restful night, when I switched the TV on to SAPUL and saw Chinky Tan reading the letter of a sender who was asking help on how to be financially free and how to eliminate her mounting credit card debt. I really appreciate Sapul sa Singko for including this segment because I believe it will help a lot of people get out of credit card debt.

Here are 3 practical steps they advised the letter sender:
1. Don't pay the MINIMUM AMOUNT  DUE only. TRIVIA: it will take you 36 years to fully pay your credit card debt if you pay the minimum amount due ONLY. Doesn't look good isn't it? Pay more than the minimum amount due!


2. Don't use your credit card to purchase new items, specially BIG Ticket items like appliances (TV, ref, washing Machine, etc.). USE CASH to buy anything you need. (if I may add, if you want to buy big ticket items, save money for it and buy it only when you have saved for it)

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3. Look for additional INCOME to increase your earnings. Your income should always be greater than your expenses. Chinky Tan says: don't over-spend (cause of debt). It's time to get out of debt by under-spending.


To your debt-free life,
Jimmy


P.S. Be wise! Commit to a budget and stick with it.

Get Ready for Abundance!

Do you want to be free from debt and financial stagnation? Here's one seminar that will change your life. They say that if you want to be successful, learn from a successful person. I believe that we do not need to go through the mistakes we will commit if we do things our own way. We can avoid a lot of mistakes and hard aches if we follow and learn from those who have gone before us. 


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One successful person who have been there, done that is no other than Bo Sanchez. He's been in debt and even lost a lot of money on bad business deals. But that didn't stop him from being one of the successful entrepreneurs of our time. Today, he conducts the famous HOW TO BE TRULY RICH SEMINAR. This seminar will free you from financial stagnation and rescue you from years of financial misery.Do you know that 90% of your money problems are mind problems? Through Bo Sanchez’ transformational How To Be Truly Rich Seminar, you’ll learn how to solve your money problems by first solving your mind problems. Bo will take you through the journey towards what you deeply desire: True financial and spiritual freedom. Yes, it’s possible to get out of debt and earn passive income. It’s possible to become wealthy so you could start sharing your wealth to others.

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So here it is, you can be one of those who wants to be financially free. I’m inviting you to join Bo Sanchez in his How To Be Truly Rich Seminar. It will change your financial thinking—which will change your financial habits—thereby changing your financial life. Yes, the Seminar will bless you. 


To your debt free life,
Jimmy


P.S. Join now by signing up. The seminar fee has been marked down from P8,000 to ONLY P497 per person (first come first serve). The date is May  14,  (Sat) at 8:30 am - 12 noon.

Winning Over Debt By Changing the Way You Think

I graduated from college because my parents decided they would do everything to finance my schooling. I graduated from one of the finest schools in the country; Mapua Institute of Technology (thought you might want to know). But, here’s the thing, they did it by borrowing money from their friends and relatives. As a result, they ended up in debt, financially and emotionally. I will forever be grateful to my dad and mom for their support and commitment to give us the best education.

In debt even before they leave

Like them, many are also going through the same process in making both ends meet just to see their children finish school. I know this because I meet them every day. You see, I teach “Work Ethics and Values” seminar in our company, Uno Overseas Placement, Inc. We send out workers to Japan as Technical Interns. One thing common to these Interns is that they go into debt even before they leave for Japan. This is disheartening to say the least.

Connecting to the right people 

When I came across the teachings of Bo Sanchez and later joined his Truly Rich Club, I made it my goal to impart the principles I’ve learned to our interns. I love sharing with them these principles because I have seen the effects of these in my own life. Today, I have almost eliminated my credit card debts.  The first thing that Bo teaches is the renewing of our minds. Changing the way we think. Bo said, “Unless You Get Consistently Immersed In a New Way of Thinking, You Won’t Change!” 

People in debt could not think positively because they are in bondage to fear, worry and anxiety. The more they think about their debt, the more they sink deeper into it. Their ability to change the way they think is impaired.

A new mind set

In order to change the way we think, we have to renew our minds. Bo does this by supplying us with positive, encouraging words. In TrulyRichClub, we are fed daily with God Whispers, Soulfoods and lessons on how to create additional income streams. I love it when I receive my daily dose of encouraging words that renew my mind.  Because of my involvement with Bo, I also came to know Jomar, his mentor in internet marketing (but that is another story, which I will tell you in my next letter). Bo says that in order to change your life, you need to get rid of your poverty mindset and gain a wealth mindset. He has learned how to change mindsets: Through the simple act of repetition.  Because repetition is the mother of all skill.  By constantly immersing one’s mind with a new way of thinking, a new mindset is formed. This was the reason why Bo created TrulyRichClub membership.

Opportunity, not Security

Opportunities! Look for opportunities in your daily situations and problems. It was Gen. Douglas MacArthur who said, “There is no security on this earth, there is only opportunity.”  When we change the way we think, we begin to see opportunities. The Bible tells us that “As a man thinks in his heart, so is he.” If you think you are a winner, then you will be one. If you think you are a loser, then you will be one. In our “Managing our Resources”, a topic we teach our interns in our values seminar at Uno Overseas Placement, they learn how to do a simple home budget. This is the first step towards putting their financial house in order and this will lead to living a debt-free life.

To your debt-free life,
Jimmy Ching

P.S. If you are reading this and would like to gain financial freedom and released from your debt, why not try TrulyRichClub! When I did, I felt like entering into a new dimension of opportunities and possibilities, limitless possibilities. It is worth it! Remember: The only thing permanent in this world is change!