If there is anything that is emotionally charged in this world, it would have to be the thing that we call Money.
Technically speaking, Money is different from Currency. Money is a medium of exchange possessing in itself an intrinsic value. Currency is the paper that our government prints out that represents (note the word)value, in the case of the US and the Philippines, it can be something as intangible as 'trust' or the 'goodwill' of it's people. Currency comes from the root word 'current', it must continue to move or it will become extinct.
Is having to much currency the solution to every problem? Is the mere possession of currency qualify one to become rich ?
Take for instance famous & high paid movie stars, boxers or athletes. We can often hear stories about the glory days and eventually the 'riches to rags' stories.
The answer to both queries is NO. Having too much currency is in fact disadvantageous since it has the tendency to lead the individual to what I call, 'imagination paralysis.' Based on experience and from the experience of others, having too much currency can cause financial IQs to go down.
A rich mindset is developed through experience, following a small steady plan of self-education and application and having the willingness to go through the ups and downs of a business and knowing to ride waves. The process of getting rich starts in one's own mind and does not start in the pockets. The process of knowing how to make money will help one become truly wealthy
Click Here to Read More...
by NOOBPRENEUR on FEBRUARY 22, 2009
Being an entrepreneur is easy. What make entrepreneurship hard is because it involves money, either yours or other people’s.
If you play an entrepreneurship game - board game or computer game - you can risk your money rather easily due to the fact that it is ‘replayable’. If you lost, try again, and again.
In real life, the game is not ‘replayable’. Real life is a one way journey (unless you’ve already invented time machine!)
In real life, every money decision involves risks, and minimising the risks, unfortunately, need strong financial intelligence.
One last thing - in real life, minimising the risks through control mechanisms will eventually bring success or failure to you.
Having the right financial knowledge helps you averse risks and avoid bankruptcy.
Having the right financial knowledge keeps your money in sight, and every cent will go into or out from your pocket within your tight supervision… and control.
Where to seek the right financial knowledge
When I mention financial intelligence, I’m not talking about financial intelligence through formal financial education, i.e. in colleges. I’m talking about financial knowledge that is acquired through applied education - seminars, courses, mentorship and, of course, knowledge from getting your own hands dirty.
Formal financial education is important. But in my opinion, informal, applied education is more important.
Sadly, many entrepreneurs lack financial knowledge
It is unfortunate to learn that my fellow entrepreneurs lack financial knowledge. I’m not talking about advance knowledge. I’m talking about simple, basic, knowledge.
Understanding your balance sheets and financial statements are essential to run your business. Trusting them to your staffs is nice, but understand them yourself help you control risks, while giving you better view on your business.
When hard times hit, such as today’s recession, the financial knowledge is the one that make or break your business. Unfortunately, entrepreneurs often forget about this and realise the importance of financial knowledge when it’s all too late. I have to admit, this is my case, too.
I have to close my businesses due to lack of financial knowledge, and I promise that I will not let my business slips past me anymore.
I’ve been near bankruptcy myself and survive. I hope you survive, too, even thrive! It’s never too late - learn as much as you can about finance. You’ll see that, eventually, what you know will save you from financial adversity.
Ivan Widjaya
Finance is a lifelong education
*Financial Education leads to financial intelligence and the more we teach ourselves the subject of business and investing, the more risks is minimized and controlled. Click Here to Read More...
Being an entrepreneur is easy. What make entrepreneurship hard is because it involves money, either yours or other people’s.
If you play an entrepreneurship game - board game or computer game - you can risk your money rather easily due to the fact that it is ‘replayable’. If you lost, try again, and again.
In real life, the game is not ‘replayable’. Real life is a one way journey (unless you’ve already invented time machine!)
In real life, every money decision involves risks, and minimising the risks, unfortunately, need strong financial intelligence.
One last thing - in real life, minimising the risks through control mechanisms will eventually bring success or failure to you.
Having the right financial knowledge helps you averse risks and avoid bankruptcy.
Having the right financial knowledge keeps your money in sight, and every cent will go into or out from your pocket within your tight supervision… and control.
Where to seek the right financial knowledge
When I mention financial intelligence, I’m not talking about financial intelligence through formal financial education, i.e. in colleges. I’m talking about financial knowledge that is acquired through applied education - seminars, courses, mentorship and, of course, knowledge from getting your own hands dirty.
Formal financial education is important. But in my opinion, informal, applied education is more important.
Sadly, many entrepreneurs lack financial knowledge
It is unfortunate to learn that my fellow entrepreneurs lack financial knowledge. I’m not talking about advance knowledge. I’m talking about simple, basic, knowledge.
Understanding your balance sheets and financial statements are essential to run your business. Trusting them to your staffs is nice, but understand them yourself help you control risks, while giving you better view on your business.
When hard times hit, such as today’s recession, the financial knowledge is the one that make or break your business. Unfortunately, entrepreneurs often forget about this and realise the importance of financial knowledge when it’s all too late. I have to admit, this is my case, too.
I have to close my businesses due to lack of financial knowledge, and I promise that I will not let my business slips past me anymore.
I’ve been near bankruptcy myself and survive. I hope you survive, too, even thrive! It’s never too late - learn as much as you can about finance. You’ll see that, eventually, what you know will save you from financial adversity.
Ivan Widjaya
Finance is a lifelong education
*Financial Education leads to financial intelligence and the more we teach ourselves the subject of business and investing, the more risks is minimized and controlled. Click Here to Read More...
Not to sound bias or unpatriotic, there is a lot that we can learn from other cultures that have a better orientation towards money. We can always learn from our Chinese and Spanish counterparts who have such great enterprising spirits. To further give sound proof of this, let us refer to the wealthiest individuals in the Philippines, many of whom are Chinoys:
1.Henry Sy & family
Founder of the Largest Retailer in the Philippines, SM Prime Holdings
Net Worth 2008: US$ 3.1 billion
Net Worth 2007: US$ 1.7 billion
Net Worth increased by US$ 1.4 billion
Age: 83
2.Lucio Tan & family
Controls Eton Properties Philippines, Philippine National Bank, Fortune Tobacco, Asia Brewery, Tanduay Holdings, Philippine Airlines, Allied Bank, the Philippines, University of the East and more
Net Worth 2008: US$ 1.5 billion
Net Worth 2007: US$ 1.6 billion
Net Worth decreased by US$ 100 million
Age: 74
3.Jaime Zobel de Ayala & family
From 1984 to 1994, he is the president and chairman of Ayala Corporation. Currently, his son, Fernando Zobel, is president of the corporation and his eldest son, Jaime Augusto Zobel de Ayala II, holds chairman and CEO
Net Worth 2008: US$ 1.2 billion
Net Worth 2007: US$ 2 billion
Net Worth decreased by US$ 800 million
Age: 74
4.Andrew Tan
He runs companies such as Alliance Global Group Inc, Megaworld Corporation, Emperador Distillers Incorporation and Golden Arches Development Corporation
Net Worth 2008: US$ 700 million
Net Worth 2007: US$ 1.1 billion
Net Worth decreased by US$ 400 million
Age: 57
5.Tony Tan Caktiong & family
Founder and Chief Executive Officer of Jollibee
Net Worth 2008: US$ 690 million
Net Worth 2007: US$ 790 million
Net Worth decreased by US$ 100 million
Age: 58
6.John Gokongwei Jr. & family
Chairman of JG Summit Holdings and controls companies such as Cebu Pacific Air and Universal Robina Corporation
Net Worth 2008: US$ 680 million
Net Worth 2007: US$ 430 million
Net Worth increased by US$ 250 million
Age: 81
7.Eduardo Cojuangco Jr.
CEO of San Miguel Corporation
Net Worth 2008: US$ 610 million
Net Worth 2007: US$ 540 million
Net Worth increased by US$ 70 million
Age: 73
8.Enrique Razon Jr.
President and Chairman of ICTSI (International Container Terminal Services)
Net Worth 2008: US$ 525 million
Net Worth 2007: US$ 820 million
Net Worth decreased by US$ 295 million
Age: 48
9.George Ty & family
Founder of Metropolitan Bank and Trust Company (Metrobank) who also hold shares from Bank of the Philippine Islands (BPI) and Philippine Savings Bank(PSB)
Net Worth 2008: US$ 435 million
Net Worth 2007: US$ 870 million
Net Worth decreased by US$ 435 million
Age: 75
10.Inigo & Mercedes Zobel
He is the chairman of Business World Publishing, chairman and president of E. Zobel, Inc., director of Mermac, Inc., president of Ayala International España, and president of Diamond Star Agro Products, Inc.
Net Worth 2008: US$ 430 million
Net Worth 2007: US$ 660 million
Net Worth decreased by US$ 230 million
11. Manuel Villar
He is the former Senate President of the Philippines who established Palmera and Camella Homes.
Net Worth 2008: US$ 425 million
Net Worth 2007: US$ 940 million
Net Worth decreased by US$ 515 million
Age: 58
12.Emilio Yap & family
Holds and runs Manila Hotel Corporation, USAUTOCO, Inc., Philtrust Realty Corporation, Philtrust Bank, Manila Bulletin Publishing Corporation, U.S. Automotive Co., Inc., Philippine President Lines Inc. and Centro Escolar University (CEU)
Net Worth 2008: US$ 420 million
Net Worth 2007: US$ 445 million
Net Worth decreased by US$ 25 million
Age: 82
With this list, these Filipinos have proven that there are a lot of business opportunities in the Philippines. It just takes a trained and prepared mind to see money making opportunities.
It has always sounded strange to me to hear a widespread belief among many that being an entrepreneur is INBORN or something that you are born with. This has to be one of the most absurd ideas of all time. An Entrepreneur is born in his mind. As soon as one takes charge of thoughts about money as it is connected to emotional and spiritual values, one would be able to see that being an Entrepreneur can be nurtured within, through the development of skills and attributes. Click Here to Read More...
1.Henry Sy & family
Founder of the Largest Retailer in the Philippines, SM Prime Holdings
Net Worth 2008: US$ 3.1 billion
Net Worth 2007: US$ 1.7 billion
Net Worth increased by US$ 1.4 billion
Age: 83
2.Lucio Tan & family
Controls Eton Properties Philippines, Philippine National Bank, Fortune Tobacco, Asia Brewery, Tanduay Holdings, Philippine Airlines, Allied Bank, the Philippines, University of the East and more
Net Worth 2008: US$ 1.5 billion
Net Worth 2007: US$ 1.6 billion
Net Worth decreased by US$ 100 million
Age: 74
3.Jaime Zobel de Ayala & family
From 1984 to 1994, he is the president and chairman of Ayala Corporation. Currently, his son, Fernando Zobel, is president of the corporation and his eldest son, Jaime Augusto Zobel de Ayala II, holds chairman and CEO
Net Worth 2008: US$ 1.2 billion
Net Worth 2007: US$ 2 billion
Net Worth decreased by US$ 800 million
Age: 74
4.Andrew Tan
He runs companies such as Alliance Global Group Inc, Megaworld Corporation, Emperador Distillers Incorporation and Golden Arches Development Corporation
Net Worth 2008: US$ 700 million
Net Worth 2007: US$ 1.1 billion
Net Worth decreased by US$ 400 million
Age: 57
5.Tony Tan Caktiong & family
Founder and Chief Executive Officer of Jollibee
Net Worth 2008: US$ 690 million
Net Worth 2007: US$ 790 million
Net Worth decreased by US$ 100 million
Age: 58
6.John Gokongwei Jr. & family
Chairman of JG Summit Holdings and controls companies such as Cebu Pacific Air and Universal Robina Corporation
Net Worth 2008: US$ 680 million
Net Worth 2007: US$ 430 million
Net Worth increased by US$ 250 million
Age: 81
7.Eduardo Cojuangco Jr.
CEO of San Miguel Corporation
Net Worth 2008: US$ 610 million
Net Worth 2007: US$ 540 million
Net Worth increased by US$ 70 million
Age: 73
8.Enrique Razon Jr.
President and Chairman of ICTSI (International Container Terminal Services)
Net Worth 2008: US$ 525 million
Net Worth 2007: US$ 820 million
Net Worth decreased by US$ 295 million
Age: 48
9.George Ty & family
Founder of Metropolitan Bank and Trust Company (Metrobank) who also hold shares from Bank of the Philippine Islands (BPI) and Philippine Savings Bank(PSB)
Net Worth 2008: US$ 435 million
Net Worth 2007: US$ 870 million
Net Worth decreased by US$ 435 million
Age: 75
10.Inigo & Mercedes Zobel
He is the chairman of Business World Publishing, chairman and president of E. Zobel, Inc., director of Mermac, Inc., president of Ayala International España, and president of Diamond Star Agro Products, Inc.
Net Worth 2008: US$ 430 million
Net Worth 2007: US$ 660 million
Net Worth decreased by US$ 230 million
11. Manuel Villar
He is the former Senate President of the Philippines who established Palmera and Camella Homes.
Net Worth 2008: US$ 425 million
Net Worth 2007: US$ 940 million
Net Worth decreased by US$ 515 million
Age: 58
12.Emilio Yap & family
Holds and runs Manila Hotel Corporation, USAUTOCO, Inc., Philtrust Realty Corporation, Philtrust Bank, Manila Bulletin Publishing Corporation, U.S. Automotive Co., Inc., Philippine President Lines Inc. and Centro Escolar University (CEU)
Net Worth 2008: US$ 420 million
Net Worth 2007: US$ 445 million
Net Worth decreased by US$ 25 million
Age: 82
With this list, these Filipinos have proven that there are a lot of business opportunities in the Philippines. It just takes a trained and prepared mind to see money making opportunities.
It has always sounded strange to me to hear a widespread belief among many that being an entrepreneur is INBORN or something that you are born with. This has to be one of the most absurd ideas of all time. An Entrepreneur is born in his mind. As soon as one takes charge of thoughts about money as it is connected to emotional and spiritual values, one would be able to see that being an Entrepreneur can be nurtured within, through the development of skills and attributes. Click Here to Read More...
All of us have different opinions about money. Some would say that discussing money is a carnal sin and others would declare that Money- is the root of all evil. There is this taboo about money and it's power and yet we all use it, love the buying power it provides and apparently for the majority, abuse it.
By learning our relationship with money and educating ourselves about it, Money can become our friend or foe, a task master or freedom-giver or it could simply keep us in denial.
Whether we like it or not, money will always be something that we will use for the rest of our lives. We can replace in our psyche, the lack of money is the root of all evil.
On our journey towards building a successful enterprise, understanding our relationship with money and changing our thoughts about it are vital. Our businesses are an extension of our minds and whatever values that we have regarding money can be enhanced. Click Here to Read More...
By learning our relationship with money and educating ourselves about it, Money can become our friend or foe, a task master or freedom-giver or it could simply keep us in denial.
Whether we like it or not, money will always be something that we will use for the rest of our lives. We can replace in our psyche, the lack of money is the root of all evil.
On our journey towards building a successful enterprise, understanding our relationship with money and changing our thoughts about it are vital. Our businesses are an extension of our minds and whatever values that we have regarding money can be enhanced. Click Here to Read More...
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