In furthering our financial education, we need to understand the different types of income. The best-selling author Robert Kiyosaki puts it this way in very simple terms:
a. EARNED INCOME- produced by you physically working.
b. PASSIVE INCOME- produced by your money working FOR you.
c. PORTFOLIO INCOME- produced by paper assets, royalties or from a procedure.
Among the 3 types of income, EARNED income takes the most energy and is not leveraged (meaning there is a limit to what you can do, physically). PASSIVE & PORTFOLIO Income gives the person monetary benefits without having to work physically.
Much of what the Philippine school system teaches is about Earned Income. People are nurtured by the system to become employees rather than to take on the challenging hum drum of creating their own enterprising careers. It is not to say that being an employee and having earned income is bad, all I am saying is that, there is in existence other forms of income that one can grow into.
The mere presence of the other kinds of income is likened to discovering new destinations and areas of exploration. When we set goals as to where we want to derive our income from, having knowledge of the different kinds of Income will help us make wiser choices with our money and postponing our wants and become more smarter with our hard earned money.
It is also possible to derive income from the ALL the income sources. Like they say, the more the merrier!
Click Here to Read More...
It does not take Money to MAKE Money
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If the lack or absence of capital is indeed the hindrance to starting your own enterprise then consider the following TRUE STORY:
In the year 2004 Mr. F, retired from his position as a Regional Manager of a Big Bank. As a reward for his long, hard years of service, the company offered him 17 Million pesos as a separation fee (yes,you heard it right- 17 Meelyuun).
Days after receiving this retirement fund, Mr. F, decided to buy one son a high end 4X4 Vehicle, which, if I can recall correctly, was a Brand New Mitsubishi Pajero (check the market price). For the purpose of appeasing sibling rivalry, he bought the younger son also another 4X4 Vehicle, which if I can recall correctly was a Toyota Hi-lux (check the market price). Mr. F also decided to build a 4 Million house, telling himself that it was high time for him to enjoy 'the good life'.
After constantly telling this to himself, one expensive expenditure led to another and the golf games became too many. This too lavish lifestyle took it's financial toll and ss of April 2009, Mr. F's savings have gone down amazingly from 17 Million in the year 2004 to merely just 300,000 pesos at the present time. This would have been a great scenario if the 16.7 Million pesos were exposed to investments and businesses that could have otherwise provided much cash flow to Mr.F's financial statements, but this has not happened. Simply put, Mr.F spent Php 9151.00 Pesos EVERYDAY since he received that huge amount of money.
Although Mr. F held a very reputable position in his bank, he has demonstrated 'poor' management of personal money, as evidenced by uncontrolled spending habits. His financial literacy was not at par with his golfing game, which he did more often and did better. This instant 'presence' of wealth went through the head and directly to the roof. Here is an individual who had tons of money, little financial understanding (regardless of age and experience) and who had no financial plan whatsoever.
This true account is one of those stories that makes you 'sigh' in disbelief. All that money placed in liabilities that go down in value day after day, month after month makes you want to think twice about the delusion that it takes money to make money. Click Here to Read More...
In the year 2004 Mr. F, retired from his position as a Regional Manager of a Big Bank. As a reward for his long, hard years of service, the company offered him 17 Million pesos as a separation fee (yes,you heard it right- 17 Meelyuun).
Days after receiving this retirement fund, Mr. F, decided to buy one son a high end 4X4 Vehicle, which, if I can recall correctly, was a Brand New Mitsubishi Pajero (check the market price). For the purpose of appeasing sibling rivalry, he bought the younger son also another 4X4 Vehicle, which if I can recall correctly was a Toyota Hi-lux (check the market price). Mr. F also decided to build a 4 Million house, telling himself that it was high time for him to enjoy 'the good life'.
After constantly telling this to himself, one expensive expenditure led to another and the golf games became too many. This too lavish lifestyle took it's financial toll and ss of April 2009, Mr. F's savings have gone down amazingly from 17 Million in the year 2004 to merely just 300,000 pesos at the present time. This would have been a great scenario if the 16.7 Million pesos were exposed to investments and businesses that could have otherwise provided much cash flow to Mr.F's financial statements, but this has not happened. Simply put, Mr.F spent Php 9151.00 Pesos EVERYDAY since he received that huge amount of money.
Although Mr. F held a very reputable position in his bank, he has demonstrated 'poor' management of personal money, as evidenced by uncontrolled spending habits. His financial literacy was not at par with his golfing game, which he did more often and did better. This instant 'presence' of wealth went through the head and directly to the roof. Here is an individual who had tons of money, little financial understanding (regardless of age and experience) and who had no financial plan whatsoever.
This true account is one of those stories that makes you 'sigh' in disbelief. All that money placed in liabilities that go down in value day after day, month after month makes you want to think twice about the delusion that it takes money to make money. Click Here to Read More...
Starting a good business entails a lot of emotional discipline, good old fashioned persistence and a lot of 'not so common sense'. Although you need a lot of words in your financial vocabulary, but the basics like 'gross income', 'cost of goods', 'cashflow' and their proper meanings will do, you need not talk like a Big Business Guru and sound complicated to be in business.
If you can decide to do the following, then the chances for succeeding in a venture will be highly probable:
1. KNOWING HOW TO SELL- this is the first crucial step in being able to operate a business, you might have the prettiest stall or the nicest office in the block, but if you can't sell, then nothing really happens. Sales is the blood of businesses and 'nothing happens unless someone sells something'.
2. CREATING A SYSTEM or A PROCEDURE THAT SELLS- In the Philippines, there is a lot of confusion about 'selling' and 'being in business'. We often hear people say "Nagbebenta ako ng ______, sideline ko na negosyo". Selling is a skill and is part of a business but not the business per se. Selling is a very important skill but if the selling stops when you are not physically there then steps can be made to take the process 1 step higher. A business on the other hand, sells via procedures or strategies that have been developed to enable the owner to sell even without being there. This is where the word Marketing comes from--selling via a set of systems placed. It is good to know where we are really at so that we can take steps to 'automate' ourselves.
3. IMPROVING THE SYSTEM- it takes time and money to develop a system for a little business so this will entail lots of patience. Even very simple instructions to employees need time and reminders to set in. In placing strategies, one needs persistence and continuous trial and error until it gets done right.
4. AN ENTREPRENEUR is a micro company in itself-- start your business like it is already a big company (except the salaries of course!). You will have to practice being the Financial manager, Human resource, operations manager etc., until such time that the business can afford to have these people on board.
Remember there are NO risky businesses, ONLY RISKY BUSINESS PEOPLE. You are a reflection of your business entity. Continuous learning in this section will help eliminate the riskiness found in all of us.
If you know someone who is starting a venture please refer this site to them, you might be doing them a huge favor and it might just save them from errors that could otherwise be prevented. Click Here to Read More...
If you can decide to do the following, then the chances for succeeding in a venture will be highly probable:
1. KNOWING HOW TO SELL- this is the first crucial step in being able to operate a business, you might have the prettiest stall or the nicest office in the block, but if you can't sell, then nothing really happens. Sales is the blood of businesses and 'nothing happens unless someone sells something'.
2. CREATING A SYSTEM or A PROCEDURE THAT SELLS- In the Philippines, there is a lot of confusion about 'selling' and 'being in business'. We often hear people say "Nagbebenta ako ng ______, sideline ko na negosyo". Selling is a skill and is part of a business but not the business per se. Selling is a very important skill but if the selling stops when you are not physically there then steps can be made to take the process 1 step higher. A business on the other hand, sells via procedures or strategies that have been developed to enable the owner to sell even without being there. This is where the word Marketing comes from--selling via a set of systems placed. It is good to know where we are really at so that we can take steps to 'automate' ourselves.
3. IMPROVING THE SYSTEM- it takes time and money to develop a system for a little business so this will entail lots of patience. Even very simple instructions to employees need time and reminders to set in. In placing strategies, one needs persistence and continuous trial and error until it gets done right.
4. AN ENTREPRENEUR is a micro company in itself-- start your business like it is already a big company (except the salaries of course!). You will have to practice being the Financial manager, Human resource, operations manager etc., until such time that the business can afford to have these people on board.
Remember there are NO risky businesses, ONLY RISKY BUSINESS PEOPLE. You are a reflection of your business entity. Continuous learning in this section will help eliminate the riskiness found in all of us.
If you know someone who is starting a venture please refer this site to them, you might be doing them a huge favor and it might just save them from errors that could otherwise be prevented. Click Here to Read More...
It sounds so common we often get paralyzed by it.
'wala man akong pera pang-negosyo' or
'kelangan ko ng puhunan' or
'dapat ako may xxx na pondo para makapagtayo' ng negosyo.
You hear these all the time, though there may be some truth to it, BUT it is NOT the complete truth. Money alone is not a hindrance to starting your entrepreneurial venture.
Much money at most instances can cause us to be dumb and fumble in making decision making in business. I knew a person once who received 1.5M a decade back or so from a real estate deal, but lost it all within a few months. The business world is too unforgiving to the unprepared mind who believes that having the money at the onset would guarantee success. It's the thing between your ears (your mind) that will help you be creative enough to succeed in business, but you need further training & education. The way I see it, there are 3 kinds of start up businesses:
1. The one who BUYS a Business (Franchisee)- has cash but wants to duplicate an existing system
2. The one who INHERITS a Business- business-minded parents giving away to their seed
3. The one who STARTS the Business- the one with seed money
4. The one who STARTS the Business- the one with LESS funds
These categories are arranged according to difficulty and the hardest being No.4--the one who starts the Business with less funds. But if you apply the rule of nature which states "That which is easy has a tendency to become difficult, that which is difficult has also a tendency to become easy." The choice becomes clear. The odds for all levels are varied and the rewards as well.
You are an immediate prototype of your business. As truthful as a reflection in a mirror can be, we can all do well to enhance that reflection though continuous study & application. A good business owner needs working knowledge on the following:
SALES
ACCOUNTING
BUSINESS LAW
That is just to name a few.
You need not be a genius for all areas, but you need to know the basics so that you can objectively gauge your business. Your Academic Business training or profession provided the baby steps, but ultimately you are responsible for further financial education.
There are business rules of thumb that need to be followed which can be guiding principles, most of which can be learned through a educating oneself. Investing in good business books that are written by entrepreneurs can be a great source of information. But nothing can ever take the place of actual application of principles that have been learned that are true.
Your IDEAS are the greatest resource that you will ever have, not money. Click Here to Read More...
'wala man akong pera pang-negosyo' or
'kelangan ko ng puhunan' or
'dapat ako may xxx na pondo para makapagtayo' ng negosyo.
You hear these all the time, though there may be some truth to it, BUT it is NOT the complete truth. Money alone is not a hindrance to starting your entrepreneurial venture.
Much money at most instances can cause us to be dumb and fumble in making decision making in business. I knew a person once who received 1.5M a decade back or so from a real estate deal, but lost it all within a few months. The business world is too unforgiving to the unprepared mind who believes that having the money at the onset would guarantee success. It's the thing between your ears (your mind) that will help you be creative enough to succeed in business, but you need further training & education. The way I see it, there are 3 kinds of start up businesses:
1. The one who BUYS a Business (Franchisee)- has cash but wants to duplicate an existing system
2. The one who INHERITS a Business- business-minded parents giving away to their seed
3. The one who STARTS the Business- the one with seed money
4. The one who STARTS the Business- the one with LESS funds
These categories are arranged according to difficulty and the hardest being No.4--the one who starts the Business with less funds. But if you apply the rule of nature which states "That which is easy has a tendency to become difficult, that which is difficult has also a tendency to become easy." The choice becomes clear. The odds for all levels are varied and the rewards as well.
You are an immediate prototype of your business. As truthful as a reflection in a mirror can be, we can all do well to enhance that reflection though continuous study & application. A good business owner needs working knowledge on the following:
SALES
ACCOUNTING
BUSINESS LAW
That is just to name a few.
You need not be a genius for all areas, but you need to know the basics so that you can objectively gauge your business. Your Academic Business training or profession provided the baby steps, but ultimately you are responsible for further financial education.
There are business rules of thumb that need to be followed which can be guiding principles, most of which can be learned through a educating oneself. Investing in good business books that are written by entrepreneurs can be a great source of information. But nothing can ever take the place of actual application of principles that have been learned that are true.
Your IDEAS are the greatest resource that you will ever have, not money. Click Here to Read More...
The first thing that I would do is Congratulate you for having 10,000 pesos saved up in your account, not many Filipinos are keen savers of their hard earned money.
The first thing that one usually thinks of when there is spare cash (be it 1,000 , 10,000 or 100,000 for that matter) is "Magnenegosyo ako!" Going out the first time, our hero tries to find where to invest his money. Be it a Sari-sari Store, a Lotto outlet, a tapsilogan or a carenderia, we are all interested whether the money does come back with a little interest called profit.
What our hero does not realize is : 9 out of 10 start-up businesses fail in the first year. Sa Tagalog, "Mga Siyam sa loob ng Sampung negosyo na nagsisimula palang ay nasasara o nalulugi sa unang taon ng pagnenegosyo!" (I hope my Filipino teacher is not reading this)
Why do they fail on the first year? It is because of various reasons. Some may blame it on lack of capital, some on management. What our hero does not know is that Setting up and Running a Business is a SKILL. It is what we call na "kakayahan", something that needs to be learned, developed and practiced with appropriate mentors.
It is like riding a bicycle. You would not want to ride a bicycle in EDSA without first practicing intensively now would you? But most of our brothers and sisters, do exactly the same when opening a business. They think the capital will make them smarter when in truth, money is just money and does not have power in itself whatsoever.
Adequate preparation, learning what makes a good business run, understanding Cash Flow and basic accounting procedures and knowing the ins and outs of the business will make one join the 10% that do succeed in the world of business and investing. Click Here to Read More...
The first thing that one usually thinks of when there is spare cash (be it 1,000 , 10,000 or 100,000 for that matter) is "Magnenegosyo ako!" Going out the first time, our hero tries to find where to invest his money. Be it a Sari-sari Store, a Lotto outlet, a tapsilogan or a carenderia, we are all interested whether the money does come back with a little interest called profit.
What our hero does not realize is : 9 out of 10 start-up businesses fail in the first year. Sa Tagalog, "Mga Siyam sa loob ng Sampung negosyo na nagsisimula palang ay nasasara o nalulugi sa unang taon ng pagnenegosyo!" (I hope my Filipino teacher is not reading this)
Why do they fail on the first year? It is because of various reasons. Some may blame it on lack of capital, some on management. What our hero does not know is that Setting up and Running a Business is a SKILL. It is what we call na "kakayahan", something that needs to be learned, developed and practiced with appropriate mentors.
It is like riding a bicycle. You would not want to ride a bicycle in EDSA without first practicing intensively now would you? But most of our brothers and sisters, do exactly the same when opening a business. They think the capital will make them smarter when in truth, money is just money and does not have power in itself whatsoever.
Adequate preparation, learning what makes a good business run, understanding Cash Flow and basic accounting procedures and knowing the ins and outs of the business will make one join the 10% that do succeed in the world of business and investing. Click Here to Read More...
Written by Free Enterprise / George S. Chua
Tuesday, 07 April 2009 18:57
TO MOST people, being an entrepreneur would not even have crossed their minds. After all, who in their right minds would rather come up with the money to give a payroll than to be in it?
This is particularly more so in our society where being a paid professional in a large company is looked upon with much higher regard than just being self-employed. Our government, both local and national, and government agencies like the Bureau of Internal Revenue, the labor department, Social Security System, Pag-Ibig and PhilHealth also make it difficult for an aspiring entrepreneur to go through the process of securing all the permits and licenses to start a business and even more so in complying with the regular reportorial requirements, making regular payments and meeting all the deadlines, not to mention being subjected to all kinds of examinations by a myriad of agencies.
Of course, there are a host of other hurdles in being an entrepreneur. Most people do not even have the money or cannot raise the money to be able to start and run a business. Being an entrepreneur also requires a certain level of management skill, which, again, not everyone has or can be trained for.
An employee works for eight hours and has sick and vacation leave entitlements. An entrepreneur works as long as it needs to get it done even when he is sick, and a vacation is a luxury most start-up entrepreneurs will not be able to afford for a while. Is it any wonder that few dare consider being an entrepreneur?
However, having said all that, should we totally turn our backs to becoming an entrepreneur? Perhaps not, if the conditions are right.
In the Philippines, most entrepreneurs are self-employed individuals without any emplo-yees and this is not what I have in mind. I am talking about setting up a business that has the potential not only to provide you with a livelihood, but a real opportunity in employing a lot of other people and making yourself truly wealthy in the process. If you can do this, you will have truly become a free man, where you work for no one but yourself.
What are the right conditions that would make it worthwhile for someone to consider being an entrepreneur? These are the idea, investment funding, incentive and an inside track. Starting a business means that you need to have an idea of what you want to go into. Of course, this idea must be sound and has a fighting chance to succeed. It would also be nice if the business you are planning to go into is something that interests you, as well.
Investment funding either by using your own capital or sourcing funds from other equity sources or loans is needed to get the business off the ground. Without the capital to start the business, this is just a dream. Hopefully, you would have been smart and fortunate enough to have saved some money for an opportunity like this.
Knowing where and how to get additional funds by attracting people to the viability of your business idea is critical when you have limited funds to start up the business.
Going into your own business with the right idea and funding will only happen if you have the right incentive to do it. Among the most popular incentives for people to go into their own business is dissatisfaction with their salaried jobs. Dissatisfaction could stem from not liking their work, office mates, boss or too much work, too much pressure or simply just burnout.
Of course, losing your job will also force you to take a closer look at taking things into your own hands. Pressure to earn more, family considerations, dreams of greatness and thoughts of mortality could push people out of their comfort zone and into entrepreneurship.
Having an inside track or an advantageous competitive position could be the final push needed to cross the line. This inside track could be due to your training, work experience, circle of friends, family ties or just an amazing opportunity that happens to come your way. With this additional edge, your chance to be a successful entrepreneur could be greatly enhanced, reducing the risk you will have to take to an acceptable level that you would be foolish not to take it.
Waiting for a great opportunity to come your way may leave you waiting forever, which is why, sometimes, we have to make our own opportunities. There is nothing wrong with being an employee, you can have pretty much everything if you end up with the right job for you. Enough money to buy an elegant home, have nice cars, send your kids to the best schools, live and travel well, and have more than enough to retire on.
However, sometimes the desire to be and do more overwhelms us and this is when it might be the right time to visit entrepreneurship. For the Philippines to move up economically, more people will need to become businessmen, maybe you can be the next hero our country needs.
*There is a theory that says that difficult things upon initiation have a great tendency to become EASY in the long run while doing easy things usually end up become DIFFICULT in the long run. Take the case of the Entrepreneur who suffers quite a bit in the setting up of a good business plan and later becomes successful in all aspect. It will be worth it! Click Here to Read More...
Tuesday, 07 April 2009 18:57
TO MOST people, being an entrepreneur would not even have crossed their minds. After all, who in their right minds would rather come up with the money to give a payroll than to be in it?
This is particularly more so in our society where being a paid professional in a large company is looked upon with much higher regard than just being self-employed. Our government, both local and national, and government agencies like the Bureau of Internal Revenue, the labor department, Social Security System, Pag-Ibig and PhilHealth also make it difficult for an aspiring entrepreneur to go through the process of securing all the permits and licenses to start a business and even more so in complying with the regular reportorial requirements, making regular payments and meeting all the deadlines, not to mention being subjected to all kinds of examinations by a myriad of agencies.
Of course, there are a host of other hurdles in being an entrepreneur. Most people do not even have the money or cannot raise the money to be able to start and run a business. Being an entrepreneur also requires a certain level of management skill, which, again, not everyone has or can be trained for.
An employee works for eight hours and has sick and vacation leave entitlements. An entrepreneur works as long as it needs to get it done even when he is sick, and a vacation is a luxury most start-up entrepreneurs will not be able to afford for a while. Is it any wonder that few dare consider being an entrepreneur?
However, having said all that, should we totally turn our backs to becoming an entrepreneur? Perhaps not, if the conditions are right.
In the Philippines, most entrepreneurs are self-employed individuals without any emplo-yees and this is not what I have in mind. I am talking about setting up a business that has the potential not only to provide you with a livelihood, but a real opportunity in employing a lot of other people and making yourself truly wealthy in the process. If you can do this, you will have truly become a free man, where you work for no one but yourself.
What are the right conditions that would make it worthwhile for someone to consider being an entrepreneur? These are the idea, investment funding, incentive and an inside track. Starting a business means that you need to have an idea of what you want to go into. Of course, this idea must be sound and has a fighting chance to succeed. It would also be nice if the business you are planning to go into is something that interests you, as well.
Investment funding either by using your own capital or sourcing funds from other equity sources or loans is needed to get the business off the ground. Without the capital to start the business, this is just a dream. Hopefully, you would have been smart and fortunate enough to have saved some money for an opportunity like this.
Knowing where and how to get additional funds by attracting people to the viability of your business idea is critical when you have limited funds to start up the business.
Going into your own business with the right idea and funding will only happen if you have the right incentive to do it. Among the most popular incentives for people to go into their own business is dissatisfaction with their salaried jobs. Dissatisfaction could stem from not liking their work, office mates, boss or too much work, too much pressure or simply just burnout.
Of course, losing your job will also force you to take a closer look at taking things into your own hands. Pressure to earn more, family considerations, dreams of greatness and thoughts of mortality could push people out of their comfort zone and into entrepreneurship.
Having an inside track or an advantageous competitive position could be the final push needed to cross the line. This inside track could be due to your training, work experience, circle of friends, family ties or just an amazing opportunity that happens to come your way. With this additional edge, your chance to be a successful entrepreneur could be greatly enhanced, reducing the risk you will have to take to an acceptable level that you would be foolish not to take it.
Waiting for a great opportunity to come your way may leave you waiting forever, which is why, sometimes, we have to make our own opportunities. There is nothing wrong with being an employee, you can have pretty much everything if you end up with the right job for you. Enough money to buy an elegant home, have nice cars, send your kids to the best schools, live and travel well, and have more than enough to retire on.
However, sometimes the desire to be and do more overwhelms us and this is when it might be the right time to visit entrepreneurship. For the Philippines to move up economically, more people will need to become businessmen, maybe you can be the next hero our country needs.
*There is a theory that says that difficult things upon initiation have a great tendency to become EASY in the long run while doing easy things usually end up become DIFFICULT in the long run. Take the case of the Entrepreneur who suffers quite a bit in the setting up of a good business plan and later becomes successful in all aspect. It will be worth it! Click Here to Read More...
Early in my business life, a mentor shared his definition of SUCCESS and it was something that went like this: "Success is the fulfillment of worthwhile pre-determined goals." The definition of SUCCESS is important and vital for an individual since it will determine by large how one will measure it.
Most of us, consider success as monetary in value or something that is associated with having much money. That is only one side of the definition of SUCCESS, if you go back to my mentor's definition you will not find a word that is linked to having tons of money and yet it is very clear as to how he will measure his own success.
It would be a little weird if we account our success to having much money since this would mean that the Entrepreneur has run out of ideas on how to let his money circulate in ventures that would create more. Remember that the money we have today is actually a 'currency', from the root word 'current', it must needs circulate or it would die.
Some of us may have heard of comments like this: "Magnenegosyo lang ako kung malaki na ang aking capital!" Again, it boils down to how you define success. The business inertia that stops us from doing and getting into planning, starting and building your own enterprise is very hard to overcome and in my book, I would greatly consider that a great success in the part of the individual.
On the other side of the coin, if I see a business person having too much money in his hands, I would consider that individual as someone who has stunted growth financially since having too much cash on hand will usually mean that one is running out of good business ideas. And what does such an individual do? Buys useless 'doodads', toys or liabilities like a new car, expensive camera etc..Not that these things are bad but they need to be purchased in the right perspective and not as a means to illustrate being 'successful.'
Well, what are you waiting for? Retreat and meditate on the word Success and what it means to you. Click Here to Read More...
Most of us, consider success as monetary in value or something that is associated with having much money. That is only one side of the definition of SUCCESS, if you go back to my mentor's definition you will not find a word that is linked to having tons of money and yet it is very clear as to how he will measure his own success.
It would be a little weird if we account our success to having much money since this would mean that the Entrepreneur has run out of ideas on how to let his money circulate in ventures that would create more. Remember that the money we have today is actually a 'currency', from the root word 'current', it must needs circulate or it would die.
Some of us may have heard of comments like this: "Magnenegosyo lang ako kung malaki na ang aking capital!" Again, it boils down to how you define success. The business inertia that stops us from doing and getting into planning, starting and building your own enterprise is very hard to overcome and in my book, I would greatly consider that a great success in the part of the individual.
On the other side of the coin, if I see a business person having too much money in his hands, I would consider that individual as someone who has stunted growth financially since having too much cash on hand will usually mean that one is running out of good business ideas. And what does such an individual do? Buys useless 'doodads', toys or liabilities like a new car, expensive camera etc..Not that these things are bad but they need to be purchased in the right perspective and not as a means to illustrate being 'successful.'
Well, what are you waiting for? Retreat and meditate on the word Success and what it means to you. Click Here to Read More...
In the past few days, I have been thinking about the word Rich and the context that we, Filipinos place it in. With the poor job that the media (especially Philippine TV) is doing in elevating the mindset of our countrymen, we always see Game shows that involve money being given in large quantities and the concept of getting money into one's hands in a very easy way. These values beset the current generation's attitudes towards money and if this is not tempered, will be transferred to our children's psyche.
It is very common knowledge nowadays that one is deemed rich if one has lots of money. But is this really the only qualification that one needs to be classified 'Rich'. Better yet, is the MERE POSSESSION of money, the only criteria for being Rich?
Not quite. Others have neglected to see that the Rich are also full of bright ideas IN ADDITION TO having money. The Rich are smart and do things in a certain way that produces good financial results, IN ADDITION TO having money. The Rich plan better and have written life goals, IN ADDITION to having money. The Rich think abundantly despite scarce resources, IN ADDITION to having money. The Rich manage finances very well and has lots of LUCK (Labor Under Correct Knowledge), IN ADDITION to having money.
If you haven't realized it yet, money is just AN ADDITION to the Rich Person's mind, action, speech and thinking. It is not money alone that qualifies one to become Rich. One can have lots of money but still think like a POOR person. I am sure that if you trailed the people who won tons of money in WOWOWEE or any game show, most of them if not all have already lost that money and have not put it to good use.
Being Rich starts with the MIND. It is a mindset that is acted in our internal dialogue with ourselves and in the handling of our very own finances. The definition of RICH is therefore not exlusive to the mere possession of money alone. Click Here to Read More...
It is very common knowledge nowadays that one is deemed rich if one has lots of money. But is this really the only qualification that one needs to be classified 'Rich'. Better yet, is the MERE POSSESSION of money, the only criteria for being Rich?
Not quite. Others have neglected to see that the Rich are also full of bright ideas IN ADDITION TO having money. The Rich are smart and do things in a certain way that produces good financial results, IN ADDITION TO having money. The Rich plan better and have written life goals, IN ADDITION to having money. The Rich think abundantly despite scarce resources, IN ADDITION to having money. The Rich manage finances very well and has lots of LUCK (Labor Under Correct Knowledge), IN ADDITION to having money.
If you haven't realized it yet, money is just AN ADDITION to the Rich Person's mind, action, speech and thinking. It is not money alone that qualifies one to become Rich. One can have lots of money but still think like a POOR person. I am sure that if you trailed the people who won tons of money in WOWOWEE or any game show, most of them if not all have already lost that money and have not put it to good use.
Being Rich starts with the MIND. It is a mindset that is acted in our internal dialogue with ourselves and in the handling of our very own finances. The definition of RICH is therefore not exlusive to the mere possession of money alone. Click Here to Read More...
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