Pinoy Business Coach

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http:www.bworldonline.com (click HERE for original article)

FILIPINOS HAVE been working longer hours on average, indicating a greater need for overtime pay and an increase in the amount of work that needs to be done.

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Recently, my brother-in law and fellow blogger (author of Papyular.Com and Earning Student Blogsites) sent me a great offer from one of my favorite authors' RICH DAD website. It is offering BUSINESS AND INVESTING COACHING with the initial steps being free. I thought it was a hoax but decided to register anyway.


The primary information they are giving out to participants is great and powerful that I highly recommend that if you are really serious in developing that keen business sense of yours that you hurry up and sign up for this wild offer. The tools given by the RICH DAD website will enable the participant to understand the basic concepts of money, business and investing. It even has a toolbar where you can download files in different Microsoft Office programs; files that include a FINANCIAL STATEMENT, A DEBT MANAGEMENT STATEMENT, a FINANCIAL PLANNING TOOL, etc. It also will introduce you to becoming rich through your mind first by giving the lessons through power point slideshows that has an audio interface. It is really cool and makes you want to think about Robert Kiyosaki's Mission- to elevate the financial well-being of mankind and how sincere he is with fulfilling that mission.

Please check the website HERE. Click Here to Read More...

Another aspect of Time Utilization and Money as it relates to business success is that of how one spends leisure time. Financial education is a must for bustling entrepreneurs and can be likened to riding a bike.


Let us say for example you are interested to learn how to ride a bike. First step naturally would be to read about literature on how to ride a bike. After getting the basics down, you try to get on a real bike to test the theory behind it. After a few applications and a few bumps here and there you decide to ask help from a cousin of yours who knows how to expertly ride a bike and with a few practice sessions, you become better at it. The same is true in business-- Reading about the literature, finding a mentor and applying the principles are crucial to the learning process, but if one spends most of his/her time in entertainment instead of gathering and learning business concepts and trying them out, the odds against success increases.

Financial education needs a separate time allotment and chances are, if you are employed and starting a business on the side then it would be wise to use spare time efficiently by learning all you can about business. This can be a difficult choice to make especially in a world that is full of entertainment options. There is a theory that if you decide to take on difficult options NOW, the process tends to become easier whereas, having an easy life now would most certainly yield a difficult one LATER on. Or in other words, that which is easy becomes difficult LATER ON and that which is difficult becomes easy LATER ON. It's your choice.

Another aspect of Time in relation to Money is the choosing of worthwhile advisers. When we mention about financial education, it would be wise to choose authors that are credible and have real life business or investing experience. It would be futile to grab every book that talks about business. Not everyone who writes about business knows what is actually going on in real life scenarios. It would save you much more time if you could go to sources that can give good, actual and worthwhile advice and find mentors who are actually succeeding in the field of business. It would be a great waste of time if you follow advice from people or authors that do not have real life experience because in essence, you become a guinea pig of sorts. Click Here to Read More...

It has always been my observation that by listening to a person's habitual words, one can determine the emotional stature of a person towards business, success, risk tolerance and mindset. Words can be very powerful that it can make or break a person's life circumstance. Defining words and knowing their true meaning can be very life changing at the same time.


Another aspect that I have observed that is also a powerful indicator to success is the personal use of time. In our previous articles, we have stated that of the two assets TIME is a more valuable asset than MONEY. In our local culture for instance, there seems to be an abundant resource of TIME SLIPPING BY. Partly downplayed by Economics, the Filipino has a tendency of thinking in terms of "A DAY"- as the basic unit of time. For example, we like to think in terms of a "day's work" since our pay in the Philippines is on a PER DAY basis.

The Western culture on the other hand mentally quantifies time more specifically than most of us.
While the concept of "a day's work" is still ever present, the quantify time on a PER HOUR basis. Changing one word from the phrase has made all the difference. From PER DAY to PER HOUR.

This is not to say that the Western practice is better. There is also a downside also this since, they are perceived as work horses and live in a very structured world. The Pinoy culture on the other hand has a lot more leeway and 'siestas' in between. But in terms of EARNING POTENTIAL, you would know one who earns or gets paid on A PER HOUR basis is way better than those paid on A PER DAY BASIS. If you get what I mean.

The point of this article is that the strong points in evaluating the income potential of a business is by thinking in terms of the smallest units of time. For example if I have a restaurant that is earning a net income of Php 20,000.00, then that would simply say that in my 20 days of operations in a month, the business is earning Php 1000/day, and if I operate for 8 hours in a day, it would mean that the business is earning Php 125/day. If an entrepreneur would use this from marketing point of view, he would use this data to identify "slow hours" and create promotions and programs that would increase the hourly net bottomline. Click Here to Read More...

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...

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 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...