It’s been a long time since the last the I wrote on my blog. But I’m happy that I still have you my loyal readers and followers of this blog. The reason I have published nothing yet is that there’s a lot of events happened for the past few weeks and I am not surprised there will be more next month! I came from a mission trip, attended a seminar/workshop of John Maxwell etc. How isn’t a busy life it?
Being busy does not translate to being productive. Sometimes we are getting busy because of unimportant things. And as the old saying, “time is gold.”
Today, let me share something I learned over the past few years when I started my journey to becoming financially literate, and responsible.
I remember when I was a fresh graduate, all I ever wanted is to earn my money. Then my first salary came, then I received my salary increase the next year, but instead of being happy about it, money became a burden. I wanted to jump from one company to another for one goal — to increase my salary.
But I noticed that even though we as millennials continue to do that, I know people who are earning more than I cannot save money. Why is that happening? It’s because:
1. It is not how much you make but how much you keep. A money not spent is a money earned.
Have you ever compare yourself to others before? Comparing can get you nowhere. It’s like wanting what others have.
Have you experienced frustrations because others often compare to your siblings or cousins when you were young? That’s unfair! You are not them and they are not you.
The only best way to be content and keep growing is:
2. Compare yourself to yourself.
Compare how much money you saved last year versus this year. Did it increase? My investment portfolio was around 70k last year, and it became 155k this year. It could have been 400k if I didn’t purchase a car and a piece of land.
The goal of comparing yourself to yourself is to be better. In any area, may it be a career, relationship, character, and wisdom, it would be healthy to practice self-evaluation as Socrates a famous Philosopher once said; “An unexamined life is not worth living.”
3. Good days are always ahead of us.
Have you ever experienced time in your life that phenomenon called “when it rain, it pours?’” Yung nakaranas ka lang ng isang bad vibes, tapos tuloy tuloy na?
Ang sakit bes! But don’t worry, believe that good days are always ahead of us. Every pain and trials will pass, there is no temporary here in this world. As C. S. Lewis once said, “Isn’t it funny how day by day nothing changes, but when you look back, everything is different…”
4. Income — Savings = Expenses.
How I wish I knew this before I started my first job. Often, I saved what is left when it should be I will spend what is left after taking out my savings from it.
The time I applied this principle to my finances, I did not complain that I was earning too little. And if I exceed, there’s no one to blame but myself.
5. Invest in yourself first.
This is a must. Do not invest in what you do not know. I’ve made a painful mistake of investing without really knowing how it works. I lost thousands of money in investing in stocks and VUL.
I am nothing against VUL here, but I made a mistake of agreeing on the agent unknowingly that I can invest on other investment instruments or he should educate me more about it than making a sale.
6. Financial stability is an illusion. It’s a moving number.
Numbers are moving. Did you notice it? The price of goods is steadily increasing each year, so our needs also.
No one can ever be financially stable or financially free unless he or she learns how to handle his or her finances responsibly.
Be financially responsible.
7. Never kill the goose that lays the golden eggs.
Sometimes not because you are earning more than the other, you should leave the other one and make more money with it. Would it be great if you have multiple sources of income isn’t it?
8. Never put your eggs in one basket.
Diversify. Diversify. Diversify. The wisest king on earth who ever lived, King Solomon once said, “Divide your investments among many places, for you do not know what risks might lie ahead.”
9. The money will not make money. Idea is.
Don’t fall into the trap of what others are saying. You don’t need money to make money. Yes, you need a capital to start a business, but it doesn’t mean all you need is money.
Yourself is still the best asset. Your ideas can change the world. Make it a habit to invest in yourself by education, read books, learn from others. Gain more experience.
Still not convinced?
Did you remember the first time you were applying for a job? Did the HR ask you money? No. They asked you what talents and skills can you bring to the company right? Then they will pay you for it.
Skills, knowledge and, talents make money.
10. The intention will never bring you to the destination but the intention with the right decision with right information will.
The intention will never bring you to the destination. You can make plans, you can make goals, you can aim but achieve nothing.
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Latest posts by Dhenn Espiritu (see all)
- Notes from the Book: How To Pick A Spouse by Dan Chun — December 6, 2017
- On Money: What I Wish I Knew — November 28, 2017
- From Where You Are to Where You Should Be — September 29, 2017