Personal Development, Finance and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
Beware of little expenses. A small leak will sink a great ship. - Benjamin Franklin
As what Lesley Scorgie, author of Rich by Thirty and Rich by 40 said that "The earlier a young person can save and invest for their future, while avoiding financial pitfalls like expensive bad debt, the greater financial flexibility they will have throughout their life to pursue their dreams."
Here are the 10 ways to grow your personal finance according to Young Investors Club.
1. Start Today.
Saving is not an option, but a priority. It is important that you start today rather than tomorrow. Remember that time is precious as money. If you waste time, you waste money.
2. Eliminate Your Debt.
Credit card is one of the most tempting portals towards bigger expenses. In order to launch an effective personal finance, you must pay your bills first.
3. Differentiate Your Wants And Needs.
This is a state where self-discipline is tested. Differentiate your want and what you need relies on how you perceive things. Impulse spending should be avoided.
4. Don't Spend Beyond Your Earnings.
Expenses start to bloat if you spend more than what you have. Learn to plan your budget and live with it. Don't aim for a bigger income just to spend more, you aim for wealth to prepare for your future and goal.
5. Pay Yourself First.
It is important that regardless of your expenses and needs, you should also pay yourself at least a minimum 10% of your take-home pay. If you have an income of P10,000 per month, you should have at least P1000 savings monthly. Don't wait for the time that you have to ask yourself where is it now?
The right formula should be Income - Savings = Expenses
6. Set Financial Goals.
You set your goal in accordance to your lifestyle. It is compatible with each other. Take note that no one can set these goals for you.
7. Be A Responsible Decision Maker.
Educating yourself about financial management is one of the most effective steps to get wealthy. But still your money will always be your sole responsibility. You need to learn how to manage your finances accordingly.
8. Save And Invest.
Your money is like a tree. If you save and invest, it will grow and have an extra income. But just like a tree, if you don't care of it, it will eventually wither and vanish. You can put your savings into an investment or into emergency fund.
9. Protect Your Finances.
No matter how wealthy you are, you are not safe from a financial crisis. You must learn how to protect your finances with insurance bonds. With the perfect provider you can protect your properties, assets and even your health against unfavorable circumstances.
10. Time TO Give Back.
Always be thankful for your blessings in life. You can show charity by any means as donating to worthy causes or providing volunteer services.
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ABOUT THE BLOGGER
Ralph "Rap" was born and raised in the Philippines. A Financial Literacy Advocate. An I.T. by Profession. An Investor. A Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). A Traveler. An Adventurous. A Mountain Hiker. A Dreamer.
Currently works his way towards time and financial freedom.