Personal Development, Finance and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
Do you see yourself facing this financial struggle?
What Is A Rat Race?
A Rat Race refers to the competitiveness between employees for upward mobility in the job market.
It is analogous to rats in a wheel that compete against one another to be the first to get the reward—cheese. The rats continue to compete for this measly reward. When someone refers to the rat race idiom, someone envisions unhappy and harried people working long hours for little pay and little recognition. Yet, they continue to take part in the rat race because their families depend on their earnings.
Robert Kiyosaki (Businessman and author of the well-known books Rich Dad Poor Dad & Cashflow Quadrant) describes the rat race idiom a frustrating financial lifestyle.
An employee works hard for an employer to receive a pay, salary increase and a promotion. For some employee, as their income increases, their expenses or lifestyle increase as well. As the employee’s debt and lifestyle increases, he/she tied to their job and more dependent upon their paycheck. They are forced to work harder for their next paycheck, salary increase, promotion to offset their debts and lifestyle.
You're fulfilling your true purpose
How To Escape The Rat Race?
Change Your Mindset
Mindset is Everything. Both poverty and riches are the offspring of your faith. Change your thoughts. You can't get rich thinking poor.
Leave Behind Self-Limiting Beliefs
Leave behind self-limiting beliefs that keep you stuck and start cultivating a powerful abundance mentality that attracts wealth naturally. Challenge your self-limiting beliefs. Most of them are not true at all.
Surround yourself with strong, positive, motivated, and supportive people!
Have you written down your dreams? Do you know why it is so powerful to write down your dreams? Dreams are ideas. They are abstract. You cannot really see them. You cannot touch them. You cannot smell them.
But the moment you write them down, they become tangible. You could see them. You could read them.
Ask yourself if what you are doing today is getting you closer to where you want to be tomorrow. People with goals succeed because they know where they're going.
Make A Journal
Are you doing what you truly want to do? Life Coaching helps people have their best lives. Everyone should have a form of a diary, journal or a planner. It's a great way to release your thoughts, dreams, goals and ambitions in life.
Invest In Yourself
Attend seminars, webinars, listen to podcast and read good books about Personal Finance and Development. Reading a good book is like taking an adventure. It could change your life's perspective.
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.
Set Financial Goals
You can't reach your goals if you don't set them. Planning how to use savings and investments to reach your goal is the key.
Determine how much you need to save over time to finance your dreams. Include an emergency fund in your financial goals.
Understand Where Your Money Is Going
Create a budget that includes necessities, required expenditures, discretionary items, and the periodic savings necessary to finance long-term financial goals.
Track your spending. Compare it regularly against your budget and make changes to your spending habits where necessary.
Manage 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.
Build a debt management strategy to reduce and eliminate high-interest debt and to accelerate the payment of debts.
Maintain Steady Lifestyle
Spending does not have to grow at the same rate as income. Growth in income, bonuses, and other windfalls can increase savings and investment accounts.
Keeping expenditures relatively constant over time is a key method in achieving a secure financial future.
Create More Income Streams (Invest Wisely)
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.
Establish a low-cost, diversified portfolio that's appropriate to achieve both short-and long-term goals.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.