What's your respond to the booming economy of the Philippines, as we all hear right now Philippines stock market index reaches it peak (at the top) as of January 7, 2013.
We'll as a person who mainly observe these changes to our lives. I know in my heart I want to be a part of these success, but how?
Reading financial books and blogs pushes me on reaching my dreams that I long forget. The first step on these is saving. Funds that you will be needing in the future.
Tyrone of Millionaire Acts says Income - Savings = Expenses not the other way around. Well, me as an ordinary person the principle I have in life right now is Income-Expenses=Savings
(ouch) he's definitely right! I am wrong. I'm definitely in the wrong path and need to change my life directions. Right now, I will put that as a motto in my life so maybe at age of 35 I can be millionaire as he reaches 26 to be a millionaire 0_o
Here's the link to Seven Money Habits of Truly Rich People
I read about the articles and based on what he said there.
. They Value It. The rich treats money with great respect and does not waste it. They know that money is a financial seed that can create wealth and can be used as a lever to achieve more time and financial freedom.
2. They Make It. The rich fabricates the money. They work to learn. The sharper their mind, the easier for them to project enormous earning possibilities at a shorter period of time. Money is just an idea. A simple idea can turn into millions if implemented properly.
3. They Manage It. The rich understands and applies effective cash flow management. They practice a precise budgetary plan for every peso in their possession. They monitor their monthly income and expenses and adjust it accordingly to prioritize more of their needs than their wants. As Warren Buffet says: “If you buy things you do not need, soon you will have to sell things you need.”
4. They Save It. The rich believes that a part of what they earn is theirs to keep, which is fundamental for financial literacy. They know that a small amount can turn itself into a substantial sum.
The foundation of wealth is delayed gratification. Spend less than you can afford so you can invest the difference for greater value in the future.
Materialism doesn’t bring happiness but it does keep you from achieving wealth. It will keep you attached to the superficial rather than connecting to the deeper motivation that drives you to achieve wealth.
Don’t be fooled by the consumerism myth that being wealthy is about living a conspicuous lifestyle. Most self-made millionaires live modestly – that is how they built their wealth. As Will Smith says: “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”
5. They Invest It. The rich believes in the Law of the Harvest. They plant the wealth-seed, cultivate it, and allow it to leverage more of its kind.
6. They Shield It. The rich safeguards their wealth tightly. They believe that financial wealth is measured not by how much they earn but how much they keep. They insure and preserve their wealth with great caution.
7. They Share It. The rich practice the principle of blessed giving. They share what they have with open hearts. Giving is a money multiplier that adds value to their prosperity a thousand fold. They believe that there is a time for accumulation and a time for distribution. The ultimate purpose of financial wealth is to help others find their own. As Bendixline said: “A man’s true wealth is the good he does in this world.”
These simple money habits are what set apart those who build wealth from those who just appear wealthy.
There are three C’s of life: Choice, Chance, Change.. You must make the Choice to take the Chance if you want anything to Change. Develop these seven money habits and you will surely become truly rich over time.
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