30 Day Challenge!
Posted On Friday, January 27, 2012 at by Sun Jun
A few days back we received a newsletter from Bo Sanchez about overhauling one's life in 2012 to be able to start anew this new year and get rid of bad habits that are already in our systems. It reminded us of our organizational behavior class in MBA where in we were tasked to modify a bad habit and keep a journal of our progress for 30 days. Indeed bad habits and behaviors can be modified. And it is within our power to do so. You may ask why this is necessary? It's simply because, if we may quote Bo, "It's habits. Success and failure aren't actions. They're habits."
It is a fact of life that the most successful people are those that have acquired the right habits for success. We at Money Magnets also believe in this fact that's why we are sharing here the seven steps that Bo has enumerated to help us change our bad habits and we encourage everyone to join us in this 30 day challenge. It's a great way to start this transformative year of the dragon! Continue reading the article to get the 7 Rules for this 30 day challenge!
Merry Christmas Entrepreneurs!
Posted On Tuesday, December 20, 2011 at by Sun Jun |
| Merry Christmas! |
"When you wish upon a star
Makes no difference who you are
Anything you heart desires will come to you
If your heart is in your dream
No request is too extreme
When you wish upon a star
As dreamers do
Fate is kind."
-Lyrics from "When You Wish Upon A Star" by: Louis Armstrong
Personal Equity and Retirement Account (PERA)
Posted On Thursday, November 3, 2011 at by Sun JunI am a Money Magnet! We are Money Magnets!
News Update: The Personal Equity and Retirement Account or PERA tax rules have already been issued by the Bureau of Internal Revenue. With this development, RA 9505 or the PERA Law which was signed 3 years ago can now be finally implemented. Self-Employed Filipino citizens who don't have an SSS account can now set up their own retirement funds tax free!
According to the news article from Business World Online:
Revenue Regulations 17-2011, published by the BIR yesterday, state that a resident Filipino can contribute a maximum of P100,000 per year to a PERA account, while overseas Filipino workers (OFWs) are allowed up to P200,000. An individual can hold a total of five PERA accounts.
The contributions, which will be received and administered by accredited financial institutions, can be invested in various products such as trust funds, mutual funds, insurance, pre-need plans, government securities and listed equities.
The contributions are exempted from a host of taxes such as the final withholding tax on interest, capital gains tax on the sale of bonds and shares, 10% tax on cash and property dividends and regular income tax.
PERA holders are also entitled to an annual tax credit equivalent to 5% of all their contributions for the year. Resident Filipinos can charge this tax credit against their income tax liability. OFWs, exempted from income taxes, can charge this against any other national internal revenue tax liability.
The PERA assets will be released once the account holder reaches the age of 55, as long as he or she has made contributions for at least five years. The release can be made either as a lump sum or as a pension. The assets will also be completely released upon the death of the PERA contributor, regardless of age.
MultiMillionaire Mr. Bellum Tan of Rich Dad Asia is coming to Manila
Posted On Thursday, October 6, 2011 at by Sun Jun
Rich Dad Asia is bringing to Manila this October, Mr. Bellum Tam, multimillionaire and Robert Kiyosaki's business partner here in Asia. As the popular book Rich Dad, Poor Dad always ask: "Are you ready to get out of the rat race and on the Fast Track to Financial Freedom?" Then this workshop might be the right one for you. Workshop details and instructions on how to register for the workshop after the jump.
Learn to invest in businesses that generate CASH FLOW!
Posted On Tuesday, October 4, 2011 at by Sun JunI got hold of Robert Kiyosaki's Rick Dad's Conspiracy of the Rich: The 8 New Rules of Money a couple of years back. I spent one month reading the first few chapters and it bored me to death. It talked all about history and stuff that I really didn't get a grasp on. A few days ago, I decided that since it was taking me a decade to finish this book, I might as well return it to the owner already. I was giving up. I told myself this book wasn't for me. And to prove my point, I browsed through the content one more time just to be sure. It was then that I caught a glimpse of the second part of the book which offered ideas that I have never encountered before. In a way, it was very enlightening as most of what Robert Kiyosaki was preaching was in contradiction to some of the contents we've written here on our site. Read on to know more about these contradictions.
Cash Flow vs. Capital Gains
Thriving Amidst Crises!
Posted On Thursday, September 29, 2011 at by Sun Jun
"WELCOME TO CRISIS!" We echo Roger Collantes as he says this out loud with a cheerful tone. Indeed, crisis is the new normal. Everyone faces one form of crisis everyday in our lives and instead of associating crises with all sorts of negativity we must face it with positivity.
On a private event sponsored by Banco de Oro (BDO), we got a complimentary copy of Roger Collantes' Beyond Survival: How To Thrive Amidst Life's Inevitable Crisis. The book tackles issues on how to view crises in a positive light, how to turn it to your advantage, and how you can learn to thrive in it and live meaningfully in the midst of it. This was just last week. BDO must have sensed that an imminent crisis was coming as today the PSEi closed at 4,157.03, effectively erasing all gains the PSEi had from the start of the year. Not to mention of course, the bloodbath in all global markets. In times like this, the author has this to say ... "Don't get BITTER, get BETTER!"
The reality is we face some form of crisis everyday in our lives. And we must constantly find a way to develop the necessary skills to survive and triumph over these. It is also a reality that nobody out there is going to save us from our crises and that we must rely on ourselves. The battle lies within us and the good news is, we have been properly equipped to survive and thrive amidst all these.
"Life isn't about waiting for the storm to pass. It's about learning to dance in the rain." -anonymous-
While crises result to a lot of negativity, these also bring forth a lot of good things. For one, a crisis is often considered as a necessary ingredient for our personal growth and transformation. It is when faced with the fact that we have less resources but have to do a lot more that we suddenly realize that there's no choice but to step up. And people do step up most of the time.
The author lost half of the value of his investments in the stock market during the 2008 financial crisis. He has these 3 Investments Myths to share.
1. The Stock Theory
- Before: What goes down will GO UP, EVENTUALLY.
- Today: What goes down will GO DOWN LOWER ... and LOWER ... and EVEN LOWER (The Freefall Theory)
2. The Markets Theory
- Before: When one market is DOWN, other markets are UP to make up for it.
- Today: When one market is DOWN, they BRING DOWN other markets with them! (The Pandemonium Theory)
3. The Diversification Theory
- Before: Don't put ALL your EGGS in ONE BASKET
- Today: HOLD ON to all your eggs and THROW AWAY THE BASKET! (The Panic Theory)
"Don't waste a good crisis."
"Don't get BITTER, get BETTER."
"Make the most of what you have, right here and now. Every moment you waste is a moment of happiness gone forever."
- Roger Collantes - (BEYOND SURVIVAL)
We would like to thank BDO and the generous donor who gave us this book. It is not only timely but very inspiring as well. Thank you!
Get your free email updates. Subscribe here.
