Financial education is for everyone, including Pinoy entrepreneurs! The success of businesses ran by individuals (sole-proprietors) greatly depends on how the individual is avail to manage his finances properly. Separate what's personal and what's business. Read the article and learn a few tips about personal finance from Suze Orman.
Personal Finance superstar Suze Orman was in the Philippines for a brief road show, encouraging Filipinos to believe in the Philippines, to start saving, and to finally launch that journey to financial freedom. Here are some of the key points that she imparted during her stay.
On Marriage and Finance
- Having a Prenuptial agreement (prenup) is good.
- Marry someone who you can freely discuss money issues with.
- Debt is financial bondage.
- You will never achieve financial freedom if you have debt.
- Pay off all your debt first before you start saving.
- The most common financial sin is Credit Card debt.
Bo Sanchez' Truly Rich Club is holding a Wealth summit on March 1-2, 2013 dubbed "Wanted: Superheroes of Abundance." Here are some of the details from the Truly Rich Club site.
11 Super Things That Will Happen To You At The WEALTH SUMMIT
Here is what you’ll gain at the TrulyRichClub WEALTH SUMMIT 2013. You’ll also find below the Superheroes of Abundance that will rescue you from the financial DANGERS around you:
- Explode The Invisible Financial Ceiling Over Your Head. Learn the Habits of the Happy Millionaire! “Captain Abundance” Bo Sanchez (Founder, TrulyRichClub) will defeat financial mediocrity in your life by helping you create patterns of financial success that all multimillionaires practice. Start a financial revolution in your life!
Her story is definitely inspiring. There is money to be made freelancing in the internet. As Sheila put it, it's the independent and modern Filipino family's way of making a living. It's a very interesting read. Read more about the internet freelancing industry after the jump.
Pinoy Entrepreneur came across this article from Money Sense about five entrepreneurs and how they made their first millions. Among the 5, three of the interviewees made their first million through e-commerce or simply by selling stuff in the internet. The other 2 made their millions engaging in real estate. Given the statistics, it seems like these are the industries to look out for if you want to earn those millions and become financially free.
How I Made My First Millions
Highlights from the article by Mr. Heinz Bulos of Money Sense
- Made her first million when she was 34 years old in real estate.
- Biggest mistake was doing to many things at one time. She learned that it was better to concentrate on one field. When she saw the blueprints of Bonifacio Global City (BGC) she knew she found the right place to sell.
- Tips of earning money in the real estate business: study the market well and find out what the market needs and develop the ability to match the need of the market with the need of the buyer.
- No. 1 mistake of newbies: Focusing more on the money than the relationship with clients!
The mere thought brings back memories of how my parents urge me on to study hard and achieve in school. It also reminds me of a friend who had a similar experience. For my friend though, it was his aunt who encouraged him to concentrate on his studies first and to not have a love life while studying. According to his aunt, if you get good grades you'll eventually land a good job and the girls will just come rushing in. In short, good grades = great job = success = girls. At that time when he told me the story, we were colleagues working for a multinational company and we were already earning a considerable amount each month. He ended his tale with an emphatic expression asking "where are the girls?"
Having a girlfriend or a partner in life may not what you would equate as happiness but for my friend, at that time of his life, it was. We have always been taught in life that success brings happiness. And yet, it doesn't always follows.