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Friday, May 05, 2006

Financial Freedom

Some advice on the road to Financial Freedom

  • Accumulate your earning to gain capital.
  • Define your latte factor and stop it to generate more money.
  • Don't borrow money if you will not use it to earn money.
  • Don't buy anything just because you want it but because you need it.
  • Look for promotion to increase your income
  • Find a niche for business which you enjoy doing.
  • Make all your payment like insurance, SSS, mortgages and other payment automatic.
  • Set aside 10% of your monthly gross income and put it in SSS or pension plan as a retirement money.
  • This is the correct way. If you want to be rich enough at old age, make it 20%. This money should not be touched.
  • Set a business where you consider it as a golden goose that will lay golden eggs in the future. Treat
  • yourself as an employee in this business. Again don't touch any money on it. Reinvest the money.
  • Think like a millionaire or choose one as a mentor. Don't resent or despise them.
  • Treat every penny as an army for your future.
  • Avoid the "rat race". Think many times before you do thing which are irreversible and out of your control.
  • Avoid or shield yourself from negative people. Use them as an advantage.
  • Manage your money well.
  • Frugal is different from stingy.
  • Stop procrastination.
  • Make a blueprint of your life, short term, 5 years term and long term.Visualize yourself who you will be.
  • Study accounting and investment.
  • Differentiate assets from liabilities.
  • Study about investment and other money generator.
  • Apply the four basic factor to become rich: Income (active and passive), Investment, Saving and Simplification of living.
  • Make your influence as wide as possible. The more people you influence the bigger is the financial opportunities.
  • Control your destiny.
  • Focus on your earning and evaluate it every three months, remember what you focus expand.
  • Just say no to more that one credit card.
  • Stop digging a hole if you have debts.
  • Own a home instead of renting, remember only the landlord get rich.
  • Donate money or goods to charity for gratification, money is nothing if you are not happy and fulfilled.
  • Money can't buy happiness but it sure can buy food and can pay bills and can enhance happiness though.
  • Money is not the root of all evils but the love of it.
  • A person who say that money is not important is a broke.
  • A person who say that "I am contented with what I have" is a liar.
  • Mind your own business.
  • Don't sweat the little stuff.
  • Don't play it safe, play it smart.
  • Treat yourself in the spa or any class restaurant once in a while. Eat or order food in a class restaurant
  • once a month. If you can't afford, fake it with your friends.
  • Always aim for a passive income generator.
  • Associate and ask advice from people who have been there and still there. Don't ask from someone who never been to the top of Mt. Everest about how to climb the top of it.
  • Trust your instinct and trust god above all for he will guide you to the right path.
  • Before buying a house or real estate, study it and find a source of income where it can sustain for the monthly amortization to avoid the trap of paying it in a long run.
  • It is more important to be rich than to look rich.
  • Diversify your assets. Don't put your eggs in one basket but to few good basket, not many.
  • Don't be discouraged if you fail but learn from your mistake, success is a continuous journey as long as you breathe, you are not finished.
  • It is not just the right time, the right place but you must be the right person.
  • Success is the result of preparation meeting opportunities.
  • Pay yourself first.
  • Surpass your previous net income every year.
  • Lastly, make your money work for you not the other way around.

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