Many people who are masters of their own crafts but do not know how to handle money.
Do you oftentimes wonder where your money goes?
Are you not wondering why your credit card bills are increasing despite your compliance on the monthly minimum payment required?
Are your expenses are overly higher than your income?
Are you living in debt?
Debt or borrowing money is not bad all the time. It still depends on purpose…
Example #1, when you borrow money and you will be charged with interest over time, and the money will just be used as downpayment on your purchase of something that will not add income to you, then, it is BAD!
The result, you will have debt on two intities which you need to pay with your current income. You have not gain additional income from your purchase and yet you will have additional expenses.
Example #2, you borrow money with interest at 3% per annum, then you invest it on intities or something (like mutual fund, stock market, real estate) that will earn higher interest over the period of years. That is GOOD!
Why is it good? While paying or once you complete the payment after a year at 3% per annum, you are still receiving income from interest of your investments over the years like 12% per annum.
The greatest wonder of the world is compound interest!
Let us learn how to use the power of compound interest to our advantage and not for our loss instead.
1. Zero-out Your Debt
It’s time to stop…
- STOP puchasing for the unnecessary things.
- STOP over-spending
- STOP being a spender!
- STOP adding your debts
It’s time to start…
- START to check and consolidate you current debts
- START to check your income
- START to plan and create a schedule of payment based on income vs. debts
- START to negotiate on your creditors for discounts or payment terms
- START to invest and create money machines
2. Live At 10-20-70 Rule
- 10% Tithe
- 20% Savings & Investment
- 70% Expenses
May you choose to act now before it’s too late!
3. Seek Help from the Experts
One of the greatest ways to get out of debt trap is to manage your finances. To do it, you must gain knowledge and the right mindset to make it possible. Financial mentors often say..
Poverty is not lack of money. Poverty is lack of financial literacy.
Unfortunately, financial education is not taught in schools.
But fortunately, there are groups with the advocacy on Global Financial Literacy. I’m very much grateful to be part of these groups:
- Truly Rich Club. An online mentoring program founded by Bo Sanchez. You will receive loads of blessings such as Powertalks, Wealth Strategies, Stocks Update, E-Books, and more right on your inbox and TRC account. These will enable you to gain the right mindset and be truly rich in all areas of your life. Click here for the full details.
- Wealth Academy. A special program run by the International Marketing Group (IMG). With the advocacy for Global Financial Campaign, upon joining, you have access to lifetime financial education and financial check-up. IMG has offices around the Philippines and around the world that you can visit. Just let me know and we’ll arrange a meeting for you on your most preffered time. Just recently, IMG upgraded the benefits. Aside from the top 10 original benefits, they added 3 more major benefits! Here is the list of the benefits and be wowed!
Be one of us in spreading Global Financial Literacy!
You may contact me:
- E-mail: email@example.com
- E-mail: firstname.lastname@example.org
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To be born poor is not your fault, but to die poor is already your fault. Be financially literate now!