7 TIPS KUNG PAANO KUMITA ONLINE

Monday, June 22, 2015

7 TIPS KUNG PAANO KUMITA ONLINE
bamaquino.com :  By: ListAvengers

Ilang oras sa isang araw ang nilalaan mo para mag-stalk sa Facebook, magpa-cute sa Twitter, at magpost ng mga #selfie at #ootd sa Instagram? Alalahanin: Time is money. Explore mo na rin ang mga iba’t ibang paraan upang kumita ng extra online!

1. Magturo at Magtutor. Kung may sapat na kakayahan o kaalaman sa mga napapanahong paksa, bakit hindi mo subukang magturo online? In demand din ngayon ang mga online English teachers at tutors. Magtraining at magtutor kahit ilang oras lang kada linggo at, tulad sa pelikulang English Only Please, baka mahanap mo pa ang Derek Ramsay ng buhay mo!

BONUS: Maaaring bisitahin ang RareJob Home-based English Online Tutorial para sa possible online teaching career.

2. Magmanage ng social media accounts. Isa sa mga nagiging trend ngayon ay ang paggawa ng mga kumpanya ng sariling FB page, Twitter at Instagram accounts. Paraan nila ito para icommunicate ang mga messages, announcements, promos o mga updates. Sa halip na i-check bawa’t minuto kung ilan na ang nag-like ng post mong mega drama o i-stalk ang ex mo, magmanage ka na lang ng mga social media accounts ng iba – brand man o celebrity!

3. Maging blogger. Ang hobby na ito ay puwede maging source ng income! Magsulat ng mga makatotohanang karanasan, magbigay ng travel tips, magreview ng mga pagkain o damit, o di kaya ay magdocument ng mga kaganapan sa inyong lugar. Ilan lamang iyan sa mga puwedeng laman ng iyong blog. Sumali rin sa mga blogger groups tulad ng Nuffnang Philippines upang makakuha ng tips, makilala ang iba pang mga bloggers, at makakuha ng advertisers para kumita!

4. Magfreelance. Sino ba ang hindi ma-eengganyong kumita ng extra?  Bukod sa iyong official na trabaho, puwede mong gamitin ang iyong mga skills para rumaket online. Bisitahin ang website na E-lance o di kaya naman Odesk, at magbrowse ng mga online jobs na pasok sa kakayahan o schedule mo. Ang maganda rito ay ikaw ang sarili mong boss at may kontrol sa oras mo. Siguraduhan lang na huwag gawin ang raket during office time at matatapos mo ang lahat ng commitment na makuha mo!

BONUS: The 15 Best Freelance Website To Find Jobs

5. Magdevelop. Hindi lang feelings ang puwedeng madevelop, pati website! Imbis na gumastos sa panliligaw, kumita ka na lang bilang isang developer na taga-design o taga-maintain ng website. Kung wala pang programming skills, nag-ooffer ang TESDA ng vocational course para dito. Go! Go! Go!

6. Maglaro. Marami ang naa-adik sa mga online games gaya ng Clash of Clans o DOTA. Sa computer shop man o sa sariling bahay, marami ang naglalaan ng oras para makapaglaro ng mga ito.  Gamitin ang oras sa paglalaro para magpakadalubhasa at sumali sa mga e-sports competitions. Ilan sa mga competition na ito ay nag-ooffer ng mga premyong pera na puwedeng ipunin at gamitin pang-tuition o panggastos sa mga bayarin sa bahay. Gawing inpirasyon ang TeamRave na kilala na sa buong mundo.

7. Magbenta. Simulan na ang matagal-tagal mo ng inaasam na negosyo. Magsimula sa maliit lang muna. Para walang gastos sa renta at tao, magbenta na lamang online gamit ang iba’t ibang platform. Puwedeng simulan muna sa Facebook kung wala pang sapat na puhunan para sa website. Magbenta ng mga kung anu-anong items tulad ng damit, pagkain, gamit sa bahay o gadget, siguraduhin lang na may market ang ibebenta mong mga produkto. Marami na ring mga Pilipino ang umangat ang estado ng buhay dahil sa pagbebenta online.

BONUS: Bukod sa Facebook, maaaring magbenta ng inyong mga produkto sa OLX o Ebay.ph

Fore more financial tips Visit : http://www.bamaquino.com/

SUCCESSFUL SAVINGS: TECHNIQUES THAT HELP YOU KEEP YOUR MONEY

Sunday, June 21, 2015

SUCCESSFUL SAVINGS: TECHNIQUES THAT HELP YOU KEEP YOUR MONEY
By Mark B. Aragona for Yahoo! Southeast Asia | BDO Money Matters

Do you find it difficult to save?

If yes, you’re not alone. The latest survey of the BSP indicate that less than 25% of the Philippine population has any savings at all, even for emergency purposes. Limited income and poor spending habits both factor in, but the rest of the survey reveals something more: a staggering 40% of those who save just keep their savings at home, instead of putting it anywhere that nets interest. Which leaves the financial future of many in serious doubt.

Given that it isn’t easy to save, how do you make it work? Aren’t there ways to help you keep what you earn and make it stay longer with you?

1. Define your goal

All financial experts agree that for savings to get anywhere, you must set a target. This goal provides direction and milestones that will show you that you’re making progress.

I recommend the following financial milestones, in this order:

•    6 months worth of emergency savings. In the event you’re unable to work, this may help you keep a comfortable lifestyle long enough to get back on your feet.

•    Health and Life Insurance. Famous journalist Roger Ebert once said, before he died of cancer, that “nothing cures wealth like illness.” You are your own greatest asset, so it stands to reason you should protect yourself first, ahead of your own car or house.

•    Medium-to-long term savings. This is for retirement and pension. Your later days may mean less work on your part and thus less income. Your savings now determine your quality of life later on.

2. Understand compound interest

This is best illustrated by an example: a can of soft drink may cost an average of P25. If you didn’t buy that can and instead placed P25 in a UITF or mutual fund with 10% interest, after 20 years you would have P168.

That’s a tiny amount of money, you might think—BUT consider that a regular person will actually buy soft drinks or similar products several times a week. If you bought a can every other day, you may end up buying 4 times a week, or 16 times a month. Now take that amount (P400 a month) and imagine paying that monthly to the same fund for the next 20 years. If you do, you would end up with P274,920!

That’s the power of compound interest: your money builds interest on the interest of the years that came before it. Every peso you set aside will work very hard, even while you sleep, to grow and give you a good return.

Of course, it works both ways. If you DON’T save the P400 a month and spend it on frivolous things, you actually take away its future value to you. This is called opportunity cost, and the cost of not saving your P400 a month at 10% interest is P274,920, in 20 years’ time.


3. Set aside savings ASAP

Get your monthly income from all sources. Then tabulate all your regular monthly expenses and subtract them from your income. Then the crucial part: make savings a priority expense on your budget. That means you put away cash for savings ahead of everything else. This means that once you get your salary you immediately set aside the money as soon as you get it. Make this your rule: at least 10-20% of your income goes into savings. You can do more if you like.

If your cashflow cannot accommodate savings and you can't pare down your expenses to help it, then you will need to find ways to increase your income. Thankfully, modern times has made it easier to find means of augmenting your cashflow. One may takes sales as a sideline, or market their skills on freelance sites, or open up an SME (Small-to-medium enterprise). It depends on what your skills are.

However, just because you have more money, doesn’t mean you’ll save more. Usually the opposite is true: you’ll spend more. The mind wants what it wants when it wants it, and usually it wants immediate gratification. Again, you must train yourself to make savings a priority if you don't want your new income to go up in smoke.

4. Let savings grow as income grows

Don't keep it a steady amount but a percentage of your income—10 to 20% of what you earn. This is doable even if your income is irregular, as is the case with commissions. Whatever income stream you use, abide by this rule. Set aside the right amount according to what you earn.

5. Keep your savings out of easy reach

The closer your money is to your wallet, the sooner you will spend it. If the bulk of your savings is in the ATM, you don't have to wonder why your account reaches zero whenever you're hungry or feeling the need for new clothes. Out of sight, out of mind; keep your emergency savings in a time deposit or a fund that isn’t easy to withdraw from.

6. Automate your savings

One of the best ways to ensure savings is to take willpower out of the equation—by using a system where money is automatically debited from your account and placed in savings. If your company offers retirement plans, then they’re doing this for you, pre-taxed. But even if you’re not among the lucky few with this system, don’t despair. You can set up your own where money is automatically debited from your account and stashed away for you. Banks and some financial institutions offer such a service.

Savings are a wonderful thing to have. There’s nothing like the feeling of being in control of your finances. Having new computers, cellphones, cars, and clothes may make you happy to you have them at first, your satisfaction diminishes over time. But as your savings grow over the years, your satisfaction with it will keep growing as well. Just stick to your rules and you’ll do well.

Fore more MONEY tips Visit : https://ph.she.yahoo.com/money-matters/

6 Sales Traps You Need To Avoid If You Want To Get Rich

Monday, June 1, 2015

6 Sales Traps You Need To Avoid If You Want To Get Rich
MONEY BY LEWIS HUMPHRIES

Most of us have an inner desire to develop wealth, primarily because it affords us the type financial security that makes life easier. There are a number of misconceptions that surround the accumulation of wealth, including the assertion that people can’t get rich simply because they earn too little. This is a consequence rather than a cause, and the fact remains that people struggle to accumulate wealth largely because they spend too much time and money on things that lack value.

A reckless approach to expenditure or a lack of focus will undermine any attempts to generate income, whereas frugality and hard work will drive success. In practical terms, those with a desire to build wealth must avoid prominent sales traps. These schemes are used by companies across multiple sectors to target those with a propensity to spend impulsively, although they rarely offer anything of tangible or long-term value. This is also an issue with short-term investment plans, so you must tread carefully when faced with the following examples:

1. Marking down a marked up price
When companies or distributors hold sales events, you could be forgiven for thinking that any subsequent purchases represent far greater value than usual. It is not unusual for sales teams to inflate the price of a particular product in the weeks prior to a sale, however, before reducing this drastically and creating the false impression of value. Although huge reductions in excess of 50% are extremely enticing to customers, this means nothing if the original sale price was manipulated to mislead individuals about a particular product’s value. To avoid this, you need to take responsibility as a customer, recognize the dangers and shop around aggressively for the best possible deal. A specific percentage discount does not translate into pure savings, as it simply reduces either the manufacturer’s suggested retail price or the one initially set by the distributor. By comparing prices across the market, you can delve beyond individual deals and achieve value for your hard earned money.

2. The lure of exclusivity
Online price comparison technology has proved extremely challenging to retailers, as it creates an informed and motivated army of customers who are less susceptible to traditional sales techniques. This is where the concept of exclusivity comes into play, as this is a ploy used by stores to justify high price points and deter consumers from shopping around. By marketing goods as part of an “exclusive line” that is not available anywhere else, retailers can drive a far harder bargain and force the hand of impatient customers. This has proven to be a successful scheme, especially when it is aimed at impulsive spenders who are in the market for a specific product. Exclusivity deals are usually restricted to specific regions, meaning that you may be able to find your chosen product elsewhere. These deals are usually signed for a fixed period of time, and once this has passed the product will become available in other stores nationwide. Patience is therefore crucial, while more flexible customers can also shop around for a similar product that serves the same purpose.

3. Persistence wins the day
The majority of successful salespeople are aggressive self-starters, meaning that they are generally self-reliant and persistent in the pursuit of their goals. This leads us to another common sales trap, through which customers are implored to make a purchase as a way of satisfying a relentless and driven sales effort. Although this is an obvious trap that relies more on direct communication and tenacity than psychology, customers can easily be influenced to buy if they feel pressured by the attentions of a sales representative. In this instance, the key is to remain grounded and communicate authoritatively with salespeople. If you have no need or desire for a specific product or service, remember that this is unlikely to change throughout the course of any dialogue. By focusing on this and communicating your stance clearly to a sales team, you can quickly discourage them from pursuing your custom. Time represents money to salespeople (especially those who rely on commission), so they are unlikely to chase leads where the customer shows a clear and unwavering lack of interest.

4. The art of accessorizing
Have you visited a furniture store recently? If so, you will have probably noticed perfectly standard centerpiece items, such as beds or sofas, adorned with a number of high end and visually engaging accessories. While the store will justify this by claiming that such a practice helps customers to visualize how their property will look in a fully decorated and accessorized room, it actually serves to enhance the appeal of ancillary products that are not included in the sale price of the core product. Not only does this make the core product itself look more enticing, but it also drives additional purchases. Awareness is crucial in this instance, as once you recognize this sales trap you can refocus on your needs as a consumer. The first step is to make a concise list of everything that you need prior to hitting the high street, while also establishing a fixed and viable budget for the trip. In order to ensure that the core product in question meets your needs, you should also look to strip it of any accessories or ancillary items before making a final decision. You could even bring in some of you own accessories from home, as this will present the product in a more realistic light.

5. When insurance has no purpose
In addition to corporeal items, there are also a number of lucrative insurance products sold on an annual basis. As the ongoing controversy surrounding PPI claims proves, however, not all of these products offer value to the buyer or are sold in an ethical manner. There are two damaging sales traps to be wary of in this instance, as vendors will either sell erroneous policies that offer no discernible value or inadequate coverage that fails to deliver long-term, financial savings. The former policies tend to be sold aggressively by call center operatives, and they usually look to capitalize on client ignorance or gaps in knowledge. How do you avoid the insurance sales trap? The first step is to assume the role of aggressor when communicating with service providers, especially if you are in need of a specific product. More specifically, you will need to set out exactly what you are in the market for, detailing your need, budget and any additional data that helps to reduce risk. If you are contacted directly by a firm offering their products, you should also look to challenge their knowledge and ask them to clearly explain the terms, purpose and salient points of the policy.

6. The quest for high-yield, short-term investments
In the quest to build wealth, you may be tempted by any of a number of investment opportunities. You will need to be cautious, however, as the demand for instant, high returns has triggered a rise in the number of risk-laden schemes and ill-considered investment traps. While some of these investment opportunities may well have the capacity to trigger quick returns, they are primarily aimed at inexperienced investors who fail to understand the relationship between risk, return and long-term gains. To avoid this, you will need to research your chosen market and ensure that there is an opportunity to earn reliable, long-term gains that offer a suitable reward for your investment. The market for sustainable assets and green investment is particularly strong at present, for example, especially when you consider that there are now viable technologies that reduce carbon emissions and consumption in sectors such as fuel, energy, and even data storage. This trend is likely to continue for the future, making this a far more suitable investment option than those that revolve around real estate flipping and pyramid schemes.

Fore more MONEY tips Visit : http://www.lifehack.org/money


Featured photo credit: Wallet Credit Card Cash Money/Steve PB via pixabay.com

Peso-Cost Averaging: The Easy Way To Invest

Friday, May 29, 2015

Peso-Cost Averaging: The Easy Way To Invest
By imoney . 24 April 2015 

The stock market is a tricky beast. You never know when it’s going to go up, down, or sideways. Even the most seasoned of stock market analysts can only predict so much. This volatility in stocks scares a lot of people off from investing, because they don’t have the time to spend analyzing companies and stocks and market movements with the scrutiny required to make the most informed investing decisions. And it’s just plain scary.


But what if there was a way for you to invest in the stock market at amounts you can afford and a schedule that works for you, all while providing lower risk? Even if there are no guarantees with the stock market, you can mitigate the risks by taking the easy, beginner-friendly way to investing: peso-cost averaging.

What is peso-cost averaging?

Simply put, peso cost averaging means you buy stocks or securities for a set amount of money each month or quarter over the medium- to long-term. This could be as low as P1,000 a month for three years, or as high P100,000 every quarter for five years. The amounts and time frames are up to your budget.

Because of the nature of the stock market, when you buy shares at a set limit, you’ll buy fewer shares when the prices are high and more shares when the prices are low. So if one month shares of Company X are at P5 each, you’ll get 200 shares for your P1,000. But if the next month the price goes up to P10, you’ll only get 100 shares for the same amount. You keep doing this for the amount of time you set, ideally at least five years. And then, when you feel that you’ve made a healthy profit from your investment, you can sell your shares and reap your reward.

Let’s say you decided to spend at most P5,000 a month on Universal Robina Corporation shares, a stock that Wall Street Journal analysts believe will outperform the market in 2015. And let’s say you do this for two years, starting two years ago (January 2, 2013). The following chart shows you how much you’ll spend in total for two years of peso-cost averaging, as well as the gains you’ll make:

*notes: historical values obtained from Yahoo! Finance and converted at the rate of 1 USD = 44.20 PHP, and may not directly correspond with the peso historical prices. Stocks are bought in multiples of 10 because of PSE board lot rules, which determine the minimum amount of stocks you can purchase. Stock prices are adjusted closing prices from the first trading day of the month. Costs like broker fees, transaction fees, and taxes are not included in this example for the purposes of clarity.

 As you can see, by simply sticking to the peso-cost averaging system for a blue-chip stock like URC, you stand to gain over 60% of your investment after two years – and maybe even more if you stay invested longer in a good performer. Try to find a deposit account that can beat that.

Of course, nothing is for sure in the stock market, so keep an eye on the trend for your chosen stock, and have a contingency plan for when things go south. But if you choose blue-chip stocks, it’ll be much more likely, but not guaranteed, that you will come out with a healthy profit when you decide to sell after a few years.

What are the advantages of peso-cost averaging?

You can start with a small amount. A main deterrent to investment is the false belief that you need tens of thousands to even get started. But you can start peso-cost averaging at the manageable price of P5,000 a month. If you do that for a whole year, that’s P60,000 you invested in the stock market already!

You can invest at less cost and less risk. Because you’re spreading out your investment, you lessen the risk of “investing a large amount in a single investment at the wrong time,” according to Investopedia. For beginning investors who don’t have the time or expertise to carefully study stocks, peso-cost averaging is a good solution. Instead of focusing on timing the market, which requires a lot of effort, your focus is on accumulating assets. This method reduces your average share cost and spreads your investment risk over time. So your mistakes will be more controlled, less expensive and often offset by the good decisions you’ll make over time.

Even if the whole market is down at the end of the year, you can still come out ahead. Let’s say you had P100,000, and you decide to invest all of it at once in a stock priced at P100 a share in January. But by December, because of bad market conditions, the value of the stock went down to P90 a share. You thus lose 10% of your initial investment, and the market value of your shares is now down to P90,000.But what if instead of investing that P100,000 all in one go, you decided to peso-cost average and invest P25,000 per quarter?  Take a look at this scenario:

Even as the year ended with the value of the stock going down by 10%, the market value of your shares is actually up by 4.58%. Not too shabby.

What are the disadvantages of peso-cost averaging?

You would have less profit than if you studied the market and performed analysis. This method won’t make you a lot of money very quickly since it’s focused on averaging out your losses (and thus your gains) over a long period. But since you’ll still need to buy and read the market you’ll be learning as you go along, preparing you for the real share trading fun!

You could pick the wrong stock and end up losing a lot of money. Cost-averaging by no means insulates you from loss entirely. If you keep using peso-cost averaging on a stock on its way down, and it never recovers, you’re still going to lose. But you can reduce the likelihood of this by investing in stable, dividend paying stocks like blue-chips. “Apply cost averaging on companies which have shown stable growth and performance over the past years to minimize your risks,” writes Fitz Villafuerte of the Ready to Be Rich blog in an email exchange with iMoney.

Studies show that lump sum investments outperform cost averaging 66% of the time. This is true, but if you get the timing wrong, market volatility will affect lump sum investments more. If the effect is particularly bad, you might get scared off by the losses and veer away from investing forever. Peso-cost averaging smoothes over the bumps of the market and gives you an investment plan that’s easy to stick to.

How do you do peso-cost averaging?

1. Figure out how much you can afford to invest. No matter if it’s P5,000 or P50,000 per month, you have to start somewhere. But to maximize the benefits of peso-cost averaging, you must be consistent with your investment amounts. As your income increases, you can increase your set amount as well.

2. Set a schedule for your investment. Will smaller monthly investments be more manageable for you, or would you prefer quarterly investments? Whatever you decide, make sure you can stick to it for years into the future.

3. Choose the right investment.

The best investment products for peso-cost averaging are blue-chip stocks and pooled funds. “Particularly, equity and growth funds perform very well if you do cost averaging on them for many years,” according to Villafuerte.

Do not use peso-cost averaging on a stock on its way down with no bright future ahead of it. If you do this, your losses will add up rapidly.

4. Remain committed to your investment schedule for at least 3 – 5 years. Peso-cost averaging works best in the long term. As long as you’re confident that the stock isn’t going down, don’t fret when you find that at one point in time you’re buying at a higher price than before. Remember, it’s a long term play. Stick to it.

So with a little bit of effort, and a lot of discipline, you can get started on investing right away with the peso-cost averaging method. All it takes is that first step!

Bo Sanchez: From P800 A Month To Becoming Truly Rich

Thursday, May 28, 2015

Bo Sanchez: From P800 A Month To Becoming Truly Rich
By imoney . 13 May 2015 

When Bo Sanchez was a younger man, he hated money. “I really thought that to love the poor, I had to become poor,” he says. So he lived as a poor missionary, just getting by while devoting himself to ministry.
Until one day, he decided to turn his finances around. Today, he’s got at least 16 income streams flowing into his life, from internet businesses to real estate to micro-entrepreneurship. Not to mention he’s a very influential lay evangelist who brings inspiration to countless Filipinos around the world.
But Bo didn’t decide to become rich just for his own personal gain — he did it so he could help his ministry, which was having a lot of money trouble. “I couldn’t give any advice to them because I didn’t know how money worked,” he says in an exclusive interview with iMoney.

Now, it’s safe to say Bo knows a thing or two about money. With his mantra of “everybody deserves to be rich”, Bo has now helped thousands of Filipinos discover financial freedom, and counting.

Bo Sanchez, the founder of Truly Rich Club (among many others), shares the difficult journey from poor missionary to financial guru with iMoney, along with the money lessons he’s learned along the way.

When you were growing up, what was your attitude towards money?

I didn’t like money. I felt that it was an instrument of the devil. So the less I had, the better I felt. I held to this false idea that if someone wanted to really please God, he had to give up all pursuit of money. My entire retirement plan was when I grow old, I’d sleep on the sidewalk with newspapers as my blanket.

You were, in your own words, a “poor missionary” back in the day. How much (or little) were you making back then, and how did you get by?

I earned P800 a month, which was enough for basic food and transportation. But I was giving away whatever I had for ministry work. I was working in the slums and tried my best to help the poor whenever I could.

That’s a very noble cause. But when did you decide to turn your finances around?

When I was 30 years old. That was when I decided to get married and realized I had to change my retirement plan. I couldn’t tell my kids to sleep in the sidewalk with me. The other reason why I changed my thinking about money was the number of people who asked me for prayers for money. I couldn’t give any advice to them because I didn’t know how money worked.

Was it difficult to do that?

It was very difficult to make a shift. I read lots of books, attended seminars, watched videos, listened to audio talks, and talked to financial mentors. I had to unlearn many things and learn many other things, which was a long process. I made many mistakes. I lost a lot of money while doing it.

How did you end up losing money?

My first business never became profitable. It failed. So did my second, and third, and fourth …

Yikes. What kind of businesses did you have that didn’t work out?

I sold herbal juice, I sold memorial plans, I sold engine oils, I organized major concerts. I also owned a squidball kiosk, a hotdog stand, and an ice cream stand … I tried networking. I tried direct sales. I tried everything.

It looks like you truly did! But even though you kept failing, you eventually became a success. How did you find the motivation to keep going?

The needs of the ministry were all around me. I knew I had to become rich if I wanted to help people. So in face of failure, I just had to try again and again and again. I was unstoppable.  Sooner or later, I knew I was going to make it.

So what was your first profitable business?

Doing corporate seminars. Companies would ask me to give seminars on values, which was right up my alley. And I loved doing it because I could reach people who usually didn’t go to my prayer meetings. Today, because I earn from my other businesses, I now donate my speaker’s fees to ministry. My most profitable businesses are my online businesses.

Now that you’re successful, what do you wish you’d known sooner about money or finance or your career?

I just had to stick to my core gift. It was tempting to venture into exciting things that I saw other people around me doing, but if it wasn’t my core gift, I wouldn’t succeed. But now that I focus on my core gift, success has come easier and quicker.

How do you integrate your money advocacy into your preaching?

As spiritual leader, I don’t only take care of people’s souls. I need to teach people how to follow God in their family life, their health, and even their finances. It’s my mission to make them grow in every important area of life.

Has your attitude towards money changed over the years?

Absolutely. As I learned more, my attitude about money, investments, entrepreneurship, and generosity has matured.

A lot of people seek your financial advice. What’s the most common problem they approach you with?

Many people are in debt and many people have zero savings. It’s so sad to see people who earn a good salary but they find themselves buried in debt. Many grow old and poor, depending on their children — even if they earned millions in their lifetime.

That is sad. What do you think holds them back from being “truly rich”?

Two things: a lack of financial literacy and a lack of the right financial mindset. Filipinos don’t know how to save and invest their money. Worse, they have a poverty mindset that traps them from learning new financial habits.

To help them out a little, what financial instruments can you recommend for those looking to increase their wealth?

When it comes to investments, I believe the safest and best place to invest is the stock market. I’m not talking about trading. That’s how people lose their money. I’m talking about investing long term in gigantic companies using peso-cost averaging.

(iMoney note: for more on peso-cost averaging, read our article Peso-Cost Averaging: The Easy Way To Invest here.)

What’s been your best financial decision?

When I got myself a mentor on how to invest in the Stock Market, my finances have never been the same again. [Financial mentorship] is what we provide through the TrulyRichClub. People think they can do it on their own. But that’s how they lose money.

Are you happier now that you have more money?

I’m not a priest. I’ve not taken the vow of poverty. Like every Christian, I’ve taken the vow of generosity. I believe the ultimate purpose of money is to love others. I’m happier today because I’ve got more practical ways of loving people.

Want to learn more about money matters from Bo Sanchez? Like him on visit his official website at bosanchez.ph. And for more on the Truly Rich Club, visit their official website at trulyrichclub.com.