Be Rich in 364 days – Part 3-A A +A
Friday, August 23, 2013
WHY 364 days? Because you can be rich in less than a year!
As mentioned in our first two articles, riches and wealth are relative terms.
Even when confined to the material realm, "rich" is relative. I have several rich friends, but they are not that rich when compared to Mr. Sy, Mr. Tan, Mr. Buffet or Mr. Gates.
So "pity" us, who are a far cry from any of them, or even any one of their numerous heirs.
With the floods and the destruction, the suffering and the hunger all around us, we are simply blessed to have been spared. Getting rich seems out of line.
Nevertheless, with people asking me what "Part 3" holds in store, I have to continue writing and sharing my thoughts. To paraphrase popular sayings, the rains and the storms in life don’t last forever; the rainbow and the sunshine will come around soon.
In fact, I have resumed my exercises at the park as soon as the rains stopped, and did not fail to do my daily warm-ups in the house during the stormy days.
Getting rich becomes easier, when we keep our lifestyle in check or in balance.
I know many people who keep complaining that they do not have enough money, when in fact, their income has tremendously increased over the years. When told, and my advice is sought, my answer is usually, “Check your lifestyle!”
Do you now buy more expensive clothes, accessories, and the like?
Did you shift from a well-budgeted prepaid card scheme to a postpaid plan with a higher billing now?
Do you now go to more fine dining restaurants instead of the more affordable McDonald’s?
If you used to take a jeep or bus to work, do you now take a taxi?
Have you bought a car and are now paying monthly amortizations?
If you were renting an apartment, are you now living in a house or condo unit bought on installment?
Somehow having to answer these and similar questions BEFORE you incur such expenditures might be a better idea.
One key to getting rich is to set aside a substantial portion of your income and most specially, increases in income, for investments/savings, prior to spending; not vice versa. Meaning, don’t try setting aside only the money left after expenses; there seldom will be left. Invest/save first, before spending!
Anyone who has decent income that covers basic needs can save. It simply takes will power, determination, and a well thought of plan.
My Dearest Children,
There is nothing new to what I have shared. They are just reminders.
We must live within our means. If you can, avoid being in debt, and you will surely sleep better.
Leveraging, or borrowing to invest and getting bigger returns than the cost of borrowing, may be the fastest way to grow and get richer, but it is not for everyone. You could lose your shirt and your pants when plans go wayward. Many factors, including external circumstances, can drastically change business conditions and projections.
Do not borrow to use for personal needs. Adjust your needs and desires. If you must borrow for business needs, ensure that the loan proceeds are not used for personal desires or for purposes other than that for which they were borrowed.
If you want to get "rich," exercise prudence and discipline, and have a vision for what you will do with your resources.
"Exercise caution in your business affairs, for the world is full of trickery" -- Desiderata
2 Timothy 1:7 says, "For God did not give us a spirit of fear, but a spirit of power, of love and of self-discipline."
Published in the Sun.Star Baguio newspaper on August 24, 2013.