Success, failure, success, failure again. Do you know of someone who worked so hard to earn and was able to make it big but ended up losing all his money in a short period of time? He beat all odds to earn yet did not work as hard to keep it.
The Culprit ~ Lack of Financial Literacy
Many of us do not know how to handle our personal finances. While all of us are driven by the desire to earn money it became evident that most, if not all did not have a clear understanding on how to keep and manage money. A lot of people do not have a clear and specific idea of how much he or she wanted to earn and, FOR WHAT SPECIFIC PURPOSE. Many simply wanted to earn and earn more without taking time to make specific financial plan.
The Culprit ~ Lack of Financial Literacy
Many of us do not know how to handle our personal finances. While all of us are driven by the desire to earn money it became evident that most, if not all did not have a clear understanding on how to keep and manage money. A lot of people do not have a clear and specific idea of how much he or she wanted to earn and, FOR WHAT SPECIFIC PURPOSE. Many simply wanted to earn and earn more without taking time to make specific financial plan.
Quoting from the words of Philippines' top finance guru, Francisco J. Colayco:
"Growing your money is just as important as earning it. It is your obligation to learn and develop skills to manage your earnings. Tandaan mo na ang matuto ng tamang pamamahala ng salapi ay isang tungkulin. Alamin mo na magkasing halaga ang magpalago at kumita ng pera."
Work hard to earn money but be sure to have a plan to keep and grow it.
"Magsumikap ka sa paghahanapbuhay ngunit tiyakin mo na may plan ka kung papano palalaguin ang kinita mo."
Wealth Generation
Wealth is having the money to fund your needs at any given time. Wealth generation is a life-long process. It is something that is built over time. It is planned for, periodically adjusted and executed with a firm hand. It needs clarity of thought and vision. It needs you to be financially literate.
How to be financially literate?
All you have to know and understand is what you want for yourself and how you will match your financial resources to meet your future wants. Below are the keys:
- Anticipate your future needs.
- Plan to have the resources to meet your needs. "Paghandaan at alamin ang mga wastong paraan upang makamit ang perang sasagot sa iyong pangangailangan."
- Understand how you can adjust your needs against the reality of your available resources.
Knowing how much you need to be wealthy is the first step to financial freedom. To achieve this, you must understand, know and accept that:
- Wealth does not necessarily mean having millions and millions of pesos. Being wealthy simply means having the financial resources to support your chosen lifestyle.
- Anyone can plan to have and achieve enough wealth consistent with his or her chosen lifestyle.
Take time to know the fundamental principles and tools to guide you in organizing your financial life. This foundation is so critical to planning the journey toward wealth and financial independence. Your success is assured if you embrace these principles and practice them.
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