You've been promoted. Your business picked-up. Your investments are performing better.
And now, you're earning a lot more money. It keeps pouring in.
So, you start buying this and upgrading that. Now, you try restaurants that you used to call as "overrated." You're now swipping your plastic more often – as if you were in Time Zone.
"So, this is how it feels to succeed", you tell yourself. You've worked hard. Why not enjoy it?
The problem arises when that 'moment' extends and becomes more than a moment. Without intending it, you've expanded your regular spending and have altered your lifestyle. Now, even with a higher paycheck, you begin to wonder why money is still tight?
Seven Ways to Become Money Wise
1. Learn from your past money mistakes.
Many years ago, I got into a financial mess. I over-expanded a business that I thought was bulletproof. I borrowed too much money from the bank. I knew it was risky, but still I disregarded advice. I was young. I thought I knew it all! I lacked financial wisdom then.
I thank the LORD for giving me the chance to start all over. This time I made sure to start right. I didn't want to be in the same situation again.
A proof that you've learned is that you don't repeat the same mistake twice. You know what they say, "Experience is a good teacher only if you will learn from it."
2. Learn from the MISTAKES of others.
You don't need to pay for a "tuition fee" (money lost from a venture) if you can learn from the mistakes of others.
I'm sure you've heard of stories of people who lost their their hard earned money by placing it on "investments" they don't understand. Easy returns doesn't necessarily mean guaranteed returns.
3. Learn from the SUCCESS of others.
Surround yourself with people whom you can learn from.
Don't just ask questions like, "What's a good business to start?" or "What's a good investment?"
Instead, find out how successful people think and make decisions about money. Look at the way they do their work. Observe how they relate with others. Find out what makes them tick.
The valuable lessons in life are mostly caught rather than taught.
4. Read anything about business or personal finance.
We live in a new era with a new dilemma. The problem today is not the lack of information, but the "overload" of information. There's too much info that can distract us from our goals.
Choose to read articles, blogs or books that will not only entertain you, but will also help you become more productive. In my book, Productive Pinoy, I've written a lot of ways on how you can improve your work and finances. (Available at National Bookstore, PowerBooks and FullyBooked)
5. Read the Bible.
The most valuable book I refer to is the Bible. It offers practical wisdom on how to become a better steward of money. Did you know that Jesus spoke of money and possessions more than the topic of heaven and hell combined?
6. Attend Finance and Personal Development Seminars.
6. Attend Finance and Personal Development Seminars.
As Personal Finance Coach Randell Tiongson would always say, "Invest in yourself." Read books, subscribe to blogs, and attend learning events or seminars. [See Start Learning]
You'll get a return on your investment sooner than you think.
7. Apply what you've learned.
7. Apply what you've learned.
You'll look smart when you know a lot about money – but it's smarter to put what you know into practice.
To be money wise, remember to...
Keep learning. Keep trying. And keep what you earn!
YENG REMULLA is an entrepreneur of 15 years, the author of two books –Productive Pinoy and Start Something.
To be money wise, remember to...
Keep learning. Keep trying. And keep what you earn!
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On August 3, Saturday, he will be facilitating a talk or workshop on Entrepreneurship at the Malayan Plaza Hotel Ortigas. To see the details or to register, simply click HERE and fill-out the form.
