SHOULD I PURSUE MY PASSION?

I rarely talk about "passion." Not that I am not passionate.

I am passionate about several things. My passion has led me to achieve major aspirations I never thought I could do. But with the same passion or my immature zealousness, I've also failed miserably in a few things I've done before. (a painful lesson)

What I've learned in life is that 'passion' isn't enough. 

You can't just live on passion. 

You also need wisdom. 

Wisdom is the ability to make the right decision at a given time, context or situation. So, how do you get wisdom?

1. Pray and read the Bible.

The bible says "The fear of the LORD is the beginning of wisdom…" (Psalm 111:10) To know what to do, pray and ask Someone who knows what's best for you. He holds the bigger picture. 

2. Ask an adviser. 

Asking for advice isn't a sign of weakness. It won't make you look dumb. In fact, with many advisers, you have a better chance of succeeding in any endeavor. Don't be too shy to ask. 

3. Don't wear yourself out chasing "MORE" money. Instead, show restraint and put your time on living out your "purpose." Do this, and most likely, the money or provision will follow. 

Self-centered pursuits or a get-rich-quick aspiration won't do you any good. The key is to be passionate about the right things. 

4. Learn from your mistakes. 

If you fail, get up again, then apply what you've learned. Don't let a failed business, project or a failed attempt stop you. Don't get stuck living in a "state of failure." You won't learn if you won't move on!

5. Win small victories. 

Even small battles can teach you big lessons. Be faithful even with the little. Small victories will lead to bigger opportunities. 

6. Remain humble. 

Pride often leads to a loss of respect. (see Pr 11:2) Be willing to listen. Consider the point of view of others. Put other people first and be of service to them. 

Read More...

HOW TO BECOME MONEY WISE

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. 

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. 

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.

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.  

Read More...

EVERY ATTEMPT IS A STEP CLOSER

OMGPop is an online game maker that's about to run out of money and close its business. They've made 34 games – none of which was profitable enough to keep them going.

Until eight weeks ago – when they launched an online game called "Draw Something." It's like Pictionary for the iPhone.

People began downloading the game. They shared and played it with friends. Thousands of drawings were posted on Facebook and Tumbler. After 35 million downloads, it certainly became a huge hit.

Zynga (makers of Farmville & other hits) noticed, and became highly interested of the company. After a short negotiation, Zynga bought OMGPop for 180 Million.

Before the acquisition, Charles Forman, the founder, had $1,700 left in his bank. The next day, he made more than 22 million from the deal – a fortune he didn't expect.

It would have made sense to quit after 10, 20 or 30 attempts, but they continued to create games anyway.

The Takeaway – Consistently do your best. Every attempt is a step closer to a "huge hit." Persist. One day, it will payoff.

Read More...

GETTING THE RIGHT WORK

After years of studying, it's tempting to go PMA. (Pahinga-Muna-Anak)

Before taking that long awaited break you've been dreaming of, allow me to offer some "unconventional" advice that you may want to consider.

1. When choosing a career or putting up a business – find the "Sweet Spot."

Note: You won't know which work will be 'enjoyable' for you until you give it a try. I thought entrepreneurship wasn't for me. (I loved music. I played for a band. I thought I just wanted to become a rockstar.) But when my first store opened its door for business, the entrepreneur in me was awakened.

2. To succeed, it's not just about what you know anymore.

You did well in school? Good for you! That may help. 

Just keep in mind that the world is constantly changing. And so does how businesses are built or how jobs are designed.

Now that information is readily available online, it's not just about what you know anymore. What will set you apart is how you use or translate these information into 'something of value'. 

3. Think long-term.

You may have short-term needs, but it's best to decide by weighing the long-term effect.

Sooner or later, you'll meet a boss that you won't like. Is it a cue for you to quit your job? The situation may vary, but it's better to stick with an uptight boss whom you can learn from, than a boss who acts like a peer and just wants to "hang out." 

Your choices today will affect your future.

4. Instead of racing to get ahead, be a person of value.

Nobody can succeed on their own anymore. We live in an 'era of collaboration'. Those who work well with others are now the most sought after. (even more valuable than superstars)

Whenever a valuable player joins a game, people instantly see the difference. Everybody on that team wins. 

A person of value is a game changer. Be that kind of player.

* * *

Get P50 off when you buy a PRODUCTIVE PINOY book online. Free delivery nationwide via LBC. To order, simply click HERE.

Read More...

The Lack of Capital (Lesson from Thomas Edison)

"To invent, you need a good imagination and a pile of junk." 

- Thomas Edison

It's the way we think that determines the way we act. 

Again and again, we've heard from successful individuals the words "Think big". But  because we have too little to start with, we tend to ignore the advice.

'Thinking big' doesn't require you to start big today. There is nothing wrong with starting small. (Bootstrapping)  In fact, it's one of the wisest advice I've ever received. (in which I used to ignore before) 


You don't have to bet everything that you have today.

Find out what you have that's usable. Mix it with your imagination.

Whether it's a business idea, a project or a personal aspiration, you can still build something remarkable.

Be patient. Experiment and poke around. Sooner or later, you'll figure things out.

Read More...

Selling Cheaper is Not a Strategy

As a consumer, I like it when prices are low. It gives me more spending power. It allows me to get more bang for my buck.

But as an entrepreneur, I don't like to sell low. Instead, I choose to create value in the products or services that we offer. This allows us to sell at a more substantial profit. It's healthier for the business.

Don't think your customers will stick with you solely because "mas mura".

If you think a low-price strategy can give you an edge, think again. The problem with winning by selling low is that it's temporal. Customers will choose to buy from you today (while you are the lowest) but when a competitor decides to lower their prices...

Bam! You can see your customers wave goodbye.

Don't forget that the lower the price, the lesser profit margins. The more you need to push your sales people to move. Pricing lower might not improve the bottom line. In fact, it can worsen the situation.

Instead of doing that, find a way to satisfy your clients by adding value. This should increase your business. Find an unmet need, then serve it. Don't let your competition notice what you're doing. Do it under the radar.

What are key improvements that your customers are asking for? Do it. Then capitalize on this and make it your competitive advantage.

Read More...

HOW TO SPEND INSTANT MONEY

Just the other day, I landed a big sale. Big enough to pay for two months worth of our family expenses. Substantial enough for a single guy to live for a year.

What's the first thing that do you do when you receive a large chunk of money?

I'll be honest. Receiving that money automatically gave me the desire to ... SPEND.
Photo Credit

One of the first thing we did was to buy a new iPod. My wife and I have been contemplating to get one. It was because our 'Jurassic' Sony Handycam finally went to extinction last December. We need the video cam features of the new iPod for our upcoming Bohol Trip this March.

Ever since my kids were small, we've taken videos of our trips.


It has been a tradition for us to edit the best parts and turn it into home movies.

So a small part of the money went into that purchase.

Why are we not 'guilty' of this purchase? It's because even before we received the money, we already made a plan on how we will handle it.

 

When we were younger, we experienced how fast it was to deplete hundreds of thousands. If you don't know what you're doing that money is quick to squander.

So what's the best thing to do with Instant Money? (in no particular order)

(1) Blow Money. 
Set aside more or less 5% of your money to blow away. This is not conventional wisdom. In fact, it's not really for everybody.

But if this is 'extra money' or money that you really don't need to pay for your bills, 5% is better than spending the whole amount for something.

If you've worked hard for this money and you still have more than enough to keep, give yourself a break. You can reward yourself. Buy that one gadget that you were dreaming of. Shop for new clothes. Eat out in the fancy restaurant you've been craving for.

Celebrate. The last thing that you want to feel during this favorable event is deprivation. 

Spend as long as it's within the blow money.

(2) Save.
This shouldn't be the last thing on the list. In fact, it should be the first one. You have two options on how to approach this...

Equation A • Instant Money - Savings = Expenses
Equation B • Instant Money - Expenses = Savings

Equation A is more effective than Equation B. Once you start spending, the possibility to save becomes slimmer. So it's better to put it aside first.

(3) Invest.
Set aside money that will allow you to make more money. Allow it to work for you.

In this case, I used a large chunk of the money to pay for the amortization of the condominium we purchased as an investment. This will allow the property to have an early 'turn-over'. Enabling us to lease out the apartment and collect rent immediately. The plan is to let the property pay for itself later on.

Use the money for your investments or to fund your new 'money-making' venture.

(4) Pay Debt. 
This is self-explanatory. I'm sure you have an idea on how to go about this. 

(5) Give.
Whatever we sow, we reap. Giving is a way to acknowledge that whatever we have today is a favor received from God. Blessings are from him.

Read More...