The importance of saving

Publicado por sam - 26/03/08 a las 08:03:15 am

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Building wealth requires that you consistently save money over the years. Besides being one of most effective ways way to achieve true wealth there are three other important reasons why every Filipino needs to save.

1. Survive a financial crisis

Sooner or later every family has to face some sort of financial crisis. This financial crisis could be in the form of accidents, illness, loss of employment, failure of a business or sudden death of the family’s breadwinner. The amount of savings the family has will ultimately determine how well they can cope with a financial crisis. You may survive with little savings but chances are you will get into debt that could take years or even a lifetime to wipe out.
Sometimes the lack of savings can even make the situation worse, like a family member dying unnecessarily due to lack of funds for proper medical care. “Saving for the rainy days” will spare your family from huge financial losses and ensure your survival when a crisis strikes. You will have peace of mind and you can sleep better at night knowing that whenever a financial emergency comes your way. Seguir leyendo The importance of saving…

What it means to be truly wealthy

Publicado por sam - 26/03/08 a las 06:03:14 am

Would you be able to recognize a rich person just by looking at him? Probably! Most people can clearly imagine how a wealthy person would look like; someone with a huge salary, nice clothes, expensive jewelries, nice big house, drives a car, eats at fancy restaurants and mingles with the famous and powerful people in society. Such a person could really be rich but not all of them are! Some of them could also be suffering from financial difficulties and “baon din sa utang” just like many Filipinos.

If you can’t say for sure that a person is rich based on his looks, his actions & what he appears to own, ika nga “mukhang mayaman”, how then can you tell with certainty if someone is wealthy or not? We use a simple rule and it’s neither spiritiual nor philosophical in nature; just plain economic common sense:

          “You are truly wealthy if you can continue to live comfortably your desired
           way of life even if you stop working for a living!” Seguir leyendo What it means to be truly wealthy…