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Friday, May 13, 2011

Know how to protect your money


Know how to protect your money

Know how to protect your money
We commonly hear these saying, "the higher your salary is, the higher your expenses". Yes, it is true because you have more money to spend and to use. You can now buy anything whatever you want such as car, house and lot, brand new cell phone and go vacation to every place you wanted.

Having a high paying salary, we always forgetting to think that this opportunity is not for a lifetime. Instead of planning and looking for any opportunity to grow more our money. 

We're keep thinking and planning on what things should I buy or where should I spend my salary. Even our salary is not yet coming but our plan is already made. 

And I'm sure not all but commonly this plan is for expenses and savings only. We didn't make or include on our plan how to grow more our money. Or if someone else has a plan, they just keep on thinking how to  establish own businesses. 

But we know that establishing business even small business needs a lot of money for capital. If you have a high paying salary and earning much higher like Overseas Filipino Worker (OFW) it is possible to do this. Like me and other Overseas Filipino Worker (OFW), we have common plan in our minds before we go and leaving our love ones to work abroad. Because we know working abroad is not permanently that is why we have a plan like this. 

Work abroad, saves more money, then going back home and establish own business so that we can spend more time to our family and hoping we cannot force ourselves to work back in abroad again. 

Unfortunately, not all Pinoy OFW followed and become successful on this plan. Simply because most of Pinoy OFW not all has no discipline and lack or has a little knowledge financially. I mean no discipline and lack of knowledge financially because they sending all of their income back home with nothing left for their own.

Here in abroad, we tend to do anything else in order to save more money as much as possible we can. So that, we can send more money back home.

But in home, we will notice that the money we're sending every month were all gone and also nothings left. They already dependable on your remittances. All they want to do and think is how to spend and use our money to buy something they wanted for pleasure rather than to know how to protect and to grow my income for the future. 

It is hard to accept in our mind that your hard earned money was use only in less important things. And its  the reality.

I was once like this before. I have no discipline and lack of knowledge financially. And also I have no idea on how and where should I protect my income or money from. But now, I change my way of thinking and habit on my money little by little. Being able to know where and how to protect my money from. 

It gives a very helpful way for me to save more money. I can say, even you have a high paying salary but if you didn't know how to protect your money, you cannot save a lot and you cannot free yourself financially in the future. 

That is why the term above "the higher your salary is, the higher your expenses" are true because they didn't know how to protect or even control themselves from spending their money. 

Have you notice a million lotto winner? Few years after the prize was claim they end up poorer again. Or do you meet a people who become instant rich because they inherit a big property? They sell this property on high prices. But after few years they end up poorer also. Just simply because they didn't know how to protect their money and obviously lack of knowledge financially. 

Where and how could I protect my income?
There are three things you can follow and look for to help you get started.

1. Protect you money from Yourself - The strongest obstacle why you can't save more and keep your money coming out from your hand is yourself. Even though it's your own money, you have to spend your money wisely. Control yourself from overspending. Use your money to the things what most really matters on you to ease your ways of living. 

Do not overspend your money on the less prioritize things. Once you've already know how to protect your money from yourself. You can easily identify and allocate your money which are most important things and which is not on you.

2. Protect you money from other people - Being a helpful person to others is not bad. If your relatives, neighbor and friend lends money on you, just give only what you can afford to lend. But don't give all you have. How can you help others if yourself also has nothing to offer? Save something for yourself first then grow it, so that you can give more help to lend others if you have more money.

3. Protect your money from Emergency - Our life is unpredictable. We cannot say what will gonna happen tomorrow, next other day, next week, month and even years. So it's better always be prepared. Make an Emergency Fund, save your money equivalent to 6 to 12 months of your living expenses. Keep it in your bank atm account so that you can easily get your money in case of emergency.

Remember, allocate only this fund on emergency and never use this fund for other expenses. It will help you a lot in time of emergency like if you lost your job, you can continue support your family needs up to one year until you find another job.

Well, if you have these three things always in your mind. You will start gain confidence and be more comfortable on your personal finances. You will look forward to take more challenging opportunity to grow your money and earn more. And when you reach at this point. Never stop. Continue and take step one at a time. There is lot of earning opportunity on your way out there. With the extra money from savings not your emergency fund. 

Try to find and start learn more on investing in stocks market, bond, mutual fund or unit investment trust fund, real estate and/or establish your own business. Try to invest one of this. And start protecting your money now so that you can save more money from your income.

Happy earnings! It is highly appreciated if you leave your opinion or comment about the topic.




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