Maybe you've been promoted. [Or the business that you've put up clicked] And now, you're getting a lot more money. It keeps pouring in.
So, you start buying 'this' and upgrading 'that'. You try out restaurants that you used to refer to as "overrated." You enjoy and swipe your plastic more often – as if you were in Time Zone.
"So, this is how it feels to succeed", you tell yourself. After all, you've worked hard for this. Why wouldn't you?
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?
Perhaps we can learn from the ants. Instead of just consuming, they gather food even on sunny days. They know that, sooner or later, a rainy day would come. The ants possess two important qualities – discipline and foresight.
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 I thought was bullet proof, borrowed too much money from the bank, and 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 again. This time, I made sure to start it 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 where people put their money on "investments" they don't even understand in exchange for an easy return. It's sad when people you know end up losing their hard earned money.
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 they 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 about Business and Personal Finance.
We live in a new era with a new dilemma. The problem today is not the lack of information, but rather, 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.
[Yep, it's available here]
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 Seminars.
This May 18, my friend,
Randell Tiongson (Personal Finance Coach) will conduct a finance seminar together with Chinkee Tan (Wealth Coach) and
Jason Lo. (Business and Motivational Speaker) Randell has been named as one of the 12 most influential people in Personal Finance in the Philippines. He is also a columnist for the Philippine Daily Inquirer and Money Sense Magazine.
My wife and I will be attending this life enriching seminar. If you're free, I suggest for you to register as well. It'll be good to see you there.
7. Apply what you've learned.
It's cool when you know a lot about money – but you won't realize its real value without putting your knowledge into practice.
Never stop learning. Keep on trying. With discipline and foresight, you can become money wise.