Bo Sanchez' How to be Truly Rich Seminar

I attended Bo Sanchez' How to be Truly Rich Seminar last Saturday at the St. Francis Theater at the Lourdes School of Mandaluyong.

Photo courtesy of www.bosanchezbooksingapore.com

The seminar is still as dynamic, entertaining and more importantly information-packed as ever. It's actually my second time to attend and for the small fee that they charge, it was really worth every cent. For one, I realized that besides building businesses, I had totally neglected the whole other part about investing and saving. As I was going home with my boyfriend, I even told him how sad I felt at how I hadn't applied all that was taught in the seminar. In hindsight, I'm thinking at least I applied some of it. I stopped investing (but didn't stop saving) because of my mistake in investing when I was starting out.

The stock market was fast rising at the time that I started out and I got excited and maybe a bit greedy. I put all my money in a balanced fund. I even took out some of the money that I earlier invested in a fixed-income fund and transferred it to the balanced fund. Long story short... fast forward to the global recession and all the money is negative territory. I got blinded by my 5 digit returns that I totally ignored the voice in my head telling me to pull the money out or at least re-invest some of it in safer investments. I had even read that when the market double tops that's the time to take your money out. But did I take it out? No. So imagine my distraught when the market started plunging and I couldn't do anything about it.

Anyway, that's all water under the bridge. The stock market is slowly rising again. It's actually a great time to invest. Bo Sanchez said during the seminar that the best time to invest is when the market is down, when prices are low. It may be hard to do but this is when preparation and saving pays off because you'll have the chance to take advantage of opportunities that others cannot partake of.

Bo Sanchez reminded me that I needed to also invest money in paper assets besides putting them in my businesses. So starting this coming payday, I'll start saving part of my income to what Bo calls the Freedom Fund, the Wealth Fund and the Emergency Fund.

According to Bo, we should all FIRST AND FOREMOST, set aside 20% of our income for our savings. Pay yourself first! And divide this 20% into 3 parts:

1. 1/3 should go to your Wealth Fund - money to go into investments
2. 1/3 should go to your Freedom Fund  - money for paying debts, if any
3. 1/3 should go to your Emergency Fund - money set aside for a rainy day (like Ondoy :p)

This has gotten a bit long. I'll tell you more about the different types of funds next time.

Gotta go! Have to open a new bank account so I can properly set aside money from my salary.


Til Next Time,
designstudentny

P.S.

Bo Sanchez' next How to Be Truly Rich Seminar is on April 10, 2010 if you want to attend. It's still going to be in Manila but if you can't attend, the next best thing for continued education (even if you've already attended the actual seminar) is Bo Sanchez' TrulyRich Club. Me and my brother are already members of this and many of my friends have also signed up for this really great treat. It's like having Bo Sanchez' as your personal financial mentor sending you notes and lessons right in your inbox every week. Click here to find out more.
http://www.bosanchezmembers.com/amember/go.php?r=1138

Reading Bo Sanchez' books is also a great way to learn from him. Here are some of my favorites: