Where to put your extra P5,000 to P10,000

As you know, I attended Bo Sanchez' How to be Truly Rich Seminar last February 6, 2010 at the St. Francis Theater in Lourdes Mandaluyong and there Bo Sanchez talked about investing your money in the right places. He advises us to save 20% of our income every month.

What do we do with the 20 percent? It depends on your current situation.You also have your current finance and debt situation to consider. Here are some questions to think about:

1. Do you already have an Emergency Fund?

      What's an emergency fund you say? An emergency fund is just that, money set aside for a rainy day or any emergency. Your emergency fund should be equal to at least 3 to 6 times your monthly salary. So, for example, if you're retrenched or get sick, you'll have enough money to cover your expenses for the next few months til you get better or find another job.

2. Do you have any debts?

     This is self explanatory. If you owe any one or any company any money then you have debt.You can use what is called a FREEDOM FUND to hasten your debt payments. Let's say, for example, you pay P5,000 monthly for your car. You add the FREEDOM FUND to your monthly payment of P5,000 so that your balance will go down much faster. The next thing you know you're already debt free!

So if you don't have an emergency fund yet plus you also have debt. Here's how you divide your 20%
     Place 1/3 of 20% in EMERGENCY FUND
     Place 1/3 of 20% in FREEDOM FUND (for paying off debt)
     Place 1/3 of 20% in WEALTH FUND (money for investing)

Just adjust this accordingly depending on your situation. Once you already have your Emergency Fund in place then you can then already allocate 1/2 each to your Freedom and Wealth Fund or if you don't have any debts then allocate half each to building your Emergency Fund and Wealth Fund.

Also remember, if you have any particular debts that must already be paid then you can put your full 20% towards your FREEDOM FUND.

Additionally, if your emergency fund is already in place and you're debt-free then you can also place the entire 20% in your Wealth Fund.

We'll talk more about the Wealth Fund soon.


- designstudentny

Have You Started Saving?

I've already attended Bo Sanchez' How to be Truly Rich Seminar twice and it took this 2nd seminar to remind me to save and invest.

I got so focused on running my business that I forgot all about investing and saving.

Have you started saving? Start early!

Bo Sanchez showed us a chart and told us a story about two people.

Let's call one of them Carlo and the other Anna.

Carlo started saving P20,000 a year (approx. P1,700/month) and invested it every year for 6 years. At the end of 6 years, he met Anna and he taught Anna all about saving (At the same time Carlo was stationed at another country so he had to stop saving). So Anna started investing P20,000 a year also. After 6 years, Anna was also stationed to another country so she also stopped investing.

After 20 years, Carlo and Anna both decided to withdraw their money. Carla and Anna had both invested P20,000/year for 6 years so they both put in P120,000 in investments. So would they have earned the same amount?

Anna went to check how much money she had and the banker told her she had P4.6 Million in the bank. When Carlo heard this he, too, checked the money that he had. Carlo asked the banker how much he had...

Guess how much he had?

Is it the same amount as Anna?

Carlo had P9 Million in the bank!

How'd that happen when they both put in the same amount of money? It's because Carlo had started investing earlier. So even if they put in the same amount of money (and even if he stopped investing after 6 years) through the law of compounding interest, Carlo's money would definitely grow more than Anna's.

So moral of the story??? Start saving and investing early!

Starting early makes all the difference in the road to wealth.


Start investing now!

-designstudentny


P.S.
Bo Sanchez' next How to be Truly Rich Seminar is on April 10, 2010 so be sure to mark your calendars and reserve a seat for this event.

In the mean time, you can also check out Bo Sanchez' TrulyRich Club. I'm a member of this club and Bo sends us emails every week, audio lessons 2x a month and videos every 3 mos. It's really such a blessing. I am learning so much. Check it out here or paste this link on your browser: http://www.bosanchezmembers.com/amember/go.php?r=1138

Here are also some of my favorite books on investing and money management:

My God Whispers for Today

I'm sharing the God Whispers that I received today from Bo Sanchez with you. It really hit home. Sometimes when you "grow up" you tend to forget how to dream. You become all about becoming "practical" and "realistic." You get so jaded because of your many experiences growing up.

This was a wake up call. It's not too late. Don't give up.




To dreams!


- designstudentny


P.S.
Want to receive your own personalized God Whispers?
God Whispers comes free with a subscription to Bo Sanchez' Truly Rich Club. I'm a member and it's been nothing but a source of such great blessing and inspiration. Learn more here or follow this link: http://www.bosanchezmembers.com/amember/go.php?r=1138

Are you Destroying Yourself with Your Own Words?

One of the things that really struck me when I read Bo Sanchez' past email was the huge effect that our words have.

A Japanese scientist decided to see how powerful our words are by experimenting with water.

Dr. Masuro Emoto took droplets of water and exposed them to different words, music and environments then froze these water droplets for 3 hours. 1 part was frozen as is and was not exposed to any words or music. The 2nd part was positively prayed over while the 3rd and last part was exposed to heavy metal music. Afterward, he examined these frozen droplets under a dark field microscope.

Guess what he found? How do you think the frozen water formations look like?

A normal drop of water when frozen looks like this:

 

This is how a frozen water formation looks like when exposed to hard metal music and the like:

See the difference with the picture below. This is how a positively prayed over frozen water formation looks like. Isn't it absolutely gorgeous?

You can read Bo Sanchez' entire article on this topic here but for now I'll leave you with these thoughts to ponder. If this what a few short minutes of exposure to negativity or positivity can do to water, can you imagine what it can do to you, your body and your life? Isn't our body 75% made of water?

I've heard quite a few stories of people who've cured themselves of serious illnesses such as cancer through positivity (you can read more about this story in The Secret) so imagine what the counterpart can do to your life and body.


Surround yourself with positive thoughts, people and things.


- designstudentny


P.S.
You can read Bo Sanchez' entire article on this topic by clicking here or by following this link:
http://bosanchez.ph/remove-the-lies-in-your-mind/

Want to receive messages like this from Bo every day, week or month? Subscribe to Bo Sanchez' Truly Rich Club and be nourished like I am. I am also a very happy subscriber. Click here to learn more or follow this link: http://www.bosanchezmembers.com/amember/go.php?r=1138

Here are some books that I've read that also teach of this same topic in more detail:

Your Wish is My Command

One of the things that Bo said during his seminar (How to Become Truly Rich) that really hit me was when he talked about the power of words. He talked the about the impact of the things that we say in our lives... how what we say tend to become self-fulfilling prophecies.

Here's a simple example:
Bob is asking Cara to look for the salt in the kitchen. Cara reluctantly stands up and goes to the kitchen to "look." Cara is "looking" for the salt but while she is, she's saying "I can't find it." "Bob, I can't find the salt." A few minutes later, Bob goes into the kitchen and in just a few seconds, finds the salt right on the kitchen counter in plain sight.

What's the point of the story? The lesson of this story can be summarized in this simple phrase: "Whether you say you can or you cannot, it is true." Cara kept on saying that she can't find the salt so therefore she couldn't find it. So be careful what you say. So when you catch yourself saying "I'll never become rich.", "I could never do what she's doing", etc. stop yourself and say the truth: "I can be rich."; "I can do whatever I put my mind to."

Remember to always speak in the positive because your words create your future. You are powerful. Your words are powerful.

Read this article by Bo Sanchez. It really blew me away especially the part about the Japanese scientists' experiment on water and rice. It will really change the way you think, what you say and maybe even what you listen to. It's a bit long but it's really worth not only your while but your life.
http://bosanchez.ph/remove-the-lies-in-your-mind/


Have a great day!

-designstudentny


P.S.
Bo Sanchez' next How to Be Truly Rich Seminar is going to be on April 10, 2010. Watch out for details on this blog.

If you want to receive more of Bo Sanchez' emails and lessons, you can check out his TrulyRich Club. He sends emails and newsletters every week as well as audio/video every month. I'm also a member of this club and every email is always jam packed with information. Bo's also so very generous as he constantly sends us unadvertised bonuses. Joining this club is worth every cent. Learn more here: http://www.bosanchezmembers.com/amember/go.php?r=1138


Here are other great books that I've read that have really taught me about the power of our thoughts and words in our lives: