Finance 101: Building A Solid Financial Foundation

[makie]

---

Never confuse immediate, short term, and long term goals. Identify which investments vehicles are you going to take in order to achieve them.

For example,

Immediate goal: Pay off credit card bills
Short term goal: Save in order to buy a new car within the next five years
Long term goal: Save/invest for the college education for the kids

What to do in order to achieve such goals?

Immediate goal: Create a budget and prioritize paying the said bills

Short term goal: Increase cash flow in order to save for the new car. As an added bonus (challenge), buy such car in spot cash to avoid interest rates. Buy a good second hand car to save

Long term goal: Invest regularly in at least 2 different mutual fund companies for the next 10 years. Investing in stocks is another good option as well.

Goals are very important but goals must be broken down further into details. Break them down to immediate, short term, ang long term goals. Immediate goals are the ones that you must attend to right now, short term goals are next in priority, and long term goals are the least. But keep in mind that all goals are important, their priority is based on their tenure, just because one has the least importance doesn't mean that it isn't as important as the others.

We all have different goals. Identify each of them down to the last detail and draw out a plan in order to achieve each of them.

[knightdream]

If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich. ~ Mark Cuban

[Walking KB]

I'm still a newbie here.I just have a question. I don't have much money right now for putting up my own business and going into investments.I can't do my business and invest at the same time. Let's say I have 30k.Asa man nindot.Going into business which is also riskier or start na lang ko invest into mutual funds,etc? Naa na ko business nahuna2n pero still not sure if mo click ba jud.

[knightdream]

I'm still a newbie here.I just have a question. I don't have much money right now for putting up my own business and going into investments.I can't do my business and invest at the same time. Let's say I have 30k.Asa man nindot.Going into business which is also riskier or start na lang ko invest into mutual funds,etc? Naa na ko business nahuna2n pero still not sure if mo click ba jud.

bro,

in my personal opinion, i would suggest that you go for investment first. you can start with mutual funds. however, i also suggest that you don't invest your 30k in bulk. you can start with 5k or 10k, and divide the rest for your monthly investments in your mutual funds, say 1k or 2k per month. Then, start learning about investments like the stock market so that later on you can also invest directly in it, i suggest citisec online as a great start. As the money you invested grows, you can withdraw your profits and start a business. I would suggest that you choose a business that would match your passion or your core gift. Core gift means something that you're good at and at the same time you love doing. When you're working in alignment with your core gift, your work seems so easy because you're just like having fun. Make sure to discover your core gift first before entering into business and make sure that you align the business that you choose with your core gift. And also, by the time you discover your core gift, focus on developing it everyday. And most of all, maintain a strong faith in God and always rely on Him. These are the secrets of success I have learned from successful people and believe me, these all works!!!

Hope this helps in the decisions that you'll be taking. Just believe in yourself, we all have the power to create our own reality!

PS. Continue your investments even if you've already start a business. It would be a great advantage when you have both.

[makie]

@Walking KB: Sent you a PM

[Walking KB]

@knightdream-nakabasa ko sa previous posts.Importante pud mo setup sa ug emergency fund good for 3-6 months.Then wala pa pud ko emergency fund ron.What can you say?

[knightdream]

up ta ni for more people to see!!!