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Pinoy Financial Adviser (Part 2)
Pinoy Financial Adviser (Part 3)
Francisco Colayco, is an advocate of financial literacy for Filipinos and the founding chairman of Colayco Foundation for Education, Inc.
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Joshua kennon cited in his article, Money, like water, expands to fill the container in which it is placed. If you lack an objective set of financial goals for your life, you probably reach the end of each month and find yourself broke. You vow that next month will be different, but it never is.
This scenario is certainly one with which millions of people can identify. Fortunately, it doesn't have to be that way. One of the most powerful and effective strategies for building wealth is to pay yourself first.
Start with your monthly bills. When you set down to pay your bills, the first check you write should be to yourself. Decide on an amount you can commit to for at least six months and immediately pay that "bill" by depositing the money into your brokerage, mutual fund, and retirement accounts. You must do this even if you cannot afford it! Then, pay your other bills as usual. If you find that you do not have enough money to cover all the expenses, write down the amount you are short and then find to raise the money. If this means you have to recycle cans, switch to an off-brand cereal, work a few extra hours, or cancel your magazine subscriptions.
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