BUSINESS MENTOR: Clever Ways To Becoming Financially Secure

By Armando “BUTZ” Bartolomex

Every one of us may have dreamed of becoming a millionaire. And why not? It is something that would make our future secure and possibly make us do whatever we want. Now, I don’t want you all to think that having lots of money should be the only goal that we need in order to live. We just need to be practical since times are truly getting rough. And if we will just rely on those people who have helped us all the time, then we will just get stuck in one place all our lives.

There are two kinds of people with regards to how they would want to earn a living: one chooses to become someone that works for others and then there is another one who would want to be the boss. Either way, for as long as you involved with something legit, then it’s fine.

People have this notion that the only way to be financially independent is by becoming an entrepreneur. While it may be true to a certain degree, you can also become rich by doing other things.

You may want to become rich but would also want to have the security of being able to earn regularly. What do you do? Here are a few tips that can help you get your way to financial success and stability (of course, not in an instant!)

1. One thing that employees fail to see, particularly those who may have been recently promoted is that they automatically splurge on things that they do not actually need. Example, an employee who then earns, Php 30,000/month was promoted and is being given Php 45,000/month would suddenly be thinking of what to buy now that he has an additional Php 15,000 per month. When we drive ourselves to this kind of thinking, the amount of money that we currently earn may no longer be sufficient for our needs. It is like you are tempting yourself to buy unnecessary things just because you are capable of buying them now than before. So, what does that leave you? You may just end up losing so much instead of earning. Only spend within your means and learn to prioritize the things that you truly need.
2. You may have been given a huge amount of money, probably an inheritance or a loan. What will you do with that? If the money was from a loan, for sure, you need it for something important, like buying a new car, putting up a business or for your children’s education. As with your inheritance, will you be flying on the next flight to London just so you can be able to spend? People with this kind of thinking will surely not make their lives easy. 

Although no one should meddle with your personal choices, why not make the money grow instead, like starting a new business or investing it wisely. Now, talking about investment, make sure that you only deal with legitimate people and not throw out your millions to someone or something that you hardly have any idea what you are investing in. Learn to value the money that goes into your hand. Remember that there are so many people who would wish to be in your shoes, and yet, after all they go through each day, it just may not be possible for them to even have Php 100 each day inside their pockets.

1. You may want to also look into the possibility of having a business partnership. Although some entrepreneurs would rather start up as sole owners of a business, as the business grows, these entrepreneurs may want to venture into a much bigger business which may need additional investors. Just make sure that you are aware of the kind of business and that you may be able to put in your two cents from time to time in helping the business. Again, as I would always mention, find the right kind of business that would suit your skills and something that is truly profitable. Do not just base your decision on the amount of money you have at hand. Some aspiring entrepreneurs may have limited resources. And not knowing anything else to do, would just pick any kind of business that their money can afford only to realize that the business that they chose is not as profitable as how it was presented to them.

1. Not all people would have considered involving themselves with a business while being employed. They may not have seen the opportunity to make the most out of their spare time. There are quite a few small businesses which you can run while still enjoying the benefits of a regular employee and feel financially secured with a monthly salary. Networking is one side-business that you can learn to do. But, again, ensure that you only involve yourselves with legitimate companies. Some would lure you to invest a small capital with huge returns, only to find out that after several payouts, the company just disappears taking thousands or even millions.  

Aside from networking, you may also provide services that your skills allow you. I know someone who is employed in a construction firm as an engineer but is a web designer, as well. According to him, although he earns well from the company he works with, his skills in web designing has made him earn more than what he imagined. After a few years of having this side business, he is now confident that he can sustain the education of his younger siblings. 

1. Put aside your money for your retirement. I know that there are so many people who lost their trust with insurance companies after some big names just suddenly closed up. That being said, find the insurance company that is trusted for many years and that can provide you the best offer to secure your future.

Our spending ways will definitely affect our lives in the future. If we have a mindset of just “living by the day” and not thinking about what tomorrow could bring, then our children will surely suffer. Not even their education may be secured. But if we keep in mind to work hard and that there is always room for growth, a little patience, and perseverance, the fruits of all our struggles will brighten our future.