Control Your Cash

Control your cash is a powertalks shared to all Truly Rich Club Members.
Notes:
 These are my personal notes from the talk.
          If then you have been faithful of worldly wealth, how can you be trusted with true wealth?

          Learn from the ants who labor hard all summer so that there is food for winter.

          Bo Sanchez shares 4 steps on How to control your cash.
             1. Stop Borrowing.
             2. Protect your assets.
             3. Live on 70% of your income.
             4. Set aside 30% or more for special fund.
                            - Freedom fund 6.66% paying your debt in advance
                            - Emergency Fund 6.66% (until you reach an amount equal to 3-6 months of your salary)
                            - Wealth Fund 6.66%  if you finished paying your debt and reached a savings
                                      equal to 3-6 months of your salary , transfer these allocations to the wealth fund.
                            - Tithe 10%
I am grateful for being a member of the Truly Rich Club to have these opportunity to be reminded of the best thing to do. Especially on our finances.

Realizations

      I haven't really was able to control my cash. Although I could say that I tithe and have my wealth fund and is religiously paying my debt. In a rate of 1-10 in controlling my cash, I will give myself a rate of 4. At these very moment I have an accumulated debt  of 181,600.00.

      A system like the percentage distribution of your income is very necessary so I can keep track of my own progress and using that percentage distribution I can allocate funds to all areas. I keep on withdrawing my emergency fund so I wasn't really able to reached an amount equal to my 3-6 months salary. Being a member of the Truly Rich Club is another thing that I realize that help me through.

Actions:

1. I looked for my old notebook, since allocating my  money like the one above advised is already practiced by me. however, I just stopped it when I went abroad for 3 months for  a scholarship because I was able to borrow large amount of money for my transportation and leave me with a very small net take home pay. And now I am motivated to do it all over again. So wish me luck.

2. from now on I will stop borrowing. Any form of borrowing I will now avoid so I can slowly eliminate my six digit debt.

3. I will allocate 4 hours a day for the creation of my other passive income. Like the one I am doing now.

4. Upgrade my membership of the Truly Rich Club to a diamond.

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