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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Money Machines: Truly Rich Club Powertalk (Part 1)

The powertalks are one of the wonderful gifts given to the Truly Rich Club members.

Bo Sanchez talks about money machines. he said that a friend of him shared that their are two types of people. First when man works for money. And second when money works for man. 

When man is working for money. He exchanges his time, effort and resources for money. 

In my own status now, i would say that I am working for money. I exchange my very precious time for money. I worked as an ecology teacher in one of the Govt State university which is 6 hours commute from my family and worst the transportation is only available at day time because it is dangerous at night time. But despite of these I still opt to work because they are giving me a good salary and I enjoy teaching my students. It gives me so much fulfillment when I see them learning.

However, despite of these good condition. I still dream and is working my dreams forward to the second type of person, where enough money will be working for me so I can live a life of freedom. 

When money works for man it means, the person has reached a certain stage where he can do the things he wanted to do in life. Its is his money that works for the man to give him more of what he already has.

It has been my great desire to reach to a point that I have enough money that works for me to give me more money. So I can have freedom. I can join family gatherings or initiate family gatherings without fear of not being allowed for a leave from work. I can be with the people I love without fearing of not having enough money to enjoy with them.

So where I am in achieving these goal?

I save. I set aside 1,600 peso per month to be invested in the stock market. The guidance I have from the Truly Rich Club has brought me to the world of Stock Market.. And my investing has never been made these profitable. One of the stock market shares I bought early on in my investing has earned my already 60 percent growth. 

The thing that I journey with my self is eliminating all forms of debt, that I accumulate when I wasn't that financially literate. Thanks to the Truly Rich Club who enhances my financial literacy. Eliminating debt will eventually increase my net take home pay from my recent job and these will give me more money to invest in the stock market.

I will be upgrading my membership of the Truly Rich Club from a Gold member to a Diamond EntrepCircle To increase my wisdom on how to make money work for me..

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