Ease Into Investing with Peso Cost Averaging
- By Bea Bongat
- September 3, 2015
“I’ll invest when I get a raise.” “I’ll invest when I have X amount.” “I’ll invest when I’m debt-free.” These are common statements we hear when we ask the question “Are you ready to invest?” Even though the myth of needing hundreds of thousands to invest has been debunked, Filipinos are still wary of investments. Even as the Philippines has been dubbed ‘Asia’s rising tiger’, less than 1% of the population invests in stocks, bonds, UITFs, and the like. Fortunately, peso cost averaging (PCA) makes investing a whole lot easier – and cheaper. It is an investment strategy that allows you to save and grow your wealth even if you don’t have the money for a large lump sum investment. Read more: 5 Stock Trading Strategies for Aspiring Traders Table of ContentsWhat is Peso Cost Averaging?What are the benefits of PCA?How do I come up with my PCA strategy? 1. Set a budget or amount for your investments2. Decide your frequency for investing3. Plan your time frame4. Opt for blue-chip stocksIs peso cost averaging for everyone? What is Peso Cost Averaging? Peso cost averaging, or PCA, is the investment strategy of buying investments of a blue-chip stock at regular intervals for a predetermined amount of time, at least three years. For example, you buy around Php 5,000 worth of a certain stock every month, no matter its current share price. Let’s say its share price today is Php 100. With Php 5,000, you can buy 50 shares. But if next month it goes up to Php 200/share, you only buy 25 shares….
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7 Saving and Investing Tips for BPO Employees
- By Bea Bongat
- August 28, 2015
The Philippines is now the call center capital of the world, edging out India. Thanks to the high english proficiency of Filipinos, major international companies such as Accenture, JPMorgan Chase & Co., and IBM have set up outsourcing offices here. On the employee side, over a million people are working in the BPO industry due to higher pay compared to professional entry-level wages. With industry revenue expected to reach $25 billion by 2016, things are looking good; however, it’s not all rainbows. Aside from working the graveyard shift and during holidays, BPO employees rarely have any surplus money. Their basic salary is just sufficient to sustain the basic needs of their families, unless they perform exceptionally and are given bonuses. Add to that the stress of working in a performance-driven environment, and they spend for relief to compensate. If you’re a BPO employee, and find yourself scrimping pesos or borrowing money until payday, here are 7 saving and investing tips for BPO employees: Table of ContentsGo to work earlier, then sleepCreate passive incomePack lunchInvest with peso cost averagingDo ride sharingSave and invest performance bonusesOpt for budget-friendly ‘gimmicks’Final Thoughts Go to work earlier, then sleep The working hours of a BPO employee are draining. You take a taxi at night to stay safe, and take another one in the morning because you’re too tired to take public transport. Save on taxi fees by going to work earlier than expected. Go to work with a few hours to spare, use public transport, and then use your company’s break room to sleep. Create passive…
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6 Money Mistakes OFWs Commit
- By Bea Bongat
- August 26, 2015
There are more than 2 million Overseas Filipino Workers (OFWs) taking up employment in various parts of the globe – from nearby Singapore to far-flung European nations. Whichever part of the world you’re in, you’re bound to see a small goods store selling local products or a kapwa Pinoy to ask for directions. Year by year, the number of OFWs continues to rise due to the belief that ‘the grass is greener on the other side’. However, when the contract ends and it’s time to come home, many Filipinos find themselves with insufficient savings and investments. Based on the BSP’s 2nd quarter (2015) Consumer Expectation Survey, only 49.7% of the households surveyed put remittances into savings and only 6.7% put it into investments. Here are 6 money mistakes OFWs commit and how to resolve them: Table of ContentsSuccumbing to lifestyle inflationFalling for the pasikat mentalityOver-remittingDisregarding insuranceViewing real estate as the only investmentDisregarding retirementBeating these money mistakes Succumbing to lifestyle inflation Earning in a first-world currency increases your purchasing power. When you were back in the Philippines and an entry-level employee, a new pair of sneakers would cost almost half your monthly pay. Now that you’re in a different country and earning more, that same pair of sneakers barely makes a dent in your monthly income. Floi Wycoco, the founder of The Global Filipino Investors (TGFI) community, was guilty of this. “I bought a Php 70,000 watch with my first paycheck back in Singapore,” he says. Buying a watch valued at almost 6 digits is possible for professionals working abroad. But just…
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How to Recover from Terrible Debt
- By Carlo Miguel Castañeda
- August 17, 2015
Being young and in debt is more common these days than it used to be. It may be due to the fact that it’s easier to get the things that you want on installment. The thing is, debt in the Philippines is vastly different than it is in the West. There’s debt, and there’s utang. The latter isn’t the kind of debt that involves paper, or even actual money. Most young people feel obligated to provide for their families when they’ve got stable jobs. Utang is basically money borrowed from family or friends, or favors (utang na loob) owed in the same aspect. At times, the need to pay back the people who help you can lead to you taking on debt that may seem beyond your ability. We talked to Jake Rosario – an IT Analyst and now, investor – on what it was like to have to recover from six-figure debt in his twenties. Table of ContentsWhere did the debt come from?What did you do when you learned it had reached six figures?Was there a plan to get out of it?So how did you plan to get out of debt?How long did it take?What happened after?What would you say to someone currently dealing with debt?Would you do anything over?Final Thoughts Where did the debt come from? JR: From all sides, really. It stemmed from wanting to ensure my siblings’ education as soon as possible. Given that it was their senior year, I figured it couldn’t hurt. I had a stable job, so I could pay it off slowly….
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8 Sure-Fire Ways to Protect Your Money
- By Bea Bongat
Cash is king for Filipinos – with 60% of their total fund holdings in cash. They prefer tangible assets such as houses and household appliances compared to intangible ones such as stocks and bonds. They’re scared of losing their own hard-earned money, and they want to protect their assets from risks. In line with this, the Bangko Sentral ng Pilipinas (BSP) enumerates eight sure-fire ways for Filipinos to protect their money: Having a savings account is one of the safest ways of protecting your money, and you can deposit and withdraw cash at any time. But this is only one way. Take more steps forward and learn how to invest. If you know what you’re investing and and aren’t just following hearsay, your money will grow. If you want to invest in mutual funds, UITFs, and stocks you can read the following articles (Mutual Funds and UITFs: Investing for Beginners, How to Create an Investing Strategy for the Stock Market). “100% guaranteed returns in 1 month!” – That’s the bait people fall for when a scam is right in front of them. Filipinos want to protect their hard-earned money, so they don’t want to put the cash in anything that is not guaranteed. Here are 8 sure-fire ways for you to protect and grow your cash…the right way: 1. Deposit in banks Only banks are allowed by law to accept deposits. Don’t entrust your money to any institution not authorized by the government. Your money is insured up to Php 500,000 per depositor per bank by the PDIC. 2. Know…
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5 Retirement Planning Mistakes that You Can Avoid
- By Carlo Miguel Castañeda
- August 10, 2015
It’s never too late or too early to plan your retirement. Often, it starts out with just talking about it with friends. Retirement plans as a topic of conversation can reveal planning mistakes you’ve already made without realizing it. According to a MoneyMax.ph survey from May, 61% of people have started planning for retirement – but are they taking all the right actions? Here’s a look at five retirement planning mistakes most people make, and how you can avoid them. Table of ContentsHaving Bad DebtOverlooking InflationUnderestimating Health CostsNot Making Your Money GrowBeing Indecisive Having Bad Debt “Bad” debt usually means unnecessary credit card expenses, or defaulting on loans. Racking up debt puts a strain on saving for your eventual retirement. For example, the loan you took out to buy your home can last you well into your retirement years, thereby eating into any funds you’ve designated as your nest egg. How to avoid it: If you do have any kind of debt, it’s ideal that they’re paid off well before you retire. Paying an extra Php 1,000 or Php 2,000 your monthly due on credit card bills or loans can shave years off the more long-term debt that you have. Overlooking Inflation Inflation is a reality, but often you might think a certain amount is enough for you to retire comfortably. That isn’t always the case. It’s a mistake when you peg your retirement savings at an amount that works at the current standard of living. While the inflation rate in the country as of July is at 0.8%, the…
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Top 5 Business Bloggers: Advice for Budding Entrepreneurs
- By Kyle Kam
- August 3, 2015
Taking that dive into your own business can be fairly daunting. There’s much that you need to consider and even more that you need to learn. But when you’ve already made the decision to start your own business, there’s very little that can stand in your way. Read more: 10 Amazing Business Moms If you’re looking for a little more inspiration, there are blogs you can visit to take in the experiences of those who have already made it. Here’s a few amazing bloggers who also happen to run their own businesses. Table of ContentsRoel of Tycoon PH[1]Michael of Negosyo Ideas[2]Ron of Pinoy Bisnes[3]Gelo of Franchise Manila[4] Roel of Tycoon PH[1] Will you tell us a little bit about the blog and how it started? Since I have served more than 100 businesses around the world through digital marketing, I’ve found out that my real passion is helping entrepreneurs grow their business and take actions. So, I created a platform that can feature information which can help them achieve this mission. You see, too many media startups focus on publishing trivial stuff, celebrity news and gossip. Stuff that doesn’t make people better. Stuff that doesn’t help people decide and influence their life to become better. But we aren’t. We believe in the power of evergreen and high quality contents, and its ability to help people. Tycoon Philippines doesn’t aim to provide news; instead, it provides actionable tips, strategies, ideas, and insights on marketing, business, entrepreneurship, success and money. It should only create articles that can help entrepreneurs or people who…
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5 Ways Minimum Wage Earners Can Save
- By Carlo Miguel Castañeda
- July 29, 2015
Saving is a habit, built over time. They say it takes 21 days of consistently doing something in order for a habit to fully form. The challenge of saving presents itself to everyone with a goal in mind. As it is, people reason that they are unable to save because they don’t make enough. With minimum wage in the NCR averaging around Php 481 and Php 349 in provinces, it does make saving seem like a stretch. As author and financial coach Chinkee Tan said “Never allow the lack of money to be a stumbling block.” Saving money begins with the mindset that you can save, and not with a larger paycheck. If you’re working a minimum wage job right now, it doesn’t mean that you’ll be working that job forever. Building the habit of saving requires perseverance, especially as you may not have a lot to work with, in terms of money. Here’s a look at five ways that someone earning minimum wage can build their savings. Table of ContentsStart SmallFind a Sideline/RaketOpen a Bank AccountAvoid DebtKeep Your Eye on the Goal Start Small Most people think that 10% or 20% of your monthly wage should go to savings. Before you say “that’s too much”, don’t think about the amount. Start by putting away spare change, or smaller loose bills that you end up with each day. When your savings grow, so will the temptation to spend your hard-saved funds. You may want to consider putting the money you’ve saved somewhere you can’t touch it, at least until you…
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What Would You Do with an Extra Php 5,000?
- By Carlo Miguel Castañeda
- July 24, 2015
If there’s one topic among people that never goes out of trend, it’s asking what you’d do with extra cash. We’re not talking about the cash that happens to be leftover unexpectedly, but guilt-free money that you can do absolutely anything with. Sudden windfalls, unexpected gains, or leftover funds are somethings that just happen in life. There are a lot of things you can do with your extra cash, but before you go nuts, here are some things to consider when wondering what to do with extra money. Table of ContentsFirst things firstWhat do you want?Do you have a goal?Don’t spend it all in one placeThe choice is yours First things first Regardless of the amount that you have, think about what else you might need to prioritize financially. Are you up to date on your credit card bills, any insurance premiums, or any other bills for that matter? If you’re not, put your extra money towards these obligations. An extra Php 5,000 towards your credit card bills can lower your principal balance and the interest you pay on it, for example. But if you’re sure that everything’s been taken care of, then you can think about putting the money elsewhere. What do you want? There are times when it’s okay to put your money towards wants, and this is one of those times. Take note, of course, that you’ll need to fit that want into the extra amount that you have on you. You’ve got an extra Php 5,000 – don’t try and buy something worth twice that amount….
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Best Investments For Every Risk Appetite
- By Bea Bongat
- July 23, 2015
Last week, Moneymax.ph talked about investment vehicles perfect for beginners. This week, we’ll focus on determining the best investment according to risk tolerance. Your “risk tolerance” is your emotional preparedness when it comes to the highs and lows of investing. You should know by now that investments are not guaranteed. If your risk tolerance is low, you’ll take the chance of gaining 10% along with the chance of losing 5% of your investment. If you’re a high-risk investor, you’ll prefer the chance of gaining 40% even if it comes with the risk of losing 30% of your portfolio. To know your risk tolerance, you can go to your local bank or investment broker, and they can provide you with an Investor Profile Questionnaire. Table of ContentsTypes of Risk ToleranceConservativeModerately AggressiveAggressiveRisk Tolerance and AgeYou can start now! Types of Risk Tolerance Conservative You’re conservative when you’re averse to the idea of losing your hard-earned money even if it means lower gains. If you can imagine yourself withdrawing your investment over losing a few thousand pesos, then your ideal investments would be money market funds and bond funds. Money market funds include bank deposit accounts, time deposits, certificates of deposits (CDs), and fixed-income government and corporate instruments while bond funds include corporate or government bonds. Read more: 5 Smart Reasons to Invest in Bonds Unit Investment Trust Fund: What Is UITF and How Do I Invest? Why are they low-risk? These funds are low risk because investors are promised returns through the form of interest rates. Bond funds are debt instruments where…
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The BSP: How to Save on Bank Fees and Charges
- By Carlo Miguel Castañeda
- July 22, 2015
Having a bank account apart from a payroll ATM is something that most people forego. Many reason that it’s costly to maintain, or that they don’t have the extra money for it. Even though 80% of the general population doesn’t have a bank account, it’s still an essential part of personal finance, especially when you want to save up. Given that there are fees and charges that come with maintaining a bank account, it’s important to have an understanding of what makes it all up. As such, the Bangko Sentral ng Pilipinas (BSP) urges those who do have bank accounts to read the fine print of the account documents your banks send to you. Just taking this time could save you hundreds of pesos in fees. But how else can you save on bank fees and charges? Table of ContentsWhat to look out for:Mind the service and transaction feesFalling below ADBDormancyBounced checks What to look out for: Among the things in your deposit literature, the BSP encourages that you pay close attention to the following: service fees falling below average daily balance (ADB) dormancy fee ATM transaction fee fee for checks written against insufficient funds interbranch transaction fees Mind the service and transaction fees Banks charge their depositing clients a certain amount for maintenance and transaction. Some of these fees are for deposits that fall below the minimum Average Daily Balance (ADB). Larger fees may apply to excess withdrawals, inter-branch transactions, and if you close the account within a year of opening it. Here’s a sample of fees from a…
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Before Resting in Peace: 6 Ways to Plan Your Legacy
- By Carlo Miguel Castañeda
- July 20, 2015
Memento Mori, or “Remember that you will die”. The fact is that somewhere, sometime down the line, we will die. Everyone would like to pass away peacefully, at a certain age, and surrounded by loved ones. Talking about what happens to you and your family after you die is never easy, especially if you are the main breadwinner. While the conversation can be uncomfortable, it’s something that has to be done in order to ensure your financial legacy. You can never really plan to die, but you can plan your legacy as early as now. Here are a few places to start. Table of ContentsYour WillPower of AttorneyTrustsInsuranceFuneral PlanningGuardians Your Will A will determines where your assets go upon your passing. Your last will and testament is a binding legal document that bequeaths all material and monetary assets, as well as items of sentimental value that you leave behind to the people in your life. Why talk about it: If there’s one thing that telenovelas can teach us, it’s that the things that you leave behind are something to fight over. A will can diffuse most conflicts over the distribution of your assets. Power of Attorney A “power of attorney” is another legal document that authorizes someone you trust implicitly to carry out decisions on your behalf if you no longer have the mental capacity to do so. In cases of debilitating sickness, for example, the person with power of attorney decides whether or not life-saving medical care will be given to you based on your instructions. Why talk about…
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Mutual Funds And UITFs: Investing For Beginners
- By Bea Bongat
- July 16, 2015
“Sabi sakin ng kaibigan ko bili tayo ng ganitong investment! Mabilis ang return!” is a phrase Floi Wycoco, founder of The Global Filipino Investors (TGFI) group, commonly hears. Based from his experiences talking with fellow kababayans, some Filipinos jump right into investing without educating themselves first. Everyone wants to make a quick buck without putting in the effort, but if that were possible, then everyone would be rich. Investing is no different, and there are two options you can choose from: Earn in a short amount of time BUT with a lot of effort (e.g. day trading) Earn in a longer amount of time BUT with less effort For the first option, you need to put in the effort of learning. You can’t buy ‘this’ stock because someone you know told you to. You need to know why you’re buying a particular option. This requires looking at a company’s financial statements and being up to date with current events, as well as educating yourself about the basics of stock trading. Not every beginner has time for this. For the second option, mutual funds and Unit Investment Trust Funds (UITFs) are your friends and are perfect for beginners. Table of ContentsWhy are they perfect for beginners?How do mutual funds and UITFs work?What’s the difference between mutual funds and UITFs?How much can you earn investing in these?What are the disadvantages of mutual funds and UITFs?You can start now! Why are they perfect for beginners? Mutual funds and UITFs are handled by professionals who do the work for you. They ensure maximizing your…
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Exclusive Q&A: TGFI’s Floi Wycoco On Investing
- By Bea Bongat
- July 15, 2015
Over the years, investing has been made more available to Filipinos. Through financial literacy seminars and Facebook groups focused on money matters, more people are taking interest in their finances. Take a quick look at personal finance blogs and Facebook groups and you will see that more of our kababayans are asking the important questions. How can I start investing? What kind of insurance should I get? What are the best stocks to buy? The Global Filipino Investors (TGFI) Facebook group is one of the best avenues to talk about money matters. From how to apply for a stock investing account to the basics of getting life insurance, the 55,000-strong community is more than willing to welcome anyone willing to learn – beginner and expert alike. Moneymax.ph caught up with TGFI founder, Floi Wycoco, to share his story on why he started the TGFI Facebook group and TGFI Web Academy and why he hopes every Filipino will start investing – one of his core pillars to being financially free. Have you always been interested in personal finance? No. When I was a fresh grad with my first job, I was an impulsive spender. The first thing I did with my first salary was to take my friends out and treat them all. On the next paycheck, I went to the casino and gambled everything. Instead of the Filipino tradition of giving a portion of my income to my parents, I kept everything to myself, and that mindset continued for the next five years, so no, during my younger years, I…
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What to Tell Your Kids about Finances
- By Carlo Miguel Castañeda
- July 6, 2015
“Money doesn’t grow on trees.” Every parent says this to their children when attempting to teach them about managing their finances, or trying to curb their spending. The thing about keeping kids in the know about money matters is that kids learn their financial habits from their parents. “Experience is not the best teacher. Learning from other people’s mistakes is the best teacher,” according to wealth coach and author Chinkee Tan. Keeping them in the know about your financial situation helps, but should you tell your kids everything about money? On Income Ordinarily, how much you make is closely guarded information. You never discuss specific amounts with friends and other adult family members, but what about your kids? As kids get older they’ll have questions about money, and you’ll need to be ready to answer. What to say: Use broad terms when discussing the money you earn. The most important lesson your children need to take away from a conversation like this is the value of a paycheck and working hard. Sharing actual numbers is something best left for when they’re closer to working age. On Spending Kids will wonder how you can afford certain things, or why you won’t buy something that want. They’ll likely get the impression that you’re fairly well off if you buy new appliances and other necessary big ticket items, and become confused as to why you suddenly don’t have money for the latest toy they want. What to say: It’s a discussion of wants vs. needs. Let them know how much it costs…
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4 Reasons Why You’re Not Investing
- By Carlo Miguel Castañeda
- July 2, 2015
Investing is a hot topic right now. Every personal finance expert has investing as part of their recommendations for financial health and achieving financial freedom. When you turn on the news or read the papers, everyone’s going on about the stock market and how well it’s doing, and experts are saying that you should start investing now to take advantage. But even after all that, not a lot of people have taken the plunge. According to a 2013 survey by the Philippine Stock Exchange, there were only 585,562 trading accounts in the whole country that year, or a mere 0.6% of the total Philippine population. Table of ContentsSo why aren’t you investing?But these reasons shouldn’t be enough to stop you from investing.So why aren’t you investing?But these reasons shouldn’t be enough to stop you from investing. So why aren’t you investing? Going by probability, you’re likely not one of those 0.6% who has a trading account. There are four main reasons that you might have for not investing: You can’t afford it. To build a balanced portfolio, you’ll need to buy a lot of different stocks in different industries. To do that, you’ll need to invest hundreds of thousands of pesos, at the very least. Not everybody has that kind of money.Plus, if you’re looking at stocks, there are a lot of costs involved, like commission fees payable to your trader, VAT on that commission, Philippine Stock Exchange transaction fee, and others. Selling stocks is even more expensive as you’ll have to pay sales tax. If you’re only going to buy a…
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What Your Money Should Do for You at Age 50
- By Carlo Miguel Castañeda
- June 24, 2015
For a lot of us, turning half a century old seems so far away. It often feels like there’s a lot of time before we’re that old, so we don’t really think about what we could be doing by that age too often. By the age of 50, we do think that we’ll be right where we want to be as individuals, and as professionals in our respective fields. We talked to financial adviser, nurse, and author Lianne Laroya on the subject, and here’s what she had to say. Table of ContentsFifty and freeMaking it happenTake care of you Fifty and free “At age 50, I’d be lounging by a quaint cafe in Paris in the afternoon, sipping a delicious cup of hot chocolate and pairing it with a bit of buttery pastry while I’m organizing my blog post for TheWiseLiving.com and spending the whole day with my loved ones,” she starts. “At night, I’ll be speaking on a webinar on the topic, “How to Retire at Age 35” with young Filipino professionals as the attendees.” Being older means having the means to enjoy life and still do what you love the most. Being able to do something that you live for doesn’t end when you’ve made it. As Lianne said on her blog, she does write for a living, but she also lives for writing. Many entrepreneurship and self-help seminars discuss visualizing your future and what you want to achieve by the time you reach that particular point in your life. Where Lianne sees herself relaxing in Paris, anyone…
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Things to Know About College Fund Saving with the 80-20 Rule
- By Carlo Miguel Castañeda
- June 22, 2015
When you become a parent, the question of securing your child’s future education rears its head. You want to give them the best education that you can. With this comes looking at how much it will cost to eventually send them to the university of their choice. With that in mind, you’ll be looking at ways to save the money for your child’s education fund. There are plenty of ways to save, and the first step towards that is to create a budget. One style of budgeting that doesn’t require as much effort is the “80-20 rule”. Table of ContentsWhat is it?How does it work?How do I grow my college fund? What is it? The 80-20 rule is a saving formula based off of Pareto’s Principle, or “the law of the vital few.” Proponents of this formula, Harvard economist Elizabeth Warren and her daughter Amelia Warren Tiyagi say that “You should base your budget on your ‘take-home’ income, after taxes and other expenses are taken out of your paycheck.” How does it work? This saving formula simplifies the saving process by splitting off 20% of your income into savings. The remaining 80% is allocated 50% for your needs, and 30% for your wants. While it may be difficult to separate needs and wants, the 20% you take away from your monthly income is an absolute for when you are saving for your child’s education. On a “take-home” income of PHP 50,000, the amount that goes into your child’s education fund each month is PHP 10,000. This amount, multiplied by 15…
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Randell Tiongson: Best Financial Advice from a Father
- By Moneymax
- June 17, 2015
One of the most difficult things for parents is to talk to their kids about money. As we get closer to Father’s Day, perhaps one of the things you’ve got on your mind is how to impart lessons on your kids regarding money. We got to sit down with financial guru Randell Tiongson, dad of two girls and two boys, and here’s his take on teaching his kids about money: There was even a time when they asked why we wouldn’t travel abroad. When they would compare our situation with others, I’d tell them that we’re different and that every family is unique. While your kids were growing up, what was your first advice to them? What was very important for me, especially when they were growing up, was the concept of delayed gratification. It’s normal to hear “I want this, I want that” from kids asking to get the things they want, but my wife and I taught our kids that there’s a right time for everything. Then, I also taught them the significance of priorities. Di’ba as a dad, you need to provide and secure their future. I remember when my kids were younger, my girls used to compare themselves with cousins and friends asking, “Bakit si ganoon ganito, ganyan”. There was even a time when they asked why we wouldn’t travel abroad. When they would compare our situation with others, I’d tell them that we’re different and that every family is unique. They had to understand that we had our own priorities, and these priorities were roof…
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5 Money Lessons from National Heroes
- By Carlo Miguel Castañeda
- June 11, 2015
Independence Day rolls around with a lot of fanfare, and there will be celebrations all across the country. On this day, it also adds that we honor those whose efforts and sacrifice contributed to our eventual liberation. While the men and women we consider heroes set out only to fight for what was right, they also led lives similar to ours. Like us, they worked hard to earn money and found ways to make the most of their paychecks. Like us, they also made good and not-so-good decisions with their money. Here are 5 lessons national heroes can teach us about money. Dr. Jose Rizal – Investing and Debt Management History describes Dr. Jose Rizal as someone who had a thirst for knowledge and as a man of many interests and talents. He was also a practical and frugal person. According to historians, he once won a lottery with friends. Rather than spend his share in one place, he used it to invest in property. The property was developed into a school and a hospital, with the proceeds going towards an abaca business on the same grounds. Like a lot of people today, Rizal also had debts – acquired from when money was difficult to come by. The money he borrowed went towards paying his tuition fees. It’s said that he paid back the money he owed friends as quickly as possible, completely focused on eliminating his debt as soon as he could. Andres Bonifacio – Have more than one income stream In school, we learned how Andres Bonifacio and…
