Breaking Free of Php500,000 Bad Debt in Less Than 3 Years
- By Moneymax
- March 17, 2017
Getting into the vicious cycle of bad debt is hard. Most financially experts say to avoid bad debt but what if irrational decisions and lifestyle inflation get the best of us? How does one get back to his feet in order to avoid making the same mistake? Don Soriano did just that. After passing Certified Public Accountant (CPA) Board Exam as Top 7 last May 2011, he went on to live the high life. After eating at high-end restaurants and even buying a sports car despite a failing business and unemployment, he went bankrupt with a Php500,000 debt to pay off. Today, he owns two food businesses which are an international sandwich company and a local ice cream food cart franchise. He also manages investment advisors under a financial services company to help Filipinos start passive income through investments. He recently released a book entitled Break Free which you can read in an hour and gives eight steps on how you can get more income and how to improve your mindset about handling your money. Read More: Drowning in Debt? How to Eliminate the Common Types of Debt In an exclusive interview with MoneyMax.ph, Don shares some of his tips on how to overcome bad financial habits and pay off debt to turn your life around for the better. 1) Use Other People’s Experiences and Knowledge (OPEK) and Other People’s Risk (OR). OPEK and OPR are acronyms he coined in line with maximizing leverage. It has been common practice in the personal development arena to leverage on other people’s experiences instead of one’s own because it is a cheaper…
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The Art of Being a Successful Entrepreneur
- By Moneymax
- February 20, 2017
What makes an entrepreneur successful? Being an entrepreneur can be easily said than done. It requires a lot of understanding about the business that you are getting at. Anyone can be a successful businessman if they have the skills on how to make it big. Here are the skills that you must remember if you want to be a successful Filipino entrepreneur: Focus on Your Goals One common mistake of an entrepreneur is having this vision on how they can compete instead of how they can improve. The key is to focus on your goals! You started your business with a mindset of giving your customers’ satisfaction that they deserve. If you stick to your plans and you will most likely to give better service and forget how you can top everyone off. Love your business and it will love you back. Be a Motivator A successful entrepreneur is the most optimistic person out of everyone. He motivates his staff to do their work to the fullest instead of bringing them down whenever things are getting way out of hand. He is the one who knows how to get through every situation of his business. It is a skill for an entrepreneur to have. Know-How to Handle Your Money Earning money from your business plays an important role on how you can grow it. An entrepreneur must be able to manage his money wisely. You can’t just rely on the company’s sales and spend it recklessly without knowing the cost of doing this.Make sure that you know how to budget…
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Episode 2: Pinoy Peso Hero Podcast
- By Moneymax
- February 8, 2017
Play it here: It’s the second episode of Pinoy Peso Hero Podcast! This week, Aya Laraya and Warlough, a team member of MoneyMax.ph, talk about some of the most common questions that Filipinos have when it comes to investing and saving: How much should I set aside when saving? When is the right age to start investing? What are the investment products that I should get? You may leave your questions in the Comments Section below. We will be selecting three commenters who will ask the best questions and giving them Php500.00 SM Gift Pass each as a gift for tuning into the Pinoy Peso Hero Podcast. [tags] MoneymaxWith a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin. www.moneymax.ph
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Tips When Buying Your First Real Estate Property
- By Moneymax
- January 24, 2017
Buying your first real estate property is a big leap in your financial road map. This could have been triggered by intentions such as having your own house, setting up a new business, or getting in real estate investing. For whatever reason you have, it is always good to research first on how you can get the best deal on your real estate purchase. Here are some points to keep in mind before buying your first real estate property based on insights from personal finance experts and advocates. Check your cash flow and ability to buy Resist the urge to buy real estate just because of marketing tactics such as discounts and early move-in dates. Ask yourself if you can pay the monthly amortizations for the property on a long period of time. Making a big purchase out of impulse will be a disadvantage for you in the long run. Take into consideration other expenses outside the monthly amortization of your housing loan (if you’ll get one) such as homeowner’s insurance and mortgage protection insurance. These are some of the expenses not disclosed immediately by sales agents to you. Tips from personal finance advocates: Find the property that gives the most value-for-money There are plenty of ways to buy real estate property which is sold lower than their fair market value. Some techniques you can use are buying foreclosed property or people who inherited their property or are moving out of the country. They have a high intention to sell and could potentially accept your offer when you haggle with…
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Kuripot Lines That Will Help You Save Money
- By Moneymax
- January 5, 2017
Being kuripot has a two-fold appeal: it can have either a bad connotation or a good impression. Some people would say that it is being a cheapskate or a miser, and some will take it as being wise with your money by being frugal and thrifty. Choosing to be kuripot can be a big help on improving your finances. The great thing about it is there are many aspects of your life where you can apply the art of being frugal. What are some mantras about being kuripot that can help us you save money? Here are some thoughts shared by the participants of our Clash of Kuripot Lines Facebook Contest last December 2016. Some elders would tell the younger generation when they ask for material things or cash to keep up with their social circle that “Di pinupulot ang pera. Malalaman mo rin yan pagtanda mo.” This is their mindset because, with our finite resources, the practical thing to do is to allocate our resources to important expenses and to our emergency funds. Having money in your bank account is better than buying a lot of material things that will depreciate in value when the time comes. We can use the analogy of owning a Php100.00 wallet containing Php400.00 than buying a Php300.00 wallet with Php200.00 left. Do not buy gadgets you cannot buy at face value because this will create bad debt. There is nothing wrong with owning an older smartphone model because you are saving up for other financial priorities. In order to appreciate the value of being…
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What Can You Buy with Php10?
- By Moneymax
- November 30, 2016
Today we celebrate the 153rd birthday of Andres Bonifacio, widely called “The Father of the Philippine Revolution.” He was the founder and commander-in-chief of the Kataas-taasan, Kagalang-galangang Katipunan ng mga Anak ng Bayan. While not elevated to the level of the martyred Jose Rizal as a National Hero, Andres Bonifacio is also considered by historians to be the first President of the Philippines, and as such, he’s been immortalized in our currency. He appeared alone on the old 2-Peso Coins, and alongside Apolinario Mabini on the 10-Peso bill, as well as variations of the 10-Peso coin currently in circulation. But what can you buy with Php 10 these days? Not much, but there was a time when Php 10 was a fairly large amount. Here’s what you could’ve bought with it over the course of the last three decades. In the 1990’s Many young people equate the 90’s with their childhood – all the denim, the loud colors, and technology normally took a back seat to getting fairly dirty playing outdoors. There were so many random things that kids could get for Php 10 back then. For starters, Php 10 made up most one-day allowances for kids. It could get you a large drink in the canteen or an order of Mami or Bulalo during the rainy season. The summer heat meant buying Sago’t Gulaman and smaller Halo-Halo servings to cool down. If playing with friends wasn’t enough, you could also buy snacks that had toys in them, several packets of Ovalteenies, varieties of corn chips and “teks” cards that were usually used to fight other kids with. These cards came in several different kinds, ranging from The X-Men, Yu Yu Hakusho (known locally as Ghost Fighter), and even Sailor Moon. Komiks and Song Hits-type magazines also cost less than Php 10 back then….
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Money Lessons You Can Get From Your Favorite Filipino Celebrities
- By Moneymax
- November 14, 2016
When we think of celebrities, we think of extravagant lifestyles and high-maintenance people. This is partly true because their profession requires more branding and image building. However, this doesn’t mean that all celebrities do not apply practical money practices to their lives. You’d think they have an unlimited supply of money because of their fame but in reality, being a celebrity is also a job and one needs to be financially smart to truly reap long-term benefits from this profession. Here are some money lessons that you can learn from Filipino celebrities. Kris Aquino – Don’t depend on just one source of income. A photo posted by ?? Kris Aquino (@krisaquino) on Nov 3, 2016 at 9:57pm PDT Kris Aquino is part of the prominent Cojuangco and Aquino clans, so one would think that she is a woman of leisure. She tells us otherwise in her social media posts when she announced her hiatus from TV appearances 8 months ago. A memorable quote that she posted on her Instagram account after her hiatus was: “I need to continue being a WORKING MOM since I am the SOLE PROVIDER for my sons, but for now I will away from the stress of the limelight.” Aside from being a celebrity, Kris Aquino is also a businesswoman who owns franchises of food establishments she endorses. Key Takeaway: Kris Aquino is already a pillar of the entertainment industry but she did not rest her laurels on earning money. She could have just been a full-time celebrity with no other sources of income but she…
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Meet the Most ‘Kuripot’ Billionaire in the World
- By Moneymax
- November 10, 2016
In an economic perspective, when an individual’s income raises, the cost of his lifestyle will also raise. Nevertheless, not for this billionaire. He is arguably the world’s greatest stock investor but also probably the most frugal person you will ever meet. His name is Warren Buffett. Started from his humble beginnings when he was young, as Schroeder notes, Buffett immediately set to work making money with the most traditional of hustles — dutifully delivering newspapers. Now, Buffett is the Chairman, CEO and, largest shareholder of Berkshire Hathaway. He is also consistently ranked among the world’s wealthiest people. Here is the list of the 20 wealthiest Americans and Buffet ranks second next to Bill Gates. However, you won’t believe how frugal Buffett is. He has lived in the same five-bedroom Omaha, Nebraska home since 1958. He bought it for just $31,500 — the equivalent of roughly $255,000 today. Although buying a lavish home in a wealthy neighborhood can be tempting at times, buying a modest and comfortable home like Warren Buffett will free up extra money you can use to build your savings and retirement accounts, or even invest. Photo of Buffet’s house at Omaha, Nebraska In his office, Buffett doesn’t keep a computer on his desk, and he chooses to use a flip phone rather than a smartphone. According to Business Insider‘s 15 Frugal Billionaires Who Live Like Regular People, Buffett doesn’t have a yacht or other common luxury things billionaires own. He once said, “Most toys are just a pain in the neck.” At his annual shareholder’s meeting in 2014,…
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8 Major Reasons Why Filipinos Fail to Manage Their Finances
- By Moneymax
- November 8, 2016
Do you believe that the Filipino people were destined to be poor? The demographic sweet spot that has always been cited by financial experts say that now is a great period for the country because the majority of the population belong to the working class. Despite the low unemployment rate which has been at 5.8% (according to Ibon, an independent research firm), there are still many earning opportunities that are available to Filipinos. Some of these are working overseas, getting into business process outsourcing companies that offer better compensation while staying in the country, or through providing online products and services. But the question is, why do most Filipinos still struggle from paycheck-to-paycheck, not save up for retirement, or get buried in bad debt? Understanding the reasons behind our seemingly reflexive reactions to financial situations can be a big help on how we can fix our financial habits. Many Filipinos lack financial literacy. Money is a very sensitive topic for Filipinos. It is unlikely that a Filipino will be very willing to come up to a financial advisor for help or attend a financial seminar so he can get advice on how to fix his financial situation. This is the reason why we seek financial advice from family members and significant others instead of seeking out help from financial professionals who have expertise in the topic. We also have the impression that financial professionals are just salespeople out to get our money, out to get their commission, and are not worth the fees that they charge us. While this is…
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How to Enjoy Your Hobbies without Going Broke
- By Moneymax
- October 29, 2016
Many often think that because they want to live frugally, it’ll mean having to eliminate hobbies, or anything else that might mean spending a little extra cash on. You will spend some money on things that actually entertain you, and this is usually one of the first things that get cut in a budget. It’s all well and good to want to devote money to savings or investing, or even paying off debt, but recklessly cutting yourself off from something that gives you joy can be harmful. If your ultimate worry is that you might end up spending too much, here’s how you can enjoy your hobbies without going broke. Skill over gear The idea most people form about hobbies is that you need to spend a lot to get anywhere. It’s true when you get into some of the deeper aspects of a hobby, but there are hobbies that require one to spend time learning, or require creativity and ingenuity over having the latest in gear. Find something that interests you enough for you to want to take it on as a hobby now. For example, there are a lot of free apps that teach can teach you how to code, or you could learn a new language via Duolingo. These are examples of hobbies that require time over money or the latest gear. Lower your costs Look at the hobby you’ve got, then look at the way you spend money on it. Let’s take video games as an example: if the list of games you haven’t finished is…
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Hugot Lines That Your Wallet Can Relate to
- By Moneymax
- October 7, 2016
Binigay ko na lahat, pero kulang pa rin. There are times when you give it your all when it comes to the way you handle your money – you try to save, you try to eliminate the debt you have. You give it your all and it’s still not enough. It’s in the moments when your money just doesn’t last in the days leading to payday that you might say this. Feels. It’s usually regarded as an abbreviation for feelings, acquired from watching TV shows, reading books, listening to music that evoke enough emotion in you. It’s usually used in sentences like “I have the feels.” It’s also the same way that people experience so much emotions that they pull out lines from said feels – otherwise known as hugot. This applies to a lot of things, work, love, but what about money? There are tons of funny hugot lines for your wallet out there, and here are five of them. I had you, then I lost you and I’ll never forgive myself Speaking of impulse spending, this is a line you will tell yourself when you realize you’ve deprived yourself of cash that could’ve been used elsewhere. The concept of buyer’s remorse is thought to come from post-decision dissonance in psychology, and it should be no surprise that you experience it after making a bad money decision. How to avoid it: Some people will give themselves 24 hours to think about whether or not the use of their money will be worth it. If after 24 hours and you’re no longer on the fence, and you know you won’t regret it, you can make your purchase. The best…
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3 Money Saving Hacks for Gamers
- By Moneymax
- October 4, 2016
We live in a world where gaming of all kinds has recently taken young adults’ weekends by storm, as shown by the rise of many board and video game cafes around the metro. It’s fun on a weekend with a group of friends. For others, it turns into a full-blown hobby that requires investment as well. With game consoles easily reaching thousands of pesos which does not include the cost of peripherals and games – and higher-end board games costing around the same – you’ll need money hacks to reduce its cost. Fueling your gaming hobby really does mean a bit of creative money management, and here are a few tips to help you along. Quality over quantity Well-made games last long. Look for video game and board game titles that take time to finish and have replay value. When on the look out for great games, there are times when you have to trust your gut over reviewers. Titles that might be ideal for first time tabletop game owners are Cards Against Humanity, Jenga, and variations of Monopoly. Exploding Kittens is also a good starter tabletop game owing to its ease of gameplay. Video games are tricky in the quality department, because tastes are varying – and title selections vary from console to console, but longer games such as Mass Effect or Dragon Age make for great timesinks with storytelling. Day one shouldn’t be priority This applies to video games. You’re spending more than a few hundred pesos extra on a day one edition of a video game that will eventually have downloadable content that comes with a fee. You’re essentially paying around Php 2,700 minimum for a game that’s incomplete. If you…
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Money Saving Tips to Help You Save For Your Dream Car
- By Moneymax
- September 6, 2016
When you hear the words “dream car”, you might immediately be thinking of cars that are beyond your reach – the kind that you’d have to be a billionaire to have. When you run through that list, you begin to think about the more affordable kind of dream car. A dream car is one that you feel is the right fit for your needs and fits your personality. A car being a huge financial goal means having to save up for it, or figuring out other ways to get the money for it that doesn’t involve a loan – if that’s your preference. If you’ve been looking for money-saving tips to help you save for your dream car, you’ve come to the right place. Save creatively It’s one thing to start saving, and it’s another to constantly put away money every payday. When you’re saving for a car, you’ll want to plot out how much you need to put away every month in order to reach the goal of the downpayment or the full payment. This doesn’t mean that you should divert other savings to put towards the car. You’ll want to set aside an emergency fund. Consider automating your savings so that the money is out of your reach and you’re beyond the temptation to spend any of it. Set up separate savings accounts for your car fund and your emergency fund, as a means of keeping both sets of savings completely separate. Spend less At some point, you fall for lifestyle inflation. You pay extra to have specialty…
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How BPO Workers Can Save For Retirement
- By Moneymax
- July 22, 2016
In a 2013 article, Joyce Tankeh, a financial planner at Sun Life-AIM urged those who call Business Process Outsourcing their career to consider saving for their retirement, citing that savvy employees at BPOs in their 20s and 30s are more equipped to save owing to larger paychecks. In 2016, the BPO industry remains one of the largest revenue-driving industries for the country. Not just because of the need for people to field in this line of work, but also because of the resources required to put up a contact center. While its growth is projected to outdo OFW remittances in terms of revenue, according to report from Pinnacle Real Estate Consulting Services Inc., saving for retirement may still be an issue for many BPO employees. Why is it an issue? As with most people, saving for retirement often comes second to making sure that they can keep up with the bills. A larger paycheck and a lack of goals can lead to more impulse spending. The phenomenon of lifestyle inflation is an easier way to say it. Lifestyle inflation often occurs when you get a raise. Having access to more funds makes it easier to spend without thinking forward. It becomes an issue because the changes in lifestyle without trying to save can put your financial future at risk. Where do you start? Surges in income can mean that you suddenly get all these ideas for the money, some of it may even be goals that you can sort into short-term and long-term goals. Like any job, a career in…
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Money Management Tips for Parents This School Season
- By Moneymax
- July 12, 2016
According to a report by the Department of Education, more than 27.7 million students[1] are enrolled in private and public schools this year. The number has significantly increased as compared to last year’s 22.9 million, which also comprised of Kindergarten to Grade 12 students. If you are one of these students’ parents, it’s important to keep your finances straight to secure your child’s future. Apart from building tuition, fund for your kid, also consider your child’s allowance, miscellaneous, and other school-related expenses when setting a budget for education. To have a better understanding of this, we interviewed three moms and asked them for money management tips this school season. See it below. Money Management Tips from 3 MoneyMax.ph Moms Gina Reyes is a working mom with a son in nursery and a daughter in the third grade. She regards herself as almost-always ready for just about anything life– and her son–can throw at her. Kringle Lim-Dansal is a mom to a daughter in junior kinder–her third year of school after attending toddler and nursery. She describes herself as a full-time, full-on mom, and is a full-time law student. Seogar Dapii-Lian is a mom to a 7-year-old second grader. She helps manage businesses remotely, but is a nurse by profession. She regards herself as a happily married, happily hands-on mom. Do you think schooling is more expensive now that the K-12 program is in place? Gina: It is more expensive and the government admitted that they aren’t as ready for the K-12 transition–they don’t have much teachers to handle grades 11…
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15 Financial Quotes to Live By
- By Moneymax
- July 5, 2016
You’ve probably looked at the money before and wondered how some of these people got on there. You’re quite possibly aware of their roles in history, at least in the case of local money. Some of these people may actually have some pretty good anecdotes on managing money or making it grow. In an age where financial advice comes from all sides online, you have to wonder whether or not you’re being given sound advice. Keep in mind that no two financial situations are the same and that people deal with money in different ways. If you’re looking for a little inspiration though, here are a few financial quotes that you can apply to just about any situation. “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” Maya Angelou “What difference does it make how much you have? What you do not have amounts to much more.” Seneca the Younger “Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises.” Aristotle “Frugality includes all the other virtues.” Cicero “If you would be wealthy, think of saving as well as getting.” Ben Franklin “It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket.” -Miguel de Cervantes “In…
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Financial Planning for Overseas Filipino Workers
- By Adji Hendrawan
- June 16, 2016
Working overseas is a goal for many Filipinos. In 2015, the number of overseas Filipino workers (OFWs) was estimated at 2.4 million while remittances reached USD 22 billion in November 2015. The primary reason Filipinos aim to work abroad is the higher pay which enables them to provide a better life for their families, whether in the Philippines or abroad. For OFWs working in developed countries such as the USA, the UAE, and Singapore to name a few, they are earning in stronger currencies which allow them to buy (and save) more pesos. However, a 2011 study done by Social Enterprise Development Partnerships Inc. shows alarming results. One out of ten OFWs remains financially broke while 80% return to the Philippines without savings. Despite their higher earning power, why are they moving back to their home country without any savings or investments? It’s not how much you earn; it’s how much you save. Financial planning is not only about increasing your income. It’s multi-faceted and comprised of different factors. To help you out below is a guide for financial planning for overseas Filipino workers: Earning Don’t be blinded by the X amount of dollars you’re being offered. It may seem like a treasure chest when you convert it into pesos, but it may be insufficient abroad. There’s a reason why more developed countries pay higher wages; it’s because the cost of living is much higher in these places. A lunch out can cost twice or thrice what you would pay for in the Philippines. In Hong Kong, a box-like, studio-type apartment can amount to Php 50,000 per month – and that’s not in the…
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How Do You Reach Your Financial Goals Through Investing?
- By Moneymax
- June 6, 2016
Last May 28, over 1,500 Filipinos gathered together to hear the country’s most influential thought leaders in finance and entrepreneurship talk about the ‘how-to’s and ‘why’s of wealth creation and building at Randell Tiongson’s iCON 2016.Among the powerhouse lineup of speakers were Diwa C. Guinigundo, the Deputy Governor for the Monetary Stability Sector, Bangko Sentral ng Pilipinas, Valerie Pama, President of Sun Life Asset Management Company, Inc. (SLAMCI), and Rex Mendoza, Founder and Managing Director of Rampver Financials. Each speaker brought and shared a lot of practical financial lessons that the attendees can use in their own financial journeys. Here are 14 investing tips from the speakers to help you reach your financial goals: Randell Tiongson, RFPDirector, Registered Financial Planner Institute Philippines “Investing is a marathon, not a 100-meter dash.” Investing and wealth creation take time. Even the most successful businessmen labored to get to where they are today, and an overnight success is backed up by years of hard work and perseverance. You need to have a long-term mindset with a minimum of 5 or 7 years if you want to invest and make your money grow. “In a volatile market, it’s always best to go back to your foundations.” It’s normal for markets to go through up-and-down cycles. This is volatility. Go back to basics. This means improving your cash flow, eradicating debt, having an emergency fund, protecting yourself from risk through insurance, and investing for the future. Marvin Germo, RFPBest Selling Author, Stock Smarts book series “The more assets you have, the more chances of winning.” Markets follow up-and-down cycles. It’s important to diversify and accumulate more assets to protect yourself from the downturns…
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Mommy Money Tips
- By Moneymax
- May 6, 2016
You may remember the song “Mother Knows Best” from Disney’s Tangled, and while Mother Gothel was a little more sinister, moms are usually very savvy when it comes to handling the family funds. We learn how to budget from them. We learn the art of haggling, and how to read facial expressions from them. After all, they’ve juggled kids, running finances, and a job. Moms are awesome at everything they do, and when they give you that look of judgment over the state of your very millennial finances, prepare to listen to some of the most important mommy money tips. Mommy Money Tips Anak, Save. A 2015 BSP survey has shown that more Filipinos are starting to save. Household savings are up to 31.6% from 2014’s 25.7%, and that was just in the first half of 2015. Moms know that saving can help you in times of need and help you be more independent. She will remind you this all the time. You might get tired of it, but she’s just looking out for your financial welfare. Anak, Wag Ka Magastos. Moms want to make sure that you live within your means, and not paycheck to paycheck. It’s because she worries that you don’t have proper control over your spending. Ease her worries by creating a fun fund that doesn’t bleed into the rest of your payday obligations. Anak, Work Hard. Our moms want us to be happy and have financially-secured lives. They want us to work hard for sufficient income as long as you don’t sacrifice your health and…
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How to Deal With Lifestyle Inflation
- By Moneymax
- April 20, 2016
A surge in income often means that you start getting all these ideas for the money. Sometimes, the ideas involve saving, or putting the money into investments, or settling debts – all great things as far as your finances go. There are also going to be moments that you just forget about your financial road map and want to spoil yourself, after all, you’ve worked hard to get that income surge. Spending guilt-free isn’t a bad thing – when you can actually afford it. Lifestyle inflation is the phenomena of spending bigger each time you make more money in life, and it can lead to an unending cycle of debt. This phenomenon is also a natural part of growing up, but can be the cause of living paycheck to paycheck. Learning to deal with lifestyle inflation is also an important part of growing up, and here’s how you do it. Set Aside Fun Funds Enjoying the fruits of your hard work isn’t a bad thing, but like all good things, moderation is a key point. Splurging half your paycheck on something that you don’t immediately need is a surefire no-no. You’ve got a budget down by now, so expand it to include a fun fund – a few hundred pesos that’s all yours to spend guilt-free. This way, you’re sure that you have money set aside to do whatever you want. If you don’t use it, you can just add it to the next paycheck’s fun fund and end up with a lot more money to spend on your wants….
