During the recently held Philippine International Entrepreneur Conference and Expo, many industry experts in business gathered to share their knowledge to budding entrepreneurs.
There were a lot of lessons about business that they discussed which you can also use to help you achieve your personal money goals.
Here are some notable lessons shared by the speakers of this event:
This was discussed in the context of venture capitalists and private equity, this can also be applied to your personal money decisions as well. Work hard to get money and do not fall for investment scams that promise you maximum return for the least amount of effort and money.
Most of them are not legal and cannot give back the guaranteed amount that they promised you because they are just out to get your money. You will feel the most rewarding when you get your money through hard work and dedication.
Money is an integral part of our everyday life and while some Filipinos have a negative connotation to being frugal, it has a lot of effect on everyday living because every aspect of our life is affected by the amount of money we have.
What we do with our money is a big factor on what kind of life we’ll live, so it’s a must to save for our retirement and invest it in our personal growth as well.
Earning more money as you progress in your career means giving more value to your employers and clients. Keep in mind that most clients do not pay solely for your services offered but for the problem solving and value that they are getting from you.
One way to assess yourself in your career competency is using the eBay factor. Ask yourself this question. This will help you get a picture of how you are doing in your job or career.
If you were up for auction today, how many people would bid for you by your name? What would they know you most for?
Hone your professional skills and work ethic. This will make the money follow later on.
Jorge Wieneke III
Jorge serves as an inspiration to many because of his entrepreneurial journey from advertising employee to one of the founders of Potato Corner.
His main tip to persevere on one’s entrepreneurial journey is to draw your dreams so they do not get lost in your mind and you will get to act on it. This is similar to a vision board but with a more personal touch. He did this back in 1992 when he was only 18 years old while earning Php2,500 per month to provide for his wife and child because he wanted to make his goals in providing a better life for his family more concrete.
After doing this, it is best that you see this drawing often to remind you of your goals and make you be determined in achieving them. He also did the same technique before setting up Tokyo Tempura.
Franchising is a common business venture in the Philippines since aspiring businessmen can start a business for as low as Php25,000 for materials and the franchise license. He shared a tip to the attendees of the event that if they want to put up their business for franchising, they should have a foolproof system that they can pass on to licensees of their brand.
This can also be applied to your personal finances. In the same analogy, do not get a credit card before developing foolproof money saving skills. Some of us may say that getting a credit card is done to build your credit history, but this will backfire if you do not use it with caution. Getting a credit card entails learning to restrain yourself in spending more than what you can afford, and this can be very hard if you feel that you can spend more money than what you have.
Avoiding negative people can be a big factor in improving your finances. There are a lot of challenges that will come your way but you should be determined on how you make your finances for the better.
Don’t always hang out with the negative people so you can always have an abundance mindset. If you are trying to save money and people do not believe that you will accumulate more savings, you could get discouraged and not push through. Surround yourself with friends and family members who can give you support on your financial goals.
With 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.