Summer is over, tomorrow my kids will go back to school after a week of postponement because of A(H1N1). During summer, wifey and I taught our kids three important lessons:
To earn.. to honor God with the tithe…and to save money.
At the start of vacation, I asked my kids (ages 11 and 9) what they can do passionately. They opted to sell “ice candy”. So they experimented on different flavors before they finally launch the product By being the first consumers, soon, all the kids in different buildings became aware of this goodies. My kids produce and sell ice candy for more than a month.
As they earn, my kids also return 10% of their earnings to God every week. And last Saturday, their accumulated profit were added to their savings account.
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Sonnie Financial Literacy, Life Principle Money Talk
The recent survey of Nielsen showed more Filipinos are now cutting back expenses and saving, in light of the uncertainty brought about by the crisis. Since we are known as nation of spenders, definitely, learning how to save is not a bad move.
But there is even a better approach to address the fear of uncertainty or fear of losing your job– that is to build other streams of income.
The fear of losing one’s job is a proof that a person is far from financial freedom. If we only rely in one source of income to support our needs, then we are not only in bondage, but we are also courting trouble. Most Filipinos were programmed or made to believe that there are only 2 ways to be financially independent, and these were (1) finish college then get a good job, or (2) leave your country and work abroad. This is not necessarily bad, but this kinda limit us and even make us more vulnerable to more abuse and challenges.
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Sonnie Passive Income Make Money, Passive Income
I believe, before we attain financial freedom, we must manage our spending and save. And from our savings, we must learn to invest in low risk ventures and slowly build different streams of passive income.
One of the reasons why we can’t seem to save money is our mixed up spending priorities. I was blog hopping when I bumped into this post and find it enlightening.
Maslow’s Hierarchy of Needs Hierarchy of Financial Needs
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Sonnie Financial Literacy Manage Money
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