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Three simple ways to be rich, in wealth and spirit, as told by Bo Sanchez
Best Selling Author Bo Sanchez’ mission in life is to help good people to become rich, financially and spiritually.This afternoon on “Powerhouse,” he shares three concepts that will help us to become financially free regardless of one’s economic status.
Read his words of wisdom below:
1. Change your perception about money.
Bo explains that most Filipinos have this mentality that being rich is associated with evil and that God only favours the poor. However, he believes that there is nothing wrong with being wealthy as long as we allot a portion of this money to advance God’s kingdom. He also adds that God doesn't want anyone to remain poor and it is our mission to rise above poverty:
“That's my vision, that's what I'm praying for and that's what I want, for people to see that God wants them to have financial freedom.”
2. Be financially literate.
Filipino people don’t take financial literacy seriously and we fail to realize that being financially ignorant is actually more expensive.
Bo can’t stress enough the importance of investing in our future. He suggests that we must become investors and put our long-term retirement funds in mutual funds, bond funds, equity funds and stocks.
A perfect success story of investing would be his household help Gina, 30 years-old, who started with investing a portion of her P7,000 salary five years ago. To date, she almost has a million in her name.
By the time Gina reaches 60, she is already projected to have a whopping P30-million! Isn’t that amazing?
Bo encourages everyone to invest as early as we can because the earlier we save, the more we’ll have in the future. Time is indeed of the essence.
3. Apply the 10-20-70 financial principle in your life.
This formula is a sure way to be financially stable. However, it takes a certain level of commitment and consistency to be able to achieve this financial goal.
Bo explains this concept further.
Bo says that we earn 100%. We should develop our talents and skills to increase our value for us to grow our income and earn as much as we can.
“100 ibig sabihin 100 percent is your gift to the world! Be the best that you can be! Gusto ng Diyos iyan! Huwag yung ;hanggang dito lang ako.’” Hindi! Give your best and serve people!” he explains.
Give 10% of our income as a tithe to God. This principle is biblical and it should be our way of giving back to the ultimate provider.
Invest 20% of our income in the right wealth vehicles for our retirement. We can also consider this as our savings. It is unfortunate that some people are working hard day in and day out yet they have not allocated a portion of their income for long-term investments. Bo says that failure to do such will leave us with nothing when we reach the age of retirement.
Live on and use 70% of our income for our daily needs. It is okay if we do anything drastic like keeping an excel file to keep track of our budgeting as long as we put our spending habits in the right perspective. He also shares that we need to live within our means. Through this, we can also avoid having debts that we cannot really afford to pay in the first place.—Kimberlie Refuerzo/BMS, GMA Public Affairs
