Monday, August 20, 2007

8 Secrets of the Truly Rich by Bo Sanchez, (a must read financial tool)

I've been an avid follower of Bo Sanchez's writings. I have copies of all his eight national best sellers. His works speak of a thousand life realizations and perspectives, truly enriching that it can work miracles to a reader's life. Perhaps, this makes him one of the most influential people in the Philippines. 8 Secrets of the Truly Rich is the title of his recent book. Who would not make a turn merely seeing the title of the book? Eye catchy, mind inviting, I think you will agree. Especially during this time when most people are yearning for financial liberation and abundance.

Bo, actually presented things that probably we are already aware of or might have even heard before. But these are exactly the same things we need to be reminded of and be reminded more. He put financial blessings and material abundance in a different context, to a higher level I must say. Hence, the title - Truly Rich makes no less than appropriate.

In a nutshell, as Bo has put it, financial ignorance is very expensive. Anyone dreaming of a financial journey needs tools to achieve what's waiting at the end of it. Therefore, we have to create our dream and focus on it. Ride with it! If we can, fly with it. What's more, we have to believe we can make it happen. What the mind can conceive it can achieve! We are gifted with different talents and skills, we just have to know them and learn to capitalize on them. He said, there are three players in a financial game: 1) the spender, 2) the saver and 3) the investor. Who do you think will be the winner of the money game and which would you rather be? You're choice is as good as mine. He who do not only add money but who would choose to multiply his money exponentially will definetely win this crucial game . The master of it all though, we must act now. Never too late, not some time, Now! And when we do, we have to give our best shot. But hey, get rich responsibly and never forget to share some better yet, share more.
From Bo's own words, these left some marks in my memory:

Step #0: Give to God a monthly love offering
Step #1: Free yourself from all bad debt
Step #2: Increase your income and start a sideline
Step #3: Get protection equal to 10 times your annual expenses
Step #4: Create an emergency fund in the bank equal to six month's expenses
Step #5: Create a retirement fund saving 20% of your monthly income in various growth funds
Step #6: Create passive income via businesses and investments equal to or more than your expenses

On which step of this ladder are you now? As for me, I guess I still have to make better, wiser financial decisions to achieve a more secured, rewarding future. In my mind, I know something is for sure. I will not belong to the 30% Filipino parents who depend on their children for a living. I would rather leave my kids with inspiring, wonderful memories than inherit them with a burden. If you're in with me, taking the tagline of one credit card TVC, "let's get it done"!

3 comments:

julie said...

Sherra, thanks for sharing this wonderful financial advice. My son is home schooling with Bo's Catholic Filipino Academy but I haven't met him yet since I haven't attended not even one orientation and planning schedule. These plans are workable but I am not sure if these will work with families having barely enough to buy food to survive. Did they have any ideas on how to help these people once one has achieved a better financial status?

Sherra said...

Hi Julie,

Thanks for reading this post. I'm with your concern as well. Bo, mentioned that the primary reason why he want to increase his financial resources is to be able to give more to the poor. In fact, he's only living within 40% of his income and would rather give the 60%. They have more concrete plans on their Anawim and GK projects.
I think one of the key objectives of this book is to encourage more people to be financially wise, so more will be able to help the less fortunate ones.

regards! :-)

Ana said...

Hi, Saw that you mentioned "Bo Sanchez 8 Secrets of the Truly Rich " if so - you might be interested to reserve your Nov 28-29, 2009 for a chance to hear him live/see him/have your books signed at the Araneta Coliseum for the once in a lifetime event "Dream Big, Win Big".

It's a big learning event about "dreaming big in your life and using your core gifts to follow your dream". Yes it's a catholic event, there's mass and worship but there's also a lot of singing and dancing and comedy as well as the huge message on big dreams. See you or your friends there!
Thanks
Ana

Conference Details at http://www.kerygmaconference.com
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