Happy New Year!
eOFW will be bigger and better for our visitors this year. We’ll have more articles, they will be more useful for our readers. We’ll have articles that answer specific questions from readers. There will be interviews and surveys providing more value to our readers in 2008.
Let’s start off with an excerpt from Bo Sanchez’s “8 Secrets of the Truly Rich”.
“8 Secrets” is a book I highly recommend for Filipinos starting out in their journey towards financial literacy and financial freedom. Bo explains things in very simple terms (and entertainingly funny too!) which helps people appreciate what needs to be done to start the journey towards financial freedom.
In this eOFW article, I take an excerpt that summarizes the steps to take towards financially health.
Step #0: Give to God a Monthly Love Offering (Start with 10 percent)
Step #1: Free Yourself from All Bad Debt
Step #2: Increase Your Income and Start a Sideline
Step #3: Get Protection (Insurance) Equal to 10 times your annual expenses
Step #4: Create an Emergency fund in the Bank Equal to Six Months’ Expenses
Step #5: Create a Retirement fund Saving 20 percent of your Monthly Income in Various Growth funds
Step #6: Create Passive Income via Businesses and Investments equal to or More Than your expenses
Bo continues to explain: “As you take one step after another step, you gain in financial health.”
I personally use this as an easy reference when I refer Bo’s book to friends who are starting out on their journey of financial freedom. I also use these guidelines to establish my own financial goals.
This year, invest in your greatest asset: Yourself!
If you haven’t done so yet, go get a copy of Bo Sanchez’s “8 Secrets of the Truly Rich“.
Here’s to an informative and abundant 2008 for all OFWs and their families in the Philippines and around the world!
eOFW is not related in any way to the companies featured in our articles except otherwise specified. We feature different companies for the information of our readers to help them better find services that suit their needs.
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