Money in the Pages of A Magazine
Hi Money Magnets! Have you heard of this book called Kokology? It's a series of psychological games developed by two Japanese guys, designed to uncover the emotional and behavioral traits of the players. Here's a game called "In the pages of a Magazine." Try it. You'll be amazed with the results. Trust me (^o-)/
In the Pages of A Magazine
You've just bought a copy of a popular weekly magazine and taken it home to read. How do you go through the features inside?
1. Read the whole magazine in order from the first page to the last.
2. Jump straight to the articles that you know will interest you and read only them.
3. Flip randomly through the pages and read anything that seems worthwhile.
4. As long as the format hasn't been changed, you'd read the features in the same order as you always do.
Key to In the Pages of A Magazine
(Do not proceed with this section unless you have selected an answer for the question above.)
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In the Pages of A Magazine
You've just bought a copy of a popular weekly magazine and taken it home to read. How do you go through the features inside?
1. Read the whole magazine in order from the first page to the last.
2. Jump straight to the articles that you know will interest you and read only them.
3. Flip randomly through the pages and read anything that seems worthwhile.
4. As long as the format hasn't been changed, you'd read the features in the same order as you always do.
Key to In the Pages of A Magazine
(Do not proceed with this section unless you have selected an answer for the question above.)
Your average weekly magazine represents the collected effort of a great many writers, designers, photographers, and editors offering a spectrum of opinions and points of view. It is an omnibus of the human experience, and your magazine reading style reflects how you confront that diversity of choices. In particular, the way you budget your reading time reveals your approach to handling resources, especially money.
1. Read the whole magazine in order from first page to last.
You're the type who knows where every penny of your money is and what it's being spent on. It's not that you're all that concerned about your budget or financial planning; you just feel more comfortable when you know exactly how things stand. You hate the thought of missing something, so you keep all your accounts in order and know the current balance of your checking account, including interest, as a matter of course.
2. Jump straight to the articles that you know will interest you and read only them.
Money burns a hole in your pocket. If you have it, you use it to buy whatever catches your fancy and think, Maybe I'll start a savings account next monght, as you spend your last dime. If you have managed to save something, it's not unusual for you to make a trip to the cash machine and make a withdrawal just to give you something to do.
3. Flip randomly through the pages and read anything that seems worthwhile.
You'd say you're economical. Some would call it stingy. The fact is you don't spend frivolously or waste your resources, prefering to save it for a rainy day. You'll never get carried away with impulse buying or max out your credit cards shopping on cable TV, but you might want to loosen up those purse strings on occasion. After all, money is there to help you live well.
4. As long as the format hasn't been changed, you'd read the features in the same order as you always do.
You keep spending according to habit regardless of changes that take place in your life. If you hit the lottery, it would be hard for you to stop shopping at discount stores. Alternately, if you were facing bankruptcy, you might still insist on designer label clothes. You can't be bothered worrying about the vagaries of fortune, which would make it a good idea for you to hook up with a partner who can, and let him or her handle the finances.
You wanna know my answer? (^o^)/
Well, I chose no. 3! I should learn to loosen up those purse strings on occasion hehehe. I hope all you Money Magnets learned something about yourselves from this post as well. Merry Christmas!
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The Entrepreneurial Myth
I am a Money Magnet! We are Money Magnets!
Last month, I visited Cebu city after more than a year and I was surprised to see that they have their own Fully Booked bookstore already! To celebrate my first visit there, I bought a copy of "The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It" by Michael Gerber.
Into the first chapters, I already got hooked as I learned about the technician, the manager, and the entrepreneur. Continue reading this article to know more about the Entrepreneur Myth.
Michael Gerber wrote that most small businesses aren't actually started by entrepreneurs. In fact, he wrote that most small business owners actually are technicians. He defined technicians as people capable of doing the technical work involved in the business. These are individuals who started working for somebody else until one day they decided to start their own business. According to Gerber, the problem with this setup is that these individuals tend to assume that if they understand the technical work of a business, they also understand a business that does that technical work. When in fact, the technical work of a business and a business that does that technical work are two totally different things.
I definitely agree. Knowing how to do something to start a business is totally different from running that business. The author then presented that there are actually three types of individuals involved in a business and that these personalities are present in each one of us. These are:
1. The Entrepreneur
2. The Manager
3. The Technician
An Entrepreneur is the visionary in us, the dreamer. He turns the most trivial condition into an exceptional opportunity. He lives in the future and constructs images of "what-if" and "if when." He pushes for change which the manager and the technicians might not necessarily agree with.
The manager is the one that plans and brings order and predictability in the organization. Where the Entrepreneur sees the opportunity in events, the Manager sees the problems. His main focus and drive is to bring order to the organization.
The Technician is the doer. He is happy as long as he is working. He is not so much interested in ideas as in learning "how to do it." Trying new things that probably doesn't need to be done at all can frustrate and annoy him.
Given the presence of these three conflicting personalities in us, it is therefore crucial for us to control each personality and attain balance so that our businesses can continue growing and be successful.
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Have a Bias For Action
This is my favorite secret among Bo Sanchez's 8 Secrets of the Truly Rich. In this chapter he encourages us to make things happen! Simply said, it means not to be like the starfish on the picture! (^o^)/ Continue reading this article to know more.
Bo shared that while we are taught to aim before we fire, he on the other hand used "Ready ... Fire! Aim ...(And fire again ... Aim ...)" on his projects. Bo, of course, doesn't encourage recklessness. That is why the first step is "Ready." He just wants to discourage what most of us are likely to end up doing - that is to keep on aiming but never fire. I personally find this difficult because I am a perfectionist. I am not easily driven into action especially on matters where I am not well acquainted in - this includes starting a business. As one of the Truly Rich Principles, Bo wrote "For pioneers, perfectionism is never a good strategy." We must allow ourselves to fail. And when we do, we must then learn to forgive ourselves and bring ourselves to act again.
That is why I like this chapter a lot. I wish someday I can forgo my inhibitions, take more risk, and start a business - something that's big and has the potential to last for years.
Lastly, in whatever we do, we must learn how to hustle! To hustle means "to believe that there's a solution to almost any problem - and to take it upon yourself to find it!" -Bo Sanchez-
It's like not forgetting to remind yourself everyday that "I am a Money Magnet." We are money magnets. (^o^)/
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Filipino Pride!
I am a Money Magnet! We are Money Magnets!
There are a lot of things to be proud of in the Philippines! If you can't think of any, you definitely need this book (Filipino Pride)! Get your free copy from this site. Read an article everyday and spread the Filipino pride. Be proud to be a Filipino!
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Extra Money in the Web
I am a Money Magnet! We are Money Magnets!
Here's how I made extra money using my digital camera and computer! I wrote about this money making scheme before. My entry was published in the June 2009 issue of Mabuhay Magazine, the in-flight magazine of Philippine Airlines. I received my check payment together with a free copy of the magazine last August 2009. They were kind enough to send the check all the way to my home address and I didn't have to pay a cent for courier. Continue reading this article to know more about this promo.
Guess which entry is mine. ^^ I have another one coming up this October! But sad to say, pictures are now only worth 500 pesos while travel anecdotes are now worth 1,000 pesos! What are you waiting for?! Put those creative juices to work! The thing is ... with travel anecdotes ... it doesn't have to be real! It can be a pigment of your imagination (^o^)/ Here's where you can make extra money and learn where to send your entries.
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Types of Investments (Financial Asset Classes)
I am a Money Magnet! We are Money Magnets!
According to Francisco Colayco, financial guru and author of Making Money Work Pera Mo Palaguin MO 2!, there are three general types of investments. These are lending investments, ownership investments, and speculative investments. Read on to learn more about these investments.
Lending Investments
These investments lend the money you invest in to them to borrowers as loans. Your investment earns from the interest charged to the borrowers for the use of your money. Examples of this type of investments are bonds (government or corporate bonds), bank deposits, and pension plans. These investments have relatively low returns for the short-term but may exceed inflation rate in the long-term. These investments are recommended for those who need regular and definite income. It is also best for older people who can take less risk due to old age.
Ownership Investments
As the name suggests, these investments allow you to be part owner of a business or company. They are classified as high risk investments. Your money earns only if the business or company goes up in value. In addition, gains and losses are only realized when you decide to sell them. Examples of this type of investments are stocks, mutual funds, unit investment trust funds, real estate, and your own business. These investments are recommended for young investors in their 30's or 40's.
Speculative Investments
Speculative investments are investments that are highly speculative - investors get into these investments hoping that they will hit the jackpot. Investors take the plunge and hope that the investment will eventually increase in value in the future. Information on how one can generate profit from these investments are usually vague and incomplete. Due to the nature of the investment, it possesses a very high risk. Examples of this type of investments are investment in assets, properties or businesses that may be illegal, and gambling activities like Lotto.
I personally would not recommend Money Magnets to invest in speculative investments. These are very risky and the chances of gaining returns from this type of investments are very slim. The more you deal with them the greater is the probability of losing your money. For capital growth, I suggest you go for ownership investments. If you are in your 30's then time can be your friend. The more time you have to invest in these, the less risky they will be. However, don't forget to leave some money for emergency purposes as well. Invest these on lending investments which are highly liquid (can be easily converted to cash). Happy investing to us all!
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