Showing posts with label Bo Sanchez 8 Secrets of the Truly Rich. Show all posts
Showing posts with label Bo Sanchez 8 Secrets of the Truly Rich. Show all posts
Win in All Areas!
I just realized that I haven't completed this series and it has taken months for me to write this last article. So finally here it is. The last chapter to Bo Sanchez's 8 Secrets of the Truly Rich!
In this last chapter, Bo encourages everyone to have a balanced life. Believing in the power of our beliefs to define our reality, he admonishes that everyone must need to win in the 7 major areas of life. He mentioned that everyone needs to ...
1. Strengthen Relationships
2. Grow in Emotional Maturity
3. Use Our Core Gifts
4. Get Physically Healthy
5. Gain Wisdom
6. Build Money
7. Nourish Our Spiritual Life
In the succeeding sections Bo went on to describe a few things he has learned in his own life that when applied in our own lives will help us achieve success in all major areas. For one he says that we must follow our inner compass and do everything with passion. It would also help if we learn to define success our own way and not define it through how others see success. He preaches that we must give our best in everything that we do. We must learn to compete with ourselves and stop comparing our achievements with others. And most importantly, that our harvest will depend on how much we give - "The more, I give, the more I receive."
Every time I open this book I learn something new. This is one of the reasons why I've decided to write about it in small portions. Although I've finished reading the book a long time ago, reading it again while writing these entries helped me internalize the message more. I hope you guys have learned a few things from my posts as well. Win in all areas Money Magnets!
I found this wonderful site where someone writes meaningful messages in post-its and leaves them in public places for people to see. The messages are things that we ought to know already but may have momentarily forgotten, hence the title of the site "Things We Forget." I thought you might like it is as well so I'm sharing it here with you guys. It's a little something for the weekend. The picture above is from that site. (^o^)/ Happy weekend everyone! Enjoy!
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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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Ride Something to Wealth!
Ride Something to Wealth is secret no. 6 of Bo Sanchez' 8 Secrets of the Truly Rich! In this chapter, Bo encourages us to ride as many vehicles to wealth. We can choose to ride bicycles, cars, or even airplanes to wealth!
By riding vehicles to wealth, Bo emphasized the importance of having multiple income streams. It doesn't matter how small the income stream is as long as their is an in flow of cash. Another point he stressed was the importance of profit over wages. Profit, of course, is achieved by running your own business as oppose to receiving wages as an employee. Continue reading for the rest of the article.
Bo used the analogy to going from one place to another to illustrate the importance of riding vehicles to wealth. Let's say you want to get from point A to point B, one can either walk, ride a bicycle, ride a car, or ride an airplane to reach point B. The difference is on how fast each alternative will get you to your destination. Definitely walking will take you the longest time to reach your destination while riding an airplane will most likely get you there faster.
In our case as money magnets, our goal is to become financially free. We want to become wealthy enough so that in the future we do not have to worry on a daily basis about where to get money to spend for our daily needs. On certain occasions, we may also want extra money for luxurious and leisurely activities. Walking to reach our goal equates to leaving our money in regular savings accounts and time deposits. Although our money earns interest, it'll take years before the earnings become meaningful. On the other hand, Bo likened riding a bicycle to investing our money in Investment funds. Investment funds can either be UITFs, Mutual Funds, or Stocks. By investing our savings in Investment funds, we can potentially earn more and reach our goal faster.
Faster than riding a bicycle is to ride a car to wealth. Bo Sanchez likened riding a car to starting your own business. He wrote that 74% of millionaires in the world are entrepreneurs. He suggested using your core gift with passion and earning from it. In order to figure out what your core gift is, try answering the questions: "What do you enjoy doing?" and "What are you good at?" If you are passionate about your business, then the chances of it succeeding are much higher than when you just feel obliged to enter in to it because you think it's a good opportunity.
When your business or investment becomes big then it would be like riding a plane to wealth! The bigger your money or investment is, the faster it is to achieve your dreams! You've probably heard millionaires say that the first million is always the hardest. That is definitely true. The more money you have, the more money you can use to generate income, the faster it is to become wealthy. Although it took 10 years to achieve your first million, the second million can come in a couple of years or even faster depending on how aggressive you are.
A simple example I can give is my investment in Equity-based mutual funds. Since I only had 100,000 to spare, I only invested that amount 3 months ago. Now, the fund has produced a net return of 30%, which means my shares are now worth 130 thousand. If I had 1 million to invest, then my shares would have been worth 1.3 million already. It would have been almost halfway to another million in just three months.
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Secret No. 5: Protect Yourself (Retirement Funds) Part 2
This is part 2 of Secret no 5: Raising your Financial I.Q. from Bo Sanchez' 8 Secrets of the Truly Rich. In this section, we tackle issues about how to protect yourself and building your own retirement fund.
Protect Yourself Adequately
Most Filipinos are under-insured. Some don't even have insurance at all. We need to protect ourselves so that the family's we live behind will have sort of an "income replacement" when we die. Bo suggests that you insure yourself equivalent to 10 times your family's annual expenses. (Example: if your family spends P100,000 a year, you will need a P1 million insurance) This way your family can have more than enough time to look for a new income source. Better yet, they can be financially wise and invest the entire amount in a fund that earns 10% a year. This way, the P1 million will earn P100,000 a year which is the same amount your family was spending while you were alive. This way, they're provided for the rest of their lives!
Build Your Retirement Fund Now
Dying young can be a problem and it would be important to protect your family through insurance. However, living too long can also be a problem. In a survey on people above 65 years old, around 40% have to keep on working to survive, around 30% depend on their relatives to survive, around 8% depend on charitable institutions, and only 2% are financially independent. In order to protect yourself from living too long, you need to build your Retirement Fund now.
How to Build your Retirement Fund?
1. Automatically save 20% of your monthly income.
2. Invest as Early as You can.
The earlier you save, the more you'll have in the future.
(The power of compounding interest)
(The power of compounding interest)
3. Don't Put Your Retirement Fund in the Bank.
Instead Bo suggests that we all become Investors and put our long-term retirement funds in mutual funds, bond funds, equity funds and stocks. Although these instruments present more risk, investments put in these instruments in for the long-term have produced far greater yields compared to regular bank deposits.
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Secret No. 5: Raise Your Financial I.Q. (Part 1)
We are more than halfway through Bo Sanchez's 8 Secrets of the Truly Rich! Secret No. 5 is Raising Your Financial I.Q.!
Financial Ignorance is Expensive
Some people think that buying books or attending seminars about finance / personal finance are a waste of money. But what these people don't know is that being financially ignorant is actually more expensive! You may be an expert in your current profession but knowing How money works is a totally different field of expertise.
Lesson 1: Avoid Bad Debt Like Bad Bacteria
Robert Kiyosaki in his bestselling book Rich Dad, Poor Dad explained that bad debt is when we buy things that take money away from our pockets.
Bo Sanchez suggests the following crucial actions you need to make if you are buried under a lot of debt.
Lesson 1: Avoid Bad Debt Like Bad Bacteria
Robert Kiyosaki in his bestselling book Rich Dad, Poor Dad explained that bad debt is when we buy things that take money away from our pockets.
Bo Sanchez suggests the following crucial actions you need to make if you are buried under a lot of debt.
- Declare your Freedom Day
- Create New Ways of Pleasure
- Schedule Your Steps to Freedom
- Don't Borrow When You Can't Affort it - Period!
- Negotiate with Your Creditors
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Be Completely Committed to Your Dreams (Bo Sanchez's 8 Secrets of the Truly Rich)
Secret No. 4 : Be Completely Committed to Your Dreams
Bo Sanchez starts off this chapter by defining three levels of desire: Wish, Want, and Commitment. When we WISH we just hope for something to happen but actually do nothing to fulfill that wish. Usually, nothing happens at this level. When we WANT something, we put in a little action to fulfill that want. Unfortunately though, the passion doesn't last that long and we abandon the goal after a while. The third level is COMMITMENT. When we are committed we start to believe what we say and we work towards achieving that dream for the long run. If we want to be rich, we have to be COMMITTED.
Bo also defines three types of living: Moviegoer, Actor, and Actor-Scriptwriter. Moviegoers watch the movies of their lives, admiring some parts and criticizing other parts but aside from that, they don't do anything else. Actors are those that don't only watch the movie of their lives but also realize that they can control a big part of their lives. They enjoy some level of control but they realize that they have no say in such things as deciding the ending of the movie. Actor-Scriptwriters are those that don't only watch, don't only act, but actually create the entire movie from their minds. They determine what they will say and how the movie will end.
You have the power to create the life you want. Be the scriptwriter of your life.
In committing to your goals and dreams it is important to do the following:
- Write down your Dreams!
- Read your Dreams Everyday!
- Apply the Power of Focus.
- Apply the Power of Attraction.
By writing your dreams you open yourself to life's river of abundance. Be as detailed as you can get. And when you read what you wrote down daily, you multiply the power of that river tenfold. If you'll do this everyday, you'll be surprised at how money-making opportunities will open up before you. Actually, they're already there, waiting for you to discover them. The universe adjusts to your expectations. So instead of you searching for money, let money search for you. Attract money and become and money magnet.
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Get Rid of Crazy Religious Beliefs (Bo Sanchez' 8 Secrets of the Truly Rich)
Secret No. 3 of Bo Sanchez' 8 Secrets of the Truly Rich talks about getting rid of religious beliefs that may be hindering you from accepting money and becoming financially free. More than you know it, your religious beliefs actually contributes in determining your wealth.
Let me quote Bo, "Religious beliefs are so deep, so wedged to your core identity, you follow them even if you're not aware that you're following them."
Point #1: Have you romanticized Poverty?
Religion can romanticize poverty. We can be led to think that to be poor is better than to be rich because God favors the poor. We can believe that poor people go to heaven and that rich people go to hell. We must not think this way. Instead Bo suggests that it is indeed true that God loves the poor and favors them but that is because he wants to accompany them in their difficult journey so that they can RISE FROM POVERTY. God doesn't want you to remain poor!
Point #2: Do you believe that the Rich won't enter Heaven?
God did not say that it's impossible for the rich to enter heaven. God also needs the godly people who will run businesses, give jobs, and bless the world with great services and great products.
Point #3: Do you practice the "I hate myself" Spirituality?
Some people remain poor because they believe they're being punished, that it's the will of God. When God sees us in poverty, He weeps. He doesn't want to see us suffer.
Point #4: Have you relied on God too much?
Bo Sanchez believes that "one of the biggest reasons why we don't receive God's blessings is because we rely on Him too much. We surrender to Him what He doesn't want us to surrender: our stewardship." Don't expect God to do the very things He expects YOU to do.
Point #5: Do you disguise your laziness as faith?
Most of us wants God to hand us everything on a silver platter, to the extent that we do not exert enough effort to get what we want anymore. Don't confuse faith with your laziness. Faith requires action. God usually uses the sweat, the effort, the tears and the struggle you go through to form your character and give you what you need.
Point #6: Are you obsessed with the Purely Miraculous?
Sometimes we get too obsessed with receiving miracles in our lives. We tend buy lottery tickets and ask God to let us win. Although God sometimes grant these wishes, it would be too much to ask of this everyday and simply do nothing in exchange.
Point #7: If your favorite phrase "Bahala Na" ("I Live it up to You.)?
Religion can cause us to rely on fate too much, leaving everything to God. We must learn to do our parts as well in order to allow God to do his miracles in our lives. God designed us to work and trust - not simply to trust.
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The first 3 Secrets deal with changing our mindsets when it comes to money, wealth, and being rich. The secret will focus on how you can achieve your goals by being committed to your dreams. In order not to miss this article, click this link to allow us to send the article to your email and subscribe in our feeds for FREE. Stay tuned for the 5 remaining secrets of the truly rich.
Secret No. 2: Enlarge Your Psychological Wallet (8 Secrets of the Truly Rich)
This is a summary of Bo Sanchez' book on personal finance entitled 8 Secrets of the Truly Rich.
Secret No. 2 is Enlarging your psychological wallet.
Most of us are poor because psychologically we don't want to be rich. Our minds have been programmed to resist money. Our money problems are actually mind problems. Here are some situations why this could be so:
- Your mind has been conditioned to think that receiving a lot of money is shameful and is against the will of God .
- You are uncomfortable with money. So when you receive more than what you usually earn, you try to get rid of the excess amount as soon as possible.
- You parents (the people you grew up with) have made you come to believe that you are poor. Most parents would reprimand their kids telling them not to insist on buying this or that stating that 'we don't have money and we are poor' as the main reason. This somehow conditions the mind of the child to think that he/she is poor.
- Subconsciously, you could be believing that money is bad, that rich people are evil, and that doing business is dirty. Subconsciously, you are avoiding wealth.
- You must increase your money comfort zone. You must learn to be comfortable to receive money.
- One way is to visualize and imagine receiving money. See yourself earning double of what you're earning now. Get comfortable with that.
- Improve your self-image. At the end of the day, who you are doesn't count. It's who you THINK you are that determines your SUCCESS.
- Align your desires with the results that you want. Contradicting desires create contradicting results.
- Rip out your negative family labels.
- After you've changed your mindset, it's time to enlarge your skills to match the size of your psychological wallet. Read financial books, ask financial mentors, read personal finance blogs like this one, learn how to invest, start your own business, and reap the benefits of earning passive income. (More on this in the chapters to come.)
Secret No. 1: Be Totally Responsible for your Success (Bo Sanchez's 8 Secrets of the Truly Rich)
Bo Sanchez's 8 Secrets of the Truly Rich
Secret no. 1: Be Totally Responsible for your Success
- Stop the Blame
- Stop Blaming the Government
- Stop Blaming your Family for your Poverty
- Stop Blaming God for your Misfortunes
Blaming robs you of your power to determine your life. It leads you to inaction. Instead of looking for ways to improve your situation you are paralyzed and you never stop on blaming others for your misery. Don't wait for prosperity from anyone. If you want prosperity you have to create it yourself. Only you and God working in you can create the wealth you want.
- You are the product of your Thoughts, Choices, and Habits
Each one of us was given the free will to think, to choose, and to act. Remember that you alone are responsible for your actions. You create your life. You create your dreams. Only you have the power over yourself.
- Use this to create a new pattern of success.
Your future is in your hands. Start now by changing your destructive habits and create a new pattern of success. Concentrate on the things that you have influence over. Concentrate on what you can do for yourself.
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