Thursday, August 8, 2013

Financial Wellness with Chinkee Tan

Lately in the office, we are bombarded with trainings after training that I literally have very little output at the end of the week.  Just this Tuesday, I was scheduled again to attend the financial wellness seminar of the famous Chinkee Tan.  I was skeptic at first, but found it to be entertaining and life changing.

Chinkee Tan was popular in TV as one of the Howie Boys of Randy Santiago, but now, he is known for sharing his success stories and financial wellness tips through talks, his radio program and books.

For the past two days, I have been obsessing about gaining my financial freedom.

Among the learnings he shared was Mindset + Action = Reaction.

I believe in the laws of attraction, The Secret, so this is not new to me.  I think, what's holding me back is that I don't dream big.  I am actually limiting myself.

Now am in the process of finding ways to increase my cash flow.  The 4 ways to do it is as follow:

C - Change your lifestyle
A - Always be open-minded for other opportunities
S - Save as much as you can
H - Have a long term perspective

Now, I am trying to change my lifestyle.  Not drastically though.  I am currently tracking my daily expenditure which I will continue for the next 30 days.  This way, I will know how much money I need to support my current needs and wants and what to give up in exchange for savings and investment.

His formula is 50/25/25.  Fifty percent goes to savings, 25 goes to investment and the last 25 goes to your expenses.

I cant believe that as of tonight, I have already spent 878 php.  If I continue spending the same amount daily, I need to earn 26,380, and that does not include the bills and rent.  No wonder I am left with nothing at the end of the month.

I have found a useful apps for Iphone called Money Tracker.

I also like the idea of keeping envelopes.  You set aside the money you need to pay for your bills in different envelopes, the same with the item you need to buy.  You put a date and try to compute how much you need daily in order to buy the item in time.

I really hope this would do me good.  I will just always remind myself that the Right Mindset + Right Action = Right Results!

Wish me luck!

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