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How to be Fabulous, Rich, and Young

Reading today's Philippine Daily Inquirer, I came upon this article in the Job Market section which was written by Mr. Ernie O. Cecilia. It tackles the problem of most young professionals on financial matters. 

I googled for some related articles on financial planning, saving,  investment, frugal living, etc and found some really nice materials. I summarized them on this post, so folks read on and start taking control of your financial situation.

If you want to have something that you haven't had before, you must learn to do things you haven't done before. 


The first aspect of personal finance is earning. You must know where you can earn the most. If you are an employee, know your skills and how much those skills get paid in the market. If you are not getting paid enough, look for a company that pays big bucks.

You can do part-time work, either alone or in partnership with your friends who have the same interests without affecting your main job. If you have entrepreneurial acumen, try starting a small business that does not conflict with your job. If you have other skills that can earn more, use those skills while you have a fixed job.


The next thing to know is where your money goes. If you find it hard to earn money, make it twice as hard to get money out of your pocket.


Don't live beyond what you're earning. Better yet, live below your means. If you can't save from your income, you can start saving from your expenses. Below are some tips from pinoymoneytalk about the ways to start saving.

  • Step 1: Retain your brain

    Saving money is a state of mind. Before you can start, you have to renounce the spending — and stop believing you actually need all the stuff you've been spending money on. 

    The next time you want to buy something, take the P50 or P100 out of your wallet, and stash it somewhere. See? That's called saving. You don't end up with stuff; you end up with MONEY. To retrain your brain, start thinking about the following:

    Accept frugality as your savior. Become a closet cheapskate and emulate your frugal friends. Note that they fix the shower curtain instead of buying a new one. Sit down with Depression-era relatives and ask about economizing.

    Seek inspiration. Get thee onto MSN or Google Search and type in "living cheaply," "frugal living" and "voluntary simplicity." Be inspired by the gazillion Web sites devoted to living on less!

    Cry poverty — with style. Learn handy phrases like, "Let's eat somewhere cheap." And "Cab? No, I'll take the bus this time." It's less embarrassing than you'd think, because more people are in your shoes than you think!

  • Step 2: Now save it!

    There are a thousand ways to live on less. But you don't want to make your life a misery. Here are some of the most painless ways you can economize without losing out on quality of life.

    Go veggie. If you can do three meatless days a week (without substituting pricey fish), you could save P200  a week, which equals P800 a month, which equals P10,400 a year! Beans: Ya gotta love 'em.

    Never spend a windfall. Take that holiday money from your folks, that P0.75 change from the grocery store, that P0.25 coin that somebody dropped on the street, and any other extras and save 'em.

    Haggle. You'd be amazed at who will drop their prices, fees and interest rates — flea markets, banks, airlines, etc — as long as you know how to haggle.
    Toss the catalogs. The most insidious form of spending temptation known to man or woman. Chuck them straight in the trash. Yes, including Victoria's Secret. Sorry, guys.

    Don't pay unnecessary fees. Like the P15 you pay just because you're not withdrawing from your bank's ATM. Or the late fees for returning videos. Or those fat charges banks hit you with when you write a check that, well, bounces.
    Never pay a pro. If you can fix the neighbor's car, and she can paint the bathroom: Do it.

    Pay less for long-distance. Evaluate your phone bill and see how much you're paying per minute. Some dial-around codes or cheap calling cards may give you a better rate.

    Never pay full price. If you must shop, discover your friendly P99-and-below-shop in the neighborhood or the online world of discount Web sites.,, and are good sites for cheap auctions, just be wary of scammers!


Investing is one of the best things you can do in life. With it, you can reach your financial goals. The best time to invest is probably 20 or 10 years ago. The next best time is now. The success of great investors is usually rooted in how long they have invested. Time is the best ally of any investor, because the power of compounding.

If you want to be rich, fabulous and young, you have to depend on you and only you. Your financial success does not solely depend on how much money you make. Much of it is knowing  where the money you make goes. In your early age you can determine how rich or poor you can be.


Sunday, January 04, 2009