How I Started My Journey, As Shared To The Lenddo Community
This article is posted under Life Lessons, News and Events, Personal Finance.
Last week, January 26th, I attended the 2nd Lenddo meetup over at Jack’s Loft in Eastwood, Libis.
It was my first time to meet the people of the Lenddo community, and I’m glad that I did.
I’ve never been with a group before who are as hungry for financial knowledge as those I’ve met that night.
For those who are not familiar with Lenddo – they’re a company that’s recognized as the first credit scoring service that uses an individual’s online social network to assess credit worthiness.
To put it simply, their business is to give their members access to financial services such as life-improving loans; but more than that – the company is also committed in educating their members about personal financial management and help them become more responsible about credit and debts.
Sounds like a great community to be in, right? Indeed, I would say so.
That’s why when they invited me to attend their meetup and gave me an opportunity to share some financial thoughts to their members, I never hesitated and agreed to prepare a talk – which I’m sharing with you today.
I was asked if I could say something about setting financial goals for the new year. And below is the slideshow which I prepared for the night.
Just go over each slide and read my thoughts on each one below.
I started my talk by sharing a bit of myself, particularly how I used to be a like most of them – an employee.
Then I shared how almost a decade later, after having discovered my calling to be an entrepreneur, I’ve now become a “crazy, river jumping guy” who enjoys my time freedom.
The Year of the Dragon
I then shared how many are optimistic about 2012, mainly because it’s the auspicious Year of the Dragon. I then narrated an experience, a few days before, where I attended a company’s Chinese New Year celebration.
During that event, there was a Feng Shui expert whom one of the attendees asked which signs are going to be lucky for the coming year. The Feng Shui expert’s answer really struck me.
He said, “All signs are lucky every year. Only the amount of luck varies for each sign and for each year. And how much luck you have for the year is not as important as what you do with that luck that you have.”
Why Do We Struggle With Our Finances?
I liked it when the Feng Shui expert said that last line: “… how much luck you have for the year is not as important as what you do with that luck that you have.”
For me, one reason why most people struggle with their finances is because they fail to realize that the amount of income or salary they receive is not as important as what they do with it. Or to put it more simply: “It’s not how much you earn, but how much you save, and invest.”
New Year’s Resolutions
Saving more money is always a very popular New Year’s Resolution, but many fail at it simply because their goal is not S.M.A.R.T. enough.
In my earlier article, Five Signs That Your Goals Are Bound For Failure, I discussed what it means to have S.M.A.R.T. Goals – and that is to make your goals Specific, Measurable, Attainable, Realistic and Time-Bound.
“I found the road to wealth, when I decided that a part of all I earned was mine to keep.”
That’s a quote lifted from the book, The Richest Man in Babylon, which tells how one should Pay Yourself First.
I believe in the importance of paying one’s self first so much that it’s actually the very first post I have in this blog.
Paying myself first was how I started my journey to financial freedom; and that’s how many others have started.
And that’s how it should start for you.
I ended the talk by proposing to the Lenddo community their financial goal for 2012; which is to simply start paying themselves first because it is really a S.M.A.R.T. goal:
- Specific: Save a part of income every payday.
- Measurable: Take away and save exactly 10% of everything your receive.
- Attainable: It’s not an impossible goal for millions of people have been able to do it, including me.
- Realistic: If 10% is too big, you can always start smaller and work your way up to 10% (or even more):
- You can cut the unnecessary costs in your lifestyle
- You can find ways to earn extra income
- Time-Bound: This goal has two due dates:
- Every payday, where you must take 10% of your income every time, with no exceptions;
- And at the end of the year, when you should be able to already live comfortable with 90% of your income
And that’s basically my 30-minute talk that night. I hope you were able to learn something new from it.
I’d like to thank again the Lenddo community for inviting me that night, and I hope it will not be the last. If you liked this post, I’d appreciate it if you can share it with your friends. And also, if you can subscribe to this blog. Thank you.
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