From ignorance handling to mismanagement of finances, money-bugged havoc has become a phenomenal talk of the globe. Its widespread is utterly timeless. This trend sets a real need to educate people on how to handle their finances wisely. And this is why the trusted and known personal finance guru Randell Tiongson’s great wisdom on money is a blessing to all of us and to our fellow overseas workers.
Let me share to you what Francis and I have learned from the seminar he conducted in Dubai last 1 July 2016 entitled Save To Invest.
1. Wealth and the ability to create wealth comes from the Lord and it is not for our purpose but for His.
We are humbled to hear this from the Philippine’s most renowned speaker who is very successful in the field of personal finance yet have never forgotten to put the Lord as his top priority.
God is above all things and everything is from Him. Before anything else, it is key to know and understand that our sole provider is God. And without Him, we cannot do anything. It is God who prosper the works of our hands and make us successful. And this is for His purpose, not ours.
2. Our purpose is more important than our passion.
This is another relevant thing to put emphasis on. We can do things that we do not like because our purpose is more important than our passion. For whatever God called us to do, there is no way we won’t be successful.
3. How you handle your money reflects your view of the Lord.
This is a very helpful wake up call for us. We are reminded that we are all steward to God’s resources. If we cannot be trusted with little, we cannot be trusted with much. The way we handle our finances says a lot.
4. If you can’t control your money, making more won’t help.
Whilst it is true that we always strive to earning and generating income more, still there is no assurance of making and accumulating wealth unless we know how to handle our finances. It is our behavior towards money that matters.
5. In God’s economy, there is no recession.
It takes faith to overcome our worries and it takes God to be our God to battle our fears. This reminded me that the God we are serving is a faithful God. Things may not go well but God can always change stories. If we have the faith and the right intentions, there is no way God will not protect our assets and investments.
6. Spend less than what you make and invest the difference.
This is a best deal as most of us are too overwhelmed to be home away from home. The standard has become “spend more and save less”, even up to the point of spending beyond the means. Many people working abroad splurge on wants and neglect needs. Those reasons of pampering one’s self to enjoy their hard work is putting a huge fork in the road. So now is the right time to take a detour and start to save to invest.
7. The worst time to invest is tomorrow.
Time is of the essence. It is a great way to correct our mistakes. We learn from our mistakes and act on it now, not tomorrow. The earlier we invest, the better we stand.
8. Diversify your investments.
Spread the risk through diversification. We strongly believed on this. As it was written in the Scriptures in the book of Ecclesiastes 11:2 “Divide your investments among many places, for you do not know what risks might lie ahead.”
9. Be wise in handling your finances.
It won’t hurt to convict ourselves and declare that gone are those lazy days where we play too complacent. Now is the right time to manage our finances well. As the Scripture says in Proverbs 6:6 “Go to the ant you sluggard, consider its ways and be wise.”
10. No non sense personal finance.
Randell offered a five step solution to a sound personal finance.
(1) Improving cash flow. Trimming expenses, budgeting, making more money are few of the ways that help us improve our inflows and generate wealth. We make our cash flows healthy where cash inflows is always greater than the outflows.
(2) Getting out of debt. We have to settle our debts, if any, as quickly as we could in order to enjoy a debt-free lifestyle. Also important is knowing which debts are good and which ones are bad.
(3) Setting up your emergency fund. Out of our gross monthly income, it would be helpful if we set aside a percentage of it to raise a fund for emergencies.
(4) Getting protected from life’s risks. It is always imperative to have a protection against fortuitous events.
(5) Investing for your future. We could never really go wrong to invest early, wisely and regularly.
For better understanding, I suggest you read his book entitled No Non Sense Personal Finance. It is a great find.
If you his advice, you may visit his social media sites and contact him.