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Wednesday, February 13, 2013

Thanks Bo!

I read Bo Sanchez's ebook called "My Maid Invests in the Stock Market..." which I also want to share with you guys. Just click on the link to read about the eBook.

It's about how he was able to help his maids and his driver on their finances and encouraged them to invest in the stock market. I myself am interested in the stock market and would want to invest in that soon. Not now. I'm still struggling with my finances to say the least. I try to make a list to budget my salary but it I still don't have enough for savings and emergency fund. But after I read Bo's ebook, I started to somehow manage my finances.

In his book, he talked about a simple system which is what I recently practiced. It is about his maids dividing their salary into 5 envelops. And it works for me! Here it is:
  • First Envelop: Tithe Fund
  • Second Envelop: Expense Fund
  • Third Envelop: Support Fund
  • Fourth Envelop: Emergency Fund
  • Fifth Envelop: Retirement Fund
He explained in the book how each envelop is important so better read it yourself.

For now, I'm still trying to really manage my finances. I basically discipline myself. I don't even go to movie houses lately. And since I'm following the rules of Bo, I now know how to say NO to unecessary spending. And I'm proud of it!

Thanks Bo! I finally am able to manage my finances! Stock Market, you're next!


Paul Pruel said...

Thanks for sharing this to us. Yes. The ebook suggests many useful thing for our personal finance management and that I agree with those useful pointers. Good review friend

Nova Hedges said...

Stock market investments are very clever way... you should invest when you have the money in order to have started a good investment for the future...

Chubskulit Rose said...

As the stock market fluctuates, it is scary but if you know how to work with it, you can be successful.

papaleng said...

I like your blog title, so catchy. Bo Sanchez is a byword in Facebook. Mukhang maganda ang book na ito.

Ria C said...

I haven't read the book yet but a friend of mine told me about this. Thanks for sharing the info. :)

betchai said...

i believe in all those envelopes, somehow, we really need to be wise with our spending and not look at what others have but focus on our needs vs preparation

Claire said...

Wow! I love BO Sanchez! I have read one of his books and it's give out a very realistic scenario on how most us manage our finances. I must check on that one too since they already have an ebook! That's an amazing how he even help his helper invest in the stock market! :)

cheerful said...

thanks for sharing about this and the link of his ebook, will definitely check it. :) i need to try and live with those envelopes, hehehe. :)

Dhemz said...

my BIL is into stock exchange, and I believe he's on the right track...I wish we have plenty of money so we can invest them to something.

lencilicious said...

I never know until now that Bo Sanchez is also making books about finances. I just knew him for inspirational books. This is one good ebook to read. My husband and I read Collayco guide books. Pretty nice too.