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
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!
10 comments:
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
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...
As the stock market fluctuates, it is scary but if you know how to work with it, you can be successful.
I like your blog title, so catchy. Bo Sanchez is a byword in Facebook. Mukhang maganda ang book na ito.
I haven't read the book yet but a friend of mine told me about this. Thanks for sharing the info. :)
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
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! :)
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. :)
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.
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.
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