Committing to wealth building

Missed last night blogging session due to my hectic MD schedule but nevertheless, got the chance to sit and type again. It's really hard too to start a new habit especially when all your previous activities are like clockwork. But giving in once and especially twice in a row would be the precedent of the lackadaisical mode of failure.

A good chapter I read from Jack Canfield's book, the Success Principles ( Success Principle 35 ) says “99% is a bitch; 100% is a breeze.” When you make a 100% commitment to something, you eliminate exceptions. Unfortunately, many people think that they are fully committed to their dreams, when in truth, they allow exceptions that slow their momentum and derail their success.

If you had committed yourself to do something, by all means do it (NO EXCUSES). A man who walks the talk ( does what he says) is a man of integrity. He brings forth an image of respect that people will look up to and also develops a high regard to himself. And it starts by committing to what you told yourself you would do.

I've been trying my best to apply this too with my wealth management. Here in the Philippines, the norm of most people when it comes to savings would just be to pur your money in a time deposit. From a high rate during the 70s (as much as double your money in 5 years), the interest rates in the banks nowadays had flunked to a LOW low 3 to 5% per annum! Inflation beats you so you actually lose your money gradually when you just leave it there.

I learned about 3 years ago the concept of investing safely in the Philippines stock market and doing online brokerage to do so. Way back, I thought investing there is for the big boys and you should know your terminologies and contacts when you talk with a stockbroker, now you can do it online.  Thanks to Bo Sanchez' Truly Rich Seminar, I learned about peso cost averaging ( citiseconline's peso cost averaging).

In a nutshell, it's investing as little as P5000 ( $120) monthly in a choice company (one that had been and will always be there in the long run and will certainly be growing in profits) irregardless of the stock price. In about 5 to 10 years of doing so, the performance and earnings/interest go on the average as high as 58% . I started with Jollibee, SM, and BDO  about 3 years ago though honestly had missed some months putting in. Nevertheless, had already earned about 33% interest with the money I had put in. Of course, you have to know your companies really well (in my case, I had been given a review of fund performance by the company).

Now I had to commit to this new discipline of building my wealth thru this monthly without fail. More on this on the next posts.

PS: Will be out of town tomorrow till Saturday so the posts would be shorter as I'll be doing this thru my mobile and email.