1.) In financial management, what you don't know will hurt you.
I was in Cebu 5 years ago working as a Software Developer in a Japanese company. Back then I have to say that I was financially illiterate that's why it was easy for insurance agent to persuade me to buy an insurance policy from them with a very low return. I found out after I consulted credible people.
It was a costly mistake for me and I regret what I did. I feel sorry and mad at myself for letting that happen. Because of lack of financial knowledge, I was not able to properly analyze what I was getting into. That made me realize that I have to do something. It was my wake up call. I cannot be financially illiterate or else other people will just take advantage of me.
After that incident, I became keen in attending financial management seminars. I was introduced to AXA, one of the famous insurance companies globally. That's where I got my first investment which is a life insurance. After that I also became a member of IMG (Internation Marketing Group) which is where I learned how to invest in mutual funds.
A year after I had the chance to work in Singapore and I also became a member of Asensadong Pinoy, an organization with a campaign to educate OFWs about investments from paper assets to real estate. Regular meetings and seminars are held to continuously foster the wholistic growth of individual investors.
I have come a long way and I will not stop from learning. Everyday is a learning process. I would never forget that incident 5 years ago. If it wasn't because of that incident I would not have my wake up call and most likely I'm still financially ignorant by now.
2.) In order to achieve something, find a mentor or person who has been there and emulate him
This might be common sense but people tend to forget this sort of "life hack" if you will. After attending several seminars and meeting successful and wealthy people I noticed this common denominator. Successful people always have models or mentors that they try to emulate or follow. Why reinvent the wheel if it has already been done by somebody else? That's the reason I have my mentor on real estate investing, on mutual fund investing, on working out, on personal development, on meditation and even with my hobbies such as salsa or bachata dancing or playing guitar. When you find a mentor, just remember to be a good student and make sure you show that you're willing to do what it takes to achieve the results you want. Life is so short especially when you hit your 30's. ;)
Life is just really fast and finding models to emulate in order to achieve your goals in life is one of the best ways to maximize your time in fulfilling your life goals.
3.) Don't be afraid to fail
I joined 2 networking companies for the past 2 years. The first networking venture I had, I did not get any income and I kept paying for the membership so I cancelled it after a year. Several months after that I joined another networking company which is popular among filipinos I should say. AIM Global is the name of the company. I'm no longer active with it but there's a chance I would get back to it in the future as I can see my right leg is increasing every month. But still, I would consider it as a failed venture as I did not earn any income.
I spent a lot of money and time to earn some passive income and yet I was not able to earn any.
Was I regretful? Was I bitter?
Probably a little. :) But still I know those failures don't define who I am as a person. There's a saying "It's not the number of times you fall but how you pick yourself up each time you fall." I know I learned a lot from those failures so I just treat them as valuable reference experiences instead. Besides, what doesn't kill you makes you stronger. :) And I always remember that winners are not afraid to lose. I quote Michael Jordan when he said "I can accept failure but I can't accept not trying."
