Manila, Philippines

5 Ways to Cook Up These Secret Ingredients to Financial Success

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Mushrooms, tomatoes, capsicum, pumpkins, kale, and all other vegetables are the secret ingredients to making more money. “What is the correlation between vegetables and generating wealth?” you may ask. Well, the truth is simple. These vegetables are a representation of you assets and investments.
Taking more vegetables will improve your health, likewise, getting more assets and investments will increase your financial health. To understand it better, we’ve listed down 5 tried-and-true methods to get these secret ingredients cooking:

1. Diversify your investments

As the saying goes, never put your eggs into one basket. This proves true in the financial sphere as well. It is important to spread your wealth to different investments to avoid falling into a financial pit of doom. Let’s say that you invested ₱400,000 into one particular stock and the market crashed all of a sudden, you will have to part ways with your initial wealth. Therefore, it is wise to keep your choices open and take calculated risks each time you invest. Six (6) asset categories that you can consider are stocks, bonds, real estate, international investment, cash and gold. Bank cards such BPI credit cards is also considered an investment once you learn to use it wisely. Each one comes with specific risks so now, how do you allocate your money?

First things first, you need to save a portion of your wealth and income in the bank for daily expenses and another portion for emergency funding. The remaining funds and income will have to go towards investments. According to, the rule of thumb for investment is to subtract your age from 100 and put the resulting percentage in stocks; the rest in bonds. Assuming you are 30 years old, the investment in stocks should be 70% and 30% in bond investments.


2. Increase sources of income

Saving money is a good move, but just saving won’t make you rich. Looking for various ways to earn more money can make you a financially successful person. Whether it is a part-time tutoring gig or a side business of your own, your wealth increases without affecting your normal day job. Another way to generate extra income is to ask your boss for a pay raise, however, do it with caution. Unless you are performing extraordinarily well in work, don’t bother trying this method.  

Besides that, property rental provides a stable monthly income to a landlord. So start saving to buy a property now! The location, property value and marketability should be considered before making the big purchase. These are just a few common ideas people use to increase their earning power. Think out of the box and find your own means to earn more money!


3. Work hard & never quit

It is rumored that Thomas Edison failed more than ten thousand times before he managed to create a light bulb successfully. If he gave up in between, will we still be living in darkness in the 21st century? Maybe not, but a lot of our historical inventions may not exist. He is a prime example that perseverance is the key to success. Working hard (and a dose of intelligence) does pay off eventually.

Based on, there are three (3) ways to enhance the ability to persevere. Firstly, you have to change your perspective and understand that every path is an uphill battle. Next is to set your own goals that are realistic enough to achieve. Financial success does not come overnight, so you must be ready to work for it. Money will roll once you have the determination, drive and passion while working. The next step is to acknowledge your achievements that you have set for yourself. This will reinforce your goals and the ability to push yourself up the financial ladder. Despite having this acknowledgement, it is crucial to stay humble with achievements and wealth. Don’t just spend away all your hard earned money on a celebratory dinner for your friends and family.

4. Being financially responsible

The basics of financial responsibility is to use your debit and credit cards wisely, only buy what you can afford and keeping a personal budget. Debit cards are able to keep you from overspending but credit cards tend to encourage you otherwise. So why do you need a credit card? Credit cards serve their own unique purpose and are crucial in times of need. As an example, you have a ₱100,000 hospital bill to be paid without insurance coverage. What do you do? Credit cards give you the ability to pay huge expenses without the hassle of bringing tons of cash. When you apply for BPI credit card online, you can earn accelerated rewards as well for each swipe on your card. It is not just convenient, but you get cash rebates as a bonus.

Besides that, understanding your purchasing power is also a factor in being financially responsible. According to, spending every dime that you earn is simply irresponsible unless you have a massive trust fund that is so flush with cash that you will never outlive the earnings. In fact, earning more money will be useless if your wealth is spent on unnecessary expenses. Thirdly, creating a personal budget gives you an idea on your income, savings, and debt repayment while keeping track on your daily expenses. You can either make a budget using a simple paper, spreadsheet software or money management websites.


5. Live outside your comfort zone

Your full potential lies outside your comfort zone. You just need to push your boundaries to see how far you are able to achieve. But your mindset needs to evolve to be a better person spiritually and financially. A man interviewed in said: “The value of your time now determines what you’ll be making two or three years from now. What you’re making now is indicative of the value of your time two to three years prior to today.” So make use of your time today!

Some people tend to view living out of your comfort zone negatively, seeing it as a dangerous and risky move. Opportunities are everywhere; it is all about seizing the moment and making it a successful endeavor. We must learn that taking risks have equal chances of success and failure. If all things fail, learn from the lessons and explore other money-making opportunities. Rectify the mistakes and move on. According to Kay Koplovitz, the first female CEO of a television network once said: “You really have to put one foot in front of the other and start on your journey. You have to be comfortable that you don’t know exactly how you are going to get to the results that you want to see. There is going to be experimentation along the way. And you have to be comfortable that you can think your way through and actually execute your way through to the desired outcome. I expected to be successful. I wanted to be successful.”

These are 5 ways to cook up these secret ingredients to leading a financially successful life. What other methods can you think of?


Contributed by iMoney Philippines
Photo c/o contributor
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