This week Forbes released its 2017 list of richest people on the planet and Filipinos reached a record count of 14 since Pinoys entered such list in 2003. This is a snapshot of their wealth as of Feb2017, where the stock prices of the companies they owned were used to compute their wealth.
The usual names really if you follow the business news: Sy, Tan, Razon, Tan Caktiong, VIllar, Consunji, etc. The list goes on. The same ones who own the biggest companies listed in the Philippine stock market.
Key side learning here: Build businesses, own shares of stock of those businesses and earn through dividends, not compensation employee income. Turn yourself into a company, where your personal expenses are the company’s expenses (legally of course). Saves you a lot of tax expenses. Anyway that’s for another discussion.
More Filipinos are reaching the $1,000,000,000 mark. There are those who get richer. Back to you. How about you? Do you even know where you stand?
Forget about being a billion-dollar Pinoy for now, we can focus on being a multi-millionaire. I would assume most of us want to be at least multi-millionaires right? But how to be one? Juan can learn about all the investment options in the world, but the most crucial first step will be to know where you stand right now.
Where do you stand right now? What is your financial net worth?
I guarantee you. As soon as you start tracking your net worth, the more disciplined you will be in managing your finances, and the more conscious you will be in growing your net worth via savings and investments, and the more careful you will be in your expenses.
I won’t get tired stressing this. Time and again I have reiterated the importance and the simple methodology in computing one’s net worth. It’s really where everything begins — the multi-millionaire mindset and motivation. And I’m sharing it once again here:
What you can’t measure, you cannot manage, so if you want to start managing your money, better find a way to measure it. A simple Excel file will do.
Don’t wait until you have a sizable money before managing / measuring it. Manage and measure the whatever small amount you have right now, and more money will come to you. Promise. Remember, those that can be trusted in small things will be given bigger things.
So what are you waiting for?
In another article that came out this year, the average Pinoy net worth is $9,878 or equivalent to PHP493,900. Where do you stand? Do you have more or less?
Actually, a much better benchmark, instead of comparing vs others, is where you are versus where you can be by yearend? in 3 years? 10 years?
Besides this is just a mathematical average, but the median net worth (majority) is actually much lower at only $2,055 (PHP102,750). This means despite the average nearing half a million, majority is still stuck with just a hundred grand net worth. Despite economic growth, the wealth of majority has not increased as much.
Don’t get left behind. What to do?
- Start tracking your net worth.
- Manage your cashflows: income and expenses / debt
- Save, invest, invest, invest. Get started now.
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