Friday, 22 September 2017

My Financial Advise to my Younger Self?

If I can go back 13  years ago, I would advise myself the 7 golden lessons from my financial journey.

I don’t think the following lessons will be learned from your high school or even college subjects, take this advise with a grain of salt:


First;  Magic of Compounding Interests. As per Einstein , compounding interest is the 8th wonder of the world. See the table below , with the 10% interest rates , after 10 yrs your money is double the amount to 25,937. The power is within your hands to start investing now.



Second; Budgeting. I still remember the time in highschool that I’m receiving a 100 pesos allowance for the whole week and I would not go for recess to have extra money to go  for rides and colour games. I’m really not good in handling money. The early as possible you need to learn that budgeting will save you from being slave of debts and money issues in the future.

Third; Passive Income. Creating a side hustle at an early age will save you from being a corporate slaves in the future. Usually building a money machines,  at first try will be hard and it might take time to harvest the fruits of hardship such as blogging, affiliate marketing, etc. etc. Start looking for something to hack for your future freedom.

Fourth; Remove debts. There is a good and bad debts. Good debts are expected to produce income and  cover your monthly expenses (for ex. Rental apartments, rent should cover monthly amortization and association dues). Bad debts are those that you keep paying without any returns (for ex. Cars fro leisure, the value depreciates together with time).

Fifth; Invest on yourself. Keep learning new skills and build experiences and education. It will protect you from downside in any problems. In line, with this invest on the things that could be of eternal value not only on material things (spiritual investments).

This is only for educational purposes. If you are going to apply it in your life, your future will be in a better position.

Looking forward to your Financial Freedom.

Sincerely yours,

Jonathan I. Ruiz
NEWBIE MENTOR

P.S. If you have friends in UAE planning to take the CPA Exam in 2018, kindly refer to us for our upcoming CPA Review:


Savings Plan for Financial Freedom

I’m reading the book of Robert Kiyosaki, Guide to investing and his elaborating the goals of every individuals accordingly in this order: ...