money Financial Planning

[JohannBeckham]

 

i'm currently reading the richest man in babylon.

how i wish i had read this one earlier.

so imma gonna make sure my kids read and internalize the lessons in this book.

 

will try and dig up my copy of kiyosaki's rich dad, poor dad as well

 

 

medyo paraphrased from the original text. probably to make it 'current'.

but still inspired nonetheless

I like these principles except for the 10% savings rate. I'm a mustacian (google mr. Money mustache) and our bare minimum savings rate is 50%

[JohannBeckham]

20190501 Updates:

* Reduce total debt to $58K by year-end (currently at $68.0K)

* Grow retirement savings to $170K by year-end (currently at $157K) (Note: Conservative case at 92% of actual)

* Anticipate house value to appreciate to $280K by yea- end (currently at $270.8K)

* Increase college savings of children to $20K by year-end (currently at $15.0K)

* Buttress business fund to $65K by-year end (currently at $58.2K) (Note: Conservative case at 92% of actual)

* Expect condo value to appreciate to $50K by-year end (currently at $48.8K)

Adding:

* Drum up social security yearly earnings to $21.0K by year-end (currently at $20.4K)

Solid returns. Base on this trajectory, how long do you still need to reach your financial independent status?

[PenetrayShawn]

 

i'm currently reading the richest man in babylon.

how i wish i had read this one earlier.

so imma gonna make sure my kids read and internalize the lessons in this book.

 

will try and dig up my copy of kiyosaki's rich dad, poor dad as well

 

 

medyo paraphrased from the original text. probably to make it 'current'.

but still inspired nonetheless

 

Kiyosaki's Cashflow Quadrant (follow up to Rich Dad Poor Dad) is also good. The books after that got a little long so tinatamad ako magbasa

[MRROUGHSEX]

Solid returns. Base on this trajectory, how long do you still need to reach your financial independent status?

Reallly depends with what happens with my parents. Health care cost is a wild card. Typical Pinoys who are retired with no savings and minimum social security that is not even enough to pay rent alone.

[HouseBand]

the low daily post limit is a bit of a bitch.

The current overall thrust of my financial journey is establishing multiple income streams.

Doesn't look like I'll be an employee again anytime soon.

So working on trading well enough to consistently earn from it.

Tapos focus on setting up passive sources of income

 

 

i think myself a bit lucky pa din considering that i got a pretty good run at being a well compensated employee.

but i lost my edge for most of it. thought i was bomb-proof in my job.

so lucky in a sense that i have no debt.

but i could've saved more or should've worked towards setting up more than one income streams.

 

from where i sit, i think i should try to set up at least 3 sources.

so looking at income from profit, rental, interest, capital gains, and dividends.

but i won't shut the door at the other types.

 

I like all those 7 Principles from the Book. NIce share HouseBand!

 

thanks!

I like these principles except for the 10% savings rate. I'm a mustacian (google mr. Money mustache) and our bare minimum savings rate is 50%

 

 

i'm a bit lost as to what you mean by "bare minimum savings rate".
i think yung 10% is intended as a doable percentage. tapos syempre save as much as you can spare.

i think i read kiyosaki's cashflow quadrant as well.

pero medyo under "milking it" na yung other books niya e.

yung rich dad, poor dad is eye opening for me kasi "poor dad" upbringing ako.

 

study well, get good grades, get a job.

 

in one sense, i admire the chinese and those others who're raised to be entrepreneurial and money savvy by their parents.

 

i am trying to be a "rich dad' for my kids.

 

they can pursue whatever endeavor they may wish. but they better be financially secure

[MRROUGHSEX]

Gusto ko maging Rich-In-Girls Dad hahaha. Pwede ba yun? I think I am in good spot as I am single naman.

[JohannBeckham]

font=tahoma]i'm a bit lost as to what you mean by "bare minimum savings rate".

i think yung 10% is intended as a doable percentage. tapos syempre save as much as you can spare.

 

i think i read kiyosaki's cashflow quadrant as well.[/font]

pero medyo under "milking it" na yung other books niya e.

yung rich dad, poor dad is eye opening for me kasi "poor dad" upbringing ako.

 

study well, get good grades, get a job.

 

in one sense, i admire the chinese and those others who're raised to be entrepreneurial and money savvy by their parents.

 

i am trying to be a "rich dad' for my kids.

 

they can pursue whatever endeavor they may wish. but they better be financially secure

 

Nag simula rin ako sa rich dad poor dad and that got me started investing in 2011 (i know i invested late in the game).

 

But then i continue doing my research and found Mr. money Mustache blog and understand na ang key to early retirement is savings rate.

 

Check out his blog here because this is life changing for me https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

[MRROUGHSEX]

I read the blog. Agree 100%. Yung sinabi nya to cut cable, I did that some years back for about 7 years. But now, since even regular channels are no longer free, kelangan uli mag-cable. I though of getting digital antenna to get free TV pero hindi maganada quality. So now from zero I pay $110 a month.

Check out his blog here because this is life changing for me https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

 

Lattes..I've never been into it. Parang common sense na sa akin wag magbayad ng mahal para lang sa kape so the Starbucks trend is just not shall I say, my cup of coffee haha.

 

In fairness to the 7 Principles, it did mention naman to save "at least" 10% so pwede pa rin mas mataas.

 

Re 7 Income Streams, 2 lang focus ko dyan for now - Earned Income and Capital Gains.

Edited May 2, 2019 by MRROUGHSEX

[PenetrayShawn]

the low daily post limit is a bit of a bitch.

 

 

i think myself a bit lucky pa din considering that i got a pretty good run at being a well compensated employee.

but i lost my edge for most of it. thought i was bomb-proof in my job.

so lucky in a sense that i have no debt.

but i could've saved more or should've worked towards setting up more than one income streams.

 

from where i sit, i think i should try to set up at least 3 sources.

so looking at income from profit, rental, interest, capital gains, and dividends.

but i won't shut the door at the other types.

 

 

thanks!

 

 

i'm a bit lost as to what you mean by "bare minimum savings rate".

i think yung 10% is intended as a doable percentage. tapos syempre save as much as you can spare.

 

i think i read kiyosaki's cashflow quadrant as well.

pero medyo under "milking it" na yung other books niya e.

yung rich dad, poor dad is eye opening for me kasi "poor dad" upbringing ako.

 

study well, get good grades, get a job.

 

in one sense, i admire the chinese and those others who're raised to be entrepreneurial and money savvy by their parents.

 

i am trying to be a "rich dad' for my kids.

 

they can pursue whatever endeavor they may wish. but they better be financially secure

 

 

rich dad adviser series books parang ok naman pero mas pang US yung advice so kailangan ng creativity/diskarte para maapply sa pilipinas. i agree on raising kinds with money sense. it's among skills that would be helpful no matter what path they choose later on in life

[MRROUGHSEX]

My million dollar view: sitting in my patio in the backyard, watching the sunset. Birds chirping and water plinky-planing in the creek below.

 

[MRROUGHSEX]

Remember this post I did a while back?

 

"* Drum up social security yearly earnings to $21.0K by year-end (currently at $20.4K)"

 

 

I have calculated the present value (PV) of the future earning streams and it came out as $360K. BUT that is not really earned as it is based on having worked 15 years from now on current salary. Each year that passes, the closer is the value adjusting to reality.

 

STILL, it is best to account for social security and a semblance of its value. I'm thinking of equating it with my retirement savings UNTIL such time the retirement savings outgrows the social security PV and hence when that happens, the PV amount will takeover as its value. My guesstimate is year 2027 or 2028. I will come back to this message when that happens.

 

And with all that said, I will be replacing this:

 

"* Drum up social security yearly earnings to $21.0K by year-end (currently at $20.4K)"

With this:

"* Drum up social security savings to $170K by year-end (currently at $157K) (Note: PV at $360K for age 62)"

Edited May 3, 2019 by MRROUGHSEX

[HouseBand]

https://www.facebook.com/floiwycocotgfi/photos/a.1136101869779727/2234883129901590/?type=3&theater

 

 

Pano Nagpapahirap Sa Mga Pinoy ang Philippine Entertainment?

 

 

TL; DR (from my POV)

 

Our country has a tendency to romanticize poverty.

 

 

 

[JohannBeckham]

https://www.facebook.com/floiwycocotgfi/photos/a.1136101869779727/2234883129901590/?type=3&theater

 

 

 

 

TL; DR (from my POV)

 

Our country has a tendency to romanticize poverty.

 

 

 

This is true. f$ck poverty. It's limiting human potential and productivity.

 

My main gripe is that we should take responsibility of our own future, life outcome and do not make f$ckin excuses. Do not depend on the Philippine government to solve your problem. Each one of us has a gift that we need to employ that industries are willing to pay for. F$ck if not in the Philippines, maybe abroad. Sorry for the cussing, i don't really cuss that much bit this topic of personal responsibility is near and dear to my heart (or maybe the Australian culture is starting to rub on me). Take action guys, take responsibility.

[PenetrayShawn]

https://www.facebook.com/floiwycocotgfi/photos/a.1136101869779727/2234883129901590/?type=3&theater

 

 

 

 

TL; DR (from my POV)

 

Our country has a tendency to romanticize poverty.

 

 

 

 

romanticize poverty or get drunk on senseless comedies, unlike charlie chaplain types that entertain but have a message beyond family is love etc

 

 

This is true. f$ck poverty. It's limiting human potential and productivity.

 

My main gripe is that we should take responsibility of our own future, life outcome and do not make f$ckin excuses. Do not depend on the Philippine government to solve your problem. Each one of us has a gift that we need to employ that industries are willing to pay for. F$ck if not in the Philippines, maybe abroad. Sorry for the cussing, i don't really cuss that much bit this topic of personal responsibility is near and dear to my heart (or maybe the Australian culture is starting to rub on me). Take action guys, take responsibility.

 

that's why i avoid the pinoy woke/activist social media crowd during the rare times i go on social networking sites. it's just intellectual self-pleasure for them

 

is anyone into forex trading? some friends have been inviting me to seminars and i'm curious if it's worth a try as another potential income stream

[MRROUGHSEX]

I'm not into forex kasi unlike stocks, currency does not grow necessarily over time. So you have to do alot of speculation and market timing on it but if you have time to study the variables (e.g., foreign investments, trade) that impacts their movement and monitor the news, one can take advantage of it. I know it can be done and that is why there are forex traders out there.

 

Re media, nakakabwisit kasi puro drama/iyakan. Yung api complex parati pinapairal. It demonizes affluence and romanticizes poverty. So agree ako dun sa link. But that is what sells kasi profile ng PInas is more than half are poor. Kaya vicious cycle of powerty.

 

Then you have the Catholic church ready to thwart any planned parenthood programs sa media. Mas gus2 ng simbahan ng tulungan ang mahihirap by giving alms to the poor instead of tell people not to give them alms and instead tell the poor to use contraception, limit their family to 1 child policy for now so they won't need alms to feed their potential 5 other children.