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Everybody knows that Christmas starts real early in the Philippines. Preparations for Christmas start as early as the first BER month, September. It goes without saying that spending starts way ahead of December 25, Christmas Day.
Christmas is a time for, among others, expenses: Christmas decorations, Christmas gifts, noche buena and what have you. There are those, and I know many, who already spent their 13th month pay and Christmas bonus even before Christmas Day. The potential problem with Christmas spending is the belief that it's alright -- a necessity, even -- to spend during the Christmas season, and, since we're expanding this article, during New Year celebrations as well. This article, intended to elicit tips from the readers, was originally entitled "Your Tips on How to Save this Christmas." However, to save us from an embarassing prospect of having no one sharing a tip, let's have our initial discussion. Also, to make the topic more interesting, let's throw in some resolutions, or shall I say reminders, for the new year, 2008.
Think and act like an entrepreneur. Being an entrepreneur is not only for a select class and definitely is not inborn. We are who we think we are. Being an entrepreneur is a mindset. If you plan to finish school or go abroad to look for jobs, and nothing more, is contrary to an entrepreneur's desire to be more than an employee. Be an entrepreneur!
Save more. The cornerstone of saving is discipline. Live way below your means. We already discussed an effective saving strategy -- paying yourself first -- so there's no need for more here. Remember passive income. It is effort or money that you placed somewhere, but definitely not in a piggy bank, that's earning without you thinking about it. It's making your money work for you, and not you being a slave to money (those are along the lines of Robert Kiyosaki in his book "Rich Dad, Poor Dad"). You continue to work, doing what you love, while another force -- your money, like your savings -- is helping you earn more. For instance, your time deposit earns without you exerting more effort or thinking about it.
If it's too good to be true, it's a scam. Many times, in the hope of getting rich real quick, many fall into the trap of scam artists. There's the top 10 internet scams, which includes the FrancSwiss scam, a variant of the pyramiding or Ponzi scheme. There will be more scams and schemes, so vigilance is a must.
Travel. I used to think that travelling is purely at the expense-side of the balance sheet. It probably is, but I long decided that this is not necessarily true. Travelling is a way to relax and unwind, essential aspects of any Pinoy Entrepreneur's life. Travelling exposes you to new environments, new business ideas and potential business contacts. More importantly, domestic travel gives you more opportunity to spread your blessings, by injecting money into our own economy (be generous in giving tips, specially where the service comes with a smile; that's much better than dole-outs).
These are just the initial suggestions. Everyone is still free to add their own thoughts.
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