Wealth

I`ve been employed for about 1/2 a year already. I work for my dad / our own company, sorry ha! So anyway, my dad is paying me fairly [same as my fellow 106 mma graduates' income i believe], no bias naman, but what`s REALLY INTERESTING is that despite my monthly salary, I still have NO MONEY IN MY BANK. My dad owes me 4 weeks worth but compared to what I have been spending, it `s no biggie.


My honest explanation [or excuse] is that I`m still in my "GREEDY STAGE". I made a list of things that I should invest on. Random "pretty INVESTMENTS" that I think I need. I spend money on my food, my vegetables -- that most of the time keep me "healthy". I buy my own toiletries and vanity things. Other times, I buy for my nephew, my sister, and my babycake. I`m very generous when it comes to people I LOVE THE MOST, but just the chosen few. I BUY A LOT OF STUFF AND IT`S GREATLY HURTING MY ACCOUNT. Note to self: explain thoroughly and set limitations to the term "investment".


I`ve been reading this local book called "Wealth within your Reach: Pera Mo, Palaguin Mo!" by Francisco J. Colayco. I`m still on the 5th chapter of the book and already, I`ve somewhat assessed my "WEALTH". But what is wealth? I will quote below the true meaning of wealth and some important notes.


1. "Wealth does not necessarily mean having millions and millions of pesos. Being wealthy simply means having the financial resources to support your chosen lifestyle."


2."Wealth is really a condition where your present financial resources can support your lifestyle over a long period of time even if you do not work to generate income."


3."Wealth is also based on how much time you have left in this world...You are wealthy enough if you had financial assets good to support your lifestyle for *number here before retirement*."


In one chapter, which I forgot, clearly explained why my money vanished in a jiffy. So here`s why [let me quote Mr. Colayco]:


1."We do not make personal financial plans. Often we make spur-of-the-moment spending decisions, without considering how these decision would impact  on our financial future."


AND


2."...It was certainly not their intention to lose their money. They were just unprepared for sudden abundance. They had no real appreciation of and much less preparation for money management."


It also discussed two kinds of income, active and passive. I`m still in my active income stage, I use my main money for whatever when I should be using my passive income for my "luhos". Sadly, I have yet to invest my money on things that could double or triple or add up to the current value of my money. I still have to check my account so my money could generate on its own. 


I`ve already computed my money for the month of 2011 including my pocket money for my trips abroad and local trips with friends, that is if I don`t spend as much as I used to, and it should be around 200+K i believe. I am not bragging because I still have to pay my dad for the ultimate gadgets that I`m gonna purchase by end of Jan and February. 200K is just a rough estimate.


So in conclusion, I still don`t have a formal list of my personal finances and to buy things which I should start doing. I should also be fixing my disbursements and noting everything most especially the big ones. Keeping my fingers crossed that my money would grow this year.


...Success, Failure, Success..this is the pattern.