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Money on my mind

by Nickky Faustine De Guzman of Manila Bulletin

Can we forget about chemistry and trigonometry, tangents and cotangents, and weird scientific names like parastratiosphecomyia stratiosphecomyioides (a fly found in India), and pursue studies that tackle the everyday life. No, not Biology, but money. Ah, moolah is a universal language everyone understands. Unlike finding solutions for the missing x and y, the equation called “money” is one problem that we’d gladly go to class for.

This is the gist of Clarissa Serina-Dela Paz and Sharon Que’s two-in-one book I Wish They Taught Money in High School (So I am Not Dependent on My Paycheck and So I Can Start My Own Business Right Away), where the subjects tackle the importance of having the right “moneytudes” to survive the world of business, pleasure, and other ventures. In a nutshell, it teaches you tricks to become a mean money-making machine at a young age.

The 140-page book contains ideas from business luminaries like T. Harv Eker, Warren Buffett, and Robert Kiyosaki, which are put side by side with the authors’ experience-tested anecdotes that explore the power of cultivating the right money mindset.

Dela Paz and Que may not have rags-to-riches stories—in fact, they lived a fairy tale—but they do have narratives of perseverance and wise-money handling skills, which they wish to share. What’s good about this book is its generous helpings of money-making tips.

Apparently, we have a twisted notion on savings. Instead of saving the money left after spending it on expenses, it should be the other way around. You save first; then spend the rest. So, as soon as you receive your paycheck, save at least 20 percent (depending on your lifestyle) of it.

But not relying on salary alone, the book teaches readers that we can be “the boss” of our money. Instead of us working for money, it should work and slave for us 24 hours a day, every minute, every hour. Is that even possible? This is when the power of investments and business ventures come into the picture.

Based on the book, here are top five money attitudes you ought to know by now:

1. Know how to build your passive income, or the money earned while sitting pretty or on vacation, by buying assets or building your own business.

2. Pay credit cards on time and in full to avoid the mountains of accumulated interest rates

3. Want a car before you reach your 30s? Label each dream and set a goal so that it becomes more tangible.

4. Be persistent in  your dreams.

5. Instill the habit of saving at an early age.

Though peppered with cutesy illustrations that may be mistaken for books for young adults, it is a book that everyone who wants to know how to handle his riches at an early age will want and enjoy reading. Between the covers is one meaty money bible.

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