I remember that day in 2005 when Fifi and I exploded with excitement. We were brainstorming a new business idea - fresh, hip, and promisingly lucrative - STATEMENT T-SHIRTS! It made sense. My best friend and I were, hands down, the wittiest 23 year-old single Filipino ladies in our respective barangays. We had a million obnoxious/funny/rhyming/smart alecky things to say to our friends/strangers/each other/ the world that deserved to be immortalized on mass produced t-shirts. Plus, my mom was in the garments industry and knew a bunch of suppliers and designers. So that was the plan. The next logical step, of course, was to set up a boutique and have rocks stars and indie actors endorse our brand, which didn't have a name yet.
We were so confident that our business was going to be a big hit that we set up a "luncheon meeting" with our smart friend Terri, whose business acumen we trusted, and whose morals were so solid that we were positive there was no way she would steal our money-making idea. So we wasted no time when she showed up at SushiYa in Tomas Morato. Before our miso soup was even served, we told Terri all about our plan. The greatest t-shirt company was being conceived and was to be born in a few months, possibly C-section, given our scary level of enthusiasm.
Terri patiently listened to us, her smile assuring us that we were on the right track and that she was so impressed that she might actually contribute financially to get the ball rolling. And then she dropped the bomb. Actually, it was more of a simple question: "Do you guys have a business plan?"
Fudge, fudge, fudge. Fifi and I couldn't speak for a few seconds, but I'm sure she was asking the same questions in her head as I was: Why do we need one? Why would you take a dump on our dreams? And most importantly, what is a business plan? From that point on, Fifi and I mellowed, and we gradually let our plans fade into the abyss of not knowing how to create a business plan, and start a million-dollar business empire.
So we flew to Dubai after a few months and saved some money. Every time a business idea came to mind, I swept it under my financially illiterate rug and carried on saving more money, that unfortunately just sat in the bank. I was convinced that my zero knowledge of business and finance and everything in between would not take me anywhere beyond a simple bank account. For six years this went on, and it came to a point where I thought I was rich, and didn't have to think of ways to make my money grow or make more by opening a business. I had savings, and that was enough. As simple as ABC. Until a HUGE emergency forced me to empty my savings account and start over. I lost most of it in two days. Fudge, fudge, fudge. Penniless and desperate, I had no choice but to start saving all over again. Cutting corners. Saying no to nights out. Being a complete idiot.
But I had one big asset: I bought a house. I was forced to, due to circumstances that were two painful to recall and write about in detail. Anyway, it was a lovely three-story, three-bedroom abode in a gated community of twenty houses. A quiet and friendly neighborhood. It's a heavy investment, and I am working my butt off to pay for it, but it's proving to be a great one. So I thought, this must appreciate in value faster that other properties. It's in a great location, and we never ever have floods here. And that's how I started to compute for my net worth, and in the process, get inspired to put the money I've been saving - however little, somewhere else. In short, I started to take interest in financial literacy, after years of forcing my brain to go dormant on the topic. It was, as Brad Pitt would say, "inevitable".
So I asked around. I asked people who knew stuff and humbled myself and resigned to the fact that I didn't know everything. I acknowledged that I had no idea how to handle my finances and optimize passive earning. Fast forward to now, I am learning and reading books and looking up useful, up-to-date information on the internet. And I will continue to educate myself and learn about money and how to use it and grow it and make it work to secure my future. Pension? Sure. Mutual funds? Yep. Real estate? Started already. I may not have much in the bank, but with the correct steps and the Philippine peso getting stronger in recent decades, I may have a shot at retiring comfortably and not depending on my grandchildren for anything.
I am on my way to financial freedom and success! Now that's a statement you can definitely print on a shirt.
We were so confident that our business was going to be a big hit that we set up a "luncheon meeting" with our smart friend Terri, whose business acumen we trusted, and whose morals were so solid that we were positive there was no way she would steal our money-making idea. So we wasted no time when she showed up at SushiYa in Tomas Morato. Before our miso soup was even served, we told Terri all about our plan. The greatest t-shirt company was being conceived and was to be born in a few months, possibly C-section, given our scary level of enthusiasm.
Terri patiently listened to us, her smile assuring us that we were on the right track and that she was so impressed that she might actually contribute financially to get the ball rolling. And then she dropped the bomb. Actually, it was more of a simple question: "Do you guys have a business plan?"
Fudge, fudge, fudge. Fifi and I couldn't speak for a few seconds, but I'm sure she was asking the same questions in her head as I was: Why do we need one? Why would you take a dump on our dreams? And most importantly, what is a business plan? From that point on, Fifi and I mellowed, and we gradually let our plans fade into the abyss of not knowing how to create a business plan, and start a million-dollar business empire.
So we flew to Dubai after a few months and saved some money. Every time a business idea came to mind, I swept it under my financially illiterate rug and carried on saving more money, that unfortunately just sat in the bank. I was convinced that my zero knowledge of business and finance and everything in between would not take me anywhere beyond a simple bank account. For six years this went on, and it came to a point where I thought I was rich, and didn't have to think of ways to make my money grow or make more by opening a business. I had savings, and that was enough. As simple as ABC. Until a HUGE emergency forced me to empty my savings account and start over. I lost most of it in two days. Fudge, fudge, fudge. Penniless and desperate, I had no choice but to start saving all over again. Cutting corners. Saying no to nights out. Being a complete idiot.
But I had one big asset: I bought a house. I was forced to, due to circumstances that were two painful to recall and write about in detail. Anyway, it was a lovely three-story, three-bedroom abode in a gated community of twenty houses. A quiet and friendly neighborhood. It's a heavy investment, and I am working my butt off to pay for it, but it's proving to be a great one. So I thought, this must appreciate in value faster that other properties. It's in a great location, and we never ever have floods here. And that's how I started to compute for my net worth, and in the process, get inspired to put the money I've been saving - however little, somewhere else. In short, I started to take interest in financial literacy, after years of forcing my brain to go dormant on the topic. It was, as Brad Pitt would say, "inevitable".
So I asked around. I asked people who knew stuff and humbled myself and resigned to the fact that I didn't know everything. I acknowledged that I had no idea how to handle my finances and optimize passive earning. Fast forward to now, I am learning and reading books and looking up useful, up-to-date information on the internet. And I will continue to educate myself and learn about money and how to use it and grow it and make it work to secure my future. Pension? Sure. Mutual funds? Yep. Real estate? Started already. I may not have much in the bank, but with the correct steps and the Philippine peso getting stronger in recent decades, I may have a shot at retiring comfortably and not depending on my grandchildren for anything.
I am on my way to financial freedom and success! Now that's a statement you can definitely print on a shirt.
1 comment:
Hi Zeens!Have you heard about Bo Sanchez? He's a genius when it comes to financial literacy. Just thought his insights might be helpful to you as well. He's also a preacher. Here is his website www.bosanchez.ph
God bless! ;-)
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