Read, Listen and Practice
We are not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate.
— Robert Kiyosaki
How do you gain financial literacy?
Author: Bo Sanchez
1. Read Books and Attend Seminars on Money. I strongly recommend Think Rich, Pinoy! and Grow Rich, Pinoy! both written by my financial mentor, Larry Gamboa. I recommend Rich Dad, Poor Dad by Robert Kiyosaki, Millionaire Next Door by Thomas Stanley, Multiple Income Streams by Robert Allen, and the other books I placed in my references at the back of this book. Larry Gamboa also gives a Think Rich Pinoy Seminar, and I give seminars on How to Become Truly Rich (see page 205).
2. Read the Business Section of the Newspaper. I know. I used to skim through the headlines and go straight to the comics and movie section. I never opened the business section. Big mistake. Starting today, read every article in that section. Yep, even if you don’t understand 90 percent of what you’re reading. Underline words you don’t know—cashflow, portfolio, dividends, bull market, mortgage—and ask!
3. Volunteer in a Small Business. This may be my most important suggestion. There’s nothing like hands-on training! Instead of watching TV or playing with videogames during weekends, work at an export company, a retail store, a hardware, a trading firm. Tell them they don’t have to pay you! Just help around. But by working there, you’ll learn a ton of stuff you won’t learn elsewhere.
4. Get Financial Mentors. I mentioned this already but this is so important, I’ll say it again here. Look for people who are successful financially. Call them up. Ask them if you could treat them out for lunch. (Take them to a park and bring two sandwiches in a brown bag.) At that lunch, ask how they became rich. Ask their secrets to success. Finally, ask them if they can teach you some more by taking you into their businesses and learning the ropes.
5. Start Your Small Business on the Side. I recommend that you start a small business. Sell sandwiches, sell lemonade, sell cell phone cards, sell anything! Or organize a concert, invest in a candy machine, rent out stuff… And don’t worry if you fail the first time. And the second time. And the third time. Because what’s important now is what you learn—not what you earn. Just keep on trying!
The greatest income reducer in your life right now may be
your TV set.
To your success,
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