Chinkee Tan

5 Ways Your Savings Can Change Your Financial Life

News

Dec 082017

5 Ways Your Savings Can Change Your Financial Life

Chinkee Tan Think of a time in your life when you had an unexpected expense. It may be a medical emergency in the family, recovering after being hit by a calamity or losing a loved one through a disease. Being sick is already bad, what’s worst is when you don’t have enough savings to pay the bills. During those times, did you quietly wish that you saved enough money in order to have something you can spend for your emergency? Not all Filipinos make SAVINGS a priority. It usually takes a financial crisis in life to remind people the real value of putting aside money. Here is a list of how saving money can change your life. #1: SAVING MONEY CAN HELP YOU DURING EMERGENCIES There is nothing more frustrating than not having enough money when you need it the most. Always set up an emergency fund that you can only access during uncalled for situations. You not only address the need, you also spare yourself the stress of looking for financial resources. #2: SAVING CAN HELP YOU PAY YOUR DEBTS Intentionally putting aside money every payday in order to pay off debts will eventually give you benefits. Getting rid of your debts is part of achieving financial freedom. You will not be able to fully enjoy your financial success knowing at the back of your mind that you still owe people money. #3: SAVING PREPARES YOU FOR RETIREMENT A retirement fund is a MUST. It is comforting to arrive Read More …

5 Tips How to Use Your Money Wisely

News

Dec 022017

Are you experiencing financial stress lately? Good news! Why is it good news? You’re not alone. It’s okay to admit that there are still times you struggle with how to use your money wisely. Here are a few realities you may be experiencing yourself: You want to work within your budget but you are also struggling with impulse buying. Worse, no one is giving you tips on how to fight it. You promised yourself you will start saving and to be fair, you did start to put aside money. But you just couldn’t say no to a random weekend getaway your friends invited you to. You are spending more than what you are earning. Your credit card bills are mounting. You no longer have enough money to spend to last you until the next payday. Read Related Story: 5 Powerful Money Lessons We Can Learn from Chinoy Tycoons, Sy, Gokongwei and Tan Here’s even better news! YOU can do something about it. Nobody else can fix your financial problems for you other than you. I can teach you all the disciplines needed in order to achieve financial freedom, but YOU have to make a decision to actually follow it. Here are my thoughts on how you can start to spend your money wisely: TIP 1: MAKE A LIST OF YOUR PRIORITIES. Identify important areas where your money should go first. Think of basic needs and obligations first before your wants. TIP 2: CREATE A BUDGET. A budget will act as Read More …

5 Key Tips on How to Save and Earn Money

News

Nov 242017

5 Key Tips on How to Save and Earn Money

Chinkee Tan Do you want to change your financial life? Do you want to earn unlimited income? Do you want to achieve financial independence? Your financial freedom starts and ends with YOU. YOU have to take responsibility for your finances if you want to arrive in your destination without paying for the excess baggage. Sometimes, the best way to get there is to heed various financial advice from people who have already done it and proven that it works. Here are the 5 best money advice you can get as your journey towards financial freedom. ADVICE #1: DON’T LOSE MONEY Warren Buffett, one of the world’s richest men, would not have it any other way. Whatever you do, don’t lose money on bad investments, unnecessary things, and expenditures that will not benefit you greatly. That’s the reason why I am very conservative when it come to any new enterprise and investment. I would rather be sure than sorry. ADVICE #2: GET RID OF CREDIT CARD DEBT Credit cards come in very handy when you have emergencies or you are travelling. Having a credit card on hand does not compel you to carry a lot of cash around. But, be consistent in making payments so that you do not accumulate interest. Always pay them off on time and don’t allow it to stress you out because the credit collector is consistently following you up. I use my credit card for convenience sake not for pleasure. ADVICE #3: FIND ADDITIONAL WAYS TO Read More …

8 Problems To Avoid Losing Your Hard Earned Money

News

Nov 192017

8 Problems To Avoid Losing Your Hard Earned Money

Chinkee Tan EVERYBODY makes money mistakes in this lifetime. I myself, makes a lot of money mistakes. Not just once. Not just twice. It can happen so many times before you fully learn how to best maximize and protect your money. Quite often, you make mistakes on very basic money principles that you may have heard of since your were young. Here are my top 8 worst money mistakes that people have made. MISTAKE #1: HAVING NO SAVINGS Saving your money can take you a long way if you understand that this is probably the most important practice you should do whenever you receive your paycheck. SAVING money is a discipline. It is a TOP PRIORITY. Failing to save for future expenses such as education and life insurance can give you unnecessary burden in the future. MISTAKE #2: NOT HAVING AN EMERGENCY FUND An emergency fund is something you set aside for future emergencies such as losing your job, getting sick or spending on home needs such as repairs after having been hit by a tragedy. The absence of an emergency fund puts you and your loved ones in a lot of risk most especially when somebody falls ill and you did not anticipate it. MISTAKE #3: OVERSPENDING Overspending is one of the most famous worst money mistakes that apply to anyone from all walks of life. Overspending may be a result of lack of budget. It also normally happens when you are struggling with the bad practice of impulse Read More …

5 Powerful Money Lessons We Can Learn from Chinoy Tycoons, Sy, Gokongwei and Tan

News

Nov 102017

5 Powerful Money Lessons We Can Learn from Chinoy Tycoons, Sy, Gokongwei and Tan

Chinkee Tan SM’s owner, Henry Sy. Robinson’s owner, John Gokongwei. PAL’s owner, Lucio Tan. What do they have in common aside being wealthy, they are all Filipino Chinese. The Chinese are very unique when it comes to money judging from both the culture’s superstitious beliefs and practical applications. Here are some interesting Chinese beliefs that I have come across over the years that may sound familiar to a lot of Filipinos: Burying money under the floor or a house or business attracts wealth. Wearing a jade ring on the little finger brings wealth. Never allow your wallet to be empty. At least leave some coins in it when not in use. Do not put your bag on the floor if you want to attract money. Putting plants with round-shaped leaves inside the house can bring one a lot of good fortune. The list can go on and on. While there is no acceptable scientific explanation for these practices, the Chinese are careful to abide by them. In fact, they are careful to pass it on to the next generation. When it comes to PRACTICAL applications on the effective use of money, there are so many helpful tips that we can learn from the Chinese. Here are a few famous ones that I know you may be aware of: LESSON 1: SAVE MONEY AT ALL COST. Putting aside money for a rainy day is always a good idea. LESSON 2: PAY FOR PURCHASES IN CASH. Like what I would always say, Read More …

3 Learning Habits of Successful People

News

Nov 092017

Chinkee Tan Have you ever tried doing a new business or switching to a new career? You are interested in putting your money into something that has the potential of increasing your income and making your future stable. Chances are, you will feel uncomfortable and awkward. There are so many risks and challenges that come with it. It’s normal to have self-doubt when going into something new. But before you take that leap of faith, remember a valuable habit that most highly successful people nurture – CONTINUOUS LEARNING. This is not just learning about the business but also learning how to make yourself better as an employee or an entrepreneur. Here are three steps you can take in order to build the habit of continuous learning. STEP 1: ASSIGN A TIME IN YOUR DAILY ROUTINE FOR LEARNING Choose the most convenient time for you in your normal routine to really sit down and learn something new. Chinese businessman John Gokongwei Jr., owner of Universal Robina Corporation and the brains behind Cebu Pacific and Sun Cellular to mention a few, revealed in an interview that he reads for at least two hours a day. He reads all the available newspapers in the country everyday and several magazines as well. STEP 2: DON’T HESITATE TO INVEST ON LEARNING MATERIALS Consider your learning investments as one of your most VALUABLE ASSETS. Don’t be stingy. The first person to benefit from the things you learn is absolutely YOU. STEP 3: GET READY TO UNLEARN Read More …

Focus is a Crucial Key to Success

News

Nov 032017

Chinkee Tan Are you easily distracted? Are you the type who sets goals but never really meet them? Well, if you are, you are not alone. This is a personal observation over the years, people get easily distracted. Have you ever said, “I have always wanted to have a business of my own, but I feel that I am too busy and are doing so many things at the same time?” If you want to get started, you just need to decide what you want to do first. No one has ever achieved anything great because of multi-tasking. You can never become great because you are a jack of all trades master of none. If you want to become successful in life, you got to choose what you want to do and learn the discipline of FOCUS. FOCUS on a single business opportunity when you are just starting. When you have succeeded in your first business, then you can move on to another venture. You cannot replicate what does not work. Forbes Magazine’s second richest man in the world in 2016, after earning $12 billion that year, never took his eyes off his goal. He always focused his eyes on the prize, to achieve financial freedom. Because of his focus and dedication, he made the necessary sacrifices. He is known to be THRIFTY. He lives in the same house in Omaha, Nebraska that he bought in the 1950s even before he made his billions. Just like any ordinary person, he Read More …

Be the Boss of Your Emotions

News

Oct 252017

Discouragement. Frustration. Hopelessness. Regret. These are just some of the toxic emotions that many entrepreneurs encounter in the course of growing their business. “I don’t think I can do this anymore.” Read Related Story: Grow Your Investment by Growing Your Patience “There’s nothing more I can do to save this business.” “I should not have done this business in the first place.” These are some of the things entrepreneurs tell themselves when they go through toxic emotions. When your business is not going well, is your default trying to find excuses or somebody to blame? Or worse, do you often blame yourself for how things turn out in your business? Reality check! Toxic emotions are sometimes brought about by your NEGATIVE perception of things. Sadly, toxic emotions are also signs of how badly you perceive yourself. Read Related Story: Do You Know of Any Angry Birds? Guess what! Numerous successful entrepreneurs went through MANY FAILURES before they finally got it right. So, you are not alone if you feel like you’re making mistakes and failing one after the other. What is important is you have the presence of mind to REJECT toxic emotions. REJECT negative thoughts in your mind. Renew your mind and be the boss of your emotions – both the good and toxic ones. Winston Churchill, former Prime Minister of the United Kingdom for two terms, once said, “Success is walking from failure to failure with no loss of enthusiasm.” NEVER KILL YOUR ENTHUSIASM. There are at least Read More …

Grow Your Investment by Growing Your Patience

News

Sep 282017

Grow Your Investment by Growing Your Patience

Chinkee Tan Have you ever asked yourself… “When will I most likely get the return of my investment?” “Why is it taking so long to earn profit?” Are you starting to feel frustrated because you are not seeing any immediate increase on your investment? If you are wondering WHY… Let’s talk about the one virtue that very few people are aware of when it comes to INVESTMENT. That is the ability to develop – PATIENCE. Consider, for instance, the life cycle of a Chinese Bamboo Tree. The Chinese Bamboo Tree is so unique that it will really challenge to the core whoever plants it. In the first year, you will see nothing significant. Second year, nothing. Third, it remains the same. Fourth year, still nothing! Four years after planting it, there will be no observable signs of growth. But on the fifth year, the Chinese Bamboo Tree will grow to 80 feet in six weeks. Did the Chinese Bamboo Tree only grow on the fifth year? Or, was it already growing on the first day it was planted? When it comes to investment, the same principle applies. ANY INVESTMENT REQUIRES PATIENCE Can you imagine if a farmer pulled out the roots even before it reached its fifth year? He transplants it elsewhere thinking that he may have found a more fertile piece of land. Even if he does, he cannot expect it to reach its full potential in less than four years. Why? Because a Chinese Bamboo Tree, when it Read More …

Do You Know of Any Angry Birds?

News

Sep 182017

Chinkee Tan Do you know someone who is always mad? You talk to them and their face always has a big frown. They are so hard to communicate with because they are often emotional and irritated. These people feel like they are always right. They are never wrong. They don’t compromise during discussions and would turn to anger and be being hot-headed just so they can get what they want. When they are at fault, they will do everything to turn the situation into their favor, or just put the blame on someone else. So stressful! So, what can we do with these angry birds? STAY AWAY FROM NEGATIVE PEOPLE Believe me. These negative people will always be around you. If you can avoid them, then do everything you can to stay away from them. You won’t get anything good from being with them. Remember what they say, “if you surround yourself with angry people you will become an angry bird one day.” What if this angry person is your co-worker? You classmate? Your loved one? Your spouse? If you cannot avoid them, then this is what you need to do… NEVER GIVE IN TO THEIR ANGER RAMPAGE Don’t give in to an angry person’s rage. The reason they get so angry is that they are so full of hate and rage. Do not fall into the trap of having a shouting or a grudge match with these people. It is just like being brought into a wrestling match in Read More …

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