One fine day not so long ago at work, my friend Fina and I were talking about how we've been doing, financially speaking, especially during the times when the economy was down, when she introduced me to the works of Brother Bo Sanchez. The curious little boy that I am, I googled him up, subscribed to his daily newsletter, checked out the Truly Rich Club, and read some of his free e-books. Months later, I, along with my fiancé, was able to attend Brother Bo's "How to be Truly Rich" seminar, in which, we also bought his latest best seller "Choose to be Wealthy".
What I particularly liked about "Choose to be Wealthy" was the power talk CD that came along with it. The talk was entitled "Create Money Machines". I'd like to share my reflections about "Create Money Machines" and hopefully, this entry wins me three tickets to the next "How to be Truly Rich" seminar on November 13th so I could bring along two of my friends. =)
I have heard the "Create Money Machines" power talk on my iPod many many times and I never get tired of listening to it. Why? Because in a way, it serves as a reminder to me of the "Whats and Whys" of my life. What am I gonna be after X amount of years? What am I gonna do with all the
Okay, just to be clear, I am not earning billions, yet. But I will. Very soon. Anyway, since we are talking about money machines, let me share mine, why I chose them, and their performance:
- Equity Mutual Fund - my first dive in the investing world was in the form of a equity mutual fund. I chose to invest in an equity mutual because I have a long term outlook and I had the risk tolerance for it. After 3 and a half years (recession years included), my equity mutual fund has gained 59%
- Balanced Mutual Fund - I went for a little diversification and chose a balanced mutual fund that was just 2 months old. After 3 years and two month, my balanced fund has gained over 90%
- Variable Universal Life - If Suze Orman read this, I'd be getting a Suze Smackdown. But anyway, I invested in a VUL to protect my loved ones. This is basically a money machine for them just in case my manual machine (me!) shuts down for good.
- Stock Market - investing in the stock market was easier, cheaper, and more convenient than investing in mutual funds (less legwork, online accessibility), and it has a relatively higher rate of return (which, of course, also means, higher risk). My current portfolio has a paper gain of around 30% as of this writing.
- Real Estate - my fiancé and I bought a pre-selling condo unit to live on for a few years before renting it out. Ground breaking hasn't even started yet but the condo's value already increased 3.9%
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