5 Basic Principles to Financial Success

I remember listening to the Chairman of a leading stock brokerage firm in the country share his experiences in business. He taught 5 basic principles in order to succeed:
1. You should have a purpose in life.
If you want to be be the best waiter, driver, writer, singer, or whatever you want to be, write it down. Write down your goals for a clear purpose.

Later, I found out that what he said was in accordance with the Bible. Habakkuk 2:2 says, "Write the vision and make it plain upon tablets, that he may run who reads it. For the vision is yet for an appointed time..."

2. Building business is all about long-term relationships.

Spend time with your:

a. People - The more people you train, the more they can help you build business.
b. Suppliers – You need their support to be able to continue with your business in times of need.
c. Customers – When you have good relationship with your customers and they are happy with the way you conduct your business, you will win their loyalty.

3. You need integrity.

If you promise something, you better deliver. You may have great relationships, but if people don’t trust you, you may end up losing your business.

4. Evolve.

What is the latest trend ? Always look for opportunities and see if you can participate. Without evolving, you will not grow your business.

5. Financial literacy.

If you don't know how to consciously save and where to invest in, especially at a very early age, even if you make a lot of money, you could also go bankrupt. If your pension is being managed by unscrupulous fund managers, the more your efforts would be in vain. You have to learn how to make sound judgments about the use of your money yourself.

Out of the five tips mentioned, I believe that the fifth is the most crucial for us Filipinos. Why ?

According to the Fin-Q survey of Citibank, "The average Filipino has a financial IQ of 47.8, less than half the maximum score of 100." We do not need financial education if we plan to work hard for money our entire life. But if we want to become financially successful, financial education is very important. Most people want financial success, but it’s interesting to find that most are also unwilling to invest time for their financial education. We could be well-educated or an expert in our field – a teacher, a lawyer, a doctor, an engineer, a manager, an executive, a business owner, or an OFW, but we could also be financially illiterate.

If you want to know how money works, a topic which is usually not taught in schools or talked about at home, I would like to invite you to attend the FREE seminars conducted by IMG Wealth Academy, a company dedicated to provide information to help everyday people make critical financial decisions that help move them from where they are to where they want to be. If interested, please feel free to send me an email at mdvidaure@yahoo.com or give me a call or text at 09179535265.

Don’t just work for money. Learn how to make money work for you!

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