Everybody face financial struggles and no one is excemption. This post is for the people who finds difficult in their finances that needs to motivate them. Hope this helps for you! ❤️
It was in year 2015 I started my financial journey blog in one of my old WordPress site.
For two years, honestly it is not quite easy. I have been lot of struggles between of savings my money, my active income (self employed entrepreneur) and my personal goals.
Before I encountered my financial journey struggles, here are the list of my 2015 financial success stories:
- I save money for emergency fund (2 passbook account), I have another one passbook account for petty cash fund both for business and personal, and I have another one ATM card for my everyday expenses. It is not big amount as what you think, but it can go further slowly but forwarding.
- I opened my investment account in COL account, and I am starting to trade, got excited 😊 and challenge in every mistakes and keeps learning.
- I opened my VUL (Variable Universal Life Insurance)- a type of protection which has an investment side. And at the end of that year, I opened again another VUL account but they focus more on investment rather than on protection
- Attend course related on real estate investment but since Iloilo City is limited in seminars, I decided to study a real estate broker review as a stepping stone for a real estate investment.
- I slowly withdrew my emergency fund, I closed my one passbook account and retain one, but in initial investment. I have retained another one passbook account but not deposit anymore for more than one year and half months. No money left in my ATM account.
- My sales in 2015 were as high as P4,000/day and my load sales for as high as P800/day. Average sales for the day = P3,000.00/day (excluding the load sales). Today, As of writing, I can sales for as high as P1,000.00/day only. Sad life
- Since I cannot pay my VUL account, I give up the latest bought and loss P11,000.00
- I always deposit in my stockmarket, but after that happened, I set aside and wait until I have money to save and back again
Cause of my financial struggle?
Shifting of career from self employed entrepreneur into a real estate agent.
I thought it was ok, since I have to work part time and study part time. 2 days only every week, so I have a time for my small business and at the same time learn the real estate industry. The advantage was I am self employed. But not exactly what I thought.
I did not focus on my business until my sales decreasing results of not purchase (I am in retail, buy and sell business) the items needed in store.
My financial lesson?
Build your active income until it becomes a Passive income and the Passive income is greater than Active Income.
Don’t jump whatever I desire if my financial goals is not stable. Even I have an emergency fund to save. And the emergency fund is for Emergency Fund, not for fund incase my another career fails.
My active income is still bigger than my investment income (passive income), I should stick first to save money for my investment until the interest income becomes bigger that sufficient for my daily needs before jump into another career move.
Focus on your present work.
If you are employed today, a rank and file, build your brand as an employee for promotion until you get a high salary and save money For whatever financial goals you have. Stay focus until it becomes a passive income. Or if you are an entrepreneur like me, build your business until you have a SYSTEM, that you don’t need to go to your office for work.
So how’s my financial journey today?
I did not shift from my career, and viola! For more than a month, I save money for my emergency fund.
And after 4 months, at the end of June 2017:
- I have save money for my emergency fund. And keep on saving until I reach my desired emergency fund money
- I opened another passbook account.
- Prepare again my pending obligations: VUL, SSS, Philhealth
- I am focusing right now for my small business.
- Plan to buy prepaid health card first. Plan to buy an health insurance but I have to save money first for six months as my seperate emergency fund for health purpose that will start next month, July
- Next month, July have to save money for deposit and invest in stocks.
LAST NOTE: Always build your active income first until it become a passive income and that passive income will take care of you and that is the start to continue of whatever your heart desires ❤️