Saving in Time of Crisis… part 1

By Randell Tiongson on July 18th, 2009

Here’s a guest post by Edmund Lao. He recently finished the Registered Financial Planner Program and he is on his way in establishing himself as an RFP. — Randell T.

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Saving in Time of Crisis, part 1

By Edmund Lao

Last May, a Singaporean businessman was here to join the exhibit on outdoor advertising industry. While we were having a short talk, he mentioned that even progressive country like theirs is not immune from the effect of the financial crisis. Business is not good, consumers are not willing to spend, and some employees are laid off. According to him, at least here, the effect is not quite felt. His observation is quite true. While there are companies that cut their costs, there are also companies that are in the expansion mode. For the advertising and signage industry, in this time of crisis, the opportunity to grow is evident as can be seen from the food and banking industry.

For the average people, are there opportunities too?  The answer is YES. The only key is awareness to what is happening around. Business opportunities are everywhere, with potential income starting from a minimum of fifty thousand pesos per month. Although going into a business may help, a lot still depends on how well a person handles his finances. A lot of businesses preach financial freedom by through earning more money and living extravagant lifestyle rather than preserving and growing the earned money. Just be careful with your emotion in order that you will not be drawn into a pyramid scam.

Building wealth may be difficult but with the right information and proper planning, the task will be a lot easier. Below are some pointers.

1. Begin with the end in mind. This is one of the seven habits in the book of the author Stephen Covey. Without the end in mind, no one would start his quest for financial success. One has to think far into the future so that he can determine what he has to do today.  I remember a quote from an anonymous source. It goes like this: “A wise person thinks of tomorrow today. His years of hard work must give a reward which will take care of his needs in the far future”.

2. Invest in your education. Read books, attend seminars, look for mentors, network with people, surf the internet for financial knowledge. Many young people spend money like there is no tomorrow. They think it is time to enjoy when they start working, They are unaware that it is only the beginning of schooling in the University of Life. As the saying goes, “If education is expensive, try ignorance”.

… more tips on part 2!

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Saving in Time of Crisis… part 1