Macau Convention - April 8, 2018 (Part 2)

NOEL ARANDILLA

"Financial Freedom really depends on the habit you develop --
​Saving or borrowing? Increase income or increase expenses?"

Our mission: To educate 1M Filipino families by 2020.
Our goal: To make the most number of multi-millionnaires under IMG.

FINANCIAL EDUCATION IS THE KEY!
✔️Membership Orientation and Benefits
✔️Financial Check-Up and Financial Needs Analysis
✔️Financial Foundation Education Workshop
✔️Jump Start School and Business Plan
✔️Partners Training
✔️Leadership Trainings
✔️IMG Books

Financial Freedom - is this your top priority? Let's check.
Why do we go to school and pursue higher education?
Why do we find a job and work hard?
What's more important to you? Get a good degree & title or attain financial success?

3 Simple Steps To Achieve Financial Freedom
1. Financial Check-up
-Know how financially healthy are you:
-Know what you have and what you want.
Only when you know what you want can you start you start to achieve the things that you really want.
2. Create a strategy
-Follow the basic concepts: X curve, Solid Financial Foundation
3. Do it right - in the right platform.

Questions you need to ask yourself to check your financial health:
Do you work hard but are still broke?
Do you have enough savings?
Do you live from paycheck to paycheck?
Do you have difficulty providing for your parents -- their retirement and healthcare situation?
Do you want to get out of your debts?
Do you have emergency funds?
Do you have a system to track where your money is going?
Do you monitor your cashflow?
Do you control your expenses?
Do you know if your income is enough to achieve all your financial goals?
Do you have a long-term healthcare plan?
Does your family have a long-term healthcare plan?
What if they get sick? Are they protected?
Do you have any idea how much healthcare you will need in the future?
What if something happens to you? Will your family survive?
Do you have any idea how much life insurance you need?
Do you have a financial plan?

These are some of the questions we can ask our clients and friends to check their financial status.

Common Financial Mistakes:
Why do people get into difficult financial situations?
1. Lack of Planning
They think their situation is temporary and that it will be corrected by itself.
2. Dependence on "Someone Else"
They are dependent on other people for their financial future.
3. Lack of Discipline & Procrastination
They always postpone because they assume that they have a lot time left.
4. Lack of Financial Knowledge
They're too lazy to learn.

What is Financial Freedom?
Financial freedom is not the same for all. It is based on individual's perception, what they want in life, based on what gives them satisfaction.

Knowing the basic financial concepts is the beginning of achieving financial freedom. Building a house requires a design -- a blueprint. We need a financial blueprint -- a road map -- to know if we are following the right path towards financial freedom.

Pay Yourself First
Income 100% - (Tithes 10% + Savings 20%) = Expenses 70%
What if 70% is not enough for your needs? Will you increase your cashflow or just get into debts? Of course, Increase Cashflow. Reduce your expenses and earn additional income. 

Something to reflect on:
Who are you going to work for everyday? Who will benefit the most from your hard earned money? Can you be wealthy by spending all your money to impress people? If you need money, do you think the people you impressed will give you money? The goal is to be rich and not just to look rich.

Use your spare time to earn extra salary.
Plot it!
First: Identify how much additional income you need.
Second: Identify if you need it within the next 3 months, 6 months, 1 year, 3 years, 5 years or so.
Third: Plot the number of hours you are willing to spend to work on your goals. Example: Mondays 6pm - 9pm, Tuesdays 12pm - 1pm, Saturdays 10am - 7pm.
Fourth: Schedule your appointments and the people you will talk to, and your activities/trainings you will attend.

Constantly increase cash flow so you can build a sturdier Solid Financial Foundation. Continuously increase your investments and protection.

LIFE INSURANCE
Many people buy insurance they don't understand. They buy because they can't say no to their agent. T_T

Steps To Getting Life Insurance:
Step 1: Know why you need to buy life insurance.
Step 2: Know how much life insurance is enough for your family's needs.
Step 3: Know how to buy life insurance.

Read  Part 1.