Category — Career

Ever since I wrote a blog post about finding ways to increase income to save more, I’ve been thinking about how many such part-time business are available out there. There are a lot and it depends on what field you are currently in to find one. I myself am a web developer. So a lot of this might be IT related, some might not.

In order to save more, you would have make the gap between expenses and earning bigger.

SAVINGS = EARNINGS – EXPENSES

It is quite simple and the math is sound. For example we save Php12,000 per yearwith a 10% compounding interest per annum, in twenty years we would have a PhP687,299.99. However, if we bump up our savings to Php18,000 per year, we would have saved Php 1,030,949.99. A huge difference, right?

The usual problem with us right now is that we have little to no savings and it is because of the lack of income. We hear protests almost every month about employee groups making protests in the streets for the government to increase wages in the country, however it is not that easy.

The government has to look on to the companies that the companies have enough income to support their current employee wages. An increase in wage might mean doom for any company not earning enough, thus causing increases in the already high unemployment rate in the country.

What can we do?

We should have multiple streams of income. Having multiple streams of income means that have more than one source of income(aside from our job).

• Get a part-time job. We normally have 8-hour jobs in our country, which actually consumes 9 hours including lunch break. However, having an 8-hour job doesn’t mean that you stop there. You can still get a part-time job.
• Start a part-time business. In this day and age, many business can be set up easily. My girlfriend has a reloading business in their office and earning as much as 12% of her capital everyday. That’s much better than a bank time deposit.
• Start a full-time business. You don’t have to slave around doing work for another person’s company. Start your own company. A lot of my friends now have their salon, web development, boutique businesses. It isn’t as difficult as you think.

It is now the month of November and Christmas isn’t the only ‘happy’ event waiting to happen. We come nearer to our employers giving us out well-deserved 13th month pay.

What is a 13th month pay?
Basically, 13th month pay is an extra month. We get one month of additional salary not later than December 24 every year. However, it will change depending on how much of the year you’ve worked with your employer.

How to calculate your 13th month pay?
There are just 2 things that could affect your 13th month pay. Your salary and how much of the year you’ve worked with your employer.

13th month = (salary / 12) * months

An example would be like this:

PhP 20833.33 = (PhP 25000 / 12) * 10 months

December is fast approaching. It’s better to know how much you’d be getting for your 13th month pay, right? Go and calculate how much. Good luck.

How are your investments doing?

Are they earning money?
Are you receiving dividends?
Are you receiving additional shares?

If yes, then that’s good. If not, then probably you can still invest in other things — like yourself.

Investing money in mutual funds, buying retail bonds and buying a franchise are very common. But how many people you know invest in themselves?

You can imagine how investing in oneself can be beneficial to one below the age of thirty. I, myself, can see how investing in myself has proven to be beneficial. I work as a web developer with a rate increasing every year.; And I will tell you now that none of the things I know now was taught in my school. Regular investing in myself has increased my value many times over. But investing in oneself isn’t just limited to learning new stuff. There are a lot of things you can invest in yourself directly and more indirectly.

Education
Cost of investment: minimal time
Returns: nice income
This is the obvious one of the crowd. Investing in yourself through learning new skills can make you indespensible in your career. Learning a new skill could also mean you can offer your services with your new skill or even develop a business out of it.

Network
Cost of investment: minimal time
Returns: friends and opportunities
It’s who you know… not what you know. Malcom Gladwell, author of The Tipping Point, makes a smart analogy how weak ties come in handy. If you want to know more about real networking and making friends, read How to Win Friends and Influence People and Never Eat Alone.

Be healthy
Cost of investment: minimal time
Returns: unlimited
Health is wealth. I think we can all agree that health is trully wealth.

• If you exercise daily, you reduce the chance of osteoporosis and heart problems
• If you eat a healthy diet, you reduce the chance of strokes and nutritional defiency that results in sickness
• If you sleep 8 hours a day, you reduce the effects of sleep deprivation(depression, anxiety and cardiovascular problems)

Invest in yourself. Do not limit yourself to financial investing. Investing in your Self National Bank could be the best investment choice you made in your life. Do it now.

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