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Contemplating on Wealth Within Your Reach Book

Contemplating on Wealth Within Your Reach Book by Francisco Colayco

I learned several lessons from reading the Wealth Within Your Reach (Pera Mo, Palaguin Mo Part 1) book of Boss Francisco Colayco (I normally call the gurus boss due to their expertise in financial literacy). If you are looking for a book that seems to talk to you, in a language you will understand, translating intimidating financial terms into easy-to-understand topics, then this book is for you.

Practical, step-by-step, Boss Francisco will walk you through personal financial planning like a dear father.

Here are some key takeaways from the book:

1 Invest with a purpose. There would be some people investing in a vacant lot, or an investment vehicle, without any purpose. Whether we assume that the price of the investment would go up, or due to the prodding of our relatives and friends, we need to have a solid purpose why we are purchasing an investment vehicle. Purchasing here may mean buying a real estate property.

2 Understand what phase you are in now. I think I’m glad to know I am in transition from Start Up Stage (all income from employment/business) to Build Up stage – where 20% of income comes from passive income generating vehicles. Hopefully in the coming years, with the help of God, peers, and mentors all over the investing universe, I would be moving towards the Asset Allocation Stage where 30%-60% of income come from passive income sources or money machines, and eventually in the Retirement Stage where 100% of my income comes from my passive investments (yahoo!)

Time is on your side. The younger you start, the more profitable compounding happens. Though this is a cliche knowledge, not everybody actually saves and commits to it religiously. There are some options I could recommend, such as BPI Save Up automatic infusion of funds every month (you set the amount and frequency), BDO Easy Investment Plan where you infuse a minimum amount of 1000 for your choice of BDO UITF, and BPI Regular Subcription Plan which works like the BDO Easy Investment Plan. Boss Francisco recommends investors and OFWs to join the KSK cooperative for their Sachet kind of investment where you can deposit 300, 500 or 1000 on a monthly basis to First Metro SALEF fund.

Your greatest asset is yourself. For some time, I’ve been thinking what higher education to consider. Should it be CFA, CMT, MBA? Should it be a course in entrepreneurship, seminar in real estate, stock trading? Should it be the Certified Securities Specialist Course offered by PSE and partner universities? I even considered Culinary Arts. Haha! Whatever it is I have decided, the importance of continuing education is a lifelong investment. For now, I am learning and reading a lot of books, self-study, and lurking over forum, Facebook groups.

5 Compute. He is telling me primarily to compute and plan. No computation, no plan. You can’t plan without any numbers telling you what to do and what to aim. In the book, you would know how much you need to save every month, your target allocation per investment.

There are a number of lessons you can pick up from the book. For years now of learning personal finance, it’s been numerous times when I just passed by and ignored this. Only to find out how practical this can get.

I would like to personally thank Boss Francisco Colayco for being one of my “invisible” mentors. His books have been instrumental in my journey towards achieving my personal financial goals. Thank you so much!

Ultimate Newbie Guide to Personal Finance: 
10 Steps to Achieve Filipino Financial Freedom

Practical. Straight to the point. Taglish guide para sa mga baguhan sa investing and financial planning.
To know about this ebook, please visit link here.

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