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Making Money Work For You: A Reflection of Basic Needs

Making Money Work For You: A Reflection of Basic Needs

In my previous post Contemplating on Wealth Within Your Reach Book, I mentioned that there are four financial stages in one’s life as stated in the book by Francisco Colayco.
For one to be truly free, one must consider the real basic needs in life as enumerated in the book:
1. Food – wayback in college, my friends would always tell me budget hard on expenses but not on food. It is as if it is not an expense at all. For me, it truly is not an expense, especially if the food we buy are nutritious, healthy and safe. It is food that gives us energy to work and play, sustains us in everyday life and makes us achieve our goals. If you happen to notice in groupon discounts, promos in restaurants and cafes are common. This is because normally the working class now has money to spend and try out food more than they were in college. I normally set aside a budget for this every month (comprising of groceries and occasional wet market adventures).

2. Clothing – I have an earthy taste when it comes to fashion. I would normally try to skip my way home to drop by a nearby ukay-ukay store. I rarely have signatured finds in my closet or duraboxes. I love simple clothing – cottony blouses and soft jeans, white black brown gray tops and flats. I would not be me if I get to spend on expensive clothing. 

3. Housing and Utilities – it is in this book that Francisco Colayco treated a house as an office expense. It is a need. Though in most Kiyosaki books, you would find him mention that houses are expenses that take out money from his pockets, it does not generally state that it is a need. For one simple thing, it is a necessary investment. It is where you sound asleep, spend time with family, eat together with family, play with pets and relax. For me, constructing our house means for me satisfying my mama with happiness – I love the glow in her eyes, seeing how big the house now has become, and how practical the changes are. From someone who used to rent, now we have a home we can call our own. It is also where my brother can park his car. Where I can breed dogs and take care of them like my real babies. It is where I compose songs. It is where I keep important legal documents and receipts. It is where I get to appreciate the material things I have, such as televisions, our fridge filled with chichiria, our little garden with flowers. Indirectly it puts money into my pockets through breeding dogs, inventing new ideas and sharing my precious time with the people who matter most to me – relationships is all it is in this life, not the money, not work. It is also during this time of constructing a house that I realize the essential lessons – from getting a cheap but quality and honest suppliers, to getting hardworking laborers, to knowing the security measures and designs of homes.

4. Transportation – I don’t ride a car to work simply because I don’t know how to drive. Haha. And, I entrust my safety to God and to the driver of the public transport. First of all, it is expensive to pay for parking in Makati. Second, the increasing price of oil isn’t practical for me to load gas everytime I need a drive. Mass transport is cheaper. But I know in time, if God permits, I would welcome the idea of having a van for my (future) kids so that we can bring them to school or we can spend leisure time together in nearby provinces. My brother actually has a car which he brings whenever we visit the properties I bought in Tagaytay or Antipolo.

5. Education/Health/Life Insurance – I definitely agree. I got all these from prominent insurance providers and I should say this gave me a sense of security that whatever happens to me, everything is covered. I want a peaceful youth in the coming years.

6. Leisure/Travel/Parties – I believe in delayed gratification. When all my school and office peers have enjoyed what they call the prime of their lives in diffent countries, different expensive activities, I continually save up and invest and do simple things which make me happy. A simple book from Fully Booked can make my day. My favorite green tuna sala and spaghetti from Tropical Hut. My favorite strawberry banana Krushers from KFC. My peach mango pie from Jollibee. My fish fillet sandwich and hash brown at Mcdo. My taro and black pearls milk tea from Quickly. My favorite fresh papaya at street bangketa. I am a sentimental person actually. I would enjoy a peaceful quiet time with me at any park. Some moments of silence. Rushing bus drive at EDSA Ortigas highway. Blank stare at the moon at night. A simple get-together with old high school and college friends. A simple text. The yearly Cosmo bachelor bash with my gay bestfriend. A KFC bucket meal shared with my mama and brother. A grooming session for my dearest babies.  

Take a step back to realize how you are spending your active income (here in the book is defined as your earned income, paycheck to paycheck income). What are you spending on?

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PS There are other expenses mentioned in the book which you may need to spend on, such as Debt, Gifts, Charity, Personal Care, Savings. Please grab a copy of Wealth Within Your Reach and Make Money Work For You by Francisco Colayco. Enjoy!

Wealth within your Reachhttp://rcm.amazon.com/e/cm?t=moneylifeblood&o=1&p=8&l=bpl&asins=B005G5VG7U&fc1=000000&IS2=1&lt1=_blank&m=amazon&lc1=0000FF&bc1=000000&bg1=FFFFFF&f=ifr