Some women, particularly married women, forget that they need to appreciate and be constantly aware of the reality that they have to prepare for their financial future. They cannot depend on their husbands alone and this cannot happen overnight. It takes discipline, determination, and decisiveness to make it happen.
Preparing for your financial future requires that you grow your money. Growing your money is investing. To be able to invest, you need capital and you will get that capital from your savings.
How will you save? The first step is to earn. There can be no savings without earning income first. There are two types of income: ACTIVE INCOME and PASSIVE INCOME.
Active income is the income you earn by working. This is your salary, overtime, commissions or sideline. This is the income that you do not get unless you actually work. As they say, no work, no pay.
Passive income is the income you earn from investing your savings. This is interest earned, rental from properties, commissions from your downlines in case of legitimate networking. If you are receiving an allowance from your husband, that allowance is to you, passive income. The income will come to you whether you work or not.
FRANCISCO J. COLAYCO is an entrepreneur, a venture developer and financial advisor. He has over 40 years of experience that covers service contracting in the Middle East, manufacturing, trading construction, shipbuilding, management consulting, banking and financial services. He is the Chairman of the Colayco Foundation for Education (CFE) and the author of bestsellers: Wealth Within Your Reach (2004 National Book Award for Business and Economics), Making Your Money Work (Nominated in 2005, National Book Awards Business and Economics), Pera Palaguin Workbook and Money for Kids. The books are available at National Bookstore, most other bookstores or directly from CFE. He joins our website blog to share with ordinary income earners, Overseas Filipino Workers (OFW) and students the simple principles to "Save what you earn and grow what you save." CFE conducts talks, seminars, and workshops. “Managing Personal Finances For The Future” a seminar-workshop developed in partnership with the Ateneo Graduate School of Business, Center for Continuing Education. June 21, 2008, Saturday, 9:00 am to 6:00 pm. For registration and inquiries, please call Marleth Calanog at 830-2050. CFE is also the producer of the PISObilities DVD series, available at your favorite audio-video shops in May 2008. Learn more about the advocacy at www.colaycofoundation.com, email info@colaycofoundation.com, via SMS +63917-8537333 or through (632)637-3741.
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