Again, as I was randomly browsing videos worth watching on Youtube, I spotted Chinkee Tan’s Q & A playlist on financial management.
How I wish I could translate everything for the sake of the other subscribers of this site who don’t understand tagalog/Filipino.
Chinkee Tan’s Q & A Playlist answers the following questions: (I wrote down some of the answers (and explaind further some of them) so you can have an idea of the content, but I encourage you to watch the short videos (mostly 2-3 minutes only) to discover more.
- Should I loan for house improvements?
Quick answer: Good intentions, but will result to bad debt. You need cash. Getting a loan for something that won’t give income in return can put you in a great debt in the future. If you will use the loan to put up or start a small business or rennovate the house so you can have someone rent it, then go for it. You will have cash running, which in the end can be used to rennovate your house.
- What Network Marketing Business is all about, and how do I get the best out of it?
Quick answer: Don’t be eager to earn fast. You have to invest in yourself. Know the business. Be sure to LEARN before you EARN. Learn the process of the business. What things should be done and shouldn’t be done. You’ll earn better this way in the long run.
- Where is the best source to borrow money?
Quick answer: Not in Bumbay or 5/6 or those with large interest rates. These types look easy to pay because the daily or weekly amount to be paid is very low not knowing that the sum if computed is too high. Some banks give low interest rates. As much as possible, we should try to avoid borrowing money. We can start with the amount we have then expand as we the income increases.
- How to survive your financial struggle as a call center worker? (Letter from a call center agent who is in debt because her expenses are greater that her income)
Quick answer: Separate the part of your salary for paying bills and debt. Quit living in the condo for now. Humbly live with your parents/friends for the meantime, until you have paid your debts. Live simply. Only buy what is necessary.
- What to do with large credit card debt?
Quick answer: Honor your parents who told you not to use (or overuse) your card. Don’t run away from the bank when they come to you to collect dues. Be honest and tell the bank that you really want to pay and ask for the necessary options available to pay your debt.
- What kind of business should I invest in?
Quick answer: 2 types of cashflow: (Munggo/Mung bean) fast earning & (Mangga) slow earning. You should have both. When you put monggo (mung bean) in water, you’ll have bean sprout the following day, which you can sell and immediately have money. Examples are buy & sell, sari-sari store, food-anything you sell that will give immediate money that can be used in case of emergency or immediate needs. On the other hand, mangga, when planted, takes years to bear fruit. Some businesses return what you’ve invested only after 2-3 years. It’s better to have both. You should have something that will supply your daily needs while the waiting for the long term to produce its product.
- When should I start my dream business?
Quick answer: If you need cashflow/ cash, then start with the business that will have immediate profit and less investment. If you have extra cash that will sustain you for months, then you may proceed with your dream business.
- What (NOT) to do with your retirement pay?
Quick answer: Do not put everything in one place or business. Most businesses slow down after the first year, so putting all in one place can be risky. Be sure to have money ready when something bad happens to the business. Be sure to LEARN what kind of business you are entering in, before investing your money in it. Examples of businesses that are good and will give immediate cashflow: food, soap, load, anythign related to technology, services like salon and spa.
- What’s the difference between dreams and purpose in life?
Quick answer: Dreams are what you want to become. An actor,businessman, politician, etc. Purpose in life is why you exist. A camera’s purpose is to take pictures, while a cellphoneis used for communication. Only the one who created the product can give you its purpose. Only in God can you find your purpose.What is your purpose? Why were you designed that way? Why are you very good at this and that? What are your strengths? These things that God placed in you have a purpose in your life. Man’s purpose is summarized in the two greatest commandments: to love God, and to love PEOPLE.
Yes, you need to dream big to keep you going, but you need to know your purpose, and how God designed you, so that even when you meet your dreams you will continue to love God and love others by helping them .Know your purpose: The purpose of man.