The Multi-Millionaire Next Door: My 2-cents on How to Become One

You are the multi-millionaire next door. And you probably don't know it.

We know of Henry Sy and Lucio Tan. But who is Philip Ang? The 3 of them are in Forbes Magazine's richest list in the Philippines. Henry Sy is worth 5 billion dollars, Lucio Tan is at 2.1 billion dollars while Philip Ang is at the "bottom" of the 40 Forbes Magazine-listed richest Pinoys, worth 50 million dollars. Many probably know that Henry Sy and Lucio Tan own conglomerates. But little is known about Philip Ang because he's in the field of mining (with holdings in Taganito Mining and Nickel Asia).

It's safe to say that the 3 gentlemen are of Chinese descent. But that doesn't automatically make them multi-millionaires (actually, billionaires!). The question is, "how did they do it?" And the next best question would be, "can I do it?" Yes, you can.

To be one, think like one.

The mind is one heck of a powerful engine of humans that if they are just able to tap 10% of its capability, then a lot can be achieved. Your brain is so powerful that it can command the other body parts to do what it tells them to do. Thus, what the mind can conceive, the body can achieve.

Have a multi-millionaire mindset. As my old friend John Calub would say in his seminars, be a "Money-Magnet." People attract what they want to attract. So first, you'll have to think and believe that you will be rich. Tell yourself everyday that you will get rich. This is the subject of the book and film titled "The Secret."

When I was little, I knew in my heart that I would someday be a successful entrepreneur of sorts. We weren't well-off then. But I wanted to have those cool toys my rich classmates had. I had a pair of used penlight batteries as toys way back then (boo-hoo). In my mind, I saw myself as a rich and successful entrepreneur. I had to start somewhere so I practiced. I started when I was in grade 3. I started a small comics rental business after school hours. I sold Choc-nut to classmates and family. I even went around the campus collecting soda bottles to claim "deposit" at the canteen. I eventually graduated to selling magazine subscriptions in high school and jewelry and retailed eggs in college. Today, I have a media consulting enterprise and some billboard rentals on the side. I also do seminars on starting a business with no capital. :)

Even if you pray daily for financial blessings, but you are not truly convinced that you can have these riches, then you won't have them. That's how it works, my friend.

Don't be afraid to dream. 

Never believe when others say,"only in your dreams" that you can achieve and be who you want to be. If you don't dream, there's nothing to come true, right? Be concrete and specific on what you want to have and be. Have a Dream Board. Also called a Vision Board or Dashboard, this is a collage of pictures and affirmations of your dreams or visions. Like a dashboard, a dream board is supposed to be some kind of a control panel which is in front of you all the time. It helps direct you towards your destination or goal. Affirmations such as Ï am Healthy, I am Rich, I am a Pilot, I have a large Farm, etc. are key to having an effective, besides a picturesque, board.  Place it somewhere you can see everyday -- when you wake up and just before you go to sleep. The Dream Board will help you maintain your focus. I placed a Tagaytay House and Lot in my 2010 Dream Board last December. I bought a nice property right beside the clubhouse last April. :)

Stay Away from Negative People

The company you keep defines who you are. Many years ago, I was bent on fulfilling my dreams. I wanted to build my own house as a promise to my wife. In my haste, I didn't take time to assess the people I dealt with. Their negativities affected my dealings. Eventually I closed all my businesses with them and just pursued my consulting and corporate job. Today, I only keep positive people within my circle. They provide the sunshine despite some storms that come.

Save and Invest Properly.

Put away at least 10% of your net income (after taxes) in banks and financial interests that earn a decent return. A decent return is defined as something you're comfortable with and not putting too much risk on your savings. There are many financial instruments available besides the basic savings account that only earns 1% interest per year. Ask your bank what they have to offer. There are those bundled savings with "free" insurance, mutual funds, and others tied to the stock market. Of course, you have to calculate and decide the acceptable risk on your part such as purely stock trading. Stay away from forex trading unless you have a real expert to help you out with. Read books and the newspaper for insights. My basic investment instruments are: property (especially with rental opportunities), gold and cash (all kinds of stable currencies like Hong Kong Dollars). If you are an OFW recipient of U.S. Dollars, put some of your money in U.S. Dollar-denominated mutual funds to safeguard your money from erratic exchange rates with the Peso.

If you know of a financial adviser, much better. They are the experts in handling money and making them grow. If you don't know one or can't afford one, then be one. Read up on investment subjects. Just make sure they appeal to you and are comfortable with them. Also make sure the types of investments are applicable to your situation or location.

The best investment I would recommend is a business. It's more long-term and fun. No need to depend on retirement financial plans. If you're looking for the safest investment haven, buy gold. :)

Be an Entrepreneur.

Everyone has a knack for business. Only in the Philippines will you find Sari-Sari Stores in almost every street.You have probably noticed food kiosks sprouting almost everywhere commercially possible. There was the Litson Manok, Shawarma, and Zagu phenomena. Today, it's Double Burger and Scramble.

We just don't know it, but anyone can sell something. The most basic is selling ourselves. If we can't sell ourselves to anyone, we won't have any friends or relationships, right? Besides, everyone has some kind of talent and interest. Discovering what talents and interests we have is the first step in being a successful entrepreneur. Remember that entrepreneurs do not work a day in their lives. They simply do what they love to do -- whatever it may be. They simply add a lot of research, hardwork, and faith to what they pursue, and they're off!

You can be an entrepreneur. Believe it. Work on it.

Learn perpetually.

No one is too old to study. You have to continue learning new things and to keep abreast of technology. Improve on your skills. These are the great enablers in life. If you fall behind, you will miss out on a lot of opportunities.

In 1995, when the Internet was just starting to become commercially applicable, I was blessed to be part of a publishing company that was launching digital versions of its products. We were "forced" to learn this new technology which introduced links to the World Wide Web. Two years later, I was employed as an "expert" in Internet advertising by a travel website that made 25 thousand dollars in banner advertising in its first 3 months of operation. It was surely unheard of in those years, especially when I sold advertising spaces in the Philippines -- during the Asian Crisis!

Today, having studied basic web and graphic design, and having been in digital media ever since, many consider me a veteran (not old, huh!). Well, only a few people like Janette Toral (one of the authors of the E-Commerce Law) and my good friend Jovel Cipriano (Pinoydelikasi.com) can claim to be digital media veterans and experts. We have continuously studied trends and have branched out into separate niches: Janette into blogging, Jovel into e-commerce safety, and me into social media and digital marketing consulting. 

Don't be lazy to learn. Learning is freedom.

Be the Millionaire Next Door.

You are a certified millionaire when you have a million pesos in cash stashed somewhere. Whether it's in the bank or in some financial instrument like mutual funds, as long as it's cash, then you're liquid.

When you have earned your first million, keep your head down. Maintain a low profile. Be humble. This attitude keeps you frugal and thus, maintains your liquidity. Of course, you have to enjoy your money, too. Just don't spend beyond your "investable" means. You can spend from your earnings but not on your principal.

Avoid spending on flashy cars unless you can truly afford it. Cars depreciate in value over time. But if you're really looking into a worthy automobile, buy a Mercedez Benz. The Benz doesn't lose its value much over time. Parts are available and don't cost a fortune. Japanese-made cars like the Honda Civic, CRV or Odyssey, or Toyota Altis are also considered investments based on dependability and availability of parts,  without spending top dollar.


One last thing.

If you're "in the market" for a long-time partner, find someone who will complement you. Find a teammate. I may be a good salesman and business developer but I couldn't have saved and invested properly without my finance manager and lifetime partner, my Sweetie. I tell her my plans. If she disagrees after much convincing on an investment opportunity, I don't go for it. Your partner has to be the person who is on-the-outside- looking-in. This gives you a different perspective when finding the right financial instrument, investment or savings. And believe it or not, my Sweetie holds the so-called key to the vault and my ATM (haha). That keeps my hand away from the cookie jar. :)

The Challenge.

I want you to be the next Multi-millionaire Next Door. When you do, share your blessings in whatever way you can. Remember that we are just stewards. We are only passing through. Let us leave this world better than we found it.

======================================================
HOMER NIEVERA
Business Development. Social Media. Digital Marketing.
http://homernievera.net

Retirement Checklist: What to Do From 35 to 55+

by Walter Updegrave, senior editor
Friday, September 24, 2010
Yahoo! Finance


The road to retirement is littered with distractions. In the hurly-burly of life, so many things compete for your attention that you can lose sight of what really matters most.

That's where MONEY's checklist comes in. We've created to-do lists for each of the main stages of retirement planning. Think of them as basic reminders you can set aside and refer to on occasion -- say, every year or so -- to make sure you're on the right track.

It needn't be a complicated list. Says Charles Farrell, a financial adviser and author of Your Money Ratios: "Simpler is better. Focus on a few key goals and you won't miss the forest for the trees."

TO DO: Mid-30s to early 40s

Goal: Develop the habit of saving. Savings: 1.5 times your annual salary by age 35.

• Take full advantage of my 401(k) match. Your employer-sponsored retirement plan is the easiest way to put your savings on autopilot. And if you take full advantage of your company match, you could earn 50% to 100% on your money before taking on any market risk.

• Boost my 401(k) contribution. As your paycheck grows, your savings rate should too. Sign up for "auto escalation" to boost your contributions by a percentage point or so a year. If your 401(k) doesn't offer this feature, sock away half or more of each raise.

• Find other tax-advantaged ways to save. Already maxing out on your 401(k)? If you make less than $120,000 -- or $177,000 for married couples filing jointly -- check out a Roth IRA. Already hitting the $5,000 annual IRA limit? Move on to investment options such as index funds that don't expose you to stiff tax bills.

• Cover six months of expenses. Make sure you've got an emergency stash, so if you get laid off you won't be forced to dip into your 401(k) and IRAs. Put this money in a safe place like an FDIC-insured bank account or CD, or a high-quality money-market fund.

• Invest for growth. You may feel skittish about stocks, given the recent market turmoil. But with retirement still two to three decades away, your best shot at building an adequate portfolio is to put most of your retirement savings -- 80% or so in your thirties -- in stocks and ride out turbulence along the way.

TO DO: Mid-40s to early 50s

Main goal: Focus on how you invest your money. Savings: 3 times annual salary by age 45

• Rebalance my portfolio. Periodically reset your holdings in stocks and bonds back to your desired mix to smooth out the market's bumpy ride. Keep it simple by rebalancing annually on your birthday or after you get your year-end statements.

•Go over my investment strategy. You still need to invest for growth, but now's the time to start gradually dialing back your stock exposure to guard against another downturn. So if you started your late thirties with an 80% or higher stake in stocks, trim that to 70% or so by your early fifties.

• Make my catch-up contributions. The extra $5,500 you can throw into your 401(k) starting at 50 will not only grow into a surprisingly big stash down the road (see the chart), but will also reduce your taxable income now. You can also stuff a bonus $1,000 a year into an IRA starting at 50.

• Give myself a reality check. Assess whether you're on course for a secure retirement. The Retirement Planner at CNNMoney.com will tell you the odds of meeting your goals -- based on your current balances, savings rate, and investment strategy. It will also let you know how to catch up if you're off track.

• Consolidate my far-flung retirement accounts. After career changes and job switches, you may very well have left a trail of 401(k) accounts scattered among former employers. Rolling these funds over into an IRA or your current 401(k) will make it easier to manage your entire nest egg.

TO DO: Mid-50s and beyond

Main goal: Decide what type of retirement you want. Savings: 6 times your annual salary by age 55.

• Prune my stock portfolio. Going into the 2008 crash, nearly four out of every 10 401(k) investors in their mid-fifties to mid-sixties had 80% or more of their accounts in stocks. To avoid damage from market meltdowns near the end of your career, scale back your stock stake to 60% or less by your early sixties. And once you're close to retiring, keep two years' worth of expenses in cash.

• Map out a blueprint for my retirement. When you quit working, how will you fill the hours of each day? How much traveling will you do? And will you stay put or relocate? Fill in the blanks and create a real budget.

• Run (and rerun) my income plan. A financial planner or the Retirement Income Calculator tool at troweprice.com can help determine if your savings plus Social Security and any pensions will generate enough income -- safely -- to meet your needs.

• Look into when to take Social Security. Should you collect Social Security benefits at 62, or wait longer to boost your checks by as much as 77%? The Social Security Administration's Retirement Estimator tool will help you map out your options.

• Work on my Plan B. Things don't always go as planned. So keep your income options open. In case you need part-time employment, maintain ties to colleagues at work even after you retire. And look into ways you can tap home equity, for instance through a reverse mortgage.

(homer nievera)

7 Expenses You Can Ditch In Retirement

Mark P. Cussen
Saturday, May 1, 2010
Yahoo! Finance

If you're like most Americans, you're probably not saving enough for retirement. Most people - 57 percent - say they are either "a little" or "far behind" their retirement savings goals, according to a new survey by TD Ameritrade.

Excuses abound, but here are the most common ones:

Everyday Expenses: Some 56 percent of respondents said they had "little or no money left" to save for retirement after paying for daily expenses, including food, housing, and transportation.

[Click here to check savings products and rates in your area.]

Late Start: The same percentage of respondents reported that they got a late start on their retirement savings. Starting late means losing out on years of compounding, which can have a severe negative impact on the final amount saved at retirement. For example, if you start saving $12,000 a year at age 25, you'll have $3.2 million by age 65, assuming an 8 percent rate of return. If you save the same amount at age 40, you'll only have $915,000.

Parenthood: Parents say that having children makes it more difficult to save money for retirement. About half of female breadwinners and four in ten male breadwinners said they scaled back their own retirement savings in order to put more money towards their children.

Longer Life: Living longer is a good thing, of course, but it also means retirees need more money - enough to last into their 80s and 90s.

Do any of those reasons sound familiar? If so, it's time to get cracking - and up your savings so you don't face deprivation during what should be your golden years. The first step is to calculate just how much money you should be putting away.

Most people fail to do any sort of calculation at all, so this step will already put you in a better position. You can find a good retirement calculator with a quick web search, but be sure to use one that incorporates tax rates, inflation, and an adjustable rate of return so the results are as accurate as possible. Some good ones include TD Ameritrade's WealthRuler, Bankrate.com's retirement calculator, Transamerica's worksheet.

Once you've worked out just how far you're falling short, it's time to do something about it. Here are four suggestions:

Save More, Not Less. Most financial advisers say taking money out of the market when shares are down or you really need the cash is the wrong move, because you miss out on any future gains and compounding in the meantime. Plus, you might have to pay a penalty for early withdrawals.

Change Your Budget. Diane Young of TD Ameritrade says the biggest mistake people make is underestimating how much they can put away for later. "They're thinking they can't save more than they're already saving. But you can. You don't have to go out to dinner four times a week or spend $5 on coffee," she says. Even saving such a small amount pays off in the long run, she says.

Follow Tried-and-True Strategies. Diversify your investments through index or mutual funds, and decrease your exposure to stocks by shifting into safer vehicles such as bonds and cash as you approach retirement. A new survey from Vanguard found that investors are increasingly looking to low-fee funds, which keeps more money in their accounts.

Then Forget About It. There's no good reason to follow every dip in the market. Instead, focus on a hobby, get some fresh air, and spend time with friends.

(reposted by Homer Nievera)

The Millionaire's Retirement Plan

Fleur Bradley
Monday, June 28, 2010
Yahoo! Finance

If you're just entering the workforce, retirement probably seems like a lifetime away. A million dollars by retirement? That's someone else's dream, right? It doesn't have to be. Here is the millionaire's retirement plan. For these calculations, assume an average annual return of 8%, adjusted for inflation at 3% - a reasonable estimate of average market returns.

[Click here to check savings products and rates in your area.]

Age 25: A Good Beginning

You're 25 and landed that first job on your career ladder - congratulations! Before you start living to your new paycheck's standards, budget your retirement savings. If you have a 401(k) plan that matches your contributions, use it! These matching dollars are like a guaranteed return on investment. If you don't have a matching 401(k), look for a mutual fund through an investment firm with low fees; many now offer target funds, which allocate your investment risk with your targeted retirement year in mind - great for a beginning investor.

Choose a Roth IRA if you can; you don't get to deduct your contributions from your taxes, but you'll enjoy tax-free withdrawals at 65. Plan to start by saving about $200 a month to reach your millionaire goal; increasing this monthly amount by $10 annually as you get a raise or promotion will only speed up your saving.

Age 35: Rolling Along

By now you have saved about $45,000 and you've grown in your career with a bigger paycheck, but often, family commitments like children and a mortgage will seem more pressing than saving for your golden years. Don't make the mistake of slowing down your retirement savings. By now, you should ramp up your contributions to about $400 a month - remember that a matching 401(k) will help you in attaining this amount.

If you have kids and worry about saving for their college, look at it this way: the best way to help them in the future is by ensuring you're financially sound in retirement. Make saving for retirement a priority.

Age 45: Holding Steady

You're mid-career, and things are looking good in your retirement portfolio. Your savings have grown to about $160,000 - not bad, but it still isn't quite time to slow down. Increase your retirement contributions to about $450 a month or more, and you'll be rolling your way to millionaire status by 65.

Age 55: Close to the Finish Line

By age 55, your retirement portfolio should be at $400,000 or so. You can start to see the finish line, but begin to wonder about risk. If you've been investing in a target fund, your portfolio has been adjusting its allocation for you; otherwise, look at adjusting some of your investments to reflect a lower risk tolerance. And remember: your income at, say, age 70 won't be withdrawn for another 15 years - plenty of time to ride out market fluctuations.

At age 55, expect to really ramp up your retirement contributions, to roughly $600 a month, and more if you can manage it. The more you save, the sooner you can leave the nine-to-five behind.

Age 65: Prudent Asset Management

You're at the finish line: a millionaire at 65! Since you have no way to add to your savings now that you're out of the workplace, prudent asset management is vital. Keep a close eye on your portfolio so you can make your nest egg last. Protect yourself against inflation as well as market risk, and you'll be enjoying your golden years without financial worries.

The Bottom Line

With steady savings and smart financial habits, you can retire a millionaire - maybe even before you're 65.

(reposted by Homer Nievera)

ANNA MARIE VELASCO SCAM


“An angel crying for help.”

Wow, what a tag line! This SMS scammer should have been a copywriter for the advertising industry. It pinches the heart, doesn’t it? Then again, beware!

I received this text (in Fiipino) through my Globe number last January 25, 2010:

“Pued po b akong humingi ng 2long sa inyo? I’m marie, 21yo fresh grad po from Bacolod City. Gagawin ko po ang lahat ng kapalit na gusto nio, ma2lungan nio lng po akong makapunta sa mynila.My job hiring n asana po kc ako jan sa san mig-ortigas, syang po kc kung madissolve lng..Im willing to take the risks ng kpalit na hhngin nio. Un nlng tlga pgasa ko na mkluwas kgd pra mhbol deadline ko po. My pic & supporting docs po ako sa http://www.mariebacolod.tk – marie”


In my terms, it was “tagos sa puso.” I worked for San Miguel before and was sure this was indeed a great opportunity for new grads. If you had the money to give for fare for the sake of charity, why not? Forget the part “she’ll do anything in exchange” as it is so un-Christian. So I checked her site and read it. I researched on the web and alarm bells already sounded. It was a scam.

A few days later, this is the text I got:

Name: Marie Velasco
Age: 21
Birthdate: Feb 21, 1987
Height: 5'7"
Complexion: Fair
Vital Stats: 35-25-36
Hair: Long and straight
Other: joined some provincial pageants for allowance
Course: BS Information Management (Computer and Accountancy)
School: DOST Scholar in University of St. La Salle – Bacolod
Parents: Anna and Mario Velasco (both deceased)
Picture: www.mariebacolod.tk

So I just played along and texted back and asked how I could help and this was “her” initial reply:

“My deadline na po sana kasi ako dis coming Feb 1 po.. 9am sa San Miguel ITServices department pos a ortigas. Junior IT Specialist po ung position na inaapplayan ko.. Sayang po tlga kc dhl related sa course ko.. Final briefing nlang po sana..”

Then I asked how much money was needed for fare, “her” reply was:

“Depende po kung saan nio ko pasasakayin.. Barko o eroplano po? Ung boat fare sa superferry is 2,350 po with 4 trips per week. Monday, wed, fri and Sunday po. While ung plane po is 3,268 with 3 flights EVERYDAY po”

By this time, it was obvious that this scammer has cut-and-paste answers. The actual fares were really cheap. The deadline was supposedly February 1 so the option of taking the boat was out of the question as it will take 2-3 days to get to Manila from Bacolod City. Besides, the fact that it takes the texter between 12 to 24 hours to respond means that “she” is not really that desperate and changes SIM cards, the one being used to scam not a permanent one.

Here are the websites the scammer built for a tinge of legitimacy:

www.marievelasco.tk
www.mariebacolod.tk
www.avelasco.cjb.net



This text scam dates back to June 2008 from the first time a blog about it was posted and many other earlier posts on the subject. It has been active the whole of 2009 till this year as per my personal account.

Be careful out there my good-hearted friends. Wolves abound.

-Homer

Some links to other posts on the Anna Marie Velasco Text Scam:

http://makeuseoftime.blogspot.com/2009/03/annamarie-velasco.html
http://docmnel.com/2008/06/04/anna-marie-velasco-another-scam-in-the-making/comment-page-1/
http://menardconnect.com/2009/08/01/sms-scam-marie-velasco/comment-page-1/#comment-2417
http://kokoro15.multiply.com/journal/item/35
http://bluemaldita.livejournal.com/13298.html
http://blog.richardorlino.com/2009/12/the-anna-marie-velasco-scam/
http://www.filipinowriter.com/marie-velasco-mag-ingat-sa-manlolokong-ito

(homer nievera)

Life Isn't By Chance

Purpose. This is what life is really all about.

If you haven't found yours yet, don't be so hard-pressed in finding what it is. It will come to you. Purpose in life is sought out or sorted out. It simply finds you wherever and in whatever state you are.

I was five years old when I had this sudden feeling of panic. I was so young then but when I gazed upon the setting sun through a window of our small Makati City apartment, it hit me -- "What am I here on earth for?"

The sun, so big and majestic on it's heavenly place, represented the mighty Creator. It seemed to look down upon me. I imagined the billions of people on earth who might have thought the same. The sun looking upon each and every being on earth. Amazing how God saw us on an individual basis!

If that was so, would life unfold just by chance? Could we really do anything and not be noticed? Not a chance for sure!

Everyone and everything that we do MUST have a purpose. Even the people we meet and make part of our lives have a reason.

There are no mistakes in life. They normally are planned bumps on life's road or in many instances, detours. Happy victories are not because of our individual circumstances or by coincidence. They are part of the plan. You see, if you believe in a Supreme Being who has created each and every cell in your body, then you should wonder "for what purpose?" He has a plan -- an individual plan, that is.The only thing that will make things go "wrong" is when we defy "the plan."

I have always believed that the most important thing created in us is the heart. This is where the "will" resides. The "will" is both God's will and our own that drives us to our direction. I believe that God's plan and timing are ALWAYS PERFECT. Nothing He does will be by accident. So we are definitely not here by accident. We just need to examine our heart more to know of our purpose. Remember, God resides in and speaks through the heart. Listen.

Our conscience is our compass. It is not connected to our brain but is wired to our heart. It works on a database of experiences and learnings. Thus, if we just meditate and pray for wisdom and discernment, we will definitely know where and when to go. As timing is also crucial, this bit has to be specifically prayed for as well.Just remember that prayers are always answered. We just have to accept the answer even if we don't agree with it.

Choices. Why are we always faced with crossroads? This is the exciting part of life. This is also a gift that God has given us. We are free to choose what door to open or what road to take. Scared to choose which door to open or which road to take? Pray. Listen to your heart. Besides, even the angels had their choices, right? One chose to be king and above the Creator and was given the key to hell.He should have stayed loyal to His Creator instead.

So life which resides in all of us isn't by chance. Let's not wait till we're in mid-life to ask ourselves "where to?" but instead always pray and seek your heart on "where to now?"
It's the "now" that's really important. Yesterday ended last night and tomorrow may never come.

Throw the dice away. You don't need it.

THE TEN COMMANDMENTS FOR THOSE OVER FORTY YEARS OLD


1. Focus on enjoying people, not on indulging in or accumulating material things.

2. Plan to spend whatever you have saved. You deserve to enjoy it and the few healthy years you have left. Travel if you can afford it. Don't leave anything for your children or loved ones to quarrel about. By leaving anything, you may even cause more trouble when you are gone.

3. Live in the here and now, not in the yesterdays and tomorrows. It is only today that you can handle. Yesterday is gone, tomorrow may not even happen.

4. Enjoy your grandchildren (if you are blessed with any) but don't be their full time baby sitter. You have no moral obligation to take care of them. Don't have any guilt about refusing to baby sit anyone's kids, including your own grandkids. Your parental obligation is to your children. After you have raised them into responsible adults, your duties of child-rearing and babysitting are finished. Let your children raise their own offsprings.

5. Accept physical weakness, sickness and other physical pains. It is a part of the aging process. Enjoy whatever your health can allow.

6. Enjoy what you are and what you have right now. Stop working hard for what you do not have. If you do not have them, it's probably too late.

7. Just enjoy your life with your spouse, children, grandchildren and friends. People, who truly love you, love you for yourself, not for what you have. Anyone who loves you for what you have will just give you misery.

8. Forgive and accept forgiveness. Forgive yourself and others. Enjoy peace of mind and peace of soul.

9. Befriend death. It's a natural part of the life cycle. Don't be afraid of it. Death is the beginning of a new and better life. So, prepare yourself not for death but for a new life with the Almighty.

10. Be at peace with your Creator. For... He is all you have after you leave this life.

Financial Indepence on Retirement

Here's one article sent to my yahoogroup by Edmund Lao. I guess he got it from an Inq7.net article by Ma. Salve Duplito (Editor). Something worth sharing....
==================

IF you have experienced taking care of your parents who have advanced inage, or know someone that does, you would agree that it's no joke.

Care-giving expenses, medical bills, the cost of adult diapers can stack upand - shoot me for being too realistic - often slowly take away a little ofthe love children have for their parents, day by day. What remains is theburden of caring for the old ones.

Most Filipinos' idea of retiring and growing old is for their kids to "payback" their kindness as a parent by taking care of them when they grow old.

Do you seriously want to be a dead weight on your children's necks when youare advanced in age?Say this out loud with me: I will do everything I can so I will never be aburden to my family when I grow old! Careful financial planning, preferablystarting the day you got your first job will ensure that your children willlove you when you grow old.

Rex Ma. Mendoza, president of Philam Asset Management, Inc., points out in an interview with INQ7money that the steps to make sure that your childrenwill fight over who will take care of you later on are surprisingly easy.

They start with a commitment to plan your financial future and discipline.Financial planning need not be uninteresting. It is only boring when you are talking with a consultant who wants to make it sound complicated so youwould continue to get his services.

Financial planning is simply finding out where you stand financially rightnow, where you want to go, and coming up with a plan to go from here tothere! Simple. But remember that it must do at least five things: beatinflation, minimize taxes, manage the unexpected, provide money for specialexpenses and enrich your retirement.

*Beat inflation.* There are several holes in everyone's investing buckets.Inflation is one of the biggest. A six percent inflation rate, announced bythe National Statistics Office for 2000 for example, means your 1000 pesosin a time deposit account, will buy only 960 pesos worth of goods when youwithdraw it next year. Computed until your retirement day, that four percentinflation rate per annum can account for a substantial amount lost from yourinvestment bucket.

So make sure your financial planning strategy will include savings andinvestment instruments that would beat the inflation.

*Minimize taxes*. The way things are done at the Bureau of Internal Revenue,only tax lawyers can understand how much your tax expense should be. Opt fortax-free investments to avoid income taxes and tax-deferred investments topostpone these tax bites. That way, your funds can grow at a faster clip.

*Manage the unexpected*. Health and life insurance are funny products in thesense that you hope never to make a claim. But they are necessary for whenthings you don't expect do happen – like accidents, or fire, or even death.

Listen to your agents with caution and make sure you don't believe marketinghype for high-commission insurance products.

*Provide money for special expenses*. I know a couple that has doneeverything in their power to budget their income but failed to set asidemoney regularly for sudden cash needs, like tuition fees. They end up usingtheir credit card and now struggle to keep up with their monthly dues.

*Enrich your retirement*. Supplement your Social Security with a clear planon how you can finance your retirement. With a regular income even afteryour official working days have ended, visiting with your children and evenyour grandchildren will be a pleasure, not a pain.

After all is said and done, developing the plan is one thing, sticking to it is another. Once you have created your blueprint, its up to you to make your plan work.

taken from Yahoo! today:
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By JENNIFER C. KERR, Associated Press Writer 37 minutes ago

WASHINGTON - Skyrocketing housing prices are driving people from San Francisco, Boston and other big cities. Warm weather and more affordable living are behind the rapid growth in midsize cities in Florida, Arizona, Nevada and California.

Census Bureau figures being released Thursday show no letup in the migration to the South and West, which are home to all 10 of the fastest-growing cities with at least 100,000 people.
The Phoenix suburb of Gilbert, Ariz., topped the list. The city grew by more than 46,000 people, or 42 percent, to just over 156,000 residents in a little over four years.

Next on the list ranked by percentage gain was Miramar, Fla., followed by North Las Vegas, Nev.; Port St. Lucie, Fla.; and Roseville, Calif. Rounding out the top 10 were Henderson, Nev.; Chandler, Ariz.; Cape Coral, Fla.; and Rancho Cucamonga and Irvine, both in California.
San Francisco and Boston found themselves among the cities losing the most people between April 2000 and July 2004. Boston, for example, shed more than 19,000 people, or 3.4 percent of its population. San Francisco lost 32,000, or 4.2 percent.

"People like to live in smaller places and a lot of it's propelled by the sharp spike in housing costs in the inner and more attractive cities," said William H. Frey, a demographer at the Brookings Institution in Washington. "People want to get as much housing as they can for their dollars."
The median price for a single-family home in Gilbert is around $220,000, compared with more than $387,000 in Boston and $641,000 in San Francisco.

Peter Ragone, a spokesman for San Francisco Mayor Gavin Newsom, said the city recognizes the problem and has begun a number of affordable housing initiatives, such as redevelopment projects aimed at producing more moderately priced homes.

Greg Svelund, city spokesman in Gilbert, said many new residents are coming from higher-priced communities in California. Gilbert adds an estimated 1,000 residents a month, he said.
Miramar, the second-fastest growing city, has undergone a revitalization project in the past decade, Mayor Lori Moseley said. The newest addition to the city south of Fort Lauderdale is the 54-acre Town Center, which houses government offices. Plans call for a cultural arts center that will include an 800-seat auditorium, as well as retail stores and restaurants.

"We want to be a city that you can live, work, play and prosper in," Moseley said.

Another Florida city, Port St. Lucie, experienced the largest population growth for a one-year period beginning in July 2003. It added nearly 13,000 people — a 12 percent jump.

Older, industrial cities in the Northeast and Midwest continued to lose residents. Among them were Detroit, Pittsburgh, Cincinnati and Cleveland.

"In those places, they've been on a steady slide since the 1950s. And most of them have not had a single up-decade since the 1940s," said Robert Lang, demographer and director of the Metropolitan Institute at Virginia Tech in Alexandria, Va.

Lang said there is not one particular reason, such as the departure of manufacturing jobs, to explain the losses. But none of the cities attracts new residents through immigration, he said.
In San Francisco and Boston, which had populations booms in the 1990s, Lang said the high-tech bust was a major factor in the declines since 2000.

"This is not shaping up to be a good decade for older cities in the United States in contrast to the 90s," said Lang. "This performance probably doesn't rival the 70s, which stand out as the worst decade, but looks to be underperforming even the 80s."
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On the Net:
Census Bureau: http://www.census.gov