Employees in the Philippines are celebrating for reasons to include receiving their 13th-month pay and Christmas bonus.

There are several ways that you can follow to make the most out of these additional incomes. They also depend on your personal circumstances and we totally respect that.

Let me just share with you the case of Jack… (as shared by Chris Dao-anis in his post)

Jack is a young professional, single, and is receiving P9,000 every payday. He is frugal and knows how to save so he is able to accumulate P20,000 in his savings account. He calls it his emergency fund.

But he aims to make it higher because his monthly expenses amount to P15,000 and experts say that you need to have at least 3-6 months’ worth of your monthly expenses as your emergency fund. Hence, he needs to have P45,000-P90,000 for this purpose.

“I still have a long way to go,” he said to himself.

In terms of managing his finances, he is much better than his colleagues. He is consistent with his practice of setting aside an amount immediately upon receiving his income.

Every time he receives a notice from the HR department that his salary has been transferred to his account, he immediately opens his account online, transfers 20% of which to another account that he opened for the purpose of saving up an emergency fund.

But he is concerned because, despite his habit of saving up, his emergency fund only stays up to P20,000. He noticed that every time his account reaches the said amount, he would unconsciously look for an item to buy or spend on. He would either buy a new pair of shoes or book a plane ticket somewhere.

One afternoon, in one of his visits to the bookstore, he came across a financial book by Bo Sanchez that mentioned ‘psychological wallet’. As he read it, he realized that he had a relatively small psychological wallet. It is only of the size of P20,000 that is why he unconsciously tells himself that the P20,000 is enough even if he needed and was targeting a higher amount.

He had to increase the size of his psychological wallet to match his needs. He learned that in this world, we don’t receive what we deserve but we receive what we think we deserve. That kind of restates the concept of psychological wallet. It made so much sense to him. He continues to take action to increase his psychological waller through his learnings from Bo’s Truly Rich Club.

One day, he saw a poster of the seminar “How to Make Millions in the Stock Market by Bo Sanchez.” Because of the impact he had from the same great man, he signed up for it and attended.

At that event, he learned so much and his eyes were opened to the world of investing in the stock market. He realized that, since he is employed as an accountant, he doesn’t have time to monitor the market and do quick trades. What he could do is to be a long-term investor with a bit of being active, that is, buying great companies following the cost-averaging method, but also switching some companies when certain stocks hit their target prices and being mindful of their buy-below prices. He learned all these in that seminar. If you would ask him to explain it to you, he would explain it well even to a high school student.

He started investing. He continued saving up.

Today, he has grown his emergency fund and his investments in the stock market. Not only that, he has learned more about personal finance including having the right protection or insurance.

This year, as he receives his 13th-month pay, the allocation is already set to be as follows:

– 10% for his donation to his church (buti pa sya, he embraced tithing)

– 30% to be added to his stock market investment

– 20% will be added to his learning fund

– 40% will be allotted for the additional expenses he expects for the Christmas holidays (family get-togethers and gifts)

If you are wondering how that could be possible in your case? It’s a sign that the invitation of Bo Sanchez, a respected financial mentor, is for you.

Bo Sanchez is inviting you into an immersive experience so you can be guided in growing your financial life.

Watch his short message here.

Go to peralumago.com