Pinoy Tech

Financial freedom is a dream most of us have (or at least I have it). Financial freedom is the freedom not think about work and money. It is the freedom to do whatever you want whenever you want.

Most businessmen I’ve known have used ‘leverage’ to further decrease the time needed to reach financial freedom and have been successful. Leverage is a wonderful thing. You can gain assets so much faster than if you saved for the long term. However, I am not in the same league as these businessmen (at least not yet).

Having been able to read the hundreds of financial and personal finance blogs during my free time, my view of my financial status have changed completely. Leverage isn’t something you should be depending on unless you are very sure to gain from an asset. At this time, there are two objectives that I do to get myself to reach financial freedom.

Earn More

Kicking your income in high gear is a need to reach financial freedom much faster. This takes into consideration the work you do and how you make yourself valuable to your organization.

Start a side business in your free time. Two years ago I started a business of delivering pre-ordered lunch to our office. Unfortunately, the time schedule changed and I had to stop the business. Another business I’ve started to do is distribute Globe’s Autoload credit to my office mates. This business has since picked up it has been earning a semi-active income of 1,000 to 2,000 pesos per month. Here are a few things that I’ve been planning to do in the next months.

1. Sell yema and pastillas at work - My girlfriend is a good cook and she’s been doing some experiments with recipes to get the best taste
2. Sell ready-to-wear clothes - I am currently looking at the possibility of entering this business with the help of an officemate who is experienced in this line of business.
3. LPG retailing - My mom used to do this business and I’ve been also thinking of doing this but I am still not sure about the investment needed for this.

Spend Less

“Spending less than your income” is the second ingredient to achieving financial freedom. It is not only a requirement but a must. Frugality or thriftiness is a term now used by individuals who find resources to spend less but not at the expense the quality of life. Here are a few tips for spending less.

1. Turn the lights off when not needed. We are now paying 100 pesos less in electricity just by turning off the lights when sleeping.
2. Buy Generics. Most generic branded goods are of the same quality of most known brands. Take time to look into store brands and you’ll be surprised how much more you are paying for the known brands.