In one of my conversation with a friend, they were bragging how rich and popular their relatives are.
Syempre, hindi rin naman ako patatalo at nakisama na rin ako usapan.
This is how the conversation went:
FRIEND: “How rich is your uncle?”
ME: “He owns multiple businesses from banking, airline, liquor, tobacco, real estate industries and education. You might be wondering who is my rich uncle? His name is Lucio.”
FRIEND: “Hmmm, Lucio Tan!?”
ME: “Yes, the one and only.”
FRIEND: “Is he really your uncle?”
ME: “What’s his surname?”
FRIEND: “Tan!”
ME: “What’s my surname?”
FRIEND: “Tan!”
ME: “What’s your problem? He is my uncle in my dream.”
If there is one great money advice that i can learn from this man is…
LIVE TO EARN FROM MULTIPLE SOURCES OF INCOME STREAMS – Never Get All Your Eggs From One Basket
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I am sure you have heard, “Never put all your eggs in one basket.”
I was trained not to put all my eggs in one basket because the moment the lone basket breaks, I will end up broke and in debt.
But have you ever heard of the quote, “Never get your eggs from one basket.”
What it means is, having one source of income will never be enough.
You need to generate from multiples sources of income for the SHORT-TERM, MEDIUM-TERM and LONG-TERM.
(Photo from this Link)
SHORT-TERM INCOME
Goes to pay off your daily expenses such as transportation and your meal allowance.
MEDIUM-TERM INCOME
Is used to pay your monthly bills and expenses, like rent, electricity, groceries, leisure fund and etc.
LONG-TERM INCOME
Is saved to set up your emergency fund and retirement fund.
Take note: This must be done simultaneously. This is the reason why you need multiple income streams, not for you to splurge, but for you to be able to save and also get to enjoy your hard earned money.
“Never Get All Your Eggs From One Basket”
-Chinkee Tan, Top Motivational Speaker Philippines
THINK. REFLECT. APPLY.
- How about you? Do you have multiple sources of income?
- What do you think will happen to your personal finance, if you lose your current source of income?
Are you having a hard time saving money? Do you want to know the best ways to save money and how to save money fast? Are you willing to take money saving challenges so that you can manage your finances?
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