Article

Resuscitate Your Payslip

Topic: Financial LiteracyPublished June 9, 2015

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I remembered a year ago, I was having an intimate conversation with the immigration consulate to Canada, and she explained one fact that has haunted my young mind forever. “The poverty line at this time is at 35, 000 pesos. In case your monthly income falls below that line, you're already considered poor.”rnIt has been the most alarming reality I’ve heard, however that was the mouth of reality having a bite at me. The point that I have been employed for the last six years finally hit home; that I am still undeniably poor as my monthly income did fall below that line. Simply looking at the mound of payslips I've collected coming from all those years of working, I started to wonder where my money went, and I got furious I've wasted a lot of it for absolute junk.rnThere exists just too much gunk in life that individuals must clean; unnecessary whims and impulse purchases that never bring security to that desired financial stability. You can start redirecting ourselves and incorporate financial planning with your future goals. Following the information made by various financial advisers, we're able to simplify their insights into three initial pointers which can jumpstart our way to a limitless financial pool. - Aim for a Debt-Free Life. Right this moment, decide to clear your debt and to try to avoid temptations that will degrade your credit score. Write this on a piece of paper if necessary, and maintain this as your mantra. These are the traps that we young professional’s usually traipsed into, and just if you have cleared any outstanding balances pending through your name can you then have mobility with all your money. - Always stay with your budget. Bring commitment to your ambition of financial freedom by prioritizing just the things that is essential and practical. That expensive cute scarf you saw in the mall? Forget it. When it's out of your budget, forget it. A little bit sacrifice and tough willpower will be your stronghold, and by staying firm in saying “No,” you'll build a huge difference between what you want along with what you need. - Increase your income. You heard me right. Get another job that has a higher pay, and also have a part-time job rather than your full-time gig. At this point, for anyone who is still young, make use of your youth well. Don’t let a lazy attitude ruin your way of life. Remember, if you invest young, you could have a longer period to grow.rnWhat those financial gurus’ kept on saying was the absolute truth, that the root of all evil is not money but poverty. As a yuppie living by myself for nearly a decade, I've learned one valuable lesson: You are never too young to gain financial freedom and you are never too late to start.rnThis is exactly what we always remind to everybody as well as to our members of Truly Rich Club: “Do not blame other people for your financial problem. Take full responsibility of your financial life, thereby giving you the power to solve them.” Please visit: http://www.trulyrichclub.ph/2014/04/resuscitate-payslip/

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