About Ray L.

Ray is the main writer behind YourWealthyMind.com. He is a proponent of self-improvement and self-education, and he believes that anyone can achieve their goals once they learn the knowledge and skills they need to attain them. He considers it his mission to enrich lives and end poverty by teaching people lessons they may need to succeed.

A Short Money Lesson

July 18, 2019 by Ray L. Leave a Comment

There are some rare weeks where we’re a bit too busy to make long and detailed articles. Thankfully, even short ones can contain valuable lessons that you shouldn’t miss, so here’s one from Prosperity: How to Attract It by O.S. Marden!

In a certain chapter of Marden’s book, he talked about the list of personal finance rules from New York’s Y.M.C.A., and it’s called the “Ten Commandments for a Young Man’s Financial Life”. Check them out here!

Ten Commandments for a Young Man’s Financial Life

Work and Earn.
Make a Budget.
Record Your Expenditures.
Have a Bank Account.
Carry Life Insurance.
Own Your Own Home.
Make a Will.
Pay Your Bills Promptly.
Invest in Reliable Securities.
Share with Others.

And there you have the very basics of good personal finance! This is a short lesson, but if you want more details on each of them, just click on the links above to learn more!

Ano ang Gambler’s Fallacy? Iwasan Mawalan ng Pera sa Pekeng Pag-asa

July 10, 2019 by Ray L. 1 Comment

English Version (Click Here)

Noong bumibisita kami sa aming mga lolo’t lola (sumakabilang-buhay na sila noon pa), nakikita ko ang ilan naming mga kapitbahay naglalaro ng mahjong, baraha, at yung makulay na dice game (tinatawag itong “casino” ng kakilala ko) sa kalsada. Nakakatuwa naman talaga ang mga larong iyon, pero kapag may pera nang itinataya, nakakaadik ito dahil sa risk (panganib) at posibleng pagkapanalo. Mananalo ka at matatalo (pero mas madalas kang matalo), pero ang posibilidad na manalo ka nang maaraming pera ay maghihikayat sa iyong magsugal pa.

Sa kasamaang palad, pag nagpatuloy ka mas lalo ka lang mawawalan ng pera. Alam naman natin kung paano nakakasira ng buhay ang pagsusugal.

Maraming rules ng psychology ang gumagana pagdating sa pagsusugal, at ito ang dahilan kung bakit napakadaling mawala ang perang pinaghirapan mo dahil sa isang dealer sa casino, lotto, “gacha” game, o iba pang uri ng sugal, pero sa ngayon paguusapan natin ang isa. Ito ang tinatawag na “gambler’s fallacy”.

Kung ayaw mong mawalan ng pera sa mga laro na kailangan ng swerte, sa investing, at sa iba pang desisyon sa pera na parang ganoon, ito ang isa pang aral na kailangan mong matutunan.

[Read more…]

What is Gambler’s Fallacy?: How to Avoid Losing Money on False Hope

July 10, 2019 by Ray L. 1 Comment

Tagalog Version (Click Here)

Long ago when we used to visit our grandparents (before they passed away), I’d see a lot of our neighbors play mahjong, cards, and that colored dice game (some locals call it “casino”) on the streets. Those kinds of games are fun, but when there’s money involved, the thrill of the risks and potential rewards can make them very addictive. You win some and you lose some (you actually lose a lot more often), but the possibility of winning big keeps you coming back for more.

Unfortunately, it just makes you lose more money. We all know how a gambling addiction ruins people’s lives.

There’s a lot of psychology involved when it comes to gambling, and that’s why it so easy to lose more and more of your hard-earned cash to some slimy dealer at a casino, lottery ticket stand, “gacha” game, or some other similar gambling system, but for now, we’ll talk about one in particular. It’s called the “gambler’s fallacy”.

If you want to avoid losing more money in games of chance, investing, or on other kinds of financial decisions, this is one more lesson that you need to learn.

[Read more…]

Pagkaswerte at Kamalasan… At Paano Tumigil sa Pag-aalala

July 2, 2019 by Ray L. 1 Comment

English Version (Click Here)

Ang kamalasan ay hindi palaging kasunod ng pagkaswerte, at ang pagiging masuwerte sa sa isang bagay ay hindi direktang magdudulot ng kamalasan sa iba. Kung sinuwerte ka, hindi ka dapat magsayang ng oras pagaalala sa kung ano mang “darating” na masama. Mabuting magpasalamat na lang sa natanggap na biyaya, at magsaya!

Ang buhay ay parang isang “wheel of fortune”. Minsan nasa tuktok tayo ng mundo at napakasaya sa isang panahon, pero baka tayo ay dudurugin ng kamalasan sa kasunod na oras. Gayunpaman, magiging ganoon na ba parati ang tadhana? Ang malas ba ay palaging susunod sa kasiyahan?

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Good Luck and Bad Luck… and How to Stop Worrying About What Comes Next

July 2, 2019 by Ray L. 1 Comment

Tagalog Version (Click Here)

Bad luck doesn’t always follow good luck, and getting lucky in one thing won’t directly CAUSE bad luck elsewhere. If you got lucky, you shouldn’t spend your time worrying about upcoming bad luck somewhere else. Just be grateful for what you’ve got, and enjoy it!

Life is often like a “wheel of fortune”. We may be on top of the world and happy one moment, but we can get crushed by misfortune the next. Still, is that always the case? Will bad luck ALWAYS follow happiness?

[Read more…]

About Ray L.

Ten Commandments for a Young Man’s Financial Life

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