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Your Wealthy Mind

Because Ideas Change Lives

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5 Types of Loans You Should Know About

January 26, 2017 by Contributor Leave a Comment

5 Types of Loans You Should Know About

*This is a guest post by Kyle Kam (@undisputedkyle) from MoneyMax.ph.

If you’re looking to get a loan, it helps to know what you plan on using it for. There are several types of loans available in the country, ranging from something that simply adds to your current funding based off of your salary, or something that requires a lot more thinking like a business loan.

It’s important to understand your options and the risks involved when borrowing money. Most loans fall under two distinct categories: Unsecured and Secured.

Secured loans require collateral, which will be used to pay back the amount borrowed should you default on the loan, while Unsecured loans require no collateral but have a higher interest rate in order to ensure prompt payment.

[Read more…]

10 Reasons to start Investing in Dividend Stocks

January 24, 2017 by Ray L. Leave a Comment

10 Reasons to start Investing in Dividend Stocks - Your Wealthy Mind

*This article contains affiliate links.

Tagalog Version (Click Here)

A few weeks ago, one of my readers sent me an email asking about investing in dividend stocks. Since I prefer long-term dividend growth investing myself (as opposed to trading, market timing, and speculation on stock movements), I’ve tried to help her as much as I can. In the end, however, I still advised her to study on her own as the experts who write investing books will have more and better insights and details than what I can give in a couple of emails.

In any case, if you want to learn a bit about investing in dividends, here are 10 lessons on investing in dividend stocks that you should learn now.

[Read more…]

Personal Finance Basics: The Beginner’s Guide to Wise Money Management

January 17, 2017 by Ray L. 4 Comments

Personal Finance Basics: The Beginner's Guide to Wise Money Management - Your Wealthy Mind
Tagalog Version (Click Here)

When I was younger, I remember playing a role-playing game called Fable 2. Although the story is a bit complex, it’s a typical RPG where you go on quests, fight enemies, and save towns and cities. One thing that had an impact on me is that aside from hunting monsters and completing quests, you can also do “jobs” (minigames) and buy stores and businesses to earn money.

At the start of the game, “gold” (the game’s currency) was difficult to obtain so I couldn’t always buy the best weapons and armor. Later on the game, however, some jobs like bartending and blacksmithing became available. Instead of fighting monsters and continuing the story, I literally spent HOURS on those “jobs” to earn money. After saving up a few thousand gold, I didn’t buy any new weapons and armor. I bought vegetable stands and street stalls which earn a few gold every 10 minutes.

As time passed and those stores earned money, I saved the profits and continued at the blacksmith job to buy even MORE street stands. After a while, I started earning a few hundred to a few thousand gold every 10 minutes in the game. Later on, I was able to buy the big businesses that cost millions each like the tavern and the blacksmiths and they added even MORE to my 10-minute income.

What happened then? I just left the game on for a bit to do my homework, browse the internet, etc. When I returned, the businesses I bought earned thousands of gold which I used to buy the best (and most expensive) weapons and armor available. Hunting monsters and saving cities then became laughably easy.

Why did I tell you that story? Simple. When you learn how to handle money wisely, life will also become much easier. Think about it. You no longer need to worry about sudden emergencies or how to pay the bills because you have enough money for all of them. You’re free from soul-crushing bad debt because you’ve already paid it all and you know how to avoid them. You’re free to pursue better jobs, businesses, and other opportunities because you have more than enough money saved for all of them. Best of all, you no longer need to worry about the 9-5 grind, long commutes, and terrible bosses and you’re free to pursue your life’s goals and dreams because your investments earn a steady cash stream for you and your family. Although money isn’t the most important thing in the world (it’s just a tool you can use to do things), it can certainly help you in life if you use it well.

Doesn’t that sound nice? It’s all possible when you learn to manage money wisely. If you want to learn the basics of personal finance, then keep reading. This will be an excellent start for your journey.

[Read more…]

7 Life Lessons learned on a Weekend chat

January 10, 2017 by Ray L. Leave a Comment

7 Life Lessons learned on a Weekend chat - Your Wealthy Mind

*This article contains affiliate links.

Tagalog Version (Click Here)

Sometimes, you learn the most precious lessons when chatting with friends. Last Saturday I met with my classmate from high school who recently returned from Singapore. We got to talk to each other about what we’ve been doing the past few years, future plans, the stuff we learned in life, and many more. I normally don’t talk about those things with friends, but there are some exceptions – those who offer wisdom and deep conversation. With them, a few hours can bring as much value as a great book.

[Read more…]

10 Best New Year’s Resolutions to try this year

January 3, 2017 by Ray L. 2 Comments

10 Best New Year’s Resolutions to try this year - Your Wealthy Mind
Tagalog Version (Click Here)

January is both inspiring and disheartening. As people celebrate the beginning of a new year by trying new and better habits, most won’t have the discipline and inspiration to continue those positive changes. Others still don’t know what they want to do during the year. While we’ll each have a different idea on what’s the best new year’s resolution for us, these are 10 things that you might want to add this year. You don’t need to do them all at once, but as these are the classic tips of most self-improvement literature, you might want to give them a shot.

[Read more…]

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