This is all about books I have read and want to share some insights and information I have learned.
My Maid Invest in the Stock Market and Why You Should, Too
I chose this book because I need to improve my financial capabilities. I need to empower myself from financial innocence. As I have talked about my financial debts because of the wrong conception about money and wasting time to buy stuffs that do not matter.
The title was interesting because I wonder how the maid does it. The cover of the book captured me through its title, but the picture did not so much because it is too small to be noticed. But the one picture that easily got caught my eyes is the maid on her uniform. I was just browsing some things that I want to read from financial books, then my eyes got captured by the word MAID AND STOCK, so I began to open it. So, here are the insights I want to share with you.
The story happened at the home of the author, Bo Sanchez. He is a popular man in the Philippines, for there are so many books that he was the author and mostly are best-selling. His topic was more about financial growth and living a Christian life. He is also a missionary at the same time an entrepreneur.
So, at home, Bo was giving some advice to his maids. It feels comfortable having a boss like him that he not only up to the service of his maids but also their welfare. So, it is an atmosphere of having a good boss that his into their financial freedom of them at the same time, the Boss has the heart to understand their situation bringing them also to the Christian life.
Bo Sanchez while interacting with his maids discuss about five principles of funds. He advised them on what is the importance of investing in the stock market. He enlightened them also about the five funds. These are the followings:
- Tithe Fund
- Expense Fund
- Support Fund
- Emergency Fund
- Retirement Fund
First tithe fund means giving 10% of your salary every month. The importance of this principle is that it is Bible-based. It said that it is important to give back what we have reap. It keeps us more abundant. Not only in our mind but more so of what we feel on what truly rich means.
Second, the expense fund is where your monthly expenses are. But to avoid excess of expenses you should alter your wants into happier, healthier, cheaper but worthy and worthwhile activities like instead of having fun buying stuff, have a bond or connection with friends and have a sharing of foods.
The third is a support fund, where you need to help your family. Usually, these maids send money to support their family, this thing is the hardest of them all. Because according to Bo Sanchez there were a lot of maids who have experienced a life that when the emergency comes, they cannot give money because it was just enough for that month. So, this will only be given a solution if they know how to run a business, or they have a sideline.
The fourth was the emergency fund. This thing is a personal need, but what happens is they do not value emergency funds, like giving everything to their family, so what if they are the ones who are needing money, what will they do. Bo Sanchez showed them the reality of the life of a person like them. It is a must not only for them but also to us.
The fifth one is the Retirement Fund, wherein how can a maid like them retire like a millionaire. That is what Bo Sanchez showed how to retire as a millionaire. So, it is advisable that every month they need to put something for their retirement, like out of Php 7000, put some of your Php 3000 to buy stocks. He taught them how to trade.
By the way, trading is also called speculators. If you study the market in trading for 8 hours per day, you will know where to buy and sell great companies. It made the maids and even the ones reading this book easy to understand how to invest and how to understand stock traders. He demonstrated a sample graph of stock market prices, that once it got low you should buy those stocks and wait for a time again until company get undervalued. He explained the difference of perceived value and real value. The more the people have willing to buy that stuff it is called the perceived value, which happened that if you can look out for this, you can see immediately forsight that this becomes of high value because of the demand it brought, that so many people willing to buy no matter what. While the other one is just a real value, where when you buy that thing is the true price. So, traders look for perceived value.
For you to get on stocks, he advised you to focus on your business or job. He told also about retirement to focus on your powerful vision. Focus on your core competencies and stick to your game plan. It is like this from your business or job create money from them to put on the stock market.
Like what the maid did. They kept a monthly retirement fund to buy stocks. Buy stocks no matter what! That is the secret of the wealthiest people. He emphasized what Warren Buffet said: Rule in investing: Be fearful when others are greedy, be greedy when others are fearful.
So as the story of this book, how a maid turns herself to be a millionaire by investing in the stock market, it encourages us that we can do it as common or average salary people.
So, it struck me as a person, who has nothing to do with money while young and it hit me too that I am planning to study abroad or buy a new house, it’s better that I put it on stocks and learn how to trade.
So, if a maid can make herself a millionaire, why cannot I. So, if they, can, Yes we too can, we just need a little guide, the right person or expert person when it comes to this journey, so we will not waste time.
He is strongly recommending starting with this citiseconline and suggested joining the Truly Rich Club Matter. Which I am planning to start.
This book has written by Bo Sanchez way back in 2010. So that was 11 years ago. But it did not change the principle he shared. Also, the websites he strongly recommended. As for my action. I will start to join, if I have enough money to join that club also enough time to understand also the stock market by researching still. As for this moment, I understand already what the stock market is and how to buy and sell, while there are still lots to know still about that as you dig in and if you want to explore it too.
So, if you want to know more about this, you can go to www.trulyrichclub.com or join their Facebook group named also as trulyrichclub.
Start joining International Marketing Group too, so you’ll understand more about how money works.
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