Tuesday, April 3, 2012

What will you do if you have Php 14 Million?

I accidentally got into the Manila Bulletin website and read about the Lotto Winner who spent P14M in just 3 months. I can't blaim the guy because he is not an isolated case. There are a lot of them. The question is why they end up with nothing after having a huge amount of money.

From the books I read, they were saying that the problem is internal. It has something to do with their past experiences, wrong beliefs and psychological wallet.

Our family plays a big part in our attitude towards money. It could be good or bad. Too much frugality in the family can produce a child with overspending attitude because of the feeling of deprivation during her younger years. Other examples of how our past experiences affect our attitude towards money can be read in the Secrets of the Millionaire Mind Book.

Aside from our family, our religious beliefs plays an important part on how we manage our money. One of the wrong beliefs we have is:

Wrong Verse: " Money is the root of all evil."
The correct verse is: " “The love of money is the root of evil.” ~ (1 Timothy 6: 10)

We must be reminded that Money itself is not evil. It is the love of money. If we believe that money is evil, subconsciously, we will try to avoid money. If we have money, we will do our best to spend it all as fast as we can.

Aside from the wrong beliefs, we also need to change our psychological wallet. We need to be comfortable with the amount of money we wished to have. Wishing and working for the money are different. If we wished to be a millionaire, we must try to imagine ourselves having this millions on our hands. And start planning how are you going to handle it. After visualization, it is advisable that we pray for it. Then, work for it and one you got it, do what you've plan.

I am not a lotto fan. But imagining having that P14M already excites me.  My plan is to give the first fruit to God, invest most of it and share part of it to my family and community.

How about you? What will you do with your Php14M?

To our Financial Freedom!


series 63 said...

True! Love of money is the root of evil!

If ever I'll be a lotto winner, that's one of the first thing I will do too, to give first fruit to God. Share my blessings to the homeless and provide security for my family.

Carlos said...

Hmm... 14 million... I'd buy a nice house, buy a modest car, and then I'd divide the rest into mutual funds and time deposits, one or two select blue chips, and then get into business with what's left.

I'd buy a sports car, and throw parties, but 14 million will burn out pretty fast...