“It’s more important to grow your income than cut your expenses. It’s more important to grow your spirit that cut your dreams.”

– Robert Kiyosaki

The usual ways to assess our financial situation or to manage our money is to cut down expenses, have a budget and track our daily expenditures. We have other ways to share on how you will grow your money to something you could work around in the future.

Learn to differentiate an asset and a liability

This will help you gauge the use of your properties and money at the same time. A simple definition of it according to Robert Kiyosaki is that “an asset puts money in your pocket and a liability takes money out of your pocket.” For example, rented space or car is technically a liability, because you have to cover for its monthly payment. But, you can invest at first and have liability, then grab the opportunity of it to become your asset.

Your condo unit can be an asset if you have other properties or if you plan on not staying there for quite some time. You can make it to an Airbnb or a renting space for students or family. Through that, you can still earn while you’re away.

Change your mindset of “saving”

What does your financial advisor tell you regarding on how to save and grow money? They usually advise you to cut down expenses, to spend only what you can afford and live life depending on your earnings. Yes? It kind of breaks your spirit of living and continue to just work for the money to just save. It can be a cycle.

Do you want to change that? Turn your perspective from “I need to cut down expenses” to “How can I afford it?” This mindset will widen your ways on how to get what you want. It is a positive attitude toward money management and building a growing business. Don’t let the lack of money be a hindrance to your dreams. You need to think wisely and work hard to achieve it.

Explore the meaning of Debt

It is suggested to avoid having debts and try to manage your budget as much as you cold, and it can be hard at times. We will also need some help at times when we couldn’t do it on our own. Know that there are two faces of debt — good debt and bad debt. Good debt is recognized as having an advantage in using other people’s money to make cash flow from your assets or to build assets through other people’s money. By that, it means borrowing or loaning from a bank. It will be a big help as well. It is referred to as investing.

Bad debt on the other hand is basically the amount you owe other people for planning and enjoying vacations, buying luxurious wants and purchasing liabilities.

Remember that, you can always find ways to make your liabilities to your assets. You just have to think deep into it and make it happen.

We in Laurus Enterprises know the struggles on growing and saving money, and one of our programs is Cashlflow 101 Workshop, wherein it will discuss how you can best identify the specifics of your finances, and how you handle them. The workshop also provides ideas, business & financial techniques, best practices while presenting a mindset dedicated to choosing the best decisions in your career. Eventually, by that, you will be more courageous and gain personal and inner strength to handle your business. It will be held in Crowne Plaza Hotel on March 23.

If ever you will be in Iloilo and interested in attending the event, the workshop will be set in the Iloilo Business Hotel on May 19, with participants aiming to start their own business, improve their career, learn new knowledge and skill sets, expand their network by meeting new friends, and attain financial freedom, all happening in Cashflow 101.