Converting your Passion into a Business

By Francisco J Colayco


You might recall my advice about choosing a business that is best suited for you. One main factor is the need for “passion” for the kind of business you choose. As time passes, I begin to see more and more how the word “passion” can be misinterpreted or misunderstood. Let’s look at this further by understanding some ways you can determine your passion. Remember that you are looking for a passion that can also be your business.


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An Employee Should be an Entrepreneur

Filipino Entrepreneur: An Employee Should be an Entrepreneur from Illustrado

By: Francisco Colayco

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Sure, any employee can be a passive entrepreneur by earning income from his invested savings.  He can also be an active entrepreneur by having a sideline after office hours and during weekends.

But when I say that an employee should be an entrepreneur, I am talking about mind set.
What makes an entrepreneur different from an employee?  An entrepreneur owns his business and has “placed his money where his mouth is”.  He believes he is good in a specific business and he will run it as the owner.  His success is completely dependent on his creativity, strategy, hard work and determination.

An entrepreneurial employee, to my mind: See full article here on why "An Employee Should be an Entrepreneur" http://goo.gl/PqAaG6

Filipino Entrepreneur: Another Look at Education

Filipino Entrepreneur: Another Look at Education from Illustrado

Image via www.colaycofoundation1.com

Another Look at Education

By Francisco J. Colayco

Most parents assume that the best education is the most expensive one. Going to the higher tuition schools is almost always equated to high quality education. Graduating from such expensive institutions is taken as a guarantee for a good career and personal financial success. Indeed, education is an investment for one’s own future. 


But what if we were to look at education as strictly a financial investment decision? Though clearly, it is not all about money, determining the most appropriate type of education for our children boils down to affordability. Here is where the pitfall lies. Most of us will kill ourselves to give our children the most expensive education (at the expense of other just as pressing needs) we can afford. Why? This is because we have been conditioned to believe that the higher the investment in education, the higher the return. Worse, some of us may even believe society will judge our stature by where and what category of school our children go to. NOTHING COULD BE MORE IRRELEVANT TO OUR LIVES THAN THIS!


Purely on a return on investment perspective, we must evaluate the cost of formal schooling versus the lifetime cash return to the graduate.   Presently, even graduates of the so-called high-end schools are having a hard time finding jobs. This was happening even before the present global economic crisis.


Today, life is more complicated, much more competitive and expensive. Few can have the luxury of wasting time, effort and money in an education that was not really fit to the personality of a child/person. Thus, we should encourage “dreams” in the minds of our children much earlier in life on what they want to be when they grow up. As parents and teachers, we must observe them more and guide them towards the field/s in which they seem to have the most capability to enjoy and succeed. They have to be preparing for their “personal career” as soon as they step into high school.


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Inspirational Principles of Financial Life to Start a New Year

Inspirational Principles of Financial Life to Start a New Year - Illustrado

 

Let me greet you all a Joyful, Peaceful, Healthy and Prosperous 2015!

It is time to take stock and change or reform ourselves for the better. Nobody is perfect and spiritual and inspirational articles abound to lift up our lives. What I noticed though is that we tend to compartmentalize our lives. In particular, our financial lives are considered by most as separate from their spiritual and intellectual activities. The fact is that all of these are intertwined. Since I have focused my advocacy on teaching personal financial management, I frequently interpret these inspirational principles in the light of our financial lives.

 

Borrowed from Mac Anderson’s “The Nature of Success”, Mr. Anderson talks about a lesson he learned from a friend’s grandmother.   Mac was having such a rough week and his friend shared with him what his grandmother told him to always remember: ‘Inch by inch, life’s a cinch. Yard by yard, life is hard.’

Mac took the line to heart and took out a piece of paper and listed all the things he had to do in the next three days. As he finished each task, he crossed it out from the list. Three days later, he crossed out the last task left on the list. He felt great!

As Mac explains, “…Success doesn’t come cascading like Niagara Falls; it comes one drop at a time through short-term, realistic goals. If you believe you can do something (the goals are realistic), you’re likely to be highly motivated. If, however, you think you can’t (because the goals are unrealistic) your motivation level falls greatly…”

The same principle applies in each one’s personal financial life. I keep emphasizing the same principle as explained in “Making Your Money Work”.


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Filipino Innovation on Changing Our Mindset About Wealth from Illustrado

Filipino Innovation on Changing Our Mindset About Wealth 

From Illustrado

By: Bo Sanchez

WHEN I was told that this issue is about Pinoy Innovation, I quickly got my book, 8 Secrets of the Truly Rich. If I may say so, the book is a Pinoy innovation presenting a new view about wealth for Pinoys. I tackled the issue right away in the preface of the book:

This Book Is About Changing
Your Inner Software

I believe we Filipinos have been programmed to be poor. Especially Filipinos rose with crazy religious beliefs. For over 25 years, I’ve been working among the poor, living in their homes, and helping them get out of poverty. I’ve found out that no matter how much money they receive, unless they change their inner program, nothing happens. They will remain poor forever.

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