“Working abroad will make us rich” – It’s a myth. Whether you work in Dubai, the US, or the Philippines, your road to being wealthy is defined by your attitude towards money.
As a family man, I put a premium on things that matter most – and they are not things. For me, there’s only one standard – family. My “why” always leads me to the question, ‘What would be best for my family?’
If you have that mindset, it is easier not to be controlled by money. We’ve had a fair share of failures and successes about money. Let me share with you some of the best financial decisions I and my wife have done over the years:
1. Invest early
Who would put their first income in an investment? We did.
In our first year of marriage, we bought a huge foreclosed lot back home. A big part of our income went to pay for it inside 2 years. We lived in a stiffed controlled lifestyle in order to pay AED4,000 for the land, in addition to other monthly expenses.
Years later, the developer bought a very small part of the land. The value has gone beyond 100% per square meter already. They paid more than double what we bought it for. We didn’t keep all the money. We put some in mutual funds and bought 2 pre-selling condos in Manila. Then we put the rest in our emergency fund.
Whenever I move to another company, we put the gratuity pay in an investment. Just recently we bought our 4th property already.
We don’t keep a huge amount of money in the savings. We’d rather invest it to grow it.
2. Life insurance
While we are young and healthy, we are highly insurable. While my kids are, well, kids, we already secured their future in case something happens to us. Not doing so is one of the greatest negligence we would do as parents.
We get a VUL life insurance. It’s insurance with investment. If nothing happens to us, great; We could always withdraw the money naman.
3. Start a business
In addition to the business, I also earn passive income in many streams online (check my other online store) and some writing gigs. It’s a great feeling that in my spare time, instead of always spending on entertainment and leisure, I earn money.
4. Put the kid(s) in an affordable school
5. No credit card
It’s my personal principle not to use the money I don’t own. I never had a credit card in my life. These days, there are e-wallets which offer the same perks of a credit card, and sometimes much more benefits. Worry-free.
6. Continuous education
7. Not hyper health-conscious
There are a lot of programs and products that promote an ultra-healthy lifestyle lately. Many of these come with unbelievable price tags.
Somebody offered us a high-end vacuum cleaner that can clean down the deepest parts of the carpet, couch, curtains, everything. It even comes with a massager :-). The demo was very impressive. The problem is, we don’t only stay at home. Viruses spread more outdoors than inside the house. What’s the point of being meticulous at home, wherein outside you’ll be exposed to dirt, you’ll touch a doorknob, sit on public transport, be with someone sneezing, hold a shopping cart, touch money, and so on?
The same thing with a salad maker, while it is a good product, it is not sustainable.
Some people tend to be extra health-conscious physically they forget that living a completely healthy lifestyle also involves nurturing the other aspects of our lives such as emotional, mental, financial, relational, and spiritual health.
8. Non-branded mentality
9. Rent in an affordable area
Rents in Dubai are out of this world, you can already buy a property back home with the same money. I chose to control the situation rather than the situation control me. There are still areas in the Dubai outskirts that are really affordable. We chose to rent a space we can conveniently pay for, without sacrificing convenience, peace, and happiness. After all, it is about what’s inside the house that makes a home.
10. Basic car
After paying the 5-year car loan, I chose to stick with my basic fuel-efficient reliable car that still conveniently does its purpose, and is stress-free. It’s such a great feeling to be free from a monthly loan.
I will probably change car, perhaps a bigger one, but only when the need arises.
11. Delayed gratification
By this time you may be wondering, “Am I enjoying my life?” YES! We never compromise happiness and recreation in the family. It is always part of the budget – a priority actually. We set a small bucket list. We give ourselves little rewards – more on experiences, and less on things – because our contentment is not anchored on things. Just the thought of non-stop laughter, running around the playground, competitive board games (and hide and seek), bringing home a slice of cake, and even cooking together, warms my heart. That’s how we enjoy life NOW, and we are always grateful.
How you spend your time is more important than how you spend your money.
Like everyone else, we do have dreams and desires. But we chose to delay plan these bigger rewards accordingly.
Why am I telling these to you?
Because these are all practical – anybody can do.
It is comforting that we live a lifestyle that costs lower than our income – a lifestyle that never changes in spite of positive financial breakthroughs that come along the way. I’m also blessed to have a life partner, a wife who looks at things at the same perspective as I do.
