Category: Truly Rich Club

Note: This is the last installment to the 4-part series on the Truly Rich Club Wealth Conference 2019. Here are the links to the first 3 parts of the series:

• Part 1 – Bo Sanchez’ How to Increase Your Psychological Wallet
• Part 2 – Dean Pax Lapid’s Building Your House of Entrepreneur
• Part 3 – Edward Lee’s How Your Psychological Trauma Dictate Your Stocks Investing Decisions

 

Rex Mendoza’s How To Become Rich While Being An Employee

The last speaker was Rex Mendoza. He made his money in the insurance industry and later moved on to other industries. He talked about becoming rich while being an employee.

Are there employees who are rich? Yes, definitely.

While I agree with this, I certainly had reservations simply because I know for most of employees they cannot imagine becoming rich. I’ve worked in the corporate world for 9 years. I know that there’s a limit to the scalability of your income when you are an employee.

You will have to build a different skillset if you want to climb up the corporate ladder. You have to learn to play the game of office politics and all. You have to learn how to work with a team and become a leader. You have to sacrifice your time for a lot of family occassions. You go through a lot of stress, but the most critical is in having little control on how you want your career to go. Often, you are left with the option to quit your job or stay and suck up even if you don’t like it.

But one thing that struck me about what Rex Mendoza talked was about the MINDSET shift that needs to happen if you ever want to become rich as an employee. He asked the critical question that you need to ask yourself, if you are working as an employee right now. The question is…

…are you getting paid for your TIME?
or are you getting paid for the RESULTS you create?

That’s one of the most classic distinction of an entrepreneur from those working only as an employee. You see, most people are content getting paid on their time. You wake up in the morning. You go to the office. Sit on your desk. Work your way until the office hour ends. You brave the rush hour traffic going back home. And tomorrow, you repeat the same routine again. In return, the company pays you based on how many hours you put in. Nothing more, nothing less.

In the beginning this is all fine and good, until you realize that it is never going to be enough for the long term. We only have 24 hours in a day. So if you are paid based on your hours, your income will always be capped to a certain level no matter what the rate you are getting paid for is.

Until you decide to break this chain where your income is dependent on how much time you have, you will always run out of money and run out of time.

What Rex Mendoza was trying to emphasize was that even if you are working as an employee, it doesn’t prevent you from thinking like an ENTREPRENEUR. Thinking like an entrepreneur allows you to see the bigger picture. It allows you to see that the only limits to your income potential is your own imagination and willingness to be responsible for RESULTS that you create.

But getting paid for RESULTS is HARDER. Why? Because you are now accountable for both the good and bad. That’s why CEO’s are paid more. Not because they work longer hours but because they take responsibility of getting the results for their companies.

If you’re the CEO and you increase your company’s income by P1 Billion. Would giving you an additional monthly income of P1M be justified? Maybe for some it is too high. But If I am the owner of the company, that is cheap! I’d even double that if you can double the company’s income even more. I’ll gladly pay you every cent if you can make that happen.

You see, without you, the CEO, making the right decisions, I would lose the P1Billion in earnings. I would rather pay you P1M/month to get P1Billion income, than not pay you P1M/month and lose the P1Billion.

This happens on a smaller scale in many small businesses. Even the little details like having to hire a household help can create a big impact into your business results.

Do you pay your household help the pay she deserves? Or do you decide to just do it on your own to save? You think you are saving P7K a month by doing it yourself, but if you have the ability to earn P100K in a month, you are actually losing money. You let “saving” P7K rob you off earning the P100K that you would have earned.

Looking at the numbers it’s easy to brush it as common sense. But if I learned anything about money in my years of teaching personal finance to my business associates, it is that money is 80% psychological and 20% technical. When it comes to money, our decisions are often dictated by our emotions rather than our technical know how. This is precisely the reason why I could not agree more on what Mr Edward Lee said in our last article about psychological traumas.

You see it is easy to see the numbers work out. But in reality, we all have our own doubts if we really can make it happen.

What if you fail? What if you can’t earn more than P7K a month?
What if your household help doesn’t do her job well just like how you can do it?

Do you feel the need to be secure? Are you afraid to let go of your fears?

For some people, it is easier said than done. But for the successful people that I know, this is an easy decision to make.

If you are not prepared to take responsibility for the RESULTS, whether it will be good or bad, then you will feel stuck in the moment of indecision. Most people would rather stay where they are, rather than risk the possibility of becoming successful. They are too fearful of what others might say about them. Creating and taking responsibility for your RESULTS, inspite of what others might say takes a little more than numbers. It takes boldness, courage, and willingness to fail.

Are there employees who become successful? Of course, there are.

But usually, these are people who have taken responsibility not only of their own results, but the results of the people they lead. They rise to leadership positions. They have specific skills they were able to develop.

According to Mr. Rex Mendoza, here are the 3 skills you need to develop if you want to become rich as an employee:

• Harness the talent of your people
• Extract the experience of the people you lead
• Steer the whole team in a single direction

As you develop yourself, it is critical to develop your INFLUENCE or POWER in order to better lead your group. When you do this, your team will have the resources to do their best and overcome obstacles. The 3 levels of influence are: 1) Authority, 2) Expertise, and 3) Relationships. You can leverage all these 3 to enhance your ability to lead your team effectively.

At the end of it all, the buck stops with you as the LEADER. You can delegate responsibility, but you can never delegate ACCOUNTABILITY. You are accountable for the RESULTS no matter what.

In a recent video about the state of STARTUPs in the Philippines, it came to my attention that one of the reasons why our country lags compared to other countries in the region like Indonesia, Singapore, Vietnam, etc. is the lacking entrepreneurial culture in the Philippines. Most people still see themselves as that of an employee. Very few have the courage to venture out on their own, and become entrepreneurs. Yes, there’s the lack of government support, etc. but culturally we are a nation of people who simply wants to earn and willing to work. We understand the value of hardwork. We hardly complain. We are very resilient.

Perhaps in the future, this will change. We have a lot of problems in our country that need solving. However, this might takes some time. As the change is not a simple case of simply flooding the country with more money, but a shift in CULTURE and MINDSET. Succeeding as an employee requires a different skillset than that of an entrepreneur. In the end though, what matters is that you are making a difference in the world.

Becoming rich is not the end goal, it’s only a means to an end. What matters will be what you did with what you have. Did you bless the world with your work? Did your riches blessed more people? Did your story inspire people to make this world a better place? Did you fulfill your divine purpose in this world? Because in the end THIS is what matters. We are all the same after all, both rich and poor, employee or entrepreneur. As they say, “at the end of the game, the king and the pawn go into the same box.”

P.S. I hope you enjoyed this 4-part series we had about the first ever Truly Rich Club Wealth Conference. If you want to get updated on the next events, get wealth strategies, inspirational talks and stocks investment guides, and more, you can join the Truly Rich Club. Simply CLICK HERE to join.

P.P.S. Recently, I was on a 3-day business trip to Tacloban City, the home of the happiest and most resilient people. My day was full-packed with meetings, trainings and coaching on personal finance, building a sustainable business, and more. On the side, I was able to visit the San Juanico bridge, the longest bridge in the Philippines (and 2nd most in Asia?), MacArthur’s famous “I shall return” landing, Sto Nino Shrine, the former president’s grand mansion in Leyte, and more. The food was delicious. The people are very warm and welcoming. I super enjoyed my stay. CLICK HERE to watch my 32nd youtube video to see a glimpse of what I do. If you have not done so, I encourage you to watch the other videos on my channel as well, talking about different topics as millionaire mindset and habits. Please subscribe to my YOUTUBE channel as well while you are at it. Thank you in advance. 🙂

P.P.S. I’m curious to know your story. Feel free to hit reply and message me. I read ALL of your emails to me and respond to each one of them personally. Who knows? I might even feature you here in this blog in the future.

Note: This is the 3rd installment to the 4-part series on the Truly Rich Club Wealth Conference 2019. If you missed the 1st and 2nd parts you can read them here and here, accordingly.

Have you asked yourself why is it that you do what you do, inspite of what you know?

Have you experienced situations where you felt guilty for buying stuffs, or wonder how come you cannot seem to make enough money, even though your working so hard?

Have you ever wondered what differentiates successful stocks investors from those who fail and lost a lot of money in the stock market?

These are hard questions to answer. Most people would simply dismiss the answer as luck. Or tsamba. Or what have you.

Good thing I was able to attend the 3rd session of the Truly Rich Club Wealth Conference because the talk gave me the answer to all these questions.

The speaker is no other than the Chairman of COL Financial, the largest online stocks brokerage firm in the Philippines, Mr. Edward Lee. He is a Billionaire businessman, one of the business mentors of Bo Sanchez.

I first came to know him during one of the Financial Coaching seminars of Bo Sanchez back in 2009. I have since invested in stocks as well. I even shared some of the basic tips in a video shot by my wife in one of my talks in UP Diliman back in the day. From what I remember, he’s a humorous speaker with lots of stories to tell and I can still remember some of the stories he shared back then.

This time though, I felt he was a bit more serious. I don’t know if it’s because his talk was done in pure english, or perhaps his topic was indeed quite serious.

One of my main take aways I got was his talk on PSYCHOLOGICAL TRAUMA. He told stories growing up in a family who supported him emotionally inspite of him having problems in school. He grew up thinking that money is easy to make, and he has the confidence to make money anytime and anywhere.

He said that what most people lack is the FINANCIAL CONFIDENCE to make it.

He shared a quote from Dan Lok which said that defines FINANCIAL CONFIDENCE as “having the confidence that you have the skills and ability to make money anytime, anywhere.”

He said people are driven by 4 main emotions: Hope, Fear, Greed and Desperation. These emotions dictate the markets. All crashes and boom are driven by these emotions.

His advise is, in whatever you do, Be the Best. When you do that, people will find you.

What’s your psychological roadblock?
1) Trauma
2) Parental Pressure
3) High Standards
4) Broken Family
5) Absentee Parent

Over the years of working in my business and dealing with different kinds of people, I can say this is certainly true. Some people have absentee parents or deep issues with their fathers. Growing up, they were looking for validation in everything that they do. They lack the emotional assurance that they badly need. That’s why their decisions financial or otherwise, seems to be beyond logic.

As you know, your decisions are driven mainly by your emotions. Only when you come to know how these deep emotions have built up over the years in someone’s life will you understand why they do what they do. It’s hard sometimes to watch someone with lots of potential, making wrong decisions over and over again, simply because he was programmed at an early age to seek for validation, rather than focus on doing the right thing.

So what can you do?

The first step according to Mr. Edward Lee is ACCEPTANCE. Accept that life is not fair. Surrender all your traumas to God.

Realize that we have built internal programs over the years. It will take more than an overnight or single day of training to unlearn all those things. The good news is that it can be done. Constant exposure to more empowering beliefs will allow you to replace the dark programming of the past. Your habits can change when you change your environment and the people you spend time with. You can change your life. But it’s going to take daily discipline in building your mind into a new you.

Mr. Edward Lee also shared the 3 basic laws of money:
1) Save 10-20% of your income
2) Invest it
3) Re-invest to benefit from the power of compounding

He recommends starting your investing program and believing in the Philippine growth story.
Above all, find your purpose. Be grateful for all the opportunities and experiences. Be compassionate. Be generous.

 

P.S. Be part of our business community of professionals and entrepreneurs. Let’s connect on Instagram @allaninocente.

P.P.S. Do you want to be part of the Truly Rich Club? CLICK HERE.

P.P.S. I am curious to know your story. How’s your financial journey so far? What have you tried and what are the #1 challenge you have in building money habits to make you rich? Simply hit reply and email me back. I read all the messages you are sending me. Cheers! 🙂

This is the 2nd installment to the 4-part series on the Truly Rich Club Wealth Conference 2019. If you missed the 1st part, you can read it here.

Dean Pax Lapid’s Building Your House of Entrepreneur

The second speaker during the Truly Wealth Conference was Dean Pax Lapid. I first came to know him when I attended the Truly Rich Entrepreneur’s Workshop back in 2009. He has started and grown a lot of businesses in different industries and he teaches entrepreneurship in one of the biggest business schools in the country, the Asian Instute of Management. He also wrote books on entrepreneurship including the book “Go Negosyo: 21 Steps on How to Start Your Own Business.”

Dean Pax is a lively speaker. He is a teacher by heart and you can really see it on his slide presentations. They are full of details, almost like that of a textbook.

During his talk, Dean Pax told some personal stories that really caught my attention. One story he shared is about the time when he was deeply in debt. He was so depressed he was about to end his life. But God had better plans for him. He was saved from that situation and he never looked back. Imagine the number of people who would not have learned from Dean Pax and got inspired from his stories if he decided to end it right there and then.

Another story he shared was when he wanted to pass down his business to his son, but his son didn’t want it. His son wanted to work as a corporate employee. He knows fully well that the income from a job offer his son can get will pale in comparison to running their own business, but he had to accept his son’s decision amidst his own frustrations and emotional pain.

As a parent, I can only imagine how painful that might have felt like. I know I always want to do the best for my two sons. I want to provide for them financially. But Dean Pax’s story reminded me of a fundamental truth that a lot of Billionaires know. Warren Buffet, one of the world’s richest man, is donating most of his wealth to charity. I wondered why he doesn’t want to give it to his children until I realized that doing so will only hinder their children’s growth. It’s like crippling them.

Now, I work hard to provide for my kids. But I understand that ultimately, they are their own individual beings. They have their own journey here on earth and personal decisions to make. I am not about to hinder their character sculpting experiences by putting them in a situation where it becomes a hindrance instead of a blessing.

These two stories made me realize that no one is immune to having challenges in business. When you see Dean Pax with his lively antics and cheerful demeanor you would think everything was smooth sailing for him in his entrepreneurial journey. That’s why it was a surprise to me that even with these huge challenges he had to overcome he still maintains a cheerful spirit.

Perhaps, this is all part of the journey we have to make in life. Otherwise, our stories would all be boring. Nobody gets inspired by a boring story. So if you are going through a challenging situation right now, just imagine the inspiration you will share to people once you are able to overcome it. You will definitely bless many.

LIFE CYCLE OF A BUSINESS

Dean Pax also shared the life cycle of a business. The ups and downs from conceptualization of a business idea to eventually selling the business or having your own exit strategy. He shared about the challenges that a typical business goes through during the startup stages and what he calls the valley of debt. When I learned about this, I could not agree more.

I can certainly relate because I too went through similar stages while putting up my business and getting it off the ground.

It is pure hard work. I experienced having little sleep. You work so hard, you ask yourself if it’s really worth it. Then the next day, you muster enough courage and strength and go through it again…and again…and again. Inspite of all the challenges, you go at it day in and day out. You have to be a little bit insane to endure those kinds of pain.

You cling on to the idea that one day, it will all be worth it. As they say, as an employee you are overpaid in the beginning but underpaid for the rest of your life, but as an entrepreneur you are underpaid in the begininng but overpaid for the rest of your life. Most people are not able to get past through the emotions of being underpaid for a long long time..

You battle with your own self confidence and self-worth. You get frustrated with your dismal results. You go through so many ups and downs you question whether it will ever going to end.

Eventually you will learn to take everything in stride, both the good and bad. The bad times are not meant to make you fall. They are meant to sculpt your character.

Good times do come. But the challenges never end. It’s just evolves into a different one. Each stage brings about a different situation which requires a different skill to solve. You must evolve if you want to survive.

Here is a picture from Dean Pax’s talk about getting from “NOWHERE” to “NOW HERE.” It depicts the different stages you have to go through being the entrepreneur that you are.

 

You start from your COMFORT ZONE. You know you are in your comfort zone when you are feeling bored. Perhaps you are in comfortable situation. But one day you realize that you want something more. It’s normal human instinct to desire for something more. More money. More time. More happiness. Eventually, something within you is stirred up and you can no longer accept the reality of your situation. You decide to take action.

Once you realize this, you start to move into your FEAR ZONE. This is the hardest part for most people to overcome. Everyone has a deep-seated need to feel accepted. That’s why you care so much about what other people say about you. At this stage you have to face those fears upfront. When you are able to overcome your own personal insecurities, and you muster enough courage inspite of your fears, you will soon level up to your COURAGE ZONE. The good book even says that when you have faith as little as a mustard seed, you can move mountains. You are more than what you think you are. Once you start believing in yourself, you will learn new skills, you will develop a new perspective about your business, you become a master of your craft and eventually you will elevate to your GROWTH ZONE, where all your dreams can come true.

Eventually your current growth zone will become your new comfort zone. With the new comfort zone comes boredom. Eventually, you will start to dream again or desire a new level of growth. In order to grow, you once again have to ask yourself what is it that you really want. You decide to take action. You ask yourself what is it that you fear the most. You decide to overcome your deepest fear by facing it head on and taking action. Because you understand that on the other side of fear, is your dreams waiting for you…and the cycle again begins.

P.S. Watch out for the 3rd and 4th installment of this series. We will talk about stocks and investing, as well as maximizing your potential while working for other people as an employee.

P.P.S. Do you want to learn about financial literacy? Want to be part of a community where you can learn to explore the different financial vehicles without the huge risk of doing it on your own? Join the Truly Rich Club. Click here.

P.P.S. Do you want to be mentored personally by me? Visit www.allaninocente.com/work-with-allan/ and follow the instructions listed accordingly. Many of those who worked with me have gone on to earn from $100 in a week part-time up to $8,000 a month full-time. You can read and watch the videos of their success stories here.

A few weeks ago, my wife and I attended the Truly Rich Club Wealth Conference 2019 along with some friends. Since the early days of the Truly Rich Club, my wife and I were already members. We were still living in Malaysia that time, around 2007. I can still remember receiving CDs on the mailbox and excitedly opening them. It’s amazing that it’s been 12 years since then and up until now we are still blessed by the Truly Rich Club.

Today, I’d like to share a little bit about what I learned during the event. My wife and I arrived a little late. Once we sat down, the first speaker was already in the middle of his talk. It was brother Bo Sanchez. He is the founder of Truly Rich Club, a missionary preacher who has blessed a lot of people.

Bo Sanchez – How to Increase Your Psychological Wallet

The topic of his talk from what I understood was the value of upgrading your PSYCHOLOGICAL WALLET.

He mentioned the feeling of being conflicted when it comes to your finances. Perhaps you were raised in the idea that money is the root of evil. Or perhaps you think only criminals of bad people become rich. You are blinded by the misconceptions or wrong theology of money. You were raised to despise the rich. That’s why they are called filthy rich. Who wants to be filthy? Of course, no one wants to be that guy.

He narrated a story of him and a friend. They were driving in a rich neighborhood. They passed by a big house with lots of cars inside. Upon seeing the house and the car, his friend blurted. “siguro, carnapper ang may ari ng bahay na yan.” Bewildered, brother Bo said. “how did you know?” of course, it was only a small talk. Which brings the point across. How do you know? You don’t know the person. You assumed he was a bad guy by merely seeing the cars. What if he has a car rental business? and the cars are for rent.

Brother Bo Sanchez, said that some of the rich people he met were the most generous, loving people he knows.

This talk reminded me of the times I also had conflicted feelings of being rich. I am a simple kid. I was raised in the province of Ilocos, where farming is the main industry to be in. If you work hard, you can live by planting vegetables in your garden. Or you can ask malunggay leaves from your neighbour. It’s a simple life. I had no grand illusion to become a billionare or anything like that. I simply enjoyed life. But the harsh reality really sank in when I started working. After many years, I still didn’t have anything saved up. So began my curiousity about money. And as they say, the rest is histroy.

But this is not about me. It’s about the countless people who day in and day out have the same internal conflict within them. Money is behavioural. It is not technical. It is easy to make money. Most of the battles you need to overcome though are your own ways of thinking.

In this day and age of overwhelming information, most of the learning that we need is in unlearning the things we were thought growing up. You have to update the information so that your outer world of finances reflect the same inner world you have.

He also narrated about his driver who was able to save up P15,000 and was so happy. He felt rich. He felt the effect on him and his relationships. He felt like “others” now. He felt conflicted. Because becoming richer meant he had to let go of relationships that are no longer aligned to his new ways of thinking. It’s quite funny to think that having P15,000 makes you feel rich at this day and age of high prices. But the reality is that it is the same thing for most people. The amount may vary. But everyone who’s trying to change undergo the same experience. It maybe earning your first million. It maybe when you decide to put up a side hustle. Work part-time. Sell anything. Or simple attending seminars. It is one of the strangest things that sooner or later you will need to learn to accept,

Because we care so much about how other thinks of us. This is one of the hardest battles to overcome. It is really not because people change around you. It is you who is already shifted your mindset inside. You are no longer contented talking about gossips at work. You would rather watch videos about stocks or business in youtube. In fact, you are no longer entertained by the constant tele drama on TV. You are starting to feel aligned to the new you.

I felt the same when I started my business part-time. There were moments when I had to stand up and leave the office at exactly 5.30PM. In front of 200 people, I walk down the corridor and exit the office. It’s time to go and work on my business. I came early to finish my work, so it’s not like I was not doing my job. I still had to be professional enough to do my business outside my work hours.

Even though no one complained, I still felt really conflicted initially. You see, most people in my office would leave at 7.30PM or 8PM. It is just one of those things that is not said but understood by everyone else, that leaving earlier than that means you are not working hard on your job.

Eventually, I learned to overcome this feeling of being conflicted. When you are clear about your goals and what you want to do with your life, suddenly decisions are easy to make. You just have to have the emotionaly fortitude to simply stand by your own truth. And the truth to me during that time was that I was already drained, exhausted, frustrated and soulless working on my job. It was time for me to explore outside for a new career. I could no longer stay for another year without doing anything.

After 6 months of hard work, I finally decided to let go of my corporate career and go full-time in business. It is one of the scariest thing I’ve ever done. It is not easy to let go of a job paying you 6-figures a month. Even when I already resigned, I still had second thoughts whether I made the right decision or not. Later on I realized, you decide and make it right. If it is to be, it is up to me.

Brother Bo Sanchez offered 4 ways to increase your psychological wallet:
1. Dream Reminders – write your dreams. Novena to God’s love when you attend The Feast for the 1st time as a free gift. I wrote my dreams there a long time ago. Most of my dreams already came true.
2. Dream Role Models – to have a mentor. to look up to someone and pattern your life to that person until you become your own.
3. Dream Resources – join the truly rich club. read about wealth strategies. get audio books, free books, stocks updates and recommendations, etc
4. Dream Reasons – remove subconscious conflicts

Action is the best expression of your faith. Faith without action is nothing. Take small steps. Mustard seed faith + mustart seed work = unstoppable. Are you a miracle waiter or a miracle worker?

P.S. Do you want to learn the psychology of money and discover the wealth strategies of the truly rich? Do you want someone to guide you in your stocks investments? Do you want to overcome your wrong theology of money? Join the TRULY RICH CLUB? CLICK HERE to find out more.

P.P.S. Do you want to discover the secrets on how to manage your own money effectively? Join us this September 2 at Santolan Town Plaza to Francis Kong’s event on PRACTICAL MONEY MANAGEMENT. Simply hit REPLY to this email if you’re interested. Or call/text me at +63-9178034015 for more details.

 

P.P.S. Do you want to be part of a business community where you can meet other aspiring entrepreneurs? I am always on the lookout for highly driven people who share the same eagerness to learn entrepreneurial skills, business mindset and success philosophies. If you’d like to be part of my team, simply read the details on my website at http://www.allaninocente.com/work-with-allan/ and follow the instructions for the next step.