Happy New Year!
What better way to greet the new year than a resolution that will help make a great change to your life and family from years to come. So this year my new year’s resolution is about improving our finances for our future. Be it by saving money, doing some sidelines, or just finding a way to earn some passive income.
I will set up an automatic bank transfer to my savings account every month when I received my paycheck. This is what you call Pay Yourself First. I will spend this money to create some passive income for me.
Another way of saving money is by logging your expenses daily and reviewing it at the end of the month. Then identify expenses that we can do without.
Generally the formula that I want to have as a mindset is, I want to make money but work less and have a decent retirement for me and my husband. Is that possible? This is thru the power of passive income. Passive income is an income that does not require your direct involvement, like owning rental property, royalties, stocks dividend, and network marketing.
We are looking into investing in mutual funds, uitfs and getting our son Migi some education plan. We are also considering dipping some of our funds in stocks.
Anyway these are just some of the initial ideas that we are thinking about. I am going to write more about our adventures and experiences in improving our finances. So stay tune..
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