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Rich Money Habits Carnival – The Psychology of Money

Welcome to the third edition of Rich Money Habits Carnival – The Psychology of Money.  The top picks of this edition all share the same common theme – discovering the psychology of money.

How is Warren Buffet, one of the richest people in the world, different from the rest of us?  Why is it that some people make excuses and others continue to blast their way to success?  How can you get what you want by also giving someone else what he wants?  Find the answers out by reading through our top picks for the month of March.

Rich Money Habits’ Top 5 Picks

  • Your Best Library presents 10 Signs You’re a Financial Disaster posted at Your Best Library, saying, “If you show these 10 signs, the chances are high that you’re a financial disaster.” [RMH] Hilarious! I couldn’t stop myself from nodding my head at the 10 signs of being a financial disaster.  Witty, funny and definitely spot on.
  • Silicon Valley Blogger presents Basic Business Advice from an Accidental Entrepreneur posted at The Digerati Life, saying, “My own story on how I became an online entrepreneur.” [RMH] This article is an honest take on the life of an accidental entrepreneur.  The author said it best in “it’s (NOT) enough to say that your business is filling a need…you should actually be good at filling that need.”
  • Joe Plemon presents Are You An Opportunity Seizer or an Excuse Maker? posted at Personal Finance By The Book, saying, “Some find opportunity when it seemingly doesn’t exist. Others make excuses when opportunity knocks. A great rich money habit is to learn how to seize those opportunities.” [RMH] Great article on why we need to stop making excuses and take advantage of opportunities that come our way.  While reading the post, I remember the movie “Yes, Man” starring Jim Carrey.  It’s a feel good movie about saying yes to opportunities that life has to offer you.“
  • Writers Coin presents Warren Buffett’s Investment Advice: Why It’s So Hard to Follow | Wise Bread posted at Wise Bread, saying, “I almost made a ton of money and then almost lost a ton of money in the stock market. Just goes to show you how hard it is to follow Warren Buffett’s advice on being greedy when others are fearful and fearful when others are greedy.” [RMH] Great article on why it’s so hard to invest like Warren Buffet.  I totally agree that investing is more than money – sometimes it is also about handling your own emotions.  As Warren Buffet said ’be fearful when others are greedy and greedy when others are fearful.’  Unfortunately, working with these 2 emotions is precisely the reason it is not easy to invest and go against the crowd.
  • Learn Save Invest presents Know your position posted at Learn Save Invest, saying, “A personal story of how I saved money on truck repairs just by realizing my position, and asking for a break.” [RMH] Inspiring story on how it pays to know what the other person wants when you try to ask for a discount.  In the end, the goal should be to have everybody win.

Other interesting articles in this edition

On Taxes

Investing

Banking and Credit Cards

Personal Finance

That concludes this edition. Submit your blog article to the next edition of Rich Money Habits Carnival using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Online banking Personal Finance

How to Enroll Additional Accounts into your BPI Express Online Account in 3 easy steps

In my previous article How to Enroll a BPI Express Online Account in 3 easy steps, I described how I was able to enroll my BPI savings account into BPI Express Online.  Since I also have another BPI checking account, I wanted to link my two accounts together so that I can monitor both of them online.

The good thing about being able to tie your accounts together is that you can transfer funds between your accounts in an instant, anywhere and any time you want.  No need to go to your branch, wait in line or be put on hold while waiting for the next customer service rep to pick up the phone.

Another good reason to link your accounts together is for your security and peace of mind.  For example, if someone stole your ATM card, you can simply logon to your BPI express online account and transfer the funds from your ATM card to your other account.  So even if someone tries to withdraw money from your stolen card, he won’t be able to withdraw any, since there are no more funds on that account.  That is, assuming only one of your ATM cards is stolen and the other one is kept somewhere safe 🙂

Here’s How to Enroll Additional Accounts into Your Existing BPI Express Online Account  in 3 easy steps

Step 1: Logon to your BPI Express Online Account

You need to have an existing BPI Express Online Account.  If you still don’t have one, you can enroll your BPI account by following the steps mentioned in my previous article How to Enroll a BPI Express Online Account in 3 easy steps. Once your BPI account enrollment is activated, you can go to BPI Express Online website at http://www.bpiexpressonline.com and logon to your account using your Login ID and Password.

Step 2: Go to My Portfolio > Enroll Additional Accounts

Once logged on, click on the ‘Go to My Portfolio’ on the upper left side of the menu.  A drop down list will appear.  Click ‘Enroll Additional Accounts’ from the list.  You will be asked which of the following 5 types of account you wish to enroll into your BPI express online account:

  • Savings and Checking Accounts
  • Time Deposit Accounts
  • Auto Loan Accounts
  • Housing Loan Accounts
  • Credit Card Accounts

Choose the type of the additional account you want to enroll then click ‘Continue’.  The next step will ask you to enter your account number.  Once done, click the ‘Submit’ button.  A confirmation page will be displayed indicating your account enrollment request’s Confirmation Number along with the Transaction Date & Time.  Take note of this information, or better yet, print it out for future reference.

Step 3: Wait for the bank to approve your enrollment

The bank will review your additional account enrollment application and verify that you really are the owner of the account.  The verification and enrollment activation is completed within 5 banking days.  Once your additional account enrollment is activated, you will be sent another notification email.  You can then logon to your BPI express online account to verify if you are able to view the account details of your other account online.

Even though you have to wait for around 1 week to have your additional account activated, the great thing about it is you don’t need to manually activate your enrollment via the ATM machine anymore. You also don’t need to go to your branch and wait for hours just to activate your enrollment.

Personally, I’d rather have the bank take their time to make sure that it is really me who is enrolling the additional account.  Otherwise, it could be a security issue.  This is, IMHO, still hassle free online banking.

DISCLAIMER: This is simply a guide to illustrate how easy it is to enroll an additional account into your existing BPI express online account.  No guarantees in the accuracy of the above steps is implied in any manner, whatsoever.  It is best to ask your local BPI branch customer representative or call BPI hotline 89-100 for more accurate instructions on how to enroll you account to BPI express online.

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Business Credit Card Money Mindset Online banking Personal Finance

8 Best Home Budgeting Software Features I’d Really Love To Have

I’ve been looking for a home budgeting software for quite some time but I haven’t really found anything that has all the features I’d really love to have. You see, my wife and I have been relying on the good old excel spreadsheet to track our income and expenses.  Sometimes it works.  Sometimes it doesn’t.  There are days (usually at the start of the year) where we would be very excited (and committed) to enter our daily transactions into the spreadsheet.  But after a couple of months, the excitement dies down along with our budget.  As a result, unexpected expenses happen.  And we wonder where our money went. 🙂

Here are the 8 Powerful Home Budgeting Software Features I’d Really Love to Have

1. Secure

I may not have billions of dollars in my bank, investment and credit card accounts, but even then I still want my privacy when it comes to my own money.  In this day and age when information can be easily sold to unscrupulous individuals with not so good intentions, and with the many scams we hear every now and then, I think it is but prudent to take some extra precautions regarding your own personal financial information.  Security is the first feature I’d really love to have in a good home budgeting software.  Without it, all other features really don’t matter.

2. Easy To Use

One of the main reasons I hesitate to use most of the available home budgeting software out there is because they all require me to “manually” download the transactions from my bank or credit card account and then “manually” upload the same information into the budgeting software.  This is a complete waste of time, not to mention a complete bore.  When I heard about Mint.com and its ability to automatically download/upload the transactions from your accounts, I thought finally someone had found a neat way to solve this problem.  The bad news is – it is only available in the US at the moment.  Not to mention the privacy concerns raised by other people since the data is being kept by Mint.com on its own servers.

3.  Visually Appealing Charts and Graphs

The human mind understands pictures better than words.  One look at a picture and you know whether you are spending more than you are earning.  One look at the chart and you know your income or expenses are going up month after month.  Looking at rows and rows of transaction details is NOT a great way to organize the financial information available from your bank statements.  It will only add to the clutter that you don’t need and don’t really like to have.  As they say, “a picture is worth a thousand words”.

4.  Voice, SMS and Email Alerts

More and more people are attached to their mobile phones today than ever.  Aside from keys to your car, you cannot leave the house unless you have your mobile phone with you.  I bet you’ll even go back to your house in case you forget it.  Sometimes, you even feel incomplete without it.  For people on the go, it is very important to stay informed especially about anything related to your own money.  You can receive alerts if there’s any suspicious activities involving your finances.  You will be notified if someone just withdrawn half of your money from the bank.  Good banks would do just that.  But sometimes it is not always the case.  That added security of receiving alerts wherever you are is a welcome convenience to give you peace of mind.

5.  I-Phone/Mobile Phone App

The financial services industry is being revolutionized by the Apple I-Phone.  There are hundreds of cool apps you can install on your I-Phone or mobile phone free of charge or for a small fee.  A lot of these applications help manage your money and budget. Today, everything can be literally controlled from your fingertips wherever you are and whenever you want.  You can view your account balance.  You can receive reminders to pay for your bills that are due.  You can be notified if you’re going over budget after paying for that coffee using your credit card.  A cool app extends your home budgeting software beyond your home PC or laptop.  It is the only way to go for mobile people that are always on the go.

6.  Update Feature

Today, most home budgeting software can only read/browse through your transactions.  They can only make sense of the information that you give it.  It is passive.  It can only give you information.  You cannot tell it to do something other than spit out a report or chart.  The one feature that would really make a home budgeting software powerful is the ability to process “push” services like updating your account information, transfer funds through your mobile phone, or do everything you can do on your bank account and more.  Wouldn’t it be great if you can do everything without going to your bank and wait for hours just so you can have a customer service representative update your account for you?

7.  Track Cash

In Asia where most transactions are still made in cash, using a home budgeting software is not effective.  To be able to make use of the software, you have to manually key in the transaction details by yourself.  It is a complete waste of time and counter productive.  Besides, who would want to carry a notebook everywhere and jot down the transaction details when paying for his lunch at the cafe?  Certainly not me.  The really cool home budgeting software must be able to record cash transactions easily and track it effectively. Most important of all, it must be able to treat cash just like any other transaction.

8. One Account

Most people maintain a lot of accounts.  They may have multiple accounts in several banks.  They receive many credit card offers on the mail each month.  Not to mention their retirement and investment accounts in different brokerage firms.  Organizing your finances under one roof is getting harder and harder every day.  If you cannot link all your accounts together, the information you have of your finances is incomplete.  The home budgeting software of choice is able to integrate everything together under one roof so you don’t have to do it yourself.

These are the 8 powerful features I’d really love to have in a home budgeting software.

In the end, these features will only take you so far.  You still have to take control of your own money.  You still have to challenge yourself to make more money and keep it.  You still need the discipline to know when your expenses are helping you achieve your goals or not.  In the end it is still up to YOU to become rich or poor.

How about you?  What features would you like to have if you were to build the most amazing home budgeting software in the world?

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Online banking Personal Finance

How to enroll a BPI Express Online account in 3 easy steps

While opening my BPI payroll account a couple of months ago, I asked the customer service rep how I can enroll to a BPI Express Online account.  She replied, “you can do it online through the BPI website.”  I was pleasantly surprised because I thought I’d need to fill up another form and then perhaps come back again to the BPI branch a couple days after, which has been my experience dealing with Philippine banks before.  To me, this was good news.

Here are 3 simple steps I did to enroll my BPI Express Online account.

Step 1: Go to BPI Express Online website

Go to the BPI Express Online website at http://www.bpiexpressonline.com/.   Click the “Enroll Now!” button at the right side of the screen, in between the “personal login” and “business login” buttons.  A message will pop up saying “To enroll in Express Online, you must have a BPI, BPI Family Bank or a BPI Direct Deposit Account.”  Click the ‘Continue’ button and follow the next steps accordingly.

If you’re in the Philippines, you need to visit any BPI Express Teller ATM within 20 banking days to activate the enrollment. If you’re out of the country, you need to print, sign and mail the enrollment form.

Step 2: Fill up the form, and submit

Fill up the form by entering your Account Number, Joint Account Indicator (JAI) and Type of Account.  Your account number is  the number at the back of your ATM card.  The JAI is a 2-digit no. located at the lower right hand corner of your ATM card right across your name.  Lastly, the type of account is either savings or checking.

After submitting the form, it will ask you to create a login name and password.  Remember the login name and password you entered because you will use it to access your BPI express online account later on.  Once you’re done, you will receive an email confirmation and instructions to activate your enrollment.

Step 3: Go to any BPI ATM machine and activate the enrollment

Go to any BPI ATM machine.  Insert your ATM card. Go to Special Services -> Activate Enrollments –> Express Online.  The ATM will give you a receipt to confirm the activation of the online enrollment.

You can then log in to your BPI express online account 1-2 days after enrollment activation.

Once you’re able to login to your BPI Express Online account, you will now be able to access your account’s details, check your balance, pay your bills, transfer funds, reload a prepaid phone 24/7, any day of the year, whenever and wherever there is internet connection.

Now, that’s hassle-free banking in 3 simple steps!

Rich Money Habits Notes:

  • The last step is certainly better than having to go to the branch and “wait” for quite some time before being able to speak to a customer service rep and activate your enrollment.
  • This is also good because it allows the bank to authenticate the enrollment by having the customer insert his ATM card and PIN, and manually confirm the enrollments’ activation through the ATM machine.  This may be inconvenient, but I’d rather wait 1 to 2 days to enjoy the benefits of online banking, than worry whether my account is hacked by someone else.
  • Perhaps someday BPI can think of a more convenient authentication, like what Maybank did in introducing a new level of additional security by sending a real-time TAC (Transaction Authorization Code?) SMS message to your mobile phone.  When that happens, we’d be one step closer to a “pure” online banking system in the Philippines. 🙂
  • You may call BPI hotline 89-100 for if you need assistance on how to enroll you account to BPI express online.