I’ve been wanting to do a review on Bo Sanchez’ Truly Rich Club for quite some time but I’ve been putting it off due to busy schedule at work.  When I read about Bo’s recent article “How To Be a Billionaire”, I thought people need to find out more about this.

Before I say anything else, please bear in mind that I am (well, technically I am not, but my wife is) a member of the Truly Rich Club, and if you sign-up to the Truly Rich Club by clicking the link at the upper right side of this site, I (or my wife) earn a little income as an affiliate commission.

That being said, this review is not to persuade you to do something you don’t want to do.  My hope is that by sharing my personal experiences with the club, it will help you decide if joining the club will be of help in achieving your financial goals.

How did you find about the Truly Rich Club?

A couple of years ago, I was an OFW working as a Mainframe Test Lead for a credit card company in Malaysia.  When I came home to the Philippines for a 2-week vacation, I came across Bo’s 8 Secrets of the Truly Rich book.  At that time, I was really trying to find out ways on how I can grow my hard earned money.  After reading the book, I realized he was actually holding Truly Rich Seminars in the Philippines.   Since I only had a few days left in the country before going back to Malaysia, I was not able to attend the seminar.

A few months after, I learned that Bo created the Truly Rich Club.  Because I wasn’t able to attend the seminar – I was very eager to try out the online club!

Since my wife was the one who has a credit card, I talked my wife into joining the club.  I am very blessed to have a very supportive wife.  She agreed to join in. The next month, we received the 2 months worth DVD videos and Audio CDs we ordered from the club.

Why did you join the Truly Rich Club?

I was in a foreign country.  My options were limited.  I couldn’t attend any seminar in the Philippines because I was out of the country.

I didn’t know anything about investing in mutual funds, stocks or internet businesses, especially in the Philippines at that time.  Yes, I learned a thing or two from various blogs and personal finance sites.  In most cases the specific advise on these sites were only applicable to other countries such as the U.S.  I didn’t know if the same thing can be done in the Philippines.

So when I came across the Truly Rich Club, it was like a dream come true.  Joining the club allowed me to learn how to grow my money in the Philippines! Moreover, through the monthly DVDs, I got to watch Bo Sanchez’ interviews and talks.  It was like attending the Truly Rich seminars virtually.

What did you like about the the Truly Rich Club?

The content is simply amazing.  When I started, I was looking forward to the next month’s issues.  My wife and I would always checkout the mail box just to see if the DVDs for the month have already arrived.

What I really liked are the very specific information shared through the various interviews on very successful businessmen.  You can see how they view money, their mindset in terms of relationships and on building businesses and character.

The club products are full-packed with information.  I can’t keep up.  There’s a lot of information to learn.  I’m still catching up with the rest of the power talks.

Bo also sends out a weekly Newsletter where he provides stocks update, business advise, and more.  The content is really overflowing, I only wish you could also learn from those DVDs and Audio CDs and get the financial information first hand.

One thing I really appreciate was the smooth transition of delivering the DVDs after my wife and I finally decided to come home to the Philippines last year. We wanted to have the audio CDs and DVDs delivered to our home in the Philippines instead.  We only had to email them our new address and voila! We received the products to the new address.

What I didn’t like about the the Truly Rich Club?

When we first started with the club, there were times when the DVDs arrived late.  Since we were always very eager, waiting for the next issue was a torture.

It would also be a great idea to have a forum exclusive to club members where lessons can be discussed or shared with each other.  The feeling of being in a community would certainly help boost members’ confidence when they start to struggle in taking action on those valuable financial tips.

Why I recommend joining the Truly Rich Club?

I honestly believe that in today’s world, information is king.  If you are not informed, you will be left out.  You will always be wondering how come others are getting financially ahead while you’re still stuck working at a dead-end job you really hate.

There were a lot of times when I wanted to share the incredible products I’ve watched or heard from the club, but it’s hard because there are copyright issues.  I don’t want to go into the business of piracy.  More importantly, I don’t want to profit from stealing other people’s products.

Thankfully, there’s one “legal” way to help share these products to you.  That is, if you decide to be a member of the club as well.  The Super Gold Package (DVD video +  Audio CD) costs PhP 997 ($37 for International Membership) monthly at the time of this writing.  The Gold Package (Audio CD only) costs PhP 497 ($39 for International Membership) monthly.  The Audio CD is basically a recording of the same DVD video so if you are interested only in listening to the presentations, you can take the Gold Package.  What I do is I copy the audio over to my iPod and I listen to it while working.  The great thing about it is that I can listen to it over and over again.

Bo Sanchez is a preacher so a lot of his talks contain references to passages in the bible.  While I don’t mind since I am a Catholic, others may not be as forgiving.  So if you don’t like hearing the word “amen”, please bear this in mind when you join.

How has the club helped you so far?

After my wife and I finally came home to the Philippines to settle for good, we immediately attended Bo’s Truly Rich seminar.  Even though he was discussing the same basic concepts from his book and the club, it’s still refreshing to see Bo presenting the ideas with my own eyes.  It’s a bit surreal. You can learn more about my experience on the seminar here.

My wife and I also attended the financial coaching program a few weeks after.  After the seminar, I was really excited to finally get started.  Here are 3 things I’ve been exploring since I started taking action on the many lessons from the club and the seminars:

• RTBs – my wife and I finally started investing in RTBs.  You can learn more about how we opened an account. Here’s an update after we received our first interest income.  And, only a few days ago, we already received the 2nd quarterly interest income.  Yey!
• Stocks – I’ve started investing in stocks.  I’ve invested through EIP for a couple of months now.  These are small (PhP 5,000) monthly investments on the most stable companies listed in the Philippine Stocks Exchange.  My basic strategy is to take advantage of the dollar cost averaging.  I’ve also learned another strategy from Bo’s Stocks Update that I may try out soon – that is, Super EIP (I think this was coined by Bo himself).  If you want to find out, you can sign-up to the Truly Rich Club or wait for my updates by subscribing to this blog via RSS or Email. Subscription to Rich Money Habits blog is FREE!.
• Internet Marketing – I am a techie. Having spent the last 8 years of my life working in IT, I am very fluent in more than a dozen languages. Unfortunately, only 3 of them can be understood by human.  No, I am not an alien.  Most of the languages I know, only computers are able to understand.  I can communicate (i.e. program) in Visual Basic, C, Mainframe Languages, Assembly Language, and more.  Which brings me to my point.  I want to be able to communicate to fellow human beings as well as computers.  I want to find out how to present an information product on the internet in a way that the other person will be able to know exactly what he is getting into.  If it is something that will solve his problem, well and good!  If not, at least he doesn’t have to waste his time digging deeper, seeking clarification on that specific product.

What will you get when you join the club?

While reading Bo’s newest book “Choose To Be Wealthy: 8 Habits of the Happy Millionaire” which was launched last Saturday at SMX Convention Center, I got the most updated list of the 11 Big Blessings you will receive if you decide to join the Truly Rich Club.  The list is so much more now than when we signed-up more than a year ago.  It’s really great that Bo is giving away so much.

Here’s a sneak peak of what you will receive:

2 Powertalks every month (instant access via MP3)

Bo’s Success Mentors Collection every 3 months

4 Wealth Strategies newsletter every month

Daily God’s Whispers email

How To Be Truly Rich Seminar

How To Conquer Your Goliaths Ebook

How To Turn Thoughts Into Things Ebook

My Maid Invests in the Stock Market Ebook

Monthly update of what Bo invests in

Earn passive income by becoming Bo’s affiliate in the Truly Rich Club

Earn passive income with Bo’s other internet work

There’s even an amazing “wow experience” guarantee. Here’s how it works.  Should you decide to cancel your membership during your first month of membership, after receiving the stuffs above, the money will be returned to you no questions asked.  You even get to keep all the stuffs that have already been sent to you – an amazing $251.50 value.

That’s all I can share for now.  If you do decide to join the Truly Rich Club, congratulations to you!  My hope is that you become Truly Rich in every sense of the word and share your blessings to other people!  Good luck!

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

• BackTaxesHelp.com presents When you Should File a Late Tax Return of Request a Tax Extension posted at Back Taxes Help.
• Wenchypoo presents Your Tax Bill Would Need to Double to Close the Deficit posted at Wisdom From Wenchypoo’s Mental Wastebasket.
• Praveen presents Free Ebook: Capital Gains Tax Tips for Traders and Investors posted at My Simple Trading System, saying, “Capital gains tax tips for traders and investors”
• Alex presents What can I deduct on my Taxes? posted at Claiming Tax Back, saying, “This post highlights some uncommon tax deductions which people fail to claim back from the IRS.”
• PeakPersonalFinance presents Are You Eligible for These 5 Tax Breaks? posted at Peak Personal Finance, saying, “Five tax breaks you may not be aware of.”

Investing

• BWL presents Should You Convert To A Roth IRA In 2010? posted at Christian Personal Finance, saying, “A look at some of the great benefits of converting to a Roth IRA this year…”
• Jen E. presents How to Analyze a Stock posted at Stock Tips, saying, “Learn how to analyze stocks by using an easy stock analysis test.”
• ABC presents Reasons For A Roth Conversion From 401K Or Traditional Roth posted at ABCs of Investing, saying, “Reasons for and against doing a Roth conversion.”
• Patty Pedersen presents eBook Readers: Stock Investing Strategy to Profit from Disruptive Technology posted at AlphaProfit MoneyMatters – Investing Blog, saying, “The number of eReaders sold is expected to ramp to 6 million this year and grow exponentially from hereon. To profit from eReaders with growth and value ideas, read eBook Readers: Stock Investing Strategy to Profit from Disruptive Technology.”
• Larry Russell presents Evaluating Roth IRA Conversions posted at Best Personal Financial Planning Software, saying, “The Roth puzzle for asset conversions, as well as for annual Roth contributions during working years, is one of the most complex decisions that the ridiculously complex US taxation and retirement planning system forces upon individuals.”
• Hussein Sumar presents How to Calculate Return on Invesment (ROI) posted at Accounting, saying, “Return on Invesment as the name suggests is a financial valuation method that determines the percent of return investors are getting from their portfolio of investments. Return on Investment is probably one of the most important ratios that companies need to keep track of in order to determine the viability & continuity of their business.”
• BeaBu presents Cut Profits Short and Ride Losses posted at BeaBu.com, saying, “One often quoted investing and trading rule is “Cut your losses short and ride your winners”. While this is a good thing to do in most situations, there are some kinds of market conditions when it’s not as simple as it seems. With finance, no rule is 100%.”

Banking and Credit Cards

• BankShout presents Health Savings Accounts Q & A posted at BankShout.
• Nathan Bishop presents HECM Reverse Mortgages posted at Online Banks Blog, saying, “The home equity conversion mortgages or HECM Reverse Mortgages is a way a senior can have an income if they have enough equity in their home. There are US federal governmental backing for these loans if a FHA approved lender is used.”
• chuck machado presents Medical Bills Lower Credit Scores posted at Raise Credit Score, saying, “The biggest obstacle to raising credit report scores is the lack of credit card debt management. Your credit report shows not only how much you’re spending, but how much you’re paying toward reducing your debt. If you are making minimum payments, lenders can see this and they figure your are either not too bright or are struggling.”
• The Dough Roller presents Chase Freedom Credit Card | 0% APR 12 Months | 3% Cash Back posted at The Dough Roller.
• The Dough Roller presents Does Canceling An Old Credit Card Hurt Your Credit Score? posted at The Dough Roller.
• Four Pillars presents Use Your Cell Phone Apps To Manage Your Money posted at Quest For Four Pillars, saying, “Some cell phone apps to help track your finances”
• PT Money presents Best Online Checking Accounts posted at Prime Time Money.
• LivingInVol presents Fixed versus Variable Loans posted at Living in volatility.
• Bruce presents Government Mortgage Help for First Time Buyers posted at Government Mortgage Help, saying, “Mortgage Help from the Government to assist you in keeping your home from mortgage foreclosure during this recession.”
• Control your Cash presents Let’s see how he does with Other People’s Money posted at Control Your Cash, saying, “This is about spending money – a finite resource for most of us – in the right places. Brown, or at least Brown’s garage, represents something we like to style controlled frugality for lack of a better term.”
• Billeater.com presents Use Twitter to Save Money posted at Billeater.
• David presents American Express Preferred Rewards vs. Premier Rewards Gold Card posted at Credit Card Offers IQ.
• Aaron presents Green Dot Prepaid MasterCard® posted at Prepaidcards123.

Personal Finance

• nissim ziv presents How to Negotiate a Salary: Negotiation Tips, Questions & Expectations posted at Job Interview Guide, saying, “Negotiation skill is a skill that not many people possess. In general, negotiation is an art. Every word you say is important in the end results And when it comes to negotiating the salary offer, things become even harder .”
• Tisha Dotson presents 100 Best Blogs for Women in Business posted at Accounting Degree.com.
• Money Infant presents My 2010 Personal Finance Goals posted at Money Infant, saying, “Goal setting is a necessity if you want to get where you need to be financially. Here’s my plan for 2010.”
• Debra Jacobson presents How To Be Frugal: Saving Money on Eating Out posted at All Things Frugal, saying, “In lean economic times, eating at restaurants is generally avoided. However, there are ways to eat out without breaking the bank.”
• Jerry Rogers presents Easy, Key Phrases to Impress Business Clients Abroad posted at Online Colleges.net.
• Mariana Ashley presents 100 Business Experts You Should Follow on Twitter posted at AccreditedOnlineColleges.org.
• PT Money presents Affordable Auto Insurance: How I Saved posted at Prime Time Money, saying, “How I saved on my auto insurance.”
• KCLau presents Bad Debt and Good Debt posted at KCLau’s Money Tips, saying, “How do you distinguish between good debt and bad debt?”
• Erel Kiko presents The Secret To Attracting Money With Affirmations posted at Law of Universal Attraction.
• Nash Dadameah presents Top 5 Ways To Save On Life Insurance posted at nil2million.com, saying, “Let’s save money by having our life insurance premium cheap”
• Elaine Murphy presents 100 Personal Finance Posts Every College Student Needs to Read posted at Career Overview.
• Zach Scheidt presents Home-Based Healthcare is Good Business posted at ZachStocks, saying, “The healthcare reform bill will affect industry for years to come. LHC Group Inc. (LHCG) continues to expand and could be a takeover target in the next few months.”
• Stephen Dean presents Secrets To A Champagne Product Launch posted at Copywriting Dean.
• Heidi presents Saving Money with a Cheap Designer Wedding Dress posted at Budget A Wedding.

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.

Technorati tags: rich money habits carnival, blog carnival.

First of all, THANK YOU very much to all those who participated in the first-ever Rich Money Habits Readers’ Survey. 

Your inspiring life’s stories, financial goals and dreams and suggestions on how Rich Money Habits can be of help to you are very much appreciated.  Rest assured, we’ll definitely keep them in mind as we aim to constantly improve the Rich Money Habits blog to be more relevant to your financial needs.

Without further ado, I am very delighted to finally announce the winner of the FREE Rich Dad Poor Dad book as part of our first ever Rich Money Habits Readers’ Survey promo. 

And the winner is… Lunining Arabiran! 

I was so amazed at the personal finance tips and stories Lunining shared that I want the readers of this blog to learn from and be inspired by it as well. 

Here’s her answer to the question “What are your money habits and how they have affected your life?”

I’m earning a little over minimum wage and I was "awakened" that after 3 years of working I had so much less than what I was hoping for. I cleaned up my act….

1. I love Manga (Japanese animation) so much so that a large chunk of my money goes here. I curtailed the Manga-buying impulse. (I still do buy but occasionally).
2. I don’t use my credit card except when buying groceries twice a month.
3. I bring lunch to the office.
4. I had my mom invest my money that has a 12% APY.
5. I read about how to invest in the stock market.
6. I built up and completed my 1 year emergency fund.
7. I am building up my retirement plan. I’m also looking into consulting someone who works for the SSS. So I can compute the actual amount of pension I’ll be receiving when I’m 60.
8. I am taking up my Master’s degree so I can go ahead and get side jobs. (This wasn’t really necessary to get the jobs but understanding more concepts and theoretical background would help) and I’m almost done, just the thesis left.
9. Next time I get to be in another country, will be saving my per diem like crazy. Last time I was in the US, I spent my money on a lot of souvenirs.
10. I created a budget.

All of those things are the stuff that I’m doing, have done and will be doing. There are a couple things more but I think this is getting too long.  Basically, knowing and being conscious of how money is spent has taught me that when you spend money now, you’re not only giving up that money in that instant but you are also forfeiting the right that, that money can earn in the future.

How about you?  What are your money habits and how have they affected your financial life?

This is part 3 of the “Where to Invest in 2010” series which tries to compare the two investment vehicles with tax incentives: PERA and CTRP.  Part 1 dealt with the Filipino investor profile while part 2 discussed the 5 stages of Life Cycle Investing.

In your journey to financial freedom, one inevitable expense that you would have to deal with is taxes.  It is not enough that you make a lot of money.  It also matters how much you keep. 

Who is richer? A person who makes $100,000 a year and pay $50,000 in taxes?  Or someone who earns only $70,000 and only pays $5,000 in taxes?  The answer is simple.  The one who keeps the more money (after taxes).

Investment w/ Tax Incentives: PERA vs CTRP

According to Efren Cruz, the author of the book “Pwede Na! The Complete Pinoy Guide to Personal Finance”, there are two investment vehicles that offer tax incentives.  There is PERA (Philippine Equity Retirement Account) and CTRP (Comprehensive Tax Reform Package). 

Here are the main differences between PERA and CTRP:

As you can see there is a LOT of tax advantages for both types of accounts.  Having a tax exempt investment is like saving at least 20% of your income.  It’s money that you keep. 

Rich Money Habits Thoughts:

To be honest, I haven’t given much thought about retirement until I learned about the tax incentives from the seminar.  I understand that there’s a mandatory SSS or GSIS in the Philippines.  I also read about 401K and Roth IRA accounts in the US but I am not sure if there’s anything similar to it in the Philippines. 

There’s still a lot more to learn about retirement accounts in the Philippines, but the tax incentives definitely caught my attention. The tax benefits from PERA and CTRP are incredible. 

Unfortunately, for reasons I still don’t understand, PERA is still not available in the Philippines.  I guess I’ll have to wait until it becomes available.  As for CTRP, it was my first time to hear about it during the seminar, so I really don’t have any clue. 

My only hope is that I’d be able to learn and take advantage of both financial vehicles and share it to readers of this blog some day.

How about you?  How are you planning for your retirement?  Have you taken advantage of any tax incentives for your investment accounts?

This is part 2 of a series of articles discussing the lessons and tips from Moneysense Live’s Where to Invest in 2010 Seminar.

Part 1 of the series introduced the Filipino investor profile and shared the overall financial outlook for 2010 along with some tips on how to invest in the coming year according to one of Citibank’s financial analysts.

This time we will be sharing the 5 Stages of Life Cycle investing which was discussed by a BPI representative during the seminar. 

5 Stages of Life Cycle Investing 

1. Orientation
   • Eager Beginner (mid 20’s and younger)
   • Learn the different types of savings
   • Cultivate the habit of savings and investing
2. Exploration
   • Investment Apprentice (mid 20’s to 30’s)
   • Gain knowledge and experience on the different investment options
   • Develop skills to choose the right type of investments and avoid scams
3. Accumulation
   • Wealth Builder (30’s to 40’s)
   • Optimize returns
   • Accumulate wealth by owning a home, new car, higher education, etc
4. Preservation
   • Asset Protector (50’s to 60’s)
   • Seek less risky investments to protect money accumulated
   • Live on interest
5. Disposition
   • Legacy Bestower (60 and above)
   • Self-sufficient
   • Leave heirs with as much assets as possible

Rich Money Habits Thoughts

The above 5 stages of life-cycle investing allows you to assess your financial situation and where you’re supposed to be at specific points in your life.  It is a handy guide to achieving your dream of financial freedom. It is a financial roadmap.

If you’re still young in your 20’s, it would be to your advantage to start learning how to personally manage your money as soon as possible.  This is very hard to do especially when you’re young.  You would rather enjoy life and spend as much as you can than worry about saving and investing your own money. 

If you’re in your 40’s and still struggling to save, that’s an obvious sign that you urgently need to start catching up fast.  Decide now to learn about the various ways to save and invest your money while you still have some time. 

If you’re looking for ways to build your retirement fund, you’re in luck as part 3 of the series will discuss the available retirement accounts in the Philippines (PERA vs CTRP) as well as the tax incentives from choosing one over the other.  The article will also touch a little bit on REITs.  So watch out for that in the coming weeks.

If you’re already approaching retirement, I wish you well.  I hope your retirement income from your investments can support you to live out your dream of financial freedom!  Have fun and enjoy life!

P.S.  Watch out for the announcing of the winner of Rich Dad Poor Dad book by Robert Kiyosaki from our first ever Rich Money Habits Readers’ Survey!

P.P.S. We will also be launching the Rich Money Habits Newsletter this month which includes a special section showcasing the results from the first ever Rich Money Habits Reader’s Survey.

Welcome to the second edition of the Rich Money Habits Carnival!

In this edition we will highlight the top 5 frugality and success articles out of the tons of money stories we’ve received during the month of February.  May these articles inspire you to live a wealthy and successful life.  Enjoy!

Rich Money Habits Top 5 Picks

• Steve C presents Why Being Frugal Can Only Take You So Far On Your Path To Wealth posted at MyWifeQuitHerJob.com. RMH – A great read on the age-old dilemma of going too cheap.  Steve argues that raising your income by working on your business gives back way bigger returns than the measly saved income you gain from cutting back  expenses.
• Faizal Nisar presents Secret of Success: YOU | Be Truly Happy posted at Be Truly Happy, saying, “Creating money begins in the mind. Once you learn that success is a mindset, you can become rich in any industry.” RMH – Inspiring article on taking responsibility for your own success.  The question at the end says it all, “will you take responsibility for your success, or blame others for your failure.”
• KCLau presents Focus: Achieving Goals posted at KCLau’s Money Tips, saying, “A guest post by Sayeed, a senior manager in a large MNC in Penang on how he achieved his financial goals.” RMH – Interesting article on why we should keep on dreaming.  Sayeed offers 5 tips on how to focus on your dream and achieve it.  My personal favorite – “get 15 minutes a day to read a book, best before going to bed. Develop the habit from there…”
• FIRE Getters presents A Simple Budget That Works? posted at FIRE Finance. RMH – Very helpful tips on how to make your budget “actually” work.  The article aptly describes the problem of budgeting as being “too complex and rigid” while real life demands “flexibility and simplicity.”
• Wenchypoo presents Ending Bureaucracy posted at Wisdom From Wenchypoo’s Mental Wastebasket. RMH – Great article explaining what bureaucracy means.  While reading the article, I couldn’t help but compare it to how big companies “bureaucracies” disguised these things as “processes”…in reality, all these “processes” do is delay you from doing what you really need to do in the first place.

Other interesting articles in this edition

Money Stories

• tristin presents This Is Me ? I Will Become a Millionaire posted at tristinaugustus.com.
• Nathan Bishop presents 100 Best Companies To Work For 2010 posted at The Debt Hawk, saying, “100 Best Companies To Work For 2010″
• MyMaria presents Debt Snowball: Making Progress posted at Frugal Homesteading Blog, saying, “We’ve paid off more than 75% of our debt since we started doing the debt snowball. Here’s how.”
• Credit Shout presents Credit Cards From A College Students Perspective posted at CreditShout.

Business

• Frank Goley presents Why a Business Plan is so Important to your Business Success posted at Business Success Strategies, saying, “The business success strategies blog is written by small business success expert, Frank Goley, the chief business consultant for ABC Business Consulting. Frank has more than twenty years experience helping companies start, grow, turn around and succeed.”
• Eadwine Walter presents Why Are College Students Dropping Their Business Majors? We Give You the Stats. posted at Online University Data, saying, “Ironically, while the economy is in the tank, statistics reveal that the percentage of college freshmen who plan to major in business is at its lowest level since the mid-1970s.”
• Martin Russell presents My Biggest Mistake Starting Off posted at Martin Russell.
• Glory Scott presents Maruti Suzuki to roll out Sports Car ‘Kizashi’ in India posted at Breaking News Online, saying, “Maruti Suzuki India is all set to roll out its sports luxury car, ‘Kizashi’ in the Indian market. The car is expected to be priced at Rs 10 lakh – 13 lakh. It will give a tough competitions to brands like Toyota, Honda, Hyundai, Skoda and Volkswagen.”
• John Paul Aguiar presents Why You Need To Be A Affiliate Marketer Today posted at Money Dummy Blog.

Personal Finance

• Lazy Man and Money presents Seven Things You Must Do to Prepare for An Emergency posted at Lazy Man and Money.
• Roshawn Watson presents Americans Have Loss Financial Hope posted at Watson Inc, saying, “A recent study highlights how Americans have loss hope for getting rich”
• Kathleen Gaga presents One of the most effective ways to energetically attract money posted at Daily Awareness, saying, “You must expect nothing in return. Not from where you give your money nor from any other source. Simply give because you want to give.”
• CreditCardAssist presents Card Issuers Step Up for Haitian Relief Efforts posted at Credit Card Assist, saying, “Credit card issuers have stepped in to assist with Haitian relief efforts by waiving interchange fees on relief donations and donating money to international relief organizations.”
• youngandthrifty presents youngandthrifty joins the ?Million Dollar Club? posted at youngandthrifty, saying, “Youngandthrifty takes the plunge and joins Budgetsaresexy’s Million Dollar Club- whereby members pledge to have rich money habits in order to reach a net worth of a cool million.”
• JJF presents IRS Imputed Interest Rules | IRS Tax Advice posted at The Personal Finance Blog.
• Patrick @ Military Money presents Which Types of Insurance Do You Really Need? posted at Military Finance Network, saying, “This article covers some of the basic types of insurance needed by most people, young and old.”
• ABC presents Income Tax Brackets And Marginal Tax Rates for 2010 posted at ABCs of Investing, saying, “Complete list of income tax brackets and marginal tax rates for 2010.”
• Four Pillars presents Complete Tax Return Myself Or Should I Hire An Accountant? posted at Quest For Four Pillars, saying, “Should you complete your own tax return or hire an accountant?”
• PT presents How to Cook a Better Steak for Less posted at Prime Time Money.
• FMF presents What Your Boss Wants You to Do posted at Free Money Finance, saying, “Your career is your #1 financial asset. This post tells how to make the most of it by delivering the results your boss wants delivered.”
• Colin Robertson presents Making More than the Minimum Payment on Your Credit Card posted at The Truth About Credit Cards.com, saying, “When the new credit card rules go into effect on February 22 (Credit Card Bill of Rights), perhaps one of the most exciting changes will be the way payments are allocated.”
• Joel Ohman presents CARD Act | Credit CARD Reform Act of 2009 | Credit Card Accountability Responsibility & Disclosure Act posted at Credit Card Chaser, saying, “A 5,000 word guide to the Credit Card Accountability, Responsibility, & Disclosure Act of 2009 (CARD).”
• Weddings Affordable presents Wedding Help From Friends and Family posted at Affordable Wedding Planning, saying, “A great way to save money on your wedding is to enlist help from your friends and family.”
• Cathy Stucker presents Finding Money posted at Cathy Stucker, saying, “Know that cool feeling of reaching into your pocket and finding a $20 bill you forgot about? Multiply that feeling by 10′s or 100′s with the tips in this post.”

Investing

• BeaBu presents Are You a Bear or a Bull? Or a BeaBu? | BeaBu posted at BeaBu.com, saying, “Investors, short sellers, and the others – why you should trade on both sides. BeaBu.com is a blog about risk taking, macro trading, and alternative investments.”
• MoneyNing presents Avoid These Five Investment Mistakes posted at Money Ning, saying, “Don’t make the same mistakes I did and avoid the pitfalls with these simple but important points.”
• Abdulrasool Sumar presents How to Retire as a Millionaire with your 401k Plan and 7 Strategies to Achieve Growth of your 401k Plan posted at 401k, saying, “Learn the story of Knute Iwaszko who saved $1 million in his 401k plan with a $60,000 annual salary and paying the costs to raise 5 kids. You do not have to be a Goldman sachs CEO or a whiz kid on Wall Street making millions!”
• Gracie Turner presents The Heaviest Price Tags In Higher Education posted at Online Colleges.net.
• Jasmine Hall presents 100 Best RSS Feeds for Your Financial Literacy posted at Accounting Degree.com.
• Hoven Keith presents Ultimate Guide To Biotech ETFs posted at ETFdb, saying, “ETF investors looking to gain exposure to the biotech sector have a number of options to consider–five to be exact. While there are some similarities between these funds, there are also some significant differences that result in unique risk and return profiles and diverging returns. In this article, we profile each of the ETF options, highlighting the pros and cons of each.”
• Honeypurple presents 100 Important Personal Finance Posts for Women posted at Accounting Degree.com.
• Debt Hawk presents Best Mutual Funds 2010 posted at Best Mutual Funds Now, saying, “The Best Mutual Funds 2010 will be determined at the end of the year. What needs to be evaluated is which ones have the best prospects of having the greatest returns and which one will be consistent.”
• The Investor presents Rebalance your portfolio for your benefit, not the tax man’s posted at Monevator.com, saying, “Rebalancing your portfolio between stocks, bonds and other assets can boost your returns and reduce risk over the years – but don’t reduce the benefits by increasing your tax bill.”
• The Smarter Wallet presents Peer To Peer Lending Sites: Lending Club vs Prosper vs Kiva posted at The Smarter Wallet.
• Steve Patterson presents FastSwings – Blogs – Netflix (NFLX) Continues to Move Higher posted at FastSwings, saying, “If analyst nudge their expectations higher again, the stock should move accordingly. Look for this increase as a chance to buy or look for a slight sell off for your chance to trade the stock long.”
• Patty Pedersen presents Seven Ways to Invest in Auto and Auto Part Stocks posted at AlphaProfit MoneyMatters – Investing Blog, saying, “Auto stocks are a favorite of the momentum crowd. Assets in Fidelity Select Automotive have swelled 20 times from a year ago. This article presents five prudent auto plays including Autoliv and Penske Auto.”

Other

• nissim ziv presents Career Goals: Examples of Career Goals and Objectives posted at Job Interview Guide, saying, “Every now and then we come across people who are unhappy with their jobs. The reasons of their unhappiness may vary – they do not like their work schedule, or they do not like a particular colleague in their office, or even that they do not like their boss. However, these vague reasons actually serve as a cover for the underlying reasons of all dissatisfaction with jobs – the employee is unaware of or has not given thought to his or her career goals and objectives”
• Peak Personal Finance presents Advantage of Having a Tax Professional Do Your Taxes posted at Peak Personal Finance, saying, “It can really pay to hire a professional.”
• Joe Johnson presents How to Be Fashionable on a Budget posted at Fashion Merchandising, saying, “About saving money and resisting impulse purchases when buying clothes.”
• Silicon Valley Blogger presents Balance Transfer Credit Card Tips, Facts and Traps posted at The Digerati Life, saying, “Find out how balance transfer credit cards can help you out.”
• Four Pillars presents How Many Years Should You Keep Tax Paperwork posted at Quest For Four Pillars, saying, “If you have just filed your taxes – then keep your paperwork for a while.”
• Deposit Accounts presents How to Build a CD Ladder (Infographic) posted at Deposit Accounts.
• Rugbygirl Crosby presents Top 50 Sports Business Blogs posted at Sports Management Degree.
• MatthewPaulson presents Tips to Repair Bad Credit posted at Fine-Tuned Finances.
• Billeater presents Foreclosure – Should You Walk Away From Your Home posted at Billeater.

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.

Technorati tags: rich money habits carnival, blog carnival.

I recently received an email from an avid reader of this blog.  He asked me one simple question.  He said,

“I have an extra PhP50,000.  I don’t know if I should invest it all in RTBs?  What do you think?  What is the best thing I can do with my money?”

I remember sending a quick note asking him more about his financial situation whether he has any existing debts he can pay off with the PhP50,000 or if he has saved up for an emergency fund.  If he’s financially OK with both, I then asked him if he’s willing to leave his money in RTBs for the long term (at least 5 years)? If not, perhaps he can consider using the extra money to start a small business. 

Upon reflecting on the question, I realized this is a question most of us will face at least once in our lifetime. 

The key to taking control of your own money

If you really want to be rich, one question you’ll have to ask yourself more often than anything else is —

“What is the best thing I can do with my money?”

Do you remember the time you received your last 13th or 14th month bonus?  Maybe, about 2 months ago? Suddenly you had extra cash to do whatever you want. Or perhaps when one of your grandmother was so pleased with you receiving honors on your graduation, she gave you a $100 gift?  Or when you recently got your first promotion as a Team Lead and got a whopping PhP 3,000 as bonus? 

All of these brought you the same thing – the sudden problem of having “too much money”.

Now, don’t get me wrong.  I’d rather have the problem of having “too much money” than the problem of “not enough money.”  

Why having too much money is a problem

As some of you may realize, having too much money is indeed a problem.  Granted, not many people are currently facing this problem, especially in this time of recession.  These days, people are more familiar with the problem of “not enough money”.

If you have this problem of having too much money, congratulations!  You have the opportunity to face a different kind of challenge in your journey to financial freedom.  The challenge is to fully utilize your extra money and ask yourself what is the best thing you can do with it.

How people try to solve having too much money

1) Spend it

For some, the answer is simple.  Spend it.  Spend it on something you want.  You want that cool gadget they call the “iPad" or the earlier generation and wildly successful “iPhone 3Gs”?  Now, you have the money to pay for it – in CASH! 

Or how about the smooth talking salesman offering you a limited-time-only-special-edition watch for ONLY PhP50,000?  He lets you hold the watch on your hand and shows you how it would perfectly fit into your tiny wrist. After a while, you start to convince yourself. You say “I deserve to have this gorgeous watch”.  After all, you do deserve the reward after so many hours of working hard at the office.

This is the most common way people use their extra money.  Unfortunately, the ultimate question still remains – “is that the best thing you can do with your money?”

2) Invest it

For others, it is more complicated than that.  Their solution?  Invest it!  But how?

There are people who define their investments with what they can put under their name.  Invest it in a car or a house, they say!  It is an asset, right?  Of course, it is an asset says your banker.  Unfortunately, he doesn’t say whose asset it is.  The truth is, it is the bank’s asset.  When you pay your mortgage every month, or your car loan, the reality sinks in and you realize that the bank is making money from you.

Other people likes risky & highly leveraged investments. The truth-they are just plain gamblers and not investors.  You will hear them say

“Never mind, give it to me.  I’ll make your PhP50,000 into a hundred million in 3 days. I’ll buy a lotto ticket and when I win, I’ll split the money with you.”

The successful investors like Warren Buffet, on the other hand, live with a different mindset from the rest.  They made their money through sheer hard work, a lot of financial intelligence, and allowing the system to work for them.  Yes, they also lose money.  But they have gained more – knowledge and experience.  After many many years of ups and downs of the market, they still ended up making a lot of money in the process. 

So, which investor are you?

3) Donate it

The 2 richest people in the world both donate to charities.  Bill Gates donates some of his money through the Bill and Mellissa Gates Foundation.  Warren Buffet is a big fan of tithing and in fact planning to donate most of his money as part of his last will. 

When you donate, you are allowing yourself to believe that you CAN give.  You allow yourself to believe that life’s blessing is so abundant that sharing it will make it even more meaningful. When you GIVE, you gain so much more. 

Unfortunately, while we busily try to earn a living and make money, we tend to forget that money is a gift to bless yourself and others.  A gift that reflects what is important to you and defines who you really are – God’s blessing to others.

In the end, deciding how to spend your extra money is all up to you.  Anyone can advice paying off your debt, save for emergency, buy insurance, or any other advice that seem wise.

The reality is, I do not know your situation.  We are all facing different circumstances.  The advise to start a business may work wonders for some, while it may lead to bankruptcy for others. 

It is only YOU who knows what’s the best thing you can with your money.  Because it’s only YOU who knows what’s important to YOU.  

So, what would you do with an extra P50,000?

Investing in the stock market is scary for a lot of people.  Others like Warren Buffet love it and end up making a lot of money in the process.  But everyone who wants to be rich through the stock market needs to know some basic things.

Here are the 3 easy steps I followed in getting started on how to invest in the Philippine Stock Market.

Step 1:  Open a stock brokerage account.

To begin investing in the stock market, you have to have a broker.   As for my case, I used an online stock brokerage firm in the Philippines, mainly because of the convenience of doing it all online, at the same time, taking advantage of the relatively lower fees.

A few months ago, my wife and I opened an online stock brokerage account with CitisecOnline.com.  It was after many many months of thinking about it.  I already wanted to open an account even when I was still in Malaysia but I always found an excuse not to do it.  I’d say, it’s hard to open an account since I’m out of the country-Philippines. But the reality is, I can actually fax or mail the application forms to Citiseconline if I really wanted to and they’d be able to open the account for me. 

I came across CitisecOnline.com again when I attended Bo Sanchez’s Truly Rich Financial Coaching Program after coming home to the Philippines last year. I got to know more about the company and the stock market in the Philippines.  I was pretty convinced this was something I wanted to get involved into so I picked-up the application forms and brought it home with me.  However, taking action on the investment opportunity is a totally different story.  The only thing I had to show for it after a few weeks is the unfilled and un-submitted application forms on my hands.

Getting frustrated with myself for taking a long long time to decide, I finally filled-up the forms and decided to mail it to CitisecOnline.com the next day.  My wife, being the thoughtful person that she is, tried to call up CitisecOnline.com to inquire how we can submit our application forms.  She was pleasantly surprised because CitisecOnline.com offered to pick up the forms for us.  It meant we didn’t have to pay for mailing the forms ourselves after all! So far, so good.

Step 2: Activate and fund your brokerage account

The CitisecOnline.com agent came to our office that same afternoon to pick up the forms.  He took a quick look at the forms to make sure everything was filled out properly.  After confirming that everything is in order, he smiled and thanked us as he went on his way to file our application forms. 

The application process went on smoothly and after a day we got an email and a call from the COL agent that our application has already been approved and ready for funding. 

Normally, COL requires a minimum amount of P25,000 to fund an account.  For CitisecOnline Easy Investment Program (COL EIP), however, you can open an account for as little as P5,000 minimum. 

We decided to fund our account with P5,000 first.  We went through the nearby BPI branch and deposited the amount to CitisecOnline account number provided to us by the COL agent.  Afterwards, we then faxed the receipt to the agent and waited for our account to be activated. 

After a few days, COL advised us through phone that our account has been activated and our the login name and password have been sent to our registered email address.

Here’s where I encountered a few problems.  The email containing the password was tagged as a spam.  Since the email client I was using then was very old, I went through a lot of trouble trying to un-tag it so I can read the password. With no luck, I requested COL to re-generate the password again. Unfortunately, the new email containing the re-generated password got tagged as a spam too.  Back to square one. 

Starting to get frustrated, I then requested to have my email address changed.  The COL agent sent the application form for changing my email address.  I quickly filled up the form and faxed it to COL. 

Eager to check my account, I waited for their reply everyday, expecting that they generate the new password to my new email address.  But after a week, there was still no response.  This time, I sent an email to follow-up and shared my frustration. 

That same day, I received my login and password via email and was able to view my COL account online. 

Now, we’re getting somewhere!

Step 3: Buy stocks using your brokerage account

After reading the book Rule #1 Investing by Phil Town, I learned that the basic idea of investing is buying a $1 worth of stock for half the price-$0.50.  But calculating the value of a stock is not a very straight forward process, and to some degree, it is more of a guess than anything else.    

I tried to calculate the value but it took a lot of effort digging up historical data.  Fortunately, CitisecOnline provides about 3 years worth of a company’s financial performance but it’s just not enough.  Looking at the negative growth rates in 2008, when stocks and businesses were hit by recession, it is even harder to make a reasonably accurate guess of the company’s future. 

At this point, I had a dilemma. I realized I needed to learn more. However, until I have some money actually invested in stocks, I would not be able to learn through experience.  This meant I had to invest another way, for now.

Enter COL Easy Investment Program (EIP).  The program takes advantage of the Cost Averaging method of investment.   The idea is to invest a fixed amount of money on a regular basis (weekly, monthly or quarterly) on premium growth stocks and take advantage of the power of compounding to grow your money in the long term. 

Since your investing the same amount every week/month/quarter, your money will buy more shares when the market is down.  If the market is up, the value of your shares will also go up.  So in essence, you’re making money both ways.  The only disadvantage is that you have to have the discipline to invest the same amount on a regular basis and leave your money for the long term (COL suggests at least 5 years) and not get carried away by your emotions.

For those investing through COL EIP, you can even choose to invest on the recommended companies/stocks listed on the COL site.

Here are the 3 main advantages of using the COL EIP method of investment. 

• You don’t have to worry about constantly watching the stock market. 
• For as low as P5,000, you can invest on solid growth companies.
• Simple to use, regardless of age, income, or investing experience.

To gain valuable learning experience, I figured this is a great way for me to start investing in the stock market.  Without the necessary experience, I won’t have the knowledge to properly analyze a company and I won’t be able to make an educated assessment of the value of the stocks I want to invest in.

Besides, the Philippine stock market only has a limited number of companies at the moment, so I might as well invest in the most stable of companies for now, those that I think will still be in business for the next 10 years.

I know that P5,000 is a very small amount for some people.  However, it is an amount I’m comfortable
investing in into the stock market.  I may decide to invest more in the future as I gain experience in learning the world of stock market investing, but for now, I’ll stick to investing at least this amount on a regular basis.

How about you?  Have you started investing in the Philippine stock market?  How’s your investing experience been so far? 

Today, we are launching the first ever edition of Rich Money Habits Blog Carnival.

This edition is now accepting submission of the best money stories and articles showcasing money habits that make people rich through personal finance, business, investing, stocks, mutual funds, bonds, real-estate, internet marketing, and more.

Submission of entries is until January 26, 2010, at 12 midnight Pacific Time.

So hurry, submit your stories and articles now and be one of the chosen few to be featured to the first ever edition of Rich Money Habits Blog Carnival.

Let your story be heard.  Be featured.  Be Inspired.

What is a Blog Carnival?

“A Blog Carnival is like a magazine. It has a title, a topic, editors, contributors, and an audience. Editions of the carnival typically come out on a regular basis (e.g. every monday, or on the first of the month). Each edition is a special blog article that consists of links to all the contributions that have been submitted, often with the editors opinions or remarks.” – blogcarnival.com

As I’ve mentioned in one of my recent articles describing my financial journey last year, my wife and I were pretty lucky in 2009, being able to transition back to working as an IT professional in the Philippines even in the midst of the worst recession since the Great Depression.

As a consequence, our financial situation at the start of 2010 is relatively OK as summarized below:

• We don’t have any debts.
• We have an emergency fund.
• We have a little bit of savings on top of the emergency fund.
• We both have Life Insurance.
• We have started investing in RTBs.

As you can see, our financial situation is relatively safe. However, we are still slaving ourselves into the 9-5 job.  We still need to wake up early in the morning, go to the office, sit in front of a computer, think & type on the keyboard the whole day and then go home to take a rest.

We have cash, but we don’t have TIME.  I want to have both cash AND time.  And I won’t get that if my cash is sitting idly doing nothing while I am working hard the whole day.  I want my cash to work hard too, so that someday I don’t have to work as hard anymore.  That’s why I want to learn to invest my money.  That’s why I want to get into the money game.

I understand that aiming for financial freedom will take some time.  And I’m ok with it.  It will require that I learn more and more each day how the money game works.  And I’m up to the challenge.  I will probably lose some money along the way.  And although I think it will be painful actually losing money, I’m looking forward to the lessons it will teach me.

Here are my 3 financial goals for 2010:

I originally planned to list 10 goals, but I realized it’s too much.  I’m really not a big fan of remembering things so I’ll just keep it short this time.

1) Buy a House

Ever since I got married, my wife and I have been planning to buy a house.  We worked in Malaysia for two and a half years and we were able to set aside at least a down payment for a decent house.  The only problem is, we have NOT found our dream house yet.  Worse, we don’t even know where we want to live.

Our work and my in-laws are both located in Mandaluyong.  Naturally, we would want to live somewhere near to save on cost and for convenience.  Unfortunately, Mandaluyong is not the most tranquil and home-friendly-neighborhood place often portrayed in movies.  It is a busy commercial area and business district.  So all you see are tall buildings, noisy buses plying the busiest highway in the Metro they call EDSA, and lots and lots of busy people going to their work everyday.

We want a nice single-detached home with enough backyard to have a little garden where our kids could play.  We want a house where the air is fresh and we could walk along the neighborhood while watching the sunrise.  We want a safe community for our kids, where they can play around with other kids, much like what we both used to do when we grew up.

The two pictures are contrasting to say the least.  But there’s no other way to be closer in making our dream house a reality than to actively checkout the houses for sale now.

2) Invest 20% of My Money

As I’ve said earlier, our money is hardly working for us.  Last Monday, my wife was shocked when she heard that the 180-day time deposit interest rate is currently at 0.25%!  What??! Only 1/4 of 1%!??  I think I’d rather keep my money with me, thank you.

Yes, we’ve started investing in RTBs. We got 7% interest on a 7-year tenor bonds.  But it’s hardly enough when you take into account the 20% tax on the interest as well as the rising inflation.  I’d say it’s just a little bit over breaking even.

So this year, my goal is to invest the 20% of my money in something that will earn at least 10% per year.  I’ve already opened an online stock brokerage account, but I have not bought any stocks yet.  So my goal is to finally start investing.  I’ll probably start actually investing in mutual funds, businesses, and more this year as well.

This is precisely the reason why I described my goals this year as “getting into the game”.  It’s easy to read about the different vehicles on where to invest your money.  But it’s another story to actually do it.  You haven’t actually learned anything until you’re already doing it.

3) Be consciously alive

I spent my birthday last weekend having a nasty cold & cough.  Hardly a great way to celebrate a birthday.  On top of that, most of my holiday vacation was spent in my room trying to recover from another cold & cough I got a few days before.  It’s very hard to celebrate when you’re getting sick all the time.

I want to enjoy life, while I’m young and even when I’m already old.  Who’s to say that we should sacrifice now for the future, when what we have is only today.  Yesterday is gone. We don’t know what will happen tomorrow, or the next day.  Or even the next year.  What we have is NOW.

So I’ll start enjoying the present.  I realize that we can and should enjoy today and prepare for tomorrow.  My problem has been always thinking about the future that along the way I forgot to appreciate the blessings I have today.

That’s not to say I should be spending like crazy.  My goal is to start consciously living day to day with the energy of a young kid.  Be amused.  Be inspired.  Be wondering.  Be excited, once again.  Be alive.

Yes, I will still think about my future. I will still try to learn from my past experience.  But this time, I’ll try to be more conscious of the present moment.  Just like now.  I’m having a conversation with you, and having a great time.