My wife, being the very thoughtful person that she is, saw the wallets and immediately prodded me to buy one!  Not for bills, but for my coins! My coins seem to have a life of their own.  Most of the time, they are scattered everywhere in the house.  You can see them on top of our refrigerator, inside the drawer, scattered on the floor, etc until they are found out by my wife when she cleans the house.  And I get that glaring glance that I so love.

Why am I having a field day about a coin purse?  Because having a coin purse reveals an interesting money habit.  Why do you think men don’t like carrying a purse?  Because it is NOT cool and manly?  If you’re a guy, can you imagine yourself mustering the words, “oh wait, let me just bring out my purse”.  Only ladies carry a purse.  For the most part, that’s what I thought.  But when you’re like me who hates carrying heavy coins in his pocket all day, I’ll take that coin purse anytime.  And so, on that faithful day…I finally brought my coin purse.

Buying a coin purse is one of the greatest organizing tool I’ve bought for quite some time.  Whenever I buy at McDo, KFC, or even at the grocery store, the smiling lady at the cashier would always ask me if I have a spare change or coins?  Most of the time, I don’t because I hate bringing coins in the first place.  Whenever I have coins in my pocket, I try to empty it out immediately and put the coins inside my drawer.  They are too heavy on my pocket.  Unfortunately, when I try to have my lunch a few hours later, I (again) no longer have any coins with me.  When I am (again) asked if I have a spare coins I can only smile to my teeth and say I have NONE (again).

Since I don’t have the exact change,guess what the lady would give me as change?  I get another set of big bulky coins!  Yes, another set of coins!  When that happens I feel like being penalized for not carrying the exact amount. I guess my pocket is going to be heavy again…for a little while, until I get to dispose it into my drawer.

So how does having a coin purse make you rich?  The answer?  It’s in the habit.  The habit you cultivate in putting importance to the littlest of things like spare coins is priceless.  You learn that when you have more of those little things, they become big.  When they become big, their importance becomes more glaring.  They can give you something you cannot take for granted.  Like for example, having those extra coins allowed me to treat my wife for a simple lunch.  Nothing too fancy, just good food from good old coins. 

When you have coins, it forces you to use them.  Otherwise, it becomes heavy on your pocket.  When you use them, you become more precise.  How much is that meal again?  Oh, PhP85.  Let me give you one PhP50 bill, one PhP20 bill and three 5 peso coins.  Back when I didn’t have any coin purse, I would have just handed over the PhP100, get my change and forget about it.  Let that PhP15 change rot inside my pocket, or my drawer.  This time though, that PhP15 never left my wallet.  It’s still there, waiting for its chance to be a blessing to me and to other people.

How about you? How do you manage your spare coins?

P.S.  Are you a member of Bo Sanchez’ Truly Rich Club?  Checkout the huge discount to Jomar Hilario’s 1-Year Online Mentoring Program / (originally Internet Marketing Workshop Club) @ http://www.Bit.ly/truediscount!  This promo is being offered exclusive to Truly Rich Club members until June 29, 2010!  Only 4 days left to take advantage of this amazing offer.  If you’re not yet a member, sign-up to the Truly Rich Club now!

When you consider that each 30-second TV ad is worth millions of pesos, and you see non-stop airing of these ads for the same candidates, it begs the question, how much money are these candidates (or their supporters) spending for their campaigns?  I’m beginning to imagine that the only one getting rich these days are the TV companies.

Whether we like it or not, money is playing a big role on the Philippine’s first-ever automated elections, not only on the billions of pesos spent staging the automation process but also on the money spent by candidates in campaigning.

The Philippine government is paying billions of pesos for this election automation.  This money is spent on

• paying for the PCOS machines that read the ballots and count the votes,
• printing of official ballots,
• delivering the election materials to the different precincts,
• compensation for those involved in the implementation of the automated election,
• controversial (and hugely overpriced?) ballot secrecy folders, indelible ink, and more

The candidates (and their supporters) are spending millions (if not billions) of money in campaigning.  This money is spent on

• giveaways like shirts, house and lot, and other prizes,
• endorsements from popular celebrities, actors and singers, 
• hundreds (or thousands) of cash handed out to each voter (vote buying?),
• campaign ads on TV, newspaper, radio, internet, 
• logistics and travel expenses (helicopter?) and more

With majority of Filipinos still glued to their TV screens, TV is still one of the most effective medium through which candidates can reach out to millions of voters. Using the internet would be way cheaper compared to paying a 30-second segment on TV.  Unfortunately, most Filipinos still don’t have access to the internet.  It’s no wonder that candidates heavily spending on this medium are leading in surveys. 

In the end, even if money is influencing a lot of things in this election, one thing it cannot take away is the hope and determination of each Filipino to dream for a better Philippines in the years ahead.  Each vote cast in the upcoming elections is a show of support and confidence not only on the candidates, but on the country’s ability to make the first-ever automated elections happen in a peaceful and orderly manner.

Influenced by money or not, let’s make the country proud by voting wisely, and help the country build a better future.  Cheers!

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.

When I was in College, I wanted very much to help my parents pay for my education.  I was fortunate to have been granted a full scholarship, so that took care of the tuition.  Even then, making money from a far away province, and spending it in the most expensive city in the country is no easy task.  It is an uphill battle similar to walking up to a going down escalator.  So in my own little way, I also tried to make money by applying as student assistant to one of the university’s projects.  It doesn’t pay much since it is a government project but enough to pay some of my daily expenses and grow my confidence.

After graduating, I immediately started work as a mainframe programmer for a multinational IT company.  The offer I got then was around 16,000 pesos which was BIG money then for someone who’s fresh out of college and don’t have much working experience.  I worked very hard and was fortunate enough to be promoted almost every year.

As my paycheck increased, my appetite for consumption also increased.  I bought a refrigerator, a washing machine, gas stove, shoes, etc, ALL at the same time, EVEN when I didn’t have the money to pay for it.  I just used my new credit card!  That’s when my debt started to pile up.  The “easy” monthly payments never lived up to its promise.  No monthly payment was easy, especially when you only have your paycheck to rely on.  As my debt seemingly increased every month, I also had to worry about paying my monthly house rental, buying groceries, eating out with friends, and more.  There were times I was so out of money I even had to do “cash advance” on my credit card.  As some of you might know, you get to pay a hefty “fee” for doing a cash advance.  This is on top of the amount of money you actually “advanced”.  My already big debt, ballooned even more!  I was so ashamed of having to do cash advance, I promised right there and then, I had to pay for my debt no matter what.  It was like a having compound interest working against me.  I had to learn how money works.  I had to figure it out no matter what.  I had no choice.

While pondering my huge debt, I tried to look for ways to earn more money.  I tried doing some programming projects for friends.  I even entered the world of network marketing, tried selling wellness products and failed miserably.  I remember that my only “downlines” (a term indicating those you’ve recruited into the business) was my mother, my aunt, and a few of my friends.  It was a learning experience.  The thing that struck me most, was that my “need” for money, was being transferred to my “clients”, without me being conscious of it.  It was hard “selling” something you don’t 100% believe in and it’s even harder when your motivation is “making” more money without necessarily helping other people.  I think this mindset barrier is one of the reasons why I was not able to make it work.  Everyday, I had to battle with myself.  Am I here to really help other people?  Or is it just because of the money?

One time, while me and my friends were hanging out at a bookstore, I saw the book Rich Dad, Poor Dad by Robert Kiyosaki.  I heard my friend say it’s a great book, so I bought it, took it home and devoured the stories and financial lessons in the book.   The book opened my eyes to the world of money I never knew existed before.  That’s when I realized that the rich have different sets of money habits from the poor and the middle class.  For the first time, it finally made sense why I can’t seem to be making a dent on my credit card debt; why I can’t seem to sell anything at all.  Because I had the wrong money habits.  I had to learn rich money habits to achieve financial freedom.

After that, it got me excited to learn more about money. First, I signed-up for our company’s savings plan.  I started really small. At first, only about 2% of my paycheck is automatically deducted and kept under my savings account.  I don’t even get to hold the money.  After a month, I increased it to 5%, then to 10%. After a year of saving, I was able to set aside 20% of my paycheck without necessarily scrimping myself too much.  That was rich money habit #1 – pay yourself first.

With the savings, I had, I was able to pay my debt slowly buy surely.  More than that, it gave me confidence to know that I can do it, with the proper discipline and rich money habit.  When the opportunity came for me to be assigned to the US for a 6-month stint in my company, I was able to save even more and pay-off the rest of my credit card debt. That was rich money habit #2 – get out of bad debt as soon as possible!

I also started to take serious notice of the numerous calls I got from insurance agents offering life insurance.  Before, I would always make up numerous excuses just to avoid talking to them.  But now, I wanted to know more how I can use the different insurance products to protect myself and my family.  I also started reading more on business, money, investing and personal finance.  After a few years, I managed to save up for an emergency fund.  That’s rich money habit #3 – Get some protection!

I’m still a long way to go from financial freedom.  That is my goal.  I am in the process of learning how to build passive and semi-passive income, and I am loving every minute of it.  In this website, I will share whatever I learned so that you too can build your own rich money habits and ensure your financial success and freedom!