Tuesday, March 4, 2014

Book Review: I Wish They Taught Money in High School

I didn’t grow up in a rich family, we also live from paycheck to paycheck. The salary is enough to provide the needs but not the wants. If you want something like new toys and new clothes, you have to wait for your birthday or Christmas. We don’t have a family date every weekend, no summer outing or summer classes.

If there’s no school, I don’t have money so even when I was a kid I learn to save my allowance. Nobody taught me about money, I just realized that I need to save if I want to buy something. I had my first savings account when I was in College, I know it’s already late because others have it since they were kids. I feel so rich when I had my first ATM. lol. 

I was able to buy my first cellphone, I joined out of town trips and was able to buy my wants because of my savings. It is my dream to save more so I was very eager to graduate and have my own work so I can save and save. 

As I mentioned, nobody taught me how to handle money, how to save and how to invest but through watching TV and reading magazines and books I’ve gained knowledge. One of the books that opened my mind is “Rich Dad, Poor Dad”. 

Last month I received this book “I Wish They Taught Money in High School So I’m not dependent on my paycheck/So I Can Start My own Business Right Away” 

I was reading this book while waiting for our Kuala Lumpur flight and I finished the book before we reach Kuala Lumpur, Malaysia. I like the book because it so easy to understand and even the financial terms were simplified. You will be inspired and motivated because the authors are sharing their own experiences and you will realize that you can do it too. 

So I’m not Dependent on my Paycheck 

I’m pretty sure that most of us wanted to gain financial freedom or at least we won’t be dependent on our paycheck. When I was still working, I just wanted to save and from what I’ve read you need to save at least 6 months of your income so I followed it, even I reached my 6 months income I did not stop until I resigned from work. 

I’m proud to say that my savings helped me to finish paying my insurance and postpaid bill. At least hindi ko inasa sa aking hubby because I have my own savings. So what if hindi ako nagsave, sayang ang aking insurance kung materminate lang. Saving is really a must for everyone especially for emergency needs. 

Well, of course saving is not the sole solution to gain financial freedom. The book will challenge and show you how to achieve your dream. You will learn that money is not taboo, debt is not bad and credit cards are not evil. I must agree because I posted before my savings tips regarding cards.

I want to share the 5 tips from the book so you can transform your regular income into passive income

S-Start Small 
M - Make a Habit (and stick to it) 
A- Acquire More Knowledge 
R- Raise the Bar of Creativity 
T- Think Outside Your Salary 

 “Formal education will make you a living; self-education will make you a fortune - Jim Rohn”

So I Can Start my Own Business Right Away

I resigned from my work because I need bedrest, having no work = no salary. Of course, I’m not used to it and I don’t want to spend my savings for my wants and needs. I tried selling house and lot, I opened my online business and recently I resell generic home products like detergent powder, dishwashing liquid and fabric conditioner but it wasn’t successful. I earn from those sidelines but I think it is not the business that will make me achieve my dream. Well, I’m not giving up yet, I’m still hoping that I will have my own business someday. 

Reading this book will make you realize that you can start your own business with little or no capital. It will teach you how to multiply your income and how to overcome challenges and finding solutions. 

One thing that caught my attention is the Eker’s Sophisticated Analysis because this is something new to me. According to Eker’s analysis whenever you have any extra money, you should practice apportioning it into 6 different jars. (after tax) 

10% Financial Freedom Account 
55% Long Term Savings for Spending 
10% Contingency Fund/Neccesities 
10% Education 
10% Play 
5% Give 

I do encourage you to buy this book P500 if you want to learn how to save, invest or start your own business. Check here

 “The best time to plant a tree is twenty years ago; the second best time is now - Proverb” 

A repost from my old blog Michi's Home Sweet Home


  1. I learned about the concept of "saving money" at the age of 7. I remember I had a little "alkansya" wherein I put every centavo or peso left from my "baon". My very first savings bank account was when I was 12 and it was not because of my parents, it was just me wanting to have my own "ipon" (learned it from my Social Studies class) and to be able to help my parents if the needed. True enough when my mom needed money because the remittance from my Dad was delayed, I was able to lend her. I grew up armed with a knowledge that it is always wise to save or as our Tagalog maxim says, "Kapag may sinuksok, may madudukot." However, things changed when I got hold of my first credit card. I didn't know how to "use" it and things just went awry. Long story short, I got rid of my credit card and now that I'm a wife and mom, I have only one, which is actually my husbands' credit card. :) It is really wise to save and invest, maybe no longer for ourselves but for our children's future. Thank you for sharing. :)

    1. We really need to save so we won't be trapped in "Sandwich Generation". One of my fear is to grow old without money because I don't want to rely on my son to give me allowance in order to survive. :)

  2. Thank you for sharing this mommy. I remember when I was in HS Php 40 lang baon ko per day, then pag may gusto akong makuha or mabili, may conditions ang parents to, be in honor list tska nila ibibigay gusto ko and then when I reach college, believe me or not pero baon ko lang is Php 500/month. My parents taught us how to budget, kaya hindi ko na experience mag bar or gumimik that time kasi I want to save my extra money to buy something new for me. Now that I have my own family, I'm proud to say na marunong akong magbudget, nakuhan namin ng trust fund si Rhian for her future and laging nasa isip is yung needs hindi wants. (although sometimes, bumibili rin kami ng gusto namin as a reward for working so hard.) ^_^

    1. Experience is the best teacher talaga. I will check on trust fund nga. :)

  3. Live based on our means plus save a little for emergencies and some play are guiding points with regard to money/finances that we are trying to practice. Right now, we hope to save for our son's future adventures. Sana may ipon kami to support his future endeavors and passion. Thanks for sharing this post. We have a small digital printing business that we are learning to manage day by day. Sana nga magkatotoo yung nakasulat dun sa libro, "...self-education will make you a fortune." :-)

    1. True, we need to live within our means. I hope someday, I will be an entrepreneur too. :)

  4. I need to buy this book. Hubby and I have different styles of handling money so we sometimes clash. Maybe we can use this as guide specially now that we are planning to invest na.

  5. This is a great book! Iba iba kasi ang thinking ng mga tao when it comes to handling money. Some think they have a lot na kaya they spend too much and not save enough during the rainy days.

  6. Thank you for sharing this Michi. Simula nagkaroon ako ng work, I learned how to manage it. Kahit mahirap mag budget talaga, :) I am now planning to have a business kaso hindi ko pa alam ano ba talaga kahit sa maliit lang magsimula. Naginvest narin kami sa stock and long term funds. Kahit pa unti unti nakakaipon and nakkabayad sa mga utang before nung nasa ICU baby namin. True satin nagstart how we can wisely manage what we earn..

  7. Thanks for sharing! I think the earlier we are taught about the value of money and how to manage our finances, the better.

  8. I'm currently trying to save money so we can start a business but then it sometimes there are expenses that are out of the budget but are necessary. But I know we can start saving very soon!

  9. I would love to have that copy for my daughter. She's still in elementary but I think she can already understand what's being taught about money.


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