Another shot of inspiration for you!
Time to pick up real practical lessons from a person who experienced the struggles of starting to invest and now is more determined to fulfill his dreams.
More importantly, take actions to materialize that inspiration!
Have fun investing!
The Story of Ken Ivan Embradura
When I finally joined COL last October, there was this huge sense of accomplishment emanating deep within myself. I'm finally taking charge of my future and reading and rereading Bro Bo's book "My maid invests in the stock market" only helps to cement my decision. However, it took me almost 2 years to get started. I have been a member of Bro Bo's Kerygmafamily Forum since 2006 and made some great friends and on 2010, someone started a new thread entitle stock investing going on by the name of john316. I read through several posts but felt like they were speaking a different language. Also, when I looked at COL's requirements to start an account, I felt like I couldn't be bothered because you had to have your ID authenticated by the Philippine Embassy and I lived about 2 hours away from there. Small excuse right? However, there was this huge fear within me because I've heard all sorts of horror stories regarding the stock market.
It wasn't until last August when we went back to Phils that I got a copy of Bro Bo's book MMITSM. After reading it 3x, I thought this is it. For some reason, I didn't feel scared anymore because I trust Bro Bo and I knew that if I joined TRC [Truly Rich Club], I would get help and have a bit more idea about the stock market even if it's at a snail's pace.
I sent the requirements through regular post to the Philippines but even after 1 month, it still didn't arrive at COL's office. I called COL and they advised that I send another one but this time through courier.
Now it's really important to have a clear goal in mind when starting anything as it helps you a lot when you're feeling down or don't want to continue anymore.
It reminds you of why you started doing it in the first place.
For me, it's for my financial future but it goes deeper than that.
I have read in bro Bo's book that because many people don't save when they were still young, the money they get after they retired will only last for a few years and maybe more. What if you're still healthy but then because you're not working anymore and don't have any money you have to depend on your kids.
I don't EVER want to hear my kids saying to one another "Oh ikaw muna ang magbantay kay papa. Ang dami nyang gamot at nauubos na ung savings namin" or at least something to that effect.
I also started to make a daily note of how much money I spend everyday so at least I know where my money goes. If you have an Iphone, you can download an app for that and it makes it so much easier.
I started to cut down on buying Lacoste tshirts, ps3 games, Nike shoes and set up a fortnightly budget for myself.
At first it wasn't easy doing all these and I'm tempted to go back on my ways but I read and reread my goal and it helps little by little. Nowadays, I can see a new shoes from Kobe at the mall and I wouldn't feel anything where as before, I'd definitely buy it right then and there.
I also made a decision to keep on putting up funds every sweldo. During the first month, I was a bit sad because most of my portfolio was still red and I didn't really know why. I asked a lot of questions in this group and thank goodness the people in this group really have a genuine desire to help us newbies.
My portfolio is looking better now but I know I still have way MORE to go in terms of acquiring knowledge about the stock market.
For all those who are still a bit hesitant to invest in the stock market, take the leap.
You have to start somewhere right?
It's no good waiting until all your ducks are lined up before you start shooting them. Ask lots of questions. We have all been there at the beginning right? Before we become experts, we are novices.
Write down your goals so if something happens and makes you feel discouraged, read it again and again so that it will remind you of why you started investing in the first place. If your stock is losing money, make a plan like until what percentage would you be willing to lose money or would you be willing to hold it in as you believe it will grow in the future.
Finally, everytime you add funds don't just buy for the sake of buying. It's important to have a buy below price so you can maximize your profits and don't just buy for the sake of buying. Have some cash reserves so that when the market is really going down, you can buy heaps of stocks at bargain prices.
Happy investing everyone!!!
PS: For more inspiring stories, you can check our Stocks, Soups & Stories page. You may also want to share your own story too!
PS2: For beginners, download your free copy of My Maid Invests in the Stock Market... And Why You Should Too. Click here to download!
PS3: If you're just starting to invest, download this practical ebook to guide you in every step of the way - Investing in Philippines Stock Market for Beginners!
You can also check the strategy of Truly Rich Club of investing in this sample Stocks Update - Strategic Averaging Method!