Tuesdays and Eating your Feelings

Hi again,

Tip for the wise, never eat your feelings. Especially not at a fine dine restaurant.

I missed my scheduled lunch appointment sandwiched between work, with my classmates. Now the good thing in eating with schoolmates is the very high probability that they are under allowance which means they have very small budget for food. Always try to eat with people that are poorer than you are or have a tighter budget. This makes for more savings in the long run.

I don't have packed lunch since I anticipated eating out at a fast food chain or something nearer that budget. But since I'm tired, and stressed out and half sad that I'm alone I found myself in a fine dine franchise. Overloading on carbs based dishes (particularly potatoes and pasta.)

And when you're sad. Prevent yourself from getting that extra scoop vanilla ice cream on your banana split sundae. Consider how triumphant and happy you'll feel when you walk out of the restaurant with your wallet and budget in tact. Almost humpday. Stay strong!

Xo,
Paula

The 5s I Like

Hi again!

Today's a holiday and one would normally rather lounge and go on vacation but here I am in my room thinking about my sales strategy (its a homework for, wait for it, my fashion class), also in between that reading business articles and browsing through exchanges in our group.

So here we go... because I am currently thinking about the future and financial freedom. I have a few practices I learned over college.

The number five is crucial for both this. One I like to call 5 piso jar, and another I like to call 5k build fund.

1. The 5 PISO (in a) Jar
How does it work: fish for 5 piso coins in your bag, pocket, coin purse and put them in a jar.
What does it do: it helps start up your savings technique. It builds up that discipline to start saving.
Why do you have to do it: cause 1s too little and 10s too much.
When do you start: Now. I'm sure you have a 5 piso coin somewhere.

You'll easily get a full jar. Once your jar is full or you're no longer on allowance from your parents or you don't have thesis to finance you can continue saving through 5k build fund.

2. 5k Build (a) Fund
How does it work: save 5,000PhP each month
What does it do: you can now open an EIP fund through any local bank accounts, or a COL account. Or you can save so you can invest more aggresively
Why do you have to do it: investing can be very intimidating for young people and I firmly believe in starting early. If you start saving to invest early you win by ccompounding :)
When do you start: start now, there is no better time than now.

So I've stopped practicing the 5 Piso Jar because (1) I need coins for public commute, and (2) I'm focusing on multiplying assets and I can earn more from 5k Build Fund. But I started with the coins before the bills and it will really help in the long run. You can do it with your baby sis and bro or cousins or if you have children. When you've developed a savings habit that red sign that says SALE won't be so attractive. And the sooner you stop accumulating debt and start accumulating savings the better for your future, the faster you can retire. Woohoo! Cheers to the week!

Xo,
Paula

When do you start? (Richard Branson's thoughts on turning an idea to a business)

Richard Branson has been one of the many business icons I look up to. Although I don't rank them in order I can easily say he's at the top 5.

I read his article earlier today (read article here) and it inspired me to write about this too. I can somehow relate to Taylor. The UST student that asked and inspired Richard's article.

I too was an entrepreneur major. The great thing is that this course is now being offered in colleges and universities. Unlike generations before us who had to start from scratch and scratch their head in wonder of how to start. Their business plans probably look like a piece of crumpled paper with a simple sentence that they were made to write by their venture capitalist. And they probably had to stumble before they got somewhere.

Chinkee Tan said "instead of learning from your mistakes, learn from other people's mistakes." What he said makes a lot of sense. If you see that person A failed because of reason A. Please don't try and fail because of the same reason. This can be an avenue for innovation. Try doing that, create a reason A.1 and test it out ;)

Now, you might be saying "okay. I tried that I have a reason A.1 all improved and a positive winner." Let's go back to the issue at hand. When do you turn your ideas to a business?

Richard (okay Mr. Branson) ((for the sake of feeling close to him, I will now refer to Mr. Branson as Richard. It puts you in a comfortable position while writing)) had several things in mind when turning an idea to a business. I'm using his words as a guide to write this piece. I hope that the general idea is still there after writing it though.

1. Find your safe space.

Find a space you are comfortable in. Or where you normally spend alone time and think. I spend mine in the T&B (toilet and bath) cause people don't really bother you in the shower they let you use it until you're done. You can pray in there, you can think, you can even turn it into a hideout.

2. Think about what you're interested in or passionate about it.

You'll find that most people who are passionate about what they're doing are successful. Like what Blake Mycoskie said, "I feel like everytime I've made a decision at TOMS that I'm passionate about amd improves someone's life, the company grows and makes more money." Follow your passion even if you're worried about money, your passion and your determination to see the project through will guarantee that your idea is going to be a success.

3. Mum test it.

I like how Richard phrased this. (Especially cause I call my mother mum too.) Ask your mother's opinion. You know that saying "mothers know best" doesn't exist for no reason. I personally ask my mum about my ideas too. Although my mum is naturally a pessimist, she's also an idea generator and a business woman. She knows what she's talking about more often than not.

4. Calculate and involve risk.

Once you have your idea mum tested and approved, and you have your business plan ready. Get a group of friends to test out the product and/ or service you're offering. Gather feedback and tweak the product according to the info you have. If its all good and perfect, chances are your friends would ask for more. And spread the word around.

5. Gather feedback for product improvement and development.

Sometimes your customers have special requests that could branch out into a second product or a general concern that can help make the product better. Keep the communication open and listen to what your customers want. Remember that the customer is always right (even when they aren't.) If she says the soup is too salty, it is.

6. Think ahead, hire people, delegate tasks, and grow.

A good quality product will keep customers coming. Think ahead. Aim high. It always pays to be ambitious. If you're targeting 100. I urge you to add two more 00s to that figure. What have you got to lose? If you don't make 10,000 you would have reached the original goal of 100.

Hire people. There is no one man multi billion company. The bigger your company gets the more people you need to bring in.

I'll end by quoting Debbi Fields, "the key word here is 'imagined'... you have to add a zero or two to your net worth and direct your attitude and financial strategy toward getting there."

Money Saving Tips For Your First Day of School

Hi again,

It's Paula, new update I'm a fashion school student. YAY! Now there's a lot of misconceptions about fashion students one being "all fashion students are loaded stuck up sons and daughters of bitches" I call bull. Not all of us are loaded or stuck up or sons and daughters of bitches.

And since I'm currently in between rich and broke at the moment here's a few money saving tips for all you guys and gals that are back to school-ers like me.

1. Eat breakfast at home.

(If you take caffeine I suggest you do that at home too.) skip the long line at Starbucks and avoid spending over 300PhP for a sandwich that you can make at home for quarter the price. Also there's a lot of instant coffee that you can get for the cheap.

2. Trade cabs for walks

Now if you're like me who takes public commute from my home to the school/office try leaving 30minutes earlier and avoid the traffic. It'll give you plenty of time to get to work or school.

3. Bring essentials

There is nothing more expensive than purchasing at convenience stores. A regular pen would cost you 5PhP but that's going to be around 21PhP in convenience stores. Turn those into savings by making sure you have everything you'll need in your purse.

4. Brown Paper bag your lunches

Or be creative and make a bento. Being healthy is the in thing now, so if you're thinking of eating salad for lunch skip that trip to Wendy's and buy fresh veggies and fruits and whip it into a salad.

Remember that money doesn't grow on trees. And start saving those pisos. It would feel like 200PhP on cab fares is nothing. But accumulate that into a month and you can easily purchase a new pair of jeans with that.

Xo,

Paula

Introduction

Hi,

I'm Paula. I'm 23 years old. Barely successful in my career. Often bored. Wishing to travel but rarely get the chance or the budget together to get to it. I work in the fashion industry selling premium bags as their admin and finance head. I also double as the hr. And sometimes even the inventory officer.

In this world people are dressed up in labels, where you eat, who you are wearing, where you spent your weekend, what you did on holidays. Everything is labeled and judged based on your ability to keep up with the high life that everyone you work with has. Well in this case their parents.

I'm under paid. And i work few hours. I'm taking a course (that I think I paid too much for) to network and to better my chances in life.

This will be a chronicle of my struggles in fashion and food, and finances. I'll try to post as often as possible but I'm trying to develop my discipline. And with that I'll post at least one note about finance every Tuesdays 8AM CST. Cheers and have a good one!

Xo,
Paula