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It’s been more than a month since Money Summit 2011 was held. It was a tw0-day event filled with practical tips on how to make massive passive income. I only got to attend Day 2 which was held in RCBC Plaza Makati on July 23, 2011 but one post was not enough to convey the learnings I gained. You can read the Money Summit 2011 Review: Part 1 here.
Let me now share with you snippets of the interview that Air Daquioag conducted. I haven’t gotten the recording of the panel interview so let me share with you my side of the story as best as I could recall.
Air Daquiaoag of Money Summit:
Tell us a little something about yourself — your work, your financial struggles before, and what gave you that “aha” moment when you decided to take action toward financial freedom.
I’m Sha Nacino. I graduated from U.P. Diliman with a degree in B.S. Business Economics. Immediately after graduation, I worked for a multinational bank in Makati Business District.
Everything went well. I was earning a decent income. I had access to credit cards. I felt I was rich and free. That was until I read the book Rich Dad Poor Dad. The book presented me two ugly truths. First, I was not rich after all. In fact I was broke. Second, I was not really free. It made me realize that I was doomed to work all my life if I don’t learn how money works. That literally started my journey towards financial freedom.
Air: There are many wealth vehicles — stocks, mutual funds, forex, franchising, network marketing, etc. Why did you choose what you chose?
Sha: I chose two–writing books and internet marketing which all boils down to communication.
Let me first talk about writing books. I chose writing books because of three reasons:
1. Writing is my passion. It makes me feel alive and relaxed.
2. When you write a book, you could inspire people because of the message you communicate.
3. You only need to write a book once. After you write it and have it published, everytime someone buys the book, you earn a royalty. That’s a good source of passive income.
Now for internet marketing. This is the information age. A lot of people are into the internet. Writing stuff for online reading is just like writing a book. The only difference is that you don’t incur printing costs, distribution costs, etc.
Imagine doing what you love, in my case, writing, and everytime someone visits your site, google pays you for the google ads. That’s another great source of passive income. If you want to learn more about how internet marketing works, check out Jomar Hilario’s two-day internet marketing workshop or his one-day internet seminar on how to work-at-home.
Air: Can you share with us your first win? How did it happen? How did it feel like?
Sha: I’ll talk as a writer. I never knew I had a gift in writing till that day when I joined the Worldbank 2008 Essay Competition. With only a week to prepare while working full time, I was able to write a 10-page essay which was recognized as one of the top 200 essays among the 3,600+ essays submitted worldwide. That really blew my mind! I never really thought I was good at writing. And so when I thought of a way to communicate the message of financial literacy among yuppies and employees, I decided to write a book.
Air: Wow! Congratulations! Many people are into books and seminars on wealth building but few take action on what they’ve learned. Why do you think this is so? How come in your case you took action?
By the way, Sha was one of the participants of Money Summit 2010. Now, she’s one of the speakers.
Sha: Thanks, Air!
I guess those who didn’t take action haven’t found their Big Why yet, or what Bo Sanchez coined as emotional why. If you have a big why, this will inspire you to act. Let me illustrate what I mean by big why or emotional why. I’ll share a very personal story.
It was Christmas then and I could hear the happy Christmas songs being played over the radio of a taxi I was riding. Everyone looked so happy, except me, and perhaps the taxi driver. Why? Because I was on my way to work on Christmas day! That was such a painful experience.
That painful experience made me dream to some day reach a point wherein I’ll have a choice whether to go to work on a certain day or stay at home without bending any rules or compromising someone else’s time. And so this big emotional why was one of my driving forces.
As regards attending seminars, if only I could pick one great idea every time I attend a seminar or read a book, that’s good enough for me. And I’ll turn that idea into reality.
Air: Sha, you wrote a book about your financial journey. Tell us what made you decide to do that. What are the key lessons we can learn from your experience?
Sha: My journey towards writing my first book Think Rich Yuppies was more of a serendipity. At first, I didn’t dream of becoming an author. When I learned about the importance of personal financial management and financial freedom from books and seminars, I wanted so much to communicate the message. But then I realized that money is such a sensitive issue. I couldn’t just tell a friend, “Hey! Manage your finances well.” I thought of a medium that could best help me reach out to a lot of people. Thus, the book.
In simplest terms, the book Think Rich Yuppies talks about how to zero out credit card debts, how to increase savings, how to make money while you sleep (passive income), and many more!
I believe that if we want to succeed, we should think of how our talents could give value to others. Then profit will follow. Take note that it’s not the other way around.
I also believe that there’s more to life than working hard all our life and retiring when we are already old and bent.
Air: Sha, you still have your day job while investing on the side. How do you juggle both given your busy schedule? What’s your advice to people who are transitioning or who want to transition from working full time to investing full time?
Sha: First, I believe it’s all about passion. If you love what you do, you will really make time for it. In my case, I love writing! I feel relaxed and alive when I write. And so instead of watching movies to feel good, I sit down in my home-office and write. It’s like hitting two birds in one stone.
Second, I had to cut down on some activities that I used to do. For example, when I moved to my own place, I specifically made sure not to buy a TV set. This leaves me more time to do things that are more productive like writing, attending important meetings, meeting with friends, bonding with family, etc.
Air: Would you recommend that people quit their job to go full time in the pursuit of generating passive income?
Choose one or two means of earning passive income that best suits you (e.g. internet marketing, stocks investing, etc). When your passive income is already greater than your expenses, that’s when you resign. And when you resign, leave a good legacy or added value to your employer.
* end of the interview
I hope you learned something new from this interview snippet. Jay Castillo also blogged about his Money Summit experience here.
Disclaimer: I wrote the interview transcripts above as best as I could remember. Actual words used may not be exactly the same as the ones I used during the Money Summit. Nevertheless, the essence is the same.
Till my next post!
Personal blog: http://www.happysha.com
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Text and Photo by Sha Nacino. Copyright © 2011 All rights reserved.
Member, Bo Sanchez’ Truly Rich Club
P.S. 1. Get your copy of the book Think Rich Yuppies here.
P.S. 2 I give talks on Personal Financial Management for FREE. If you and your group of friends or officemates are interested, send me a note at firstname.lastname@example.org. If my sched permits, I’d be more than happy to share with you what I know.
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