A couple of weeks ago, I had a conversation with our landlord here in Dubai and found out that his finances are in tatters. Mired in debt with no clear solution. He even owes money to relatives, friends and some people in church. I’m not talking about 5 digits of debt; he owes the bank and other people a total of AED 365K (PHP 5.152 Million)! That’s a staggering amount especially for someone whose income is not even enough to cover the monthly payments.
This is our second time to attend Money Talks UAE, and this by far has been the best and most interesting one we’ve been to. The conference was supposed to start at 1PM, but due to technical glitches it started at nearly 2PM, cutting the entire conference time short by almost two hours, and forcing the speakers to shorten their discussions a bit. It was not the full-day conference like the previous ones; a bit short on time, and cut even shorter due to technical difficulties, but definitely not short on information and new learnings from the excellent speakers.
Financial Freedom was a term I often heard and read about from Facebook and Twitter posts from people doing MLM Businesses, as well as online scammers who were always on the lookout for the next gullible person to lure into their get-rich quick schemes. The idea sounded great, and at the same time foreign to me. I didn’t even know how to achieve it since it wasn’t something that was taught in school, nor something I heard about from friends or family, or even in the news. I grew up not knowing how to manage my finances or even properly plan for my future.
It wasn’t until I attended a seminar by Randell Tiongson, organized by TRC (Truly Rich Club) in the UAE in 2015 that I actually got a clear picture of what Financial Freedom really means, and how one can actually achieve it. One does not simply achieve Financial Freedom or Independence by wishing it, or working 8-12 hours a day. In order to achieve financial independence, a person needs to have a proper Financial Plan.