In honor of the greatest innovator and visionary of our generation, here, in Steve Jobs’ words, is what I live by:

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” 

I started this blog when I was in the middle of what in my mind was severe financial crisis and sort of stopped when I graduated from it. But once in a while, I get surprised by notifications in my inbox of new comments on old posts, thanking me for sharing or for the advice. I am humbled and grateful that this little blog, my experiences as a financially irresponsible yuppie, has in some way helped others.

I am now no longer in my 20s, no longer freelancing and am gainfully employed, no longer based in the Philippines even. I am happy to say no longer in debt, with some savings and investments. But I believe moolah issues will still matter regardless of where you are in your life. And so I’ve decided to start posting again — of how I got here, how I intend to stay here, marital financial issues, savings and investments, financial planning, budgeting and more. Hopefully, whatever I publish into the vast void that the world wide web is would find its way to the browser of someone who needs it.

MANILA, Philippines — The peso breached the crucial 43:$1 barrier on Friday on strong foreign exchange inflows and growing expectations of another interest rate cut by the United States Federal Reserve.

The local currency hit an intra-day high of 42.73 against the US dollar in morning trade, its strongest level since touching 42.63 on June 21, 2000.

“We’re looking at 42.50:$1 next week,” said Jonathan Ravelas, chief strategist at Banco de Oro–EPCI.

The fourth quarter is seasonally a strong season for overseas remittance inflows ahead of the Christmas season. On top of these remittances, the market is benefiting from a resurgence of foreign portfolio investments into the stock market.

A potential cut in interest rates by the US Fed in December is also expected to make high-yielding assets from emerging markets like the Philippines more attractive to offshore investors.

The peso, Asia’s best performing currency so far this year next to the Indian rupee, has so far gained by over 12 percent this year.

“You have to spend to earn”

1. The past three weeks, I have been going to the office almost everyday, which meant transportation and food expenses. Since I was in the office for extended periods of time, it also meant having breakfast, lunch, and dinner outside. I was spending almost P500 a day! Ag!
2. Because of all the stress, at one point, I had to a quick massage over lunch at a nearby spa to remove a pain in my neck. Easy way to burn P750.
3. Two weekends were spent “working” for Mabuhay Magazine–yep, I got to travel for free, but I pretty much spent my salary from those two gigs for pasalubongs and for the people I brought along with me.
4. Since I was getting too stressed out, I had to hire someone to take care of administrative/coordinating tasks in one of the publications I handle. That meant cutting to almost half what I earn from that project.

So yes, I did earn more over the past three weeks, but I also spent more. Bottomline, my net earnings are practically the same.

I see how people often forget this, quickly jumping at a job that offers higher pay, but forgetting to factor in the costs related to working. I remember my sister (who’s a work-at-home-mom) pointing out to me a study that shows double income families are not necessarily financially better off that single income families, because the former incur twice the work-related expenses (food, transpo, office clothes), and have to hire household help.

I suppose it’s just about finding a balance. However, I’ve always maintained that salary should not be your main consideration in looking for a job; if you’re happy with the work, by all means go do it. You’ll find a way to make the money be enough. But if you’re not happy with the work, no amount of salary will ever be enough.

MoneySmarts talks about a survey that shows income and financial security are only fifth on the list of what makes Filipinos happy. That should tell those of us–who devote all our time for work, sacrificing time for family and friends and rest–something.

I guess what I’m trying to say is: if we work too hard to earn more, it’s not always worth it because (1) you end up spending more anyway, and (2) it won’t even make you that happy.

TREKKIE MONSTER
What you say?

BRIAN
Kate wants to open a school for Monsters.

TREKKIE MONSTER
School for Monsters? Me never hear of that!

(sung)

School for Monsters!
School for lonely little Monsters!
When me little,
going to school,
other children
think me not cool,
poking and pulling
at me fur…
Now we have therapist,
and work on this with her.
But me no need me therapy
if Monster School a reality!

(spoken)

Here! Me give you ten million dollars!

PRINCETON
Trekkie! Where did you get all that money?!

TREKKIE MONSTER
In volatile market, only stable investment is porn!

On Wednesday, as soon as I heard that Estrada was pronounced guilty and that the economy was starting to react positively, i went to the bank and withdrew all the dollars I can. Hehe. Used it to pay large chunks off my two remaining cards.

Turned out to be a good decision because the peso was downhill from then on.

And so when I saw a dirt cheap Boracay promo at the Philippine Travel Mart – P3,500 for an all-inclusive 3 day, 2 night trip (airfare, transfers, accommodations, breakfasts) – I was all set to whip out my credit card and book a trip for 4.

You can’t get any cheaper than that. A decent trip would normally cost P6,000-P8,000 per person.

But thank God my boyfriend managed to stop me. And thank God my mom agreed with him.

Considering I’m currently somewhat broke, with tens of thousands of credit card debt remaining, booking that trip would have been the height of impulsive buying. Granted that it was cheap, it’s still something I can’t afford right now.

Right now, I have to remain focused on my 2 main financial goals:
1. Paying off my debts
2. Saving up a decent “buffer” and emergency fund.

Boracay will always be there, and there will be more travel marts and cheap promos in the future.

1. It was so incredibly busy and stressful that I wasn’t able to collect checks/claim payments on time, thus putting my September budget in peril.

2. I had a couple of unplanned expenses – my mom’s medical insurance premium (I thought it was due October), fees involved with getting a receipt from BIR (need one for a job) – both justified, but outside my budget.

3. I still forced myself to zero out one of my credit cards (Second one! Yay!), putting the balance in both my bank accounts to minimum.

Yes, I met one goal – zeroing out a credit card – but I’m near broke and I don’t know when my next check is coming in. I’ve begun charging stuff (gas and groceries) on my two remaining cards again, and payment for one of them is due today. Sigh.

Apparently, this meme was started by a blog called Moolanomy, and it has a round up of all the one-finance-advice’s so far.

Now, I’m not sure I’m the best person to give financial advice – this blog being, so far, an account of my struggling to get out of credit card debt and putting my finances in order – but as the saying goes, experience is the best teacher.

And so, based on my experience, here is my little nugget of wisdom: Good financial management is not concerned with the amount written on your paycheck.

Allow me to explain. People often think that if they earned a little bit more, they would be better off financially. Not true. In my first job right out of college, I was paid just a little over minimum wage, and I stayed with that job for about two and a half years. I lived from paycheck to paycheck, constantly borrowed money from my mom, and often had my cellphone or credit card suspended because of late payments.

In my next job, my salary almost tripled. You’d think, being single and all, that I would have been able to save tons. Unfortunately not. I moved out of my mom’s place and rented a condo near my new office. I applied for new credit cards, left and right. I took up my master’s degree in an expensive school. I went out more often and ate in more expensive restaurants, I shopped more, and I went on expensive vacations. And so despite my drastically increased income, I was still living from paycheck to paycheck, and racking up even more debt.

The point is, financial management is about how you spend, not how much you earn.  This is something I wish I knew way back when I was still earning close to minimum wage. If I did, I would probably be a millionaire now.

Now, for the three people I have to tag:

Ismangil -  an ardent advice-giver in this blog
Twoyearstops – a now debt-free friend who used to be in the same boat I am now
Jinoe – who thinks he’ll be working on his finances for life

Graduated from a Chinese High School, became green in college and turned to a blue masteral studies. After finishing college in three years, worked with a bank for P10/day no-work- no-pay basis and has been w/ loans and credit until the end. FRUSTRATION IN LIFE: Just when I had the answers, they changed the question. MY ADVOCACY: Just because you are a past due account does not mean we cannot remain as friends; and that it already gives me a license to humiliate you! MY TEACHINGS: Repayment should be based on cash flow and not on threats. It is like availing a loan based on collateral and not on the purpose.

Basically, the site provides advice to people who have defaulted in credit card payments, and are now being harassed by card companies and collecting agencies. (Harassment includes those phone calls at ungodly hours from rude agents threatening to haul all your possessions.) We’ve all heard stories like that, and I know people who have been subject to that harassment.

His site doesn’t apply to me (at least not yet), but I’m sure it’s helpful for many others. Dear God, I hope I do get to pay off all of my debts before (God, forbid) I run out of work or something.

Thanks to Dave Q for the tip!