Insights from I Will Teach You To Be Rich by Ramit Sethi. You will feel rich kung “gumagastos ka nang labis sa mga bagay na gusto mo at walang awang bawasan ang mga gastos sa mga bagay na hindi mo gusto.” Spend generously on the things you enjoy and aggressively reduce spending on the things you don’t.
Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.
– Ramit Sethi
Para sa ilan, splurging on high‐end gym clothes, membership sa magandang gym, and a few pricey in-person exercise courses each month makes them feel wealthier than renting a large apartment.
Anuman ang iyong tatlo hanggang limang bagay na gusto mo, mahal mo, yakapin mo ang mga ito – be unapologetically different. If someone finds it absurd that you spend what you do on the few items or experiences that mean the most to you, that is their issue.
Kapag natukoy mo na ang tatlo hanggang limang bagay o karanasan na gusto mong gastusan nang labis,, reframe your desire to save money in all other areas as a positive quality by stating:
“I am frugal with X so I can freely spend on Y.”
Halimbawa, “Matipid ako sa mga restaurant at bar para malaya akong gumastos sa mga live performance,” o “Matipid ako sa mga hotel para malaya akong gumastos sa mga karanasan kapag naglalakbay ako.”
Such statements show you know what you want and are thoughtful with your money – it is difficult not to admire that. To explain what is important to you and develop into a more thoughtful consumer, spend a few minutes writing out a few “frugal with X so that I can freely spend on Y” statements.
SPENDING FRAMEWORKS
Contrary to popular belief, when you give yourself permission to spend freely in a select few areas that you truly love, you tend to save more money overall since you don’t feel deprived and wind up making useless purchases to make yourself feel better.
Ngunit ang paggastos nang labis ay hindi nangangahulugan na mayroon kang walang limitasyong badyet.
Ang labis na paggasta ay nangangahulugan ng malayang paggastos sa loob ng isang framework that gives you the impression that you can indulge in the activities you enjoy guilt-free and without being careless.
Narito ang tatlong frameworks ng paggastos na nakita kong napakalaking tulong:
- Start cheap and end high‐end: Magsimula sa isang murang bersyon ng kung ano ang gusto mo and allow yourself to buy more expensive versions with use. Noong gusto kong matutong mag-gitara, nagsimula ako sa isang Php1,000 used guitar from my friend and only allowed myself to upgrade if I played it consistently for 60 days. Pagkatapos ng 60 days, I upgraded to a Php10,000 guitar that felt like a Php50,000 guitar in comparison.
- The envelope system: Withdraw a set amount of money from your bank account every month, and put it in an envelope for each item or activity you wish to splurge on. You can also load prepaid debit or gift cards. Spend the money in the envelopes guilt‐free. Kapag naubos na ang pera, kailangan mong maghintay hanggang sa susunod na buwan upang ipagpatuloy ang paggastos.
- The seven‐day rule: When you want to spend money extravagantly, describe what you want to buy and how much you want it in an email that will bounce back to your inbox in seven days. Kapag natanggap mo ang email makalipas ang pitong araw, tanungin ang iyong sarili, “Is it still worth the money? Do I still want it as much as I did seven days ago?” If not, don’t buy it because you won’t care about it thirty days from now if you’re not as excited about it now.
NEGOTIATING A HIGHER SALARY
Kung sinubukan mong bawasan ang mga gastos at ilagay sa mga frameworks na ito ngunit pakiramdam mo ay wala ka pang sapat na pera para mamuhay ng mayamang buhay, iminumungkahi ni Ramit Sethi na you cut costs to about 85% of optimal and then go on offense and negotiate more money into your life.
When you begin a new work, you have the chance to easily negotiate a pay raise of 5–10% in order to swiftly enhance your purchasing power by a few thousand pesos.
- Bring a job offer from another company into the deal. Don’t divulge the name of the company if the offer is from another company that is smaller. Say “I have another offer and I’m looking for a higher salary” in its place. Mention another company’s name if you have a lucrative offer from them so that they engage in a competitive bidding war.
- Make a plan to show how you’ll contribute to the success of the business. Find out what projects the company is working on or may be working on, and then explain how you can contribute significantly to those projects. Babayaran ka nila nang mas malaki kapag alam nilang magdadala ka ng mas malaking halaga.
- Always remember to maintain a cooperative tone throughout the conversation. Your body language, tone of voice, and demeanor should all convey the following: “I’m excited to work with you and bring a lot of value to this team, but I’m a very valuable employee and I want to make sure my compensation is fair.”
NEGOTIATING A RAISE
Here’s how to negotiate a significant increase in six months if the negotiation doesn’t go as planned or you don’t want to look for a new job:
- Ask your employer during a performance review: “What would be the three most effective things I could do to become a top performer?”
- Based on their response, make three goals for the next six months. Then ask, “Would you consider me a top performer if I achieve these three objectives?” After they say yes, conclude by saying, “If I do an extraordinary job, I’d like to sit down to discuss a possible compensation adjustment, but we can address that topic when the time comes. Sound good?”
- After the meeting, send a follow-up email outlining your six-month goals. Aim to surpass them.
- Pagkatapos ng limang buwan, email your boss to set up a meeting 30 days out to discuss your performance and compensation (extra credit: persuade a teammate to submit an email to your employer outlining your involvement on a recent project.).
- Bring an email outlining your original goals, a list of recent accomplishments, your target compensation, and a list of salaries from salary.com that are equivalent to your desired income to the meeting. If there is resistance, act bravely and maintain your position. You’re talking about reasonable compensation as a professional; you’re not requesting a favor.
Author: The Pinoy Engineer
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