WBL Workshop #6: Be Money-wise

      This workshop held on May 4, 2017 with the inspiring, amazing, knowledgable guest speaker, Mr. Franck, who is also my economics teacher. The topic is "Be Money-wise", which, of course related with money because that' Mr. Franck's expertise. 

      He first discussed the importance of time and our perception of time which changes as we grow older. He said that time is finite, it waits for no one. We all have an expiration date. Time has a cost, therefore we need to learn to budget our time. He told us to read more. Become a learner instead of the one who looks only to be entertained. "Risk comes from not knowing." 

      After reviewing the ideas of assets and liabilities, he talked about habits. "Humans are creatures of habits" he said. I agree. Successful people understand their habits and try to create positive ones. They are in control of their habits, therefore they can improve their habits to improve themselves. "You can't solve problems with the same thinking and habit that created them". "Chains of bad habits are too light to be felt until they're too heavy to be broken."

      He told us to be an owner rather than a customer. "You are in control of your money until you give it away, so take control of your finance". Surround yourself with others who think like you, or those who you want to become as you are a combination of your 5 closest friends, he said.

      He then talked about debt, the enemy of wealth. He advised us to avoid credit cards and student loans. He told us to be an avid saver and be frugal.

      We must create goals for ourselves. But to create these goals, we must know who we are, our strengths and weakness. Write out long term goals then work backwards in small increment to achieve the that goal. Write down each step and revisit your goals daily. By doing so, we pay closer attention to the goal and check up on our selves on where we are at. 

      Guard your reputation. It's one of the most important assets that you have. Pay attention to those you hang out and compare them to who you want to be in the future. Guard your privacy. Don't share everything about you online. It's should be a privilege to know you as a person, not something anyone can just check online.