Four rules for getting rich | Inquirer Lifestyle

Four rules for getting rich

Brother Bo Sanchez never tires of quoting Proverbs 21:20 in the Bible: “Precious treasure remains in the house of the wise, but the fool consumes it.”

Definitely no fools are Bo’s maids—Gina, Weng and Maricel—who have invested in the stock market and have since watched their investments grow. Hearing them rave about their earnings, Bo’s skeptical driver bought stocks as well and is now convinced that his boss’ “The Truly Rich Club” is for real.

The four helpers’ good fortune is an affirmation of Bo’s belief that everyone ought to be rich-not only spiritually, but also materially. And the Catholic preacher in blue jeans unabashedly tells one and all that there is a right way of doing it. For money is not evil; it could, in fact, bring much good.

Bo’s book “My Maid Invests in the Stock Market” is a runaway best-seller. Just as numerous as the readers of his books are the active participants in his regular weekend spiritual Feasts here and abroad.

Many of those who heeded Bo’s Bible-based spiritual exhortations are now as gung-ho about achieving material wealth, while those who were initially attracted to his talks on material prosperity have begun working on their spiritual lives as well.

But Bo does not only preach or write about material wealth; he actually shows people how to do it through well-attended seminars, where financial experts walk wide-eyed beginners through the step by step process of making millions.

Bo’s “How to Make Millions Through the Stock Market” seminar two weeks ago at the Philippine International Convention Center drew about a thousand participants.  Coaching them on the so-called easy investment plan (EIP) were experts from, and the head of, online stockbroker Col Financial.  A disclaimer from Bo: He is a believer of Col Financial, but does not work for it.

Not a get-rich scheme, the seminar was about investing “the right way to create your millions for the future.”   To do this would require discipline and resolve as wealth happens “over time,” the participants learned.

This is not about the frenzied buying and selling of stocks, nor gambling-style trading and hard-to-decipher figures and graphs, Bo said. It’s not about trading to make a fast buck but long-term investing; there is a world of a difference, he added.

Mid-lifers and senior citizens who listened to the talk are now asking: “Why didn’t anyone tell us about this when we were in our twenties or thirties?” Parents who put in and lost their money in educational plans that went pffft could very well ask the same question. But it’s not too late, if the financial coaches are to be believed.

The gospel of EIP is about investing in publicly-owned or Philippine Stock Exchange-listed companies, thus participating in their growth and earnings. The investor makes money through price appreciation and dividends. Investing this way is a hedge against inflation.

At the seminar, one learned new terms and stock market jargon like peso cost averaging and strategic average method, current price, buy below price and target price. Presented were four rules in making money through EIP in the stock market, or ways to accumulate, upon retirement, P10 million (or much more) that one cannot earn through one’s savings in the bank.

Here are the four rules to getting rich through the EIP:

1. Invest small amounts (P1,000 and up) at regular times (say, weekly , monthly, or quarterly) without fail for 20 years or more.

 

2. Invest even when there is a crisis.

 

3. Invest only in giants.

 

4. Invest in a number of giants.

 

Other tips to remember: Never sell for 20 years, just keep on buying. You can sell at a certain point, but buy below price.

Perhaps one of the best things about this EIP investing scheme-for both the young once and the young ones-is that they can do it online. But one needs to be computer literate to navigate the online platform. (Visit www.colfinancial.com.) One can also do it on one’s feet, minus the computer. Bo’s www.trulyrichclub.com provides regular stock updates, suggestions and, of course, inspirational messages.

As the preacher has stressed again and again, the goal isn’t to become multimillionaires. “As I teach (people) to build their financial wealth, I also teach them to build their spiritual wealth. They need to grow in their character to handle big money, or it will destroy them. I remind them that the purpose of wealth is to love others. Use your wealth to serve God,” Bo said. CPD

Bo Sanchez is inviting the public to the Kerygma Conference 2012, the biggest Catholic inspirational conference in the country. Now on its fifth year, the conference offers two whole days of inspiration with 14 streams to choose from on Nov. 24 and 25. This will be held at the SMX Convention Center at the Mall of Asia Arena in Pasay City. For tickets and inquiries, call 725-9999 or visit www.kerygmaconference.com