Taoke (Business)

How to Achieve Prosperity for Chinese New Year

Kiong Hee Huat Chay!  We, Chinoys, greet each other with these four words during Chinese New Year — wishing everyone a prosperous new year.  But what does prosperity mean? And how does one achieve financial prosperity?

Prosperity means that there’s abundance in all aspects of your life. Financial prosperity means financial peace of mind. You won’t need to worry about tomorrow — income will flow for the rest of your life. But how do we achieve this financial independence or so called “living on interest”?

This is possible through generating passive income.

Here are some ideas on how to create passive income:

1. Buy properties and rent them out.

Look for a good location where there’s high foot traffic. It can be near a hospital, a market, a mall, or a school where you know there are lots of people. You can buy a house lot, office warehouse, apartment, or a condo, and look for people who want to rent your place.

You may check on your banks or https://www.foreclosurephilippines.com/ on the possible foreclosure properties so that you can buy them at cheap prices.  You can also scout the area you like for possible sale properties or join the Facebook group, FIL-CHI BWE TWE GROUP (REAL ESTATE EDITION).

If you don’t have the capital yet, you might want to consider borrowing money. I only recommend you avail of a loan if you know that you will be earning more than the interest rates that you will be paying.

Look for the lowest offer on the loan interest rate. Nowadays, since interest rates are low, it is the best time to borrow. Make sure that you have a good amount and proof of income and assets for your loan application to be approved.

2. Invest in stocks or UITF funds that earn dividends.

Another way for you to have passive income is to invest in stocks or in UITF funds that gives dividends.  Investing in these financial tools gives you the opportunity to be part owner of that specific company or fund.

Good thing you don’t need to shell out big capital. With as low as Php 50,000, you may enjoy earning dividends already.

This is living on interest wherein you don’t need to do any hard work.  Once that company earns income, you earn as well.  Dividends payout are usually once a year, twice a year, or sometimes quarterly, depending on the offer.

3. Put your money in time deposit or bonds.

This is the simplest way to earn passive income, especially if you don’t like to take risks.  This is the safest financial method wherein you earn the guaranteed rate of return in a specific period of time. However, with the very low interest rates nowadays, you need to have big capital for you to have the monthly income that you want.

Now, maybe you’re thinking about how much money you need to earn the monthly income that you desire.

It’s simple: Identify how much monthly income you want to have for the rest of your life. Divide this amount by the interest rate to get the capital that you need to accumulate.

This capital is now your goal. Start accumulating it now. That way, you may enjoy early retirement and more time with your loved ones, and if you want, be able to help others at the same time.


For more vital steps to be financially ready for 2021, you can read on here and for the best financial advice on what do with your ang paos, check out the article here.


About the author

Sheila Ong is a legacy architect.  She helps Chinoy families plan and design their financial homes by not only creating a strong financial foundation but also peace of mind, allowing families to do what matters most, which is to have more time to spend with each other. It’s her passion to empower each Chinoy family to create a legacy of love from one generation to the next through proper wealth management. As a naturally shy person, she evolved into becoming a public speaker driven by her advocacy. She has transformed many lives, including the lives of her team of financial advisors and the lives of about 400 families who are now financially secure.  Sheila also values family time as she is a full-time mom to her son.

If you want to know more, you may send her an email at sheila@legacyoflove.info. For more information, you may also check out her website, https://legacyoflove.info/ and Facebook page, https://www.facebook.com/legacyoflovewithsheila/.

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