We often heard the words good defense and good offense in a game like basketball. A team needs to excel on both to have a better chance of winning the game.
In financial world, good defense refers to one’s ability to protect the wealth. This involves skills such as frugality, good planning, investing and anything with regards to handling money. They practice good financial literacy skills and knows how to manage finances well.
As for good offense, it refers to one’s great ability to accumulate wealth. In real life, there are people who earns great amount of money from salary, business and other things. They master the art of money making skills, and they can get a lot of it.
Both are needed to secure financial freedom in future. While making money is easy for some, protecting money is a different skills that they need to learn separately. Have you ever wondered why most of lotto winners go bankrupt again in less than 5 years? It’s because they don’t know how to protect their money. They don’t have the basic financial management skills.
I know some of you earn a lot of money from your salary, business or part time income. However, this is not forever. Unless you know where to put your money and play defensively, it won’t last. It will surely lost in value or end up payment for liabilities.
In the end, financial literacy is a must learned skill for all. No matter how much money we accumulate today, it won’t matter tomorrow if we didn’t handle it well. Don’t brag about how much you have. Big or small, I don’t care how much you earn. What I do care is how you can put that money to work harder for your future. Learn to play good offense and good defense.
And for that, you need to help yourself. Equip yourself with financial skills. Invest your money for long term. Be frugal.
P.S. A year ago, I do not know anything about investment. Then I joined Truly Rich Club by Bo Sanchez. It was the best decision I ever made in my life. Brother Bo is a spiritual preacher and at the same time, financial literacy advocate whose purpose is to help people become rich in order to serve the LORD with the money that they have. He guided me along the way, explaining how I can manage my money and make it work hard for me. Now I’m investing in stocks and mutual funds and have a clear path for my future. Soon I’ll open UITF account as well. All are made possible by his guidance and teachings on every steps to become an investor. Being OFW isn’t forever, this is my EXIT PLAN. It’s amazing how his teachings change my life. I’m inviting you to join the club too, JOIN TRULY RICH CLUB. If you have any question, feel free to leave your comment below. CLICK HERE TO JOIN