Monday, November 29, 2010

What Father Taught Us About Money

1.  NOBODY has ever become wealthy from gambling.  No lottery ticket has made anyone a captain of the industry
2.  If it sounds too good to be true, it IS too good to be true.
3.  NEVER use your home as collateral when borrowing from a bank.  It can charge up to 15% interest and then jack it up to 35% in penalties if you cannot pay on time.
4.  Don't buy a P5 million car if you only have P10 million. Invest them on instruments that yield high performance gains.  He prefers land, property and bonds.
5.  NEVER sell a house inherited to you and your siblings.  The money you get from the sale may be less than what you expect.

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