Benj and Fely went through a nightmare of losing all their money and drowning in debt to the tune of over a million pesos. They had good paying jobs. But when salary day came, the wife would make a beeline to the malls, using her credit cards on a shopping spree — a real “bilmoko” (bili mo ako). When the bills arrived, Fely and Benj paid, but many times paid only the minimum amount. Naturally, the principal amount ballooned.
What did the “bilmoko queen” do? She approached friends, relatives, and co-employees for “bridge loans” to pay existing loans. As a result, she earned the monicker “Londoner” — loan here, loan there, loan everywhere.
“We were financially stupid,” Benj related. “We had humongous 7-figure debts and we had a yearly obligation of P500,000 to send our kids (Chai and Rocky) to the green archer’s school in Manila. Where could I get this kind of money every year? I felt so insecure, had lots of sleepless nights, and got into fights with people I loved.”
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| Mam Fely and Sir Benj Santiago with mentor Bro. Bo Sanchez |
In 2008, both retired successively from the companies they were working thinking, among others, that their pension would settle their obligations. They feared, however, the worst would happen: lose all their retirement money.
“But my retirement became the starting point of my career detour,” Benj reminisced. “I sought advice, attended seminars, and read a lot of books by Robert Kiyosaki and Bro. Bo Sanchez. I put to action what I learned from Bro Bo’s Truly Rich Coaching Seminar and got into a company called IMG-International Marketing Group.
“Fely and I were coached how to manage our finances, how to get out of debts, and how to invest properly. We did not just learn; we started to do what we learned. And with discipline and consistency, we continued to do it since then till now.”
Through proper and strict management of funds like spending according to their means and making priorities regarding their expenditures, they were able to rise from the abyss of indebtedness.
In about three years after his retirement, Benj said, they were able to get out of their bad debts, had profitable investments, and were able to start generating passive income, which reached P153,678 per month in 2012. In addition, they have been able to change more than 3,000 people’s lives all over the world.
From: mb.com.ph/risen-from-debt/
YOU too can take charge of your finances and achieve financial freedom.
Just like with Ms. Fely and Mr. Benj Santiago, IMG is here to mentor you and help you achieve your financial goals through financial education and proper way of saving and investing.
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