La e how Bo S

From the best-selling author of Think Rich, Pinoy!

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Learning the secret of how to become rich is one thing but how to stay rich is

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GROW RICH, PINOY!

Ga on che
mb ey z
another matter.

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GROW

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In the wake of the stunning success of his first bestseller, Think Rich, Pinoy!, author and real

t
estate investor Larry Gamboa continues to impart his hard-earned wisdom on how to stay
comfortably and confidently wealthy for years to come.

There’s a lot more work to do if you want your passive income to become massive income.
And it’s lots of fun!

Larry will tutor you as you enroll in the school of life and learn from the failure and success
stories of a self-made taipan, a computer genius and Pinoys who are working at thinking rich.

As you aim to “make the grade” in staying rich, you’ll learn more about:

● How to determine your financial report card so you motivate yourself by measuring
your way to financial freedom
PINOY!
● How to amass wealth with Larry’s 5/7 program By Larry Gamboa, PhD

Larry Gamboa, PhD

● The myths Pinoys have about making money and how to debunk them with the right
beliefs

● The Four Types of Thinkers

● The Six Levels of Pinoy Investors

● How to TLD (Think It, Learn It, Do It) your way to massive passive income (the key to
financial freedom)

Combined with Think Rich, Pinoy!, Grow Rich, Pinoy! will challenge you to say to yourself and
to the world, “YAYAMAN AKO.”
And to act.

ISBN 978-971-93671-1-6

www.shepherdsvoice.com.ph
 1

GROW RICH,
PINOY!

By Larry Gamboa, PhD

Edited by Coylee Gamboa and Rissa Singson

2GROW RICH, PINOY!

ISBN
‑
978‑971‑93671‑1‑6

Larry Gamboa, PhD

Copyright
©
2006
by

Shepherd’s
Voice
Publications,
Inc.
1st
Reprint
September
2007

Layout
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Illustrations
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T.
Gamboa

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 3

To Bel, my kid sister.

You challenge me to be a better kuya.
4
Contents

Preface 6
Foreword 9

SECTION I
What Keeps Pinoys from Thinking Rich 12
Chapter 1: It’s All in Your Head 35
Chapter 2: What’s Blocking You? 59
Chapter 3: 11 Myths Pinoys Have About
Making Money 75
Chapter 4: The Four Types of Thinkers 107

SECTION II
Some Pinoys Who Are Thinking Rich 126
Chapter 5: Stewardship in Action 128
By Charlie Gamboa
Chapter 6: Building Wealth Requires Hard Work 141
By Ronald Cagape
Chapter 7: Lessons from an Apprentice 153
By Roy Nabong
 5

Chapter 8: Learning the Ropes 165

By Giovanni Olivares

SECTION III
Guidelines for Growing Rich 177
Chapter 9: Think It 179
Chapter 10: Learn It 197
Chapter 11: Do It 203
Chapter 12: The End Is Only the Beginning 212
Chapter 13: Conclusion: A New Beginning 217
6

Preface

When I was four years old, I almost drowned.

And for the longest time, I never learned how to
swim.
I was horrified of the water. I never went in. I just
stayed in the perimeter, playing with the sand in the beach.
Consequently, I built the most sophisticated sand castles for
kids my age. (Every catastrophe has a bright side.)
But at the age of 12, it happened.
With my heart palpitating, I walked into a shallow
pool, lay face down and, wonder of wonders, I floated. It
was exhilarating. The water was carrying me. It was an
overwhelming feeling I’ll never forget.
All of a sudden, I knew how water worked.
In the same way, there was also a time when I didn’t
know how money worked.
 Grow Rich, Pinoy! 7

Proof? I was drowning every day in financial lack.

I didn’t know how to keep it, how to save it, how to
invest it, or how to multiply it. I never read anything about
money, and never thought about it, and never talked about
it.
So I kept asking God to bail me out. Consequently,
I’ve experienced quite a number of money miracles in my
life. These were my sophisticated sandcastles. And they
didn’t last too. They would be washed away by the waves
of my next financial problem.
But one day, I learned how money worked.
Strange sounding words became my friends: Cash
flow. Savings. Interests. Bonds. Mutual Funds. Stocks.
Business. And real estate…
In the past five years, I’ve grown in financial
literacy — which led to my financial freedom.
In the process, I’ve become a financial mentor to
others.
Hundreds of thousands have already read my books
and articles and listened to my seminars on money.
But this book isn’t about me.
This book is about Larry Gamboa, my mentor in
finances and real estate.
8 Grow Rich, Pinoy!

He taught me how money works. He encouraged

me, coached me and inspired me to keep on learning. And
my life has never been the same.
If you’ll allow Larry, he’ll teach you too.
If you’re tired of drowning, and if you’re tired of
fancy sandcastles that don’t last anyway, this book is for
you.
Open your eyes.
A new world awaits you.

— Bo Sanchez
Manila, Philippines
 9

Foreword

Unlike Larry Gamboa, who is an entrepreneur, I have

been in corporate management practically all my life, having
reached the highest levels of both public and private sector
institutions. Many of my colleagues are unaware that I have
tried my hand in entrepreneurial ventures by partnering with
some friends and investing in a travel agency, an ethnic food
restaurant, an investor relations firm and a hotel management
company. But my experience in these entrepreneurial
ventures have been disappointing and, to a large extent,
dismal failures. This is the principal reason I have chosen to
remain in corporate management.
At the same time, I have been more successful as an
investor in corporate bonds, listed equities, mutual funds,
currency swaps and derivatives. I have personally managed
our (my wife’s and mine) modest portfolio and have learned
some valuable lessons. Some of the lessons I have shared with
my daughters, which Larry has mentioned in his book, are:
10 Grow Rich, Pinoy!

1. You have to learn how to make money work for you

instead of you working for money;
2. Identify a good role model who has been successful
in making personal investments, and with his or her help,
find out what makes the most money for you so that you can
focus on that kind of investment;
3. It is all right to borrow money for an investment
provided you could generate a higher yield on your
investment than the cost of your loan. Investing in real
estate properties, for example, can provide higher rental
income than the loan amortizations you have to pay, thus
enabling you to build up passive income. The more passive
income you make, the greater good you can do for the less
fortunate.
At this point, I cannot say that my daughters have
learned all the lessons I have taught them about money or its
use. But my three eldest daughters, who have been working
for a number of years now, have been building up their
savings and investing in relatively safe fixed income mutual
funds which provide them with significantly higher interests
than bank deposits would. They have yet to learn from Larry
the advantages of investing in real estate and building a
portfolio that provides significant passive income.
 Grow Rich, Pinoy! 11

While I have known Larry since our grade school

days in La Salle, it was only recently, after reading his first
book, Think Rich, Pinoy!, that I realized how passionate he
is about entrepreneurship and sharing his lessons learned to
our kababayans.
I would strongly urge everyone to read his second
book Grow Rich, Pinoy! and learn many practical tips from
a hard-nosed and successful real estate investor.

— Jose L. Cuisia, Jr.

President & CEO, Philamlife
Manila, Philippines
12

SECTION 1

What Keeps Pinoys from Thinking

Rich

I wrote Think Rich, Pinoy! with one purpose in mind:

to show how the principles of Robert Kiyosaki’s Rich Dad,
Poor Dad can be applied to the Pinoy of today.
The response was overwhelming.
Daily I receive e-mails from Pinoys here and abroad
saying how much they have been inspired and encouraged
by reading the book.
“Pwede palang yumaman.”
“Okey palang yumaman.”
And invariably the question comes up: “How do I start?”
At first, I was puzzled. Didn’t I already answer that in Think
Rich? Just look up Larry’s Seven Steps and go!
 Grow Rich, Pinoy! 13

Some readers jump right in. They see the goal and, straight
as an arrow, they go for it. Action agad.
But some get stuck. They read. They get inspired. But
they do not act. They are blocked. They have more questions.
And the questions stop them from acting.
This is the purpose of Grow Rich, Pinoy! — to push you
beyond your questions and into action.
Before we start, let’s see how you fare in your financial
report card.

Determining Your Financial Report Card

David McCleland of Harvard University calls it N-Ach.
John Burley describes it as the Seven Levels of Investors.
Robert Kiyosaki borrows from Burley and describes his
understanding of the levels of investors. Whatever way you
look at it, whether N-Ach or as levels of investors, all three
address the challenge of moving forward financially.
I borrow from McClelland, Burley and Kiyosaki and
present to you the Pinoy Scale of Investing. I will also
provide you with vignettes of each type of investor. The
goal is to help you visualize what level of Pinoy investor
you are and decide where you want to be.
Let’s begin by visualizing.
14 Grow Rich, Pinoy!

Think of investing as a scale with zero in the middle.

Left of zero is negative and right of zero is positive.

negative 0 positive

0 1 2 3 4 5 6

On the negative side are the Level 0, Level 1 and Level

2 investors. These are the poor Pinoy investors. At zero
is the Level 3 investor. On the positive side are the Level
4, Level 5 and Level 6 investors. These are the successful
Pinoy investors.
Obviously, we all want to fall under the right side of
the scale. But before we can move up from one level to the
next, we first have to know where we are.
To help you discover where you are on the scale, I’ve
devised a questionnaire for you to answer.

The Pinoy Investor Level Test

Simply mark each statement as true or false:
 What Keeps Pinoys from Thinking Rich 15

__1. After all the bills are paid, I have no money left to
invest.
__2. I spend more money than I earn each month.
__3. I borrow money to invest.
__4. I borrow money to pay the interest on older debts.
__5. My debts are greater than my assets.
__6. I shop with my credit card and spend more than I
can pay off in one month.
__7. I regularly pay only the minimum balance on my
credit card.
__8. I set aside money every month and put it in a
savings account in the bank.
__9. I save money to buy big-ticket items like jewelry, a
stereo or a piano.
__10. I dabble in stocks and buy whatever my broker
recommends.
__11. I take risks in the stock and financial markets
because I believe the returns always outweigh the
risks.
__12. I believe I can make a quick killing in the stock
market.
__13. I am actively involved in my investment decisions.
__14. I avoid bad debt.
16 Grow Rich, Pinoy!

__15. My passive income far exceeds my expenses.

__16. My principles for investments seldom vary.
__17. My money works hard for me.
__18. I am a good steward of the material goods given me.
__19. I am creating a substantial legacy for my loved ones.
__20. My companies provide jobs for thousands of people.

Now, let’s take a look at your answers. If you answered

true to any of these numbers, check your level of investor
and your corresponding grade range provided below:

If you checked
these numbers Grade
Nos. 1-2 50-60
Nos. 3-7 61-70
Nos. 8-9 71-74
Nos. 10-12 75
Barely passing (pasang awa)
Nos. 13-14 76-85
Nos. 15-17 86-95
Nos. 18-20 95-100

Why a grading system? Well, you know how grade

 What Keeps Pinoys from Thinking Rich 17

conscious we Pinoys are. Compare these with your academic

grades and see how you fare. It may jolt you perhaps into
seeing how low the correlation between academic grades and
financial literacy grades are.

The Level 0 Pinoy Investor (50%-60%)

Procopio has zero money to invest. By the end of each
month, he has spent everything he made, or worse, he has
spent more than he has earned.
Sure, Procopio is a minimum wage earner who is
struggling to make ends meet while providing for a
growing family.
But Ponce, a young graduate who just entered the work
force and joined a call center is in the same boat. He makes
good money but finds none left at the end of each month.
But would you believe that Percival, who earns
P100,000 a month is also in the same boat as Procopio and
Ponce? Why? Because like Procopio and Ponce, Percival
also spends more that he earns each month. Financially,
their grade is 50-60%.
Sad to say, most adult Pinoys — over 60% of them —
actually fall into the same category as Procopio, Ponce and
Percival. They have money (sometimes lots of it), but have
18 Grow Rich, Pinoy!

nothing to invest at the end of each month. Their financial

score? 50%. Bagsak.

The Level 1 Pinoy Investor (61%-70%)

These Pinoys are the borrowers.
Take Margie.
Margie looks rich. She has nice clothes and a classy
BMW. She lives in a Makati Condo. But in truth, Margie
lives on borrowed money. She is buried in debt. She does
not use debt to buy assets that will give her income. Rather
she uses debt to fund a lifestyle that generates negative
rather than positive cash flow. Her house of cards can
collapse at any time.
Sure, Margie has a nice paying job at Makati that gives
her the credit to fund her lifestyle. Margie does not stop
at borrowing money via credit card. She also loans cash
from her relatives. Her idea of financial sophistication is
to borrow from one pocket to pay a debt in another. She is
forever juggling funds around. She lives her financial life
in daily stress, hoping and praying everything will turn out
OK.
Margie says “You have to have faith.” But Margie has
done nothing to build a solid financial foundation. It’s all
 What Keeps Pinoys from Thinking Rich 19

faith and no action. And what does the Good Book say?
Faith without action is dead.
While she has some assets, in truth, her level of debt is
too high. For the most part, she does not control her cash
flow. She simply lets it flow, mostly out rather than in.
Life in Rich Dad’s terms is full of doodads (expenses
that do not bring in money). Doodads are accumulated
through Margie’s favorite past time — shopping or
“malling” — paid for by the ever-present credit card.
When the credit card bill comes, which figure does
Margie pay? She pays what the bill points her to (nicely
highlighted by the bank, of course) — the minimum
balance. See how helpful banks can be?
As a result, Margie ends up carrying a huge interest
load (something like 36% per annum) on the unpaid
balance. Margie scores 61%-70% in her financial report
card.

The Level 2 Pinoy Investor (71%-74%)

These Pinoys are the savers.
Pia puts aside money regularly. Pia puts the money in
the bank and it earns interest through the money market or
through some special promo of the bank.
20 Grow Rich, Pinoy!

Pia’s biggest joy is the security she feels from having

money in the bank. But she has a sneaking suspicion that her
savings give a negative return. The bank offers a 3% interest
on time deposits and 1% interest on savings. But inflation
is higher than 7%, plus she is taxed on the interest earnings.
Still, she refuses to leave the comfort zone of bank-promoted
returns. Basta bangko, nakasandal ako sa pader (So long as
it is a bank, I am secure), she thinks.
Some savers like Pia, don’t even bring their money to the
bank. They hide it under the bed, in the mattress, in a coconut
shell, in a bamboo piggy bank, the arinola, wherever.
Their savings are used to buy things in the future. A
piano, a tricycle, a car, some jewelry, or they simply save
for an emergency. In effect, they save to consume or for an
emergency, but not to invest.
Still, Pia the Saver is better than Margie the Borrower.
Pia has something rather than nothing. The problem is that
something is not growing and in effect, is growing negatively.
Meaning her savings are actually growing less and less. In
time, unless she acts, her savings get gradually depleted, and
she will be left with nothing. Pia’s financial report card score
is 71%-74%. Bagsak pa rin.
 What Keeps Pinoys from Thinking Rich 21

The Level 3 Pinoy Investor (75%)

These Pinoys are the Big Dogs.
Ramon is an example. Ramon likes to talk big but in truth
he takes a passive approach to investing.
In the board game Cashflow 101, Ramon is the Big Dog.
Ramon looks and sounds smart because he barks out financial
terms such as warrants, margins, puts, calls and options. But
Ramon really doesn’t have adequate knowledge about these
techniques.
A key giveaway is he does not have any principles or rules
of investing. Ramon buys high on impulse and sell low in a
panic. Ramon is a sitting duck for aggressive brokers or real
estate agents.
Generally speaking, big dogs like Ramon come across as
intelligent people. But in truth, they are financially illiterate.
Salita ng salita pero wala namang mapakita (They talk and
talk but have nothing to show for it). They have “big hats” but
“no cattle,” as they say in Texas or Batangas. Ramon scores
75%. Pasang awa.
There are three categories of “Big Dogs.” Those who say:
1. “I have delegated it to others.”
2. “It can’t be done.”
3. “Searching for the Holy Grail.”
22 Grow Rich, Pinoy!

“I Have Delegated It to Others”

Noel is an intelligent person who has convinced
himself that he does not understand money and never
will. Noel makes the following type of comments to
show how smart he is.
“My stock broker picks all my investments and she is
a pro.”
“I have a great financial planner.”
“I have the best financial advisor in town. I don’t
need to understand everything that is going on. He’s a
great guy.”
“The government (through my SSS) will take care of
me in my old age.”
“My friend Pedro is a great insurance agent. He
handles everything for me.”
“The HRD department at work handles our pension
fund. It will be just fine.”
Due to his beliefs, Noel has very little idea where his
money is invested in or why. Noel is the type of investor
who likes talking big. Yet he blindly follows the market
like sheep and then squeals (a lot like a pig) before
running to get slaughtered.
 What Keeps Pinoys from Thinking Rich 23

“It Can’t be Done”

Aida delights in proving to others that getting better
returns than bank rates isn’t possible. She whines and
complains about missing out on an investment opportunity
as if some barrier other than her own mind is to blame.
There is also Virginia the Cynic who says, “Ay,
magkaka-problema ‘yan. Di ka babayaran ng tenants”
(You’re going to have a problem there. The tenants
won’t pay you). “How can you make money out of that?
Siguradong matatalo ka!” (You’ll surely lose!) “If the
returns on bank foreclosed properties are so good, why
didn’t the banks do that themselves?”
Once in a while they are right in their dire prediction of
disaster. This gives credence to their belief and so they say,
“You see, I told you it would be bad. So you should never
venture out. It’s too risky.” Even when the opportunity is
already there staring you in the eye, they kill your dreams.
Virginia and Aida are the Dreamslayers. Listening to
them, you will become as poor as they are. You’ll wallow
in the same misery and scarcity they’re in.
In truth, Virginia and Aida are cowards. Often
vocal, they are quick to try to bring others down to their
level. Because they are afraid and unwilling to gain the
24 Grow Rich, Pinoy!

knowledge they need to invest successfully. They choose

instead to shoot down and criticize others in an attempt to
make themselves, and their beliefs about investing, right.
Everybody else is wrong.
My friend, spend as little time as possible discussing
money or investments with these people. When they see
you moving forward, their natural tendency is to put you
down and try to convince you of all of the reasons why
“it can’t be done.” These are the people who, we Filipinos
say, have a “crab mentality.” Rather than pushing you up
to succeed, they delight in pulling you down.
If your spouse or significant other happens to be one
of these people, please don’t argue with him or her. Don’t
fight them. Just leave them to think they’re right in their
own mind for the time being. Save your energy.
As for you, go on out there and become a successful
investor.
When you are in a position to “show them the money,”
maybe then they will begin to see things your way. Again
though, if your positive results fuel negativity on their
part, don’t waste your time arguing. Focus your energy on
becoming even more successful. Napoleon Hill, author of
Think and Grow Rich, calls this transmutation.
 What Keeps Pinoys from Thinking Rich 25

Bottom line, avoid these it-can’t-be-done dreamslayers

at all costs. Focus instead on the opportunities that abound
that can propel you forward to becoming successful. Be
open, however, to constructive criticism. People who fight
you this way are your best allies. How can you distinguish
“dreamslayers” from “constructive critics”?

“Searching for the Holy Grail”

Enrique is this kind of investor. He is always trying
to “make it big.” As a result he “strikes out” in a big way.
When asked how he is doing, he will always state that he
is “about even” or “a little bit up.” The truth is, he’s lost
money — many times and often in huge amounts.
Always searching for the “Holy Grail” in entirely the
wrong place, these big dogs run around so fast that their
inner abilities and powers of independent thought cannot
catch up. They would do well to learn from Dr. Van K.
Tharp who teaches that “people make money by finding
themselves, achieving their potential, and getting in tune
with themselves so that they can follow the flow of the
market.”
Good investors are not gamblers. In fact, they are risk-
adverse people.
26 Grow Rich, Pinoy!

They know how to minimize risk and increase the

possibility of return. This doesn’t mean they don’t
make mistakes; but should they lose, they have already
minimized the loss.

The Level 4 Investor (76%-85%)

Helen is the Automatic Investor who has learned a
simple system on how to be rich. Her financial report card
score is 76% to 85%.
According to Bo Sanchez, these Pinoy Automatic
Investors may well be those who have reached the
Promised Land. “They’re no longer getting manna in the
desert but are reaping the bounty of the Promised Land,”
says Bo. They have sown and therefore they’re now able to
reap.
They pray and they willingly put in the work needed
to succeed. Grace does build on nature. Faith coupled with
action equals success.
John Burley, author of The Secrets of the Rich, says,
“When people reach this level, their investment success is
assured.”
Why? Because they are actively involved in their
investment decisions. To hell with what the broker says.
 What Keeps Pinoys from Thinking Rich 27

Helen follows her own judgment and not the brokers. More
often than not, Helen’s calls are better than theirs.
Helen has written a long-term plan that will enable
her to reach her financial objectives. The plan contains the
following elements: she pays herself first and she re-invests
her investment returns.
Helen receives Level 4 investment returns of 15% a
year or more; she is disciplined in executing her plan. She is
financially literate and responsible; and she avoids bad debt
and is not averse to taking advantage of good debt.
Helen’s investment plan is steady and reliable, like a Swiss
watch. In fact, it’s boring because it’s simple, repetitive and
steady. Her sound investment plans avoid the fireworks and
the dramatics which are good for the movies but not so good
for the income statement or the balance sheet.
Among investors like Helen are the Pinoys who, month
after month, collect royalties (from their songs, for example),
dividend payments (from stocks) or rental income from
properties.
These are the Pinoy investors who have gone past the pull
of gravity (i.e. poverty). While they’re not yet in the fast track,
they’ve already broken through the poverty barrier and are on
the way to financial freedom.
28 Grow Rich, Pinoy!

The Level 5 Pinoy Investor (86%-95%)

These Pinoys are the Sophisticated Investors. They’re no
longer affected by the pull of the poverty gravity and have
reached the fast track. Their financial report card shows a
score of 86% to 95%.
Susan is an example of a Level 5 investor. Susan
continues to build her wealth by making money work for
her. Her main focus is on increasing her assets and thus
her cash flow. She is very clear on her principles and rules
for investing. She may invest in real estate, businesses
or stocks, or any combination thereof. Susan’s default
investment vehicle may vary, but her principles or rules
seldom do.
Susan has mastered her inner life. She has character,
discipline, work ethics and play ethics. She has grappled
with her fears and can stare them down. She has a rhythm
and balance in her life. She is no longer driven by the
external so she doesn’t burn out.
How often have we heard the story of the man who wins
the Lotto jackpot.
Biglang yaman! Overnight, he becomes a multi-
millionaire. He becomes a different person, he spends wildly.
Pretty soon, he spends all of it and he’s poor again.
 What Keeps Pinoys from Thinking Rich 29

Will Manny Pacquiao fall into this category after he has

passed his prime as a boxer? The answer lies in his ability to
grow in character as he grows in wealth.
Jim Rohn says it well, “The greatest value in life is not
what we get. The greatest value in life is what we become.”

Challenging Pacquiao to a Fight

While Pacquiao is currently able to knock out the best
of the boxers in his division, he needs to be just as strong to
steward (exercise fiduciary responsibility) the wealth he’s
amassing with his wins. Why? Because his internal character
muscles have to be properly developed as well. As he builds
up his boxing skills, he needs to grow in his inner character
to keep pace with his wealth. Otherwise, as Bo Sanchez says,
his psychological wallet stays small. And he will behave in
line with it. Rich now. Poor later (sometimes sooner).
But when you’ve mastered yourself and you have the
internal under control, you don’t get knocked out. No matter
what punches are thrown at you internally, character-wise.
You come out better, wiser, stronger.
Steve Jobs was kicked out of the company he founded:
Apple. Instead of letting it take him down, he used the
experience to come back up — stronger, humbler and
30 Grow Rich, Pinoy!

wiser. He developed Pixar and Next and regained control

of Apple. More recently, he launched the iPod, which is
revolutionizing the music industry. Talk about making a
comeback and growing bigger as a human being!
For the Sophisticated Investors, the smooth flow of
their inner life and outer life is evident in their investment
results. Their investments create more money for their
businesses. They experience the velocity of money,
although not yet at the pace of the Level 6 Investor.
As John Burley says, “Rich people work hard to have
their money work hard, while poor and middle-class people
work hard for money.”
Very few Pinoys reach this level of being truly rich.
But, for those who have, their stories are worth telling and
listening to.
Who do you know that are Level 5 Investors? Often
they are the “next-door millionaires” who look so ordinary
and drab but who are quietly and steadily building their
assets. Who are these Pinoys? It could be the hardware
vendor at the street corner in Banawe. Or your suki at the
wet market. Or that childhood friend you thought would
never amount to anything like the story of Jing Olivares in
chapter 8.
 What Keeps Pinoys from Thinking Rich 31

Bellum and Doreen Tan from Singapore, who represent

Rich Dad Asia, claim to be Level 5 Investors since they
have more than enough passive income from real estate
holdings in Singapore, Australia and Thailand. They (and
Robert Kiyosaki) belong to the initial investor group in
a gold mine in China, which has since made a successful
IPO. Therefore, their capital has already multiplied many
times over. Now, Bellum and Doreen can use their time
to spread the gospel of financial literacy by promoting the
game Cashflow 101 all over Asia (in Malaysia, Singapore,
Philippines, Indonesia, India, China and Australia.)

The Level 6 Pinoy Investor (96%-100%)

These are the Pinoy capitalists — the movers and
shakers of the business world locally and internationally.
Their scores in the financial report card of life? 96 to 100%.
For example, Forbes magazine (March 2006) listed
Lucio Tan, Henry Sy, Jaime Zobel de Ayala and John
Gokongwei among the top billionaires of the world. These
Pinoy magnates are motivated by the desire to be capitalists
and to create a legacy even while they’re alive.
John Burley wrote, “Bottom line, the capitalist not
only creates large amounts of wealth, they invariably also
32 Grow Rich, Pinoy!

create vast legacies of innovation, efficiency, economic

prosperity, employment opportunity and philanthropy and
thereby greatly increase the standard of living for hundreds
of millions of people throughout the world every year.”
Aside from those that Forbes mentioned, other Pinoys who
fall in this category include Jollibee’s Tony Tan Caktiong,
Metrobank’s George Ty, plastic king William Gatchalian,
and Coring Ramos of National Bookstore. Steadily,
through their businesses and foundations (like the Ayala
Foundation, Metrobank Foundation, Lucio Tan Foundation,
and Gokongwei Brothers Foundations), lives are being
touched.
Abroad, the Rockefellers, the Carnegies, Bill Gates,
Michael Dell, Ted Turner, Rupert Murdoch and Warren
Buffett are in a class of their own. Having made so much
money that they could never spend a fraction of it in their
lifetimes, many of them are giving away fortunes to charity.
They believe that by accelerating giving and doling out
large sums, they have a better chance of effecting change.
Last year, Bill and Melinda Gates gave their $3 billion
dividends from Microsoft Corp. to their foundation to be
spent on health, education and information access.
Philanthropist Andrew Carnegie made so much money
 What Keeps Pinoys from Thinking Rich 33

in the first half of his life that he couldn’t spend it fast

enough in the second half for his foundation to spend,
building the libraries and educational initiatives he supports
all over the US. The velocity of money he generated on the
earning side was so fast that he could barely keep up with
the spending side.
“I have so much money coming in, I can’t spend it fast
enough.”
What a nice problem to have!

The Question
Finally, let me ask you, “Do you want to become
the next great Pinoy capitalist?” Are you willing to fight
poverty big time? What price are you willing to pay in
terms of time, energy, and sacrifice?
That is what a capitalist does. That’s their legacy.
If you want to rise to the challenge, your question
would be: How do I start?
Begin by becoming a Level 4 investor. When you
get there, you can set your target at becoming a Level 5
investor. From that vantage point, with preparation, hard
work and luck, you become a Level 6 investor — the next
Pinoy capitalist.
34 Grow Rich, Pinoy!

So how do I become a Level 4 investor, you ask. The

first step is to honestly discern what level you’re presently
in. Next, determine what you need to become a Level 4
investor. What do you need to change? What do you need
to develop? What do you need to set aside?
Commit to whatever it takes to get there. Then act. In
real estate. In building businesses. Or in stocks. Find your
default vehicle of choice and move forward from there.
Most of us are in Levels 0, 1, 2 or 3. Time to take stock
and change.
Some are in Level 4 or even Level 5. Kudos to you sirs,
whoever and wherever you are. Being aware is the first
step. Now plan and work at your plan.
As you move, write to me at thinkrichpinoy@gmail.
com. Together, we can work to raise the financial literacy
of the Filipino so she can get a better grade in her financial
report card.
Now let’s work on those things in your head that keep
you from actually thinking rich, Pinoy.
 35

CHAPTER 1

It’s All in Your Head

Until he was 13, taipan John Gokongwei enjoyed a

privileged lifestyle as the son of a rich man. He “went
to Cebu’s best school, lived in a big house and got free
entrance to the Vision,”1 the largest movie house in Cebu
which his father owned.
But then his father died and the family became poor
and had to split up. His mother returned to China, taking
his five siblings because it was cheaper to live there. John

1
Quotes from John Gokongwei in this chapter come from http://www.webphil.com/philip-
pineentrepreneur-mrjohngokongwei.htm (accessed November 15, 2006) or see Biz News
Asia, vol 4 no 30, Aug 14-21, 2006.
36 Grow Rich, Pinoy!

Gokongwei was placed in the care of his grand uncle,

Manuel Gotianuy, who put him through school.
Two years later, World War II came to the Philippines
and the young Gokongwei found himself out in the streets.
His grand uncle could no longer see him through because
they lost everything. But so did everybody.
Mr. Gokongwei, giving the Commencement Address at
Ateneo de Manila University in March 2004, recalled, “War was
the great equalizer. In that setting, anyone who was willing
to size up the situation, use his wits and work hard could
make it!”
The young Gokongwei had to find a way to support
himself and his family.
You would hardly think today that John Gokongwei of
the Robinson group found himself in the same fix that many
Pinoys are in today. But he did and look where he is now.

The 5/7 Program

Whether consciously or not, Gokongwei followed a
simple framework of action to amass his wealth. I stumbled
into this framework after immersing myself in Kiyosaki’s
books starting with Rich Dad, Poor Dad, studying stories
of Pinoys who made it big like John Gokongwei, and
 It’s All in Your Head 37

reflecting on my own experience of success and failure. I

call the framework Larry’s 5/7 program.
Larry’s 5/7 program for making massive income
through real estate foreclosures in the Philippines and
providing housing for our kababayan:

P T L F A (that’s the 5)

Larry’s Seven Steps (that’s the 7)

Both are linked by the letter A.

The letters P T L F A stand for:

Plan
Team
Locate
Finance
Act (Carry out Larry’s 7 steps)

So there’s the framework. You’ve got to have a plan,

you’ve got to have a team, you must figure out the location
where you want to work, you have to work out your
finances.
38 Grow Rich, Pinoy!

When you have these figured out — you act.

The time frame can be: daily, weekly, monthly or
yearly.

Make a Plan
The plan is not a complicated big business plan. It’s as
simple as starting by buying four small houses (could be
townhouses, apartments or duplexes) and converting them
to one big hotel (or bigger apartment units or multiple
condo units) just like in the game, Monopoly.
Or, in the case of John Gokongwei, he became a market
vendor. Gokongwei describes that time: “It was every man
for himself, and I had to find a way to support myself and
my family. I decided to be a market vendor. Why? Because
it was something that a 15-year-old boy in short pants could
do.”
The young Gokongwei had a bicycle which he loaded
up with thread, soap and candles. At 5 a.m., he pedaled 30
minutes to the market outside the city, rented a stall, laid
out his goods on a small table and started selling P20 of
goods every day.
He recalled, “Sixty-three years ago, it was enough to
support my family. And it left me enough to plow back
 It’s All in Your Head 39

into my small but growing business.”

Today, we know that Gokongwei’s business spans
nine core businesses: retailing, real estate, publishing,
petrochemicals, textiles, banking, food manufacturing,
airlines and telecoms.
But he started it all with a simple plan — by becoming
a market vendor. It’s the same thing for the rest of us,
whether it’s real-life bank foreclosed property or the
games Cashflow 101 or Monopoly.
How do you win in Monopoly? You have to get those
houses. And when you have four houses, you can replace
them and buy a big hotel.
In our context (bank foreclosed properties), we
start with small deals, like a duplex, two-three-or-four
condominiums, five adjacent townhouses or four-or-five
door apartments. You get a number of those and generate
passive income of P5,000 a month, P10,000 a month,
P20,000 a month per property.
Your plan can be: I will acquire two properties a year
for the next 10 years so that I can generate P100,000 in
passive income monthly for the next 10 years.
Suppose you get your first property and make a
mistake and earn maybe only P100 a month or you have
40 Grow Rich, Pinoy!

negative income. If you don’t have a plan, you’ll quit.

You’ll say it’s too much trouble for too little money.
But if you have a plan, you won’t quit. You’ll say,
“Wait a minute. That’s just the first property. My plan is
two per year for the next 10 years. So let’s go on to my
second property.”
Losers quit. Winners never do. They just move
on, learning from each
You must build
experience. And if they have
a team of trusted
a daily journal to record their
specialists. Choose
experience, learning becomes
professionals who
tangible.
are not only experts
You learn a lot in your
in their areas but are
first purchase. By the time
themselves investors in
you hit your third, fourth, fifth
their own right.
property, you’re flying. You’re
slowly becoming an expert.
I didn’t have a plan. All I knew was that I wanted
passive income, which I learned about from the network
marketing business, Skybiz. I started buying property after
three months of failure. I didn’t even know how many
properties I wanted to get. By the end of the first two years,
I had more than a dozen properties. Yet, I wouldn’t be able
 It’s All in Your Head 41

to tell you if I was doing well then because I didn’t have a

plan.
You’ve got to have a plan and it has to be simple. It will
be your yardstick. Plan! And hopefully you check it out
with someone who’s a more successful investor than you.

Build a Team
Next, you must have a team. You need a real estate
broker who provides you with properties. You need
a handyman who repairs the properties. You need an
accountant who prepares the financial statements which
you need and which you present to the banks. You need
a lawyer to handle potential defaults, and an insurance
person to protect you and your properties. You need a
banker from whom you can borrow money and who can
give you an idea of how money works. And you need a
property manager to manage your growing portfolio of
real estate assets.
You must build a team of trusted specialists — people
who understand what you want and can move at your
speed. It doesn’t happen overnight. Choose professionals
who are not only experts in their areas but are themselves
investors in their own right.
42 Grow Rich, Pinoy!

As you build your team, you might have to get rid

of your old friends, especially if they pull you down and
discourage you. “You can’t do that, Larry,” or “You will
never be able to succeed.” You can still socialize with
them but they won’t be crucial to your team. In effect,
consciously build a team of investor professionals who will
support you with a can-do mind set.
The young Gokongwei set up his own team of people
he could trust and work with. In his own words:
“After the war, I had saved up P50,000. That was
when you could buy a chicken for 20 centavos and a car
for P2,000. I was 19 years old. Now, I had enough money
to bring my family home from China. Once they were all
here, they helped me expand our trading business to include
imports.”
Gokongwei and his siblings imported whatever war-
torn Philippines needed, including used clothing and textile
remnants. After gaining more experience and building
his reputation, he borrowed money from the bank and
went into manufacturing. Blend 45 was their first branded
hit. With their profits, they launched Jack and Jill food
products. Now their many businesses include Cebu Pacific
Air and Sun Cellular.
 It’s All in Your Head 43

Define Your Location

Third, define your location. Ask yourself, “Where am I
going to locate?”
Even before he brought his family back from China,
the young Gokongwei made his first big decision about
location. As the youngest vendor in the market in Cebu,
he could move faster, stay under the sun more and keep
selling longer than everyone else. So he soon had some
savings.
He shared, “When I had enough money and more
confidence, I decided to travel to Manila from Cebu to
sell all kinds of goods like rubber tires. Instead of my
bike, I now traveled on a batel — a boat so small that on
windless days, we would just float there. On bad days, the
trip could take two weeks!”
Gokongwei recalled, “During one trip, our batel sank!
We would have all perished in the sea, had it not been for
my inventory of tires. The viajeros were happy because
my tires saved their lives, and I was happy because the
viajeros, by hanging on to them, saved my tires. On those
long and lonely trips, I had to entertain myself with
books, like Gone with the Wind.”
The young Gokongwei recognized that Manila was
44 Grow Rich, Pinoy!

the marketplace then and moved his base to Manila.

Doubtless, over the years, he made other crucial decisions
like where to locate his malls, for instance.
When I first started with bank foreclosed properties,
I was “strike anywhere.” San Pedro, Marilao, Cubao. Of
course, I could justify that they were all in Metro Manila.
But, ideally, if you
The best place to
could have your properties
do a deal is close to
within a certain radius from
home. If you can’t do
your home, it would be so
deals where you live,
convenient. You could be
moving won’t help. If
jogging around in that radius
you can do deals where
— look for properties that are
you live, no reason you
sitting there, both foreclosed
can’t do it anywhere.
and for sale. That would be
your diamond in the rough.
When I started out I violated this rule and paid the
price. For example, my property in Marilao required me to
visit every week for four months just to make sure I could
meet prospective buyers and close deals. Aside from travel
time because of the distance, there was the Manila traffic to
contend with.
Sometimes I deliberately violate my rule of distance.
 It’s All in Your Head 45

For example, I purchased a property in Tagaytay because I

did not mind traveling there every week. I loved the drive and
drinking coffee from the veranda at Breakfast at Antonio’s
which overlooks Taal Lake. It was my weekly Artist’s Date
with myself. It was relaxing, a way to love myself and move
the business forward in one motion. That’s my kind of life
balance. Work and play in one smooth uninterrupted motion.
So, you have to figure out your location. You start in your
area, then work around your city, then the Philippines, then
you can go abroad also. The best place to do a deal is close
to home. If you can’t do deals where you live, moving won’t
help. If you can do deals where you live, no reason you can’t
do it anywhere — like Australia, for example? My dream is
to take what I learn in Manila and do it in another country and
succeed. Think big, Pinoy.

Figure Out Your Finances

Fourth, you have to figure out your finances.
You don’t need money of your own to make money but
you’ve got to know where to get the money. And you need to
know the source of money before you need the financing.
When I talk to people now, I describe the property and say
that the ROI is 40%. They respond, “I want a piece of that
46 Grow Rich, Pinoy!

action.” So I ask, “How much do you want to invest?” They

answer, “Can I put in P500,000?” Another said, “Can I put in
P2 million?”
The best time to look for
If you expect to
investors is when you don’t
know all the answers
need the money. Because people
before you begin, you
feel it — the desperation of
will end up stuck.
someone trying to make a deal.
Perfectionism leads
It’s human nature to doubt you
to paralysis. Action
and say, “Naku, he needs the
always beats inaction.
money! Delikado! He might run
away with my money.”
That’s just the way people are. So I suggest that you locate
the funds before you actually need the money. Your sources can
be friends, relatives, banks, people who are willing to lend to
you.
Gokongwei shared, “When we had shown success in the
smaller businesses, we were able to raise money in the capital
markets — through IPOs (Initial Public Offerings) and bond
offerings — and then get into more complex, capital-intensive
enterprises. We did it slow, but sure.”
With all his millions, Gokongwei today does not need
to use his own money to build his businesses. He goes to the
 It’s All in Your Head 47

capital markets and, in effect, uses other people’s money

(OPMs).
Does the P T L F A framework apply to other
people, like Steven Jobs of Apple or Tony Tan Caktiong
of Jollibee? Does it apply to going after bank foreclosed
properties? Take a look at the following matrix and fill in
the blanks for your own business.

John Steven Larry Tony Tan You

Gokongwei Jobs Gamboa Caktiong (Fill
in the
blanks)

PLAN Manufacturing Apple Bank Food Retail

Computer Foreclosed Franchising
Business Property

TEAM His Family Woziack Family, Trace Family

Trajano & Bo
Sanchez

LOCATE Cebu to Silicon Metro Manila Nationwide

Manila Valley

FINANCE Saved IPO 10% down Franchise

P50,000.00 Apple Fee

ACT Built 8 Pixar, ESTI Franchise

More Core Next, (Larry’s Jollibee,
Businesses iPod Seven Steps Chow
to Success) King, etc.
48 Grow Rich, Pinoy!

Now Get Going!

So you’ve got a plan, a team, the location you want and
financing. Now it’s time for action!
Here are five points to remember: learn the basics,
decide what you want out of your deals, develop your
expertise gradually, work from home, and learn your
lessons well.

Learn the Basics

You have to learn the basics which I’ve already covered
in Chapter 7 of Think Rich, Pinoy! Let me summarize them
here for you:

Larry’s Seven Steps to Success

1. Own your dream.
2. List down the properties you want to get.
3. Call to inquire.
4. Visit the property.
5. Learn financial (and computer) literacy.
6. Prepare and submit that offer to buy.
7. Sharpen the saw and have fun.
 It’s All in Your Head 49

Decide What You Want from Your Deals

Once you have the basics in place, you need to find
what works best for you. What do you want from your
deals?
Is it cash flow? This means you are not after capital
appreciation which involves buying low and selling high.
What you want is steady monthly income — money
flowing into your pocket every month for 10 to 15 years.
For example, if you generate P2,000 per month in
passive income from a rent-to-own property, that would
give you P24,000 a year for the next decade or so. That’s
money flowing into your pocket even as you sleep.
Is it buy and hold? This is the Philippine model. My
mom, Isabel, provided for our family using this. She got a
piece of land, for example, Ayala Alabang, built a house on
it (with swimming pool, of course). Then she rented it out
(the swimming pool fetched a premium). Then she moved
on to another property. She demolished the structure on
a prime piece of property we owned and built a six-story
building on it. Then she rented it out, collecting rental
income from each property.
Again, you have created an asset that gives you passive
income. You are no longer working for money; money is
50 Grow Rich, Pinoy!

working for you. You now have the freedom to do what you
wish.
Is it quick cash? You buy low and sell high, a practice
also known as flipping. Some folks never put out cash. They
simply take out an option on a piece of property, advertise
and sell before the option period is up. They simply pocket
the difference between the buying price and the selling price
and move on to the next deal.
For example, Dinna
The cost of Revilla found a foreclosed
education is always property that had a cell site
cheaper than the price which generated rental income.
of ignorance. Or to put She bid for the property and
it bluntly, “If you think won. Then she sold the rights
education is expensive, to an interested buyer and she
try ignorance.” earned P300,000 from the
deal. The title to the property
never passed through her name but went straight to the
buyer. Dinna simply flipped the property.

Develop Your Expertise Gradually

Don’t expect to be an expert before you begin. Do the
figures for potential target properties until you find a property
 It’s All in Your Head 51

that makes financial sense. Make an offer then move on to

the next property until you have a pipeline of offers brewing.
Odds are one will click. And before you know it, you’re
making a down payment (usually 10%) and taking control of
a property. You then turn around and fix it up then lease it out
on a rent or rent-to-own basis. You have become an investor.
If you expect to know all the answers before you begin,
you will end up stuck. Perfectionism leads to paralysis.
Action always beats inaction.
I receive e-mails asking such detailed questions that I
get the impression the person is caught in analysis paralysis.
They have so many questions floating around in their mind
(like the spaghetti thinker in chapter 4) that they never get
to act and move towards achieving their goal. They think
themselves into paralysis.

Work from Home

Unless you already have an existing office that’s being
successfully funded by another of your businesses, choose
to work from home. You don’t need a large investment and
you don’t need to pay a huge franchise fee. And every day is
a joy. You can literally tiptoe (or dance, if you prefer) your
way to work.
52 Grow Rich, Pinoy!

I’ve tried being an employee and enjoyed it. This was

when I worked for Proctor & Gamble in Cincinnati while
studying at the University of Michigan. They volunteered
to pay for my shipping expense if I would work for them
at Proctor & Gamble Philippines, so I continued to be an
employee, earning a steady income. I enjoyed the prestige
of working for a multinational giant. The experience
trained and disciplined me to think, write and talk
business the P&G way.
Next, I was hired as a Professor for the Asian Institute
of Management. How prestigious! I could sense the envy
of my family and friends. Galing talaga ni Larry — AIM
professor.
Unfortunately, I was miserable. I could not put a finger
on why. I thought it might be the dog-eat-dog atmosphere of
the business school. I preferred cooperation to competition. I
tried to learn the case method but it wouldn’t click.
Looking back, I now believe I felt miserable as an
AIM professor because — while I had the academic
credentials (I had a PhD from the University of Michigan
Business School), I did not have the hands-on experience
of actually starting a business, running it or of being an
investor. I had no successes and no failures to share. And
 It’s All in Your Head 53

here I was a professor of business kuno. I felt I was being

a hypocrite. I became conscious of my incompetence.
Starting out on my own, I rented an office in Mabini. I
got stuck paying rent during a downturn in the economy.
I had to fire everybody and cut my costs. I started to work
from home. You cannot imagine how much I saved in
overhead. And I even got to charge myself rent! In the
United States, if you work from home, there are IRS rules.
You’ve got to have a corner specifically for the thing.
You’ve got to have a job description. And expenses, like
the portion for the rent for that space, are deductible.
Later, as a self-employed joint venture partner of
SyCip Gorres Velayo & Co. (SGV) and Development
Dimensions Asean International (DDAI), I lived the
corporate life, going to the tall skyscraper at Makati to my
office at SGV.
For 10 years, I managed the DDAI joint venture, on an
eight-to-five schedule every workday of the week. I was a
co-owner of the company (together with Washington Sycip
and Bill Byham). I looked good, but the bottomline was
that I was in Kiyosaki’s S quadrant — I was self-employed.
At times, when meeting with Bill Byham, I felt very much
like an employee.
54 Grow Rich, Pinoy!

This was proven when I decided to quit as managing

director of DDAI. Bill Byham required that I sell my
30% equity share in the company. And he told me this in
no uncertain terms. Rather than fight him and make a big
issue, I decided to get out. This, in effect, closed a possible
opportunity from moving to the B quadrant and becoming a
business owner.
Through all of these transitions from employee to self-
employed to budding business owner and now investor,
nothing beats the experience of working from home. I love
getting up early and starting work at 4:00 a.m. or 6:00 a.m.
or whatever time I want to begin. Then I put on my trunks
and go for a swim at the clubhouse whenever it suits me.
Or jump into the car and go boxing at Ringside. Or, I just
drink a glass of iced tea and read one of the books I am
currently immersed in (I enjoy reading two or more books
at the same time). Or I can go back to sleep. Or take the
other half of the day off after I feel I have put in few solid
hours of work.
Under these conditions, I wake up raring to go. I can’t
wait to engage in my passion. Investing, writing and
sharing. Sure, it’s work. But to me it’s also play. And I keep
learning and seeing new angles to the same thing. I journal.
 It’s All in Your Head 55

I do my daily checklist. I am on fire even as the day is just

about to start.
It’s a joy to wake up each day in this — my ideal
lifestyle.

Learn Your Lessons Well

In this business, you can choose to enroll in the
University of Prior Learning or the School of Hard
Knocks. Choose your wild.
In the School of Hard Knocks, you make your
mistakes and hopefully learn from them. There’s no need
to reinvent the wheel.
Or, you attend the University of Prior Learning.
There, the only people who are qualified to teach are
those who have gone before you and paved the way for
you. It’s not at all academic; it’s based on experience.
You learn from other people’s experiences and mistakes.
That’s cheaper than making the mistakes yourself instead
of reinventing the wheel. The cost of education is always
cheaper than the price of ignorance. Or, to put it bluntly,
“If you think education is expensive, try ignorance.”
So I am more than happy to pay for a seminar like
the two-day business seminar of Rich Dad which I
56 Grow Rich, Pinoy!

attended in Singapore. Learning from someone like

Robert Kiyosaki — who has been there and done it
and failed and succeeded — helps me move forward in
my own business while minimizing mistakes (due to
ignorance).

Me with Rich Dad author Robert Kiyosaki.

In choosing which seminar to attend, here’s a tip. Ask

yourself, “Who am I listening to?” Never take financial
advice from someone who isn’t making several times
your income. For example, I get concerned when I see
professors in our so-called top schools like U.P., La Salle
or Ateneo teach investing when they themselves are not
investors. Or teaching business when they have not run
 It’s All in Your Head 57

a business. They have not been through the School of

Hard Knocks and graduated. And they call themselves
professors?
Of course, it would be wonderful if the person is a
successful investor and, at the same time, has the gift of
teaching others to be successful investors too. In short,
they are both school-smart and street-smart.
Once you find a suitable role model, then, with his
or her help, find out what makes the most money for you
and give it your laser-beam focus. Right now, for me,
it’s cash flow from bank foreclosed real estate. I see
opportunities to take courses on investing in the stock
market (under David Novac) or on sales (under Tom
Hopkins), and have decided on taking one course yearly
that would sharpen my skill as an investor. Meanwhile,
I continue learning by reading, listening to tapes (or
CD-ROMs) like the set The Art of Exceptional Living
by Jim Rohn. These keep me on my toes, giving me an
awareness of what I have yet to learn about investing.
Recently, I had the privilege of becoming the local
mentor of someone enrolled in the Rich Dad coaching
program. I learn as the person learns. It is super
synergistic.
58 Grow Rich, Pinoy!

So there you have it: How to get started.

But one day it hit me. The problem facing Pinoys is
not so much getting started. It is overcoming blocks that
stop us from getting started.
Just what are those blocks that hinder Pinoys from
becoming rich?