As a young man, Bro. Bo Sanchez admitted that he used to “hate money.” He used to be a poor missionary who thought that he needed to be poor to be able to reach out to the poor.
Now Bro. Bo is an influential speaker and a successful entrepreneur who helps other people to become successful too. It has become his mission to help others to rise up against poverty and to gain an abundance mindset.
As a successful entrepreneur, he describes himself as a “truly rich missionary.”
“Yes, I’m still a missionary. I still preach, write, and work among the poor, lifting them out of poverty. And the impact of my ministry has multiplied a hundred times more,” he explained.
Here, we listed some of the lessons we can learn from Bro. Bo that we can use in business and in life.
1. Change Your Mindset About Money
Bro. Bo’s belief that money is “bad” has kept him trapped in poverty. He said that to change your life, you need to get rid of your poverty mindset into an abundance mindset. You should accept and claim that you are worthy of financial abundance.
He explained on his Truly Rich Club, “After years of helping people grow financially, I realized it’s more important to change financial mindsets than just merely increasing financial literacy. Why? Because a person can be very wise in money matters, but if he has a poverty mindset, nothing much will happen.”
2. Stick To Your Core Gift
Before becoming a successful entrepreneur, Bro. Bo went into many businesses that all failed. He tried selling memorial plans, herbal juice, engine oils, organized concerts, owned a squid ball and hotdog stand, and even ice cream. He even went into networking and direct sales, but none gave him success.
His first most profitable business was when he started giving corporate seminars. Speaking and giving seminars to people on values was something he loved and was passionate about. It was his core gift.
“I just had to stick to my core gift. It was tempting to venture into exciting things that I saw other people around me doing, but if it wasn’t my core gift, I wouldn’t succeed. But now that I focus on my core gift, success has come easier and quicker,” he shared in an interview on iMoney.
3. Invest In Small Amounts Every Month
For a more practical tip, Bro. Bo encourages everyone to save even a small amount every month for investment. He said this is part of building your wealth. He explained that a part of your income should be set aside in an investment that will lead to an income stream, no matter how small.
“Every financial guru in the entire world will tell you that all Wealth Building starts with something very simple: Setting aside a fixed percentage of your income and investing it. Without doing this, no amount of work or earning will go down the drain,” he explained.
Bro. Bo is among the 5 most admired local business persons in the Philippines. His Truly Rich Club is one of the membership programs that could help you magnify your profit through the stock market.