Rich for Life Principle: The Storehouse
Excerpts taken from my latest book Rich for Life: Secrets of Those Who Stayed Rich for Life and How You Can be One that is on sale for only $4.99 till the end of March.
If there is one book that has totally changed my financial life it is the book The Storehouse Principle: A Revolutionary God Idea For Creating Extraordinary Financial Stability by Van Crouch and Al Jandl. In that book, it teaches us how to build a storehouse account for the things you are believing God for just like Joseph who built a storehouse during times of plenty that when famine came – he had the goods and a thriving business.
After reading the book, Thammie and I started what we call our storehouse accounts. We discussed some of the things we wanted to achieve as a couple and as a family and would trust God to provide for what we want. I then opened multiple bank accounts and gave each account a name.
An example of our storehouse accounts are:
– vacation account
– car account
– child’s education account
– pay off debt account
– investment account
The principle behind the storehouse principle is what I call MONEY WITH A PURPOSE. That means I give every peso a name. I tell the money that I received from God where it should go and not the other way around.
“SAVINGS WITHOUT A MISSION IS GARBAGE. YOUR MONEY NEEDS TO WORK FOR YOU, NOT LIE AROUND.”– Dave Ramsey
So let me first share to you our vacation account. It started during our honeymoon. We decided to go to Singapore and enjoyed a 4-day, 3-night cruise. During the cruise I asked my wife what her dream vacation was. Both of us had the same answer. We wanted to go to Europe. We prayed to God and I told my wife that on our 25th wedding anniversary we would go to Europe. With the present cash flow we had at that time it would actually take 50+ years for us to go Europe but we knew God will provide. So we faithfully set aside some money every month and put it in our vacation account. If I could still remember we would set aside P300 to P500 monthly as our seed money to Europe. In a year’s time we were able to save around P4000 pesos. We could already go to Baguio!!!
On our 2nd year as married couple, we received a very rare phone call from a friend. He informed us that he had won a trip to Europe. A 7-day European Cruise that would travel to places like London, Spain, Portugal, France and Guernsey Island. I was so happy for him and told him to go but I was shocked when he told me that he can’t go and he would like to give it to us as a gift. A free trip to EUROPE on our 2nd year anniversary!!! Are you kidding me?? Thammie who was pregnant at that time and was advised by the doctors to stay in bed stood up and was so excited when she heard the news. God is really good. So on our 2nd year as husband and wife, we were able to travel five countries – all expense paid trip by God.
A funny thing happened also while we were about to enter London. The customs director asked me as she looked at our paper, Dennis Sy, occupation Campus Worker, salary – little. Samantha Sy, house wife, salary = non existent, how we could afford all these???
For the past two years, we were able to go to Hong Kong thrice, Macau twice, Thailand once and Korea once without affecting our savings account as a family. God is good!!!