Speech given by Trace to the
National Federation of Filipino American
Associations. It is an umbrella
organization of all Filipino-American
Good afternoon! It’s an honor to speak to all
of you today and thank you for giving me
this privilege. I will share with you a
movement that is changing our country, the
Philippines, one Pinoy Millionaire at a time.
This movement is called The One Million
Pinoy Millionaires Mission. I will tell you a
little bit about myself and what led me to
this mission. Lastly, I will share with you
the Secrets of Wealth that I use to turn
ordinary Pinoys into millionaires.
Three weeks ago (March 2008), I gave an intense 3-day
bootcamp on real estate to our first batch of
millionaires-in-training. It was held in a
beautiful resort called Balai Isabel in
Batangas, Philippines. It is on the banks of
Taal lake and Taal volcano seems like a
stone’s throw away. The owner of the
resort, Nelson Terrible is a real estate
billionaire developer and he is a business
partner of mine. He told me that there are so
many opportunities in the Philippines.
A case in point: he is starting an elderly care
facility in a resort setting that is truly world
class. He wants to get Pinoys here in the
United States to send their elderly back
home. Not only is the usual food, medical
and lodging needs of the elderly will be
taken cared of but also their spiritual and
social needs will be met. Nelson’s mantra is
“Don’t just come back, give back”. What a
way for you to give back! Give back to your
elders by having them retire in the comforts
of home, in a resort! And Nelson’s resortstyle
elderly care facility charges half the
price of elderly care facilities here in the
The One Million Pinoy Millionaires Mission
is all about giving back. That’s why it
attracted a real estate billionaire. This
movement also attracted Bo Sanchez, a
preacher, best-selling author and a Ten
Outstanding Young Men of the Philippines
awardee. Bo launched a book last year
entitled, “8 Secrets of the Truly Rich”. In
this book, Bo emphasized the right theology
of money and it is this: “The purpose of
money is to help and bless others”. Lastly,
this movement attracted Larry Gamboa – the
man who started it all and the man who is
leading the mission back in the Philippines.
He applied Robert Kiyosaki’s investing
principles in the Philippine-context by
buying foreclosed multi-door apartments.
Then he sold them on rent to own – making
home ownership a reality for hundreds of
Pinoy families back home. By doing this he
became a multi-millionaire. He summarized
his experiences in a book, “Think Rich,
Pinoy!” This book, which has become a
best-seller, has changed the lives of
hundreds if not thousands of Filipinos as
they became real estate investors. I
convinced Larry to expand his vision and
buy into my mission, the One Million Pinoy
Two and a half years ago, I met a Filipino
nurse named Bobet. Xavier University in
Cincinnati has a scholarship program in
which Filipino nurses can work part time
and study part time to finish their masteral.
Bobet is one of the scholars. The Filipino
Association of Southern Ohio sent an email
blast asking for volunteers to sponsor these
nurses. My wife and I volunteered and we
were chosen to be Bobet’s sponsor.
We prepared a sumptuous welcome dinner
for Bobet and we chatted. In the course of
the conversation, Bobet was bragging about
his new cellphone. During that time cameras
in cellphones were not yet in vogue but
Bobet’s cellphone has a high resolution
camera, a PDA, polyphonic tones, - the
Works! It is the most expensive cellphone in
the market. I asked him how he could afford
such a gadget. My jaw dropped when he told
me he bought this cellphone by borrowing
money. Here is a guy who is yet to earn his
first dollar, and he is already in debt!
Me and my wife looked at each other. Bobet
is in trouble. If he won’t realize how money
works, he will work hard all his life for
An example of that is my own father. He
worked hard 30 years as a seaman but he has
nothing to show for all those years of
hardwork. Millions of pesos passed through
his fingers and yet he did not invest part of
his income when he could. The result: he is
broke and not enjoying retirement. In
contrast, my aunt used to be a bank clerk –
with a salary of a measly P50 a month. She
started a business on the side – bought
chickens on consignment, butchered them
and re-sold them. She used half of the
profits to live on and she used the other half
to invest. The result? After 30 years, my
aunt now has 2 apartment buildings, a store,
a farm and her own resort! My dad who
used to have high salary working abroad is
poor while my aunt who had a low salary is
now a multimillionaire!
My aunt discovered the Secrets of Wealth
which my dad never got the chance to learn.
I too discovered these Secrets and these are
what I teach my students and their lives
change as a result.
Let’s go back to the story of Bobet.
I painstakingly taught him the Secrets of
Wealth. I told him how money works. Why
he should strive to become financially free. I
taught him the correct definition of wealth.
Wealth, my fellow Pinoys is not how much
money you have in your bank account.
Wealth is not how high your salary is.
Wealth is the number of days, weeks or
months you can afford not to work. Say it
with me: Wealth is the number of days,
weeks or months you can afford not to work.
I don’t care if you’re earning half a million
dollars a year but if you’re living paycheck
to paycheck, you’re dirt poor!
Six months after I taught Bobet, he called
me and said, “Trace I now have passive
income”. Passive income is income that
comes in long after you’ve done the work or
it’s income that comes in with very little
work. An example of that is having rental
properties where you do the work of finding
the right property and putting in the right
tenants once and you get paid over and over
again with your tenants paying you rental
income every month. Another example of
passive income is income from a business
that you structure properly such that you
have people managing the business for you.
Bobet started a lending business. He then
used the profits from that and he started an
Another 6 months passed and
Bobet called me again, “Trace I am now a
millionaire”. Two weeks ago, he told me
he’s opening the fifth branch of his internet
café and this time it will be in SM Bulacan. I
told him this will be his biggest branch ever.
Look at his company outing – look at how
many employees he has. Just imagine if he
did not become a millionaire…where would
all these people find jobs?
Do you want your loved ones to discover this secret of wealth? Ask them to attend The Think Rich Pinoy Seminars. It's a best use of your money- you'll discover. Visit http://www.thinkrichpinoy.com for schedule details.
Will I be there? You never know. I am Filipino after all.