If you could give an advice to your fresh grad self in terms of personal finance, what would it be?
Para sa akin: Kumuha ka na ng insurance, mas mura habang mas bata. (Disclaimer: I am not trying to sell insurance policies, hindi po ako agent )
If you could give an advice to your fresh grad self in terms of personal finance, what would it be?
Para sa akin: Kumuha ka na ng insurance, mas mura habang mas bata. (Disclaimer: I am not trying to sell insurance policies, hindi po ako agent )
BTID. Buy Term insurance, invest the difference. Insurance = protection. So only buy it if you’re protecting something, say your income. So if nobody depends on your income, then Term Life Insurance is almost useless. Invest = Wealth Building. Stick to long term mutual funds with low cost expense ratios. basic 6-month emergency fund. after that put it in mutual funds. Retire at 50-60 y.o.
Don’t put your eggs in one basket. Pay yourself first by investing but don’t forget to have a “fun fund” too!
Time value of money. Save when you’re young. Not just because it builds discipline, but time will work out better for you.
When you get an increase, don’t spend it. Live within your current budget still, and use your increase to save.
Big payouts (13th month etc) should be used for savings din. If not all, make it a habit to save some.
Basta ipon, ipon, ipon.
Live within your means.
And tama sila: ipon lang ng ipon.
Don’t buy that new iphone!
Get insurance while you’re still young. Mas mura ang premium!
Insurance! At huwag pa-pressure sa palibre ng mga tao sa paligid! Lol mag-ipon at mag-invest.
If you don’t have the time to learn about stocks, choose a good fund manager na lang. I go with Philequity (am not connected with them), I heard Metrobank funds are quite OK din. Also go with ATR Kim Eng for the simple reason that they manage the funds for big pension funds.
Have a target amount of passive income during retirement and work on achieving that – can be from real estate, stock dividends, crowdfunding, etc.
Seryosohin ang pag ipon ng emergency fund, and don’t use it to buy big-ticket items or to buy stocks. You’ll never know when would be the next emergency like the current pandemic and global recession.
Spend money on travel instead of buying the latest gadgets. Invest in building memories with family and friends.
Save then Invest some and travel some.
Basically don’t make the same mistakes I did:
I’d like to expound on this but I can go on and on and make it too hard to read. haha. message me na lang if you want some clarification or you want me to share in detail.
Make sure your partner has the same discipline (or better) as you on managing finances.
Ipon ka nga ng ipon pero gastos din ng gastos partner mo. Ano na.
This!
The best decision I ever made was to marry someone with better financial IQ than me.
Dami ko natutunan pero mas mayaman parin sya sakin.
Kumuha ng VUL habang mas bata
Huwag hahayaang umutang under your name ang jowa, yes, miski fiance mo pa.
Mag ipon ng bongga!!!
Natawa naman ako dito nini
Lesson learned yun ate. Hay ilang taon ko binuno ang pagbayad nun. Walangya, wala na ngang child support, nagiwan pa ng utang
Ay addtl, same ng shoes and bags mo:
Younger self,tigil tihilan mo kakabili ng sapatos at bags,di mo naman magagamit lahat yan ng sabay sabay!
Insurance talaga! Tsaka matuto ka mag-ipon!
So this is not so uncommon pala, personally know 2 people na may same experience
Yung officemate ko yung car loan nakapangalan sa kanilang 2, nung nag divorce, hala kawawa si officemate, di nagbayad si ex, wasak tuloy ang credit rating
Yung wife ng pinsan ko - ganun din sa credit card naman (shared account sila nung ex niya), tinakbuhan ni ex yung utang, so si bagong wife ni cousin my outstanding credit card debt + poor credit rating
Getting back on topic:
Pay credit card bill in full, if you can’t pay don’t spend. Also a line of credit is helpful - lower interest rate. Get a MasterCard and Visa, in the rare case na yung merchant only accepts just the one.
Wag bumili ng brand new na sasakyan - cars are really just to get you from point A to B. May 2nd hand cars diyan na reliable.