Are you prioritizing your SELFIE?
Last February 18, I was invited by ANC On The Money to be a guest in their Q & A Friday segment. Naturally, I got excited because I had another opportunity to be a guest in their amazing show.
One of the topics there is giving a “unique” personal finance tip. Mine was all about prioritizing your SELFIE with regard to preparing for your financial goals.
Because I know how people my age are a bit “obsessed” about that term!
Why not take advantage of this term and apply it to personal finance, right?
S – Security
Security means that you have a financial peace of mind.
Emergency Fund:Your security for the present. Get an emergency fund that can meet 3-6 months’ worth of your expenses.
Retirement Fund:Your security for the future. Save enough for the initial investment amount toopen an investment account and then invest monthly. (Don’t just rely on government programs!)
E – Education
Don’t just invest in financial assets: you need to invest in your knowledge as well. Purchase money management books, attend conferences and networking events, listen to talks and seek expert advice.
Here’s our “OMG! Where Did Your Sweldo Go?” book with Ms. Salve Duplito. Get your copy online here or visit your nearest National Book Store/Powerbooks branch. 🙂 |
L – Livelihood
You know what they say: “If you don’t go after your dreams, you’ll spend the rest of your life working for someone who does.”
This livelihood fund is for your business capital, should you want to build your own business. Since you’re using your hard-earned money, you tend to be more careful in how you use it in your daily business operations.
F – Fixed Expenses and Priority Purchases
Your fixed expenses should be relative to your own lifestyle so you need to review your monthly budget and figure out which expenses you can work on.
If it doesn’t matter to you, then why are you spending money on it?
I – Insurance
You need insurance so you can have protection against life’s risks – untimely death and wallet-draining critical illness.
Health Insurance: PhilHealth is your basic protection.
Life Insurance: If you have 2D (Debts or Dependents), get life insurance so that you can provide income continuation to them. If you’re still a 20-something who has no family of your own, get at least the minimum coverage to pay for your funeral costs. (Romantic!) You don’t want to be a burden to your parents, right?
E – Enjoyment
Don’t just save for the serious stuff. Save for the fun stuff, too!
Save for the luxuries that are subjective to you! It’s better because:
• It keeps you debt-free.
• It allows you to enjoy the luxury guilt-free.
• You’re more likely to savor the moment and appreciate the experience when you’ve worked so hard to save for it. We enjoy more when we delay gratification!
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Are you prioritizing your #selfie?
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Want to get started managing your money/budgeting/investing? Contact me, your trusted financial advisor, through the following:
Email: liannemarthamlaroya@gmail.com
Twitter: @MsLianneLaroya
Mobile: 0916 737 8741
And we can even meet personally for a FREE financial planning session! Let me know so we can finalize a schedule that works.
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