7 out of 10 say it’s because of inflation.
4 out of 10 say it’s because they’re earning less.
3 out of 10 say it’s because of unexpected expenses.
And only 1 out of 10 acknowledge that it’s their fault because they didn’t plan well.
1. Protect your greatest asset – you!
It pains me to see people who are already investing even when they don’t have their protection yet. They’re already attacking inflation but their defenses aren’t solid enough to actually be financially independent!
Think: when you encounter any of these financial emergencies, what will happen to your investments?
Set up an emergency fund.
– If you suddenly lose your job and your only money is invested in stocks, you’d need to sell at a loss just to use that money to pay your bills.
Get health insurance.
– If you get ill or your loved one’s sent to the hospital and your only money in invested, you have to redeem your shares just to pay for hospitalization.
Insure your property.
– If you encounter a natural or man-made disaster and your only money is invested, you have to withdraw them just to pay for repairs and losses.
Open a life insurance account for yourself. It can be term or it can be VUL or it can even be both!
– And if you pass away without any warning and your only money is invested, your family can’t even access your investments because they’ll be frozen. Your family has to pay taxes first before anything else.
If your money is just in the bank, it’s just sleeping.
Your money in your savings account is just resting – that’s why you get super low interest rates.
Once you’ve managed to protect yourself adequately, it’s time for you to invest.
If your money is invested, it’s working for you – that’s why you get higher potential rates as compared to banks.
Invest in knowledge:
– Attend the Money Summit and Wealth Expo this July
-Read the free version of the book, “OMG! Where Did Your Sweldo Go?”
-Read No Nonsense Personal Finance by Randell Tiongson
Invest, NOT Trade. There’s a difference, especially if you’re still a beginner.
Invest indirectly, if you’re still a beginner:
– Mutual Funds
Mutual Fund NAVPS: Compute Your Mutual Fund Earnings in 3 Simple Steps
Investing in Mutual Fund in the Philippines: Newbies Welcome!
-Variable Unit-Linked Solution (VUL)
Variable Unit Linked (VUL) Life Insurances: Are They Perfect For You?
Plan your estate so that you, your family and others for whom you care receive the greatest possible beneficial enjoyment of what you own.
Your estate will still be subject to taxes even if you make a will or not.
Some clients get life insurance for their estate planning also. This way, when they die and their assets are not accessible, their family can use the lump sum from their life insurance policy to help pay for estate taxes.
(We’ll cover estate planning comprehensively in the next posts.)
Don’t attack yet if you don’t have enough protection.
And don’t claim financial independence if you haven’t even fought inflation yet.
There’s a reason why skipping a step may get you into an accident: protect, attack, and then claim.
The fight against money slavery is now in your hands.
Will you just sit and let it trap you?
Or will you start being financially independent?
Get a FREE Life or VUL proposal – personalized and made especially for you. Or, open a mutual fund account now. Let me help you. Simply fill out this form.
Want to get started managing your money/budgeting/investing? Contact me, your trusted financial advisor, through the following:
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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