Mabuhay Filipino Thinkers!
In this article, we are going to share with you the “Top 3 Tips On How Not To Die Poor In The Philippines”. The title is strong and don’t worry, it was really intended to be that way. We are sure that like the 90% of the Filipinos out there you are also scared of dying too soon or living too long without any credible financial capacity either for the purpose of settling your medical bills or as “pamana/inheritance” to your heirs and family members.
So, let’s go! Read,re-read and take action!
#1 HAVE AN EMPOWERING FINANCIAL GOAL – We put it in #1 for a simple reason, we need to know the “finish line” of our race, we need a point of validation. However, you need to make sure that your goal should be directly relevant to your financial position and it will empower you enough to reach your other life goals. Why? Imagine this, you can be the most intelligent lawyer in the Metro Manila but all your cases are pro-bono ( free of charge ). How can you survive then? Always remember that in order to be financially sustainable one should have a credible source of income. You will only have one life, do you want it to be a financially poor life? Of course not! Always remember, money is not everything but life without money is often times unhappy. Trust us, just make a financial goal and do it on a way that is time bounded i.e. “I want to have PHP 10,000,000.00 when I reach 30, on top of a monthly income amounting to PHP 500,000.00 a month”.
#2 TALK TO A CREDIBLE AND AN APPROACHABLE FINANCIAL WEALTH ADVISOR/PLANNER ON HOW TO ACHIEVE YOUR FINANCIAL GOAL – You are reading it right, not all Financial Wealth Advisors are the same. In the end, it will go down to the above average level of attention and commitment they are willing to share with you and towards your family’s financial goal. A trained Financial Wealth Advisor /Planner should assist you to organize your finances, retire debts,increase your revenue/income streams and introduce you to credible financial investment vehicles on which you can maximize the current value of your money. My piece of advice, pick someone whom you will not be shy or intimidated to share your goals may it be running for the Presidency of the Philippines or saving for a Jollibee business franchise.
#3 CREATE A PLAN B, MAKE A RETIREMENT PLAN – Okay, so you are done having a financial goal and it is impressive. You are also done talking to all the right people who can empower you on reaching these goals but what if you fail hard? What if you got bankrupt at the age of 60 years old? There are a lot of investment vehicles that can empower you to have a backup plan in any case that things may not go well in accordance to your plan. Probably, it is about time to google and introduce yourself to a Variable Universal Life (VUL) Insurance that may fit your current financial capacity and future plans. There are VUL plans on which you will just set aside an investment worth PHP 10,000 a month for 180 months or 15 years and you can enjoy numerous benefits like an insurance coverage for accidents and death, critical illness provision that in the event you will be diagnosed with a critical illness indicated in your plan you can get more than PHP 1,000,000.00 in lump sum cash and still be able to secure around PHP 3,000,000.00* after 15 years or 180 months on top of a guaranteed PHP 1,000,000.00 death benefit since day 1 of your first cleared payment with your VUL plan. Not bad, right?
Total cost : PHP 1,800,000.00 in 180 months or 15 years yet you are covered from the first day that your contract was processed and approved on top of a bigger chance of getting more than PHP 3,000,000.00* in return after 15 years.
*Subject to future equity market conditions, computed at a conservative rate of 10% return of investment per annum in 15 years or 180 months including the premium charges et al.
About The Editor-In-Chief of Think Philippines!
- Managing Partner at Princeton Business Initiative
- Lead Convenor of Isang Samahan, Isang Pilipinas (ISIP) and Think Philippines!
- Agency Manager at Fortune CARE Health Maintenance Organization (HMO)
- Financial Investment Advisor at Rampver Strategic Advisors
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