1. Got rid of one credit card. Finally. 2. About to pay off my tuition loan for this semester when I go to school this week. 3. Joined a paluwagan with a 6 month cycle to help me save funds and earn some interest from it. 4. Managed to use only cash for spending for the last month. 5. Slowly paying off the existing card debt that ballooned to uncontrollable proportions. 6. Scheduled the projected major expenses and budget for these expenses for the the entire year (yes, they are important expenses since they will pay off my bills).
***I have forgotten how good it feels to be kuripot, to not overspend, and to be debt-free. This kuripot lady is soooo back.
Optimistic and way better 2014 it is for me.
On #1 - Credit Card Credit in principle is not bad, as long as you learn proper debt management. At one point in time, I was actively using credit cards from 3 different companies. I was timing my purchases to take advantage of monthly billing schedules. i.e. I would push back my actual cash flow, but still pay the full amount come billing due date. This translates to about 1 month's worth of free credit line. The key really is not to spend what you know you can't pay for based on how long you plan to pay for it.
On #3 - Paluwagan I would advise against this unless you know that ALL members of the Paluwagan are true to their word and not in financial distress. One other option if you're starting small: try depositing to 30-day time deposits and keep rolling it over and adding your savings every month. Once you reach significant volume, you can start looking at and transferring to higher yield options.
On #4 - See #1
On #5 - Paying off Debt Just make sure you start with the higher interest debts / loans first and keep the lower rate debt for last repayment.
On #6 - Cash Flow Schedule Good job!
Here's to you achieving financial balance in your life. Cheers!
agree with item 3. you might also want to consider peso cost averaging in investing in mutual funds or the like. some banks such as BDO has a facility to deduct from your account on a predetermined schedule. it works as forced savings as well.
Interests:US and Australian stockmarket online
Forex trading online
Australian and Philippines Financials and Economics
Posted 09 September 2014 - 03:21 PM
Investments have to be long term, so you'll have to regularly set aside a specific amount for this, and budget for other expenses such as debt payment, living allowance, emergency funds (medical emergencies), a separate fund that you'll use to lend or help other people (so that if you've already lent it out, you wont feel guilty in saying no to the next person who borrows or asks for help), money to give to parents, tuition fees, and a little money for your wants (treats). After setting these aside, use your investment fund wisely.
There are plenty of investment models to choose from which you can search over the internet, but since you are young and working, I suggest you follow the rule of thirds. Invest 1/3 in low risk instruments, 1/3 in medium risk instruments and the last 1/3 in high risk instruments. This could translate to investing in bonds & government securities (low risk), blue chip stocks or UITF targeting blue chip stocks (medium risk), and high risk instruments could be aggressive UITF placements. One key is to buy or place investments regularly (say monthly) so by averaging, you spread the risk and will earn more in the long term. Know the companies you are investing in and don't go by what people say is "good" and blindly jump on the bandwagon. As much as possible, invest in companies with long term growth as this will be the basis of appreciating stock value. Avoid penny stocks.
Hope you can find more info over the internet and find the approach that is right for you.
In as much as other here have already given heaps of financial advice directly, my input to you is to research on scholarships here in Australia (a there are some exclusively for post-graduates ie Master's and Phd. A student visa will allow you to work part-time (20 hrs/wk) and you can expect to earn around AU$20/hr. To give you an idea of how wages and costs compare between Manila and Melbourne (for example), here is a link you might find helpful: http://www.numbeo.co...layCurrency=PHP Note that while expenses are higher in Melbourne, monthly average disposable salary is more than enough to make up for it, and more.
8) Time to take action!
It's time to take the leap and get started with investing!
>> Video 5: Taking the Leap
ACTION STEPS that show you the EXACT steps you need to take
to get START in the world of the stock market.
Here's what you'll get in the video:
an instructional guide on how to get started and create and account
an inside tour of COL's website
a downloadable 1-page resource and action guide (super valuable!)
With these things you're be all set to get started and take the leap.
You're already mentally, emotionally and intellectually ready.
The only thing left is for you to actually do it
So take the Leap and you'll be able to Invest Within the Week!
These are hard questions to answer.
Masakit sa ulo, kasi serious topic talaga eh.
But this email is only for people who are serious about their goals...
If you're SERIOUS about creating a better life for yourself and your loved ones...
If you want to LEARN how to World of Money works...
If you want to KNOW how you can achieve financial freedom, step-by-step...
If you want to be CONFIDENT in your daily money decisions...
Then Its highly recommend that you get Game of Wealth Premium Seminar.
It is an online seminar, with 8-hours worth of comprehensive content about:
Wealth Mindsets, Saving Techniques, Budgeting, Getting Out of Debt,
Insurance, Healthcare, Mutual Funds, UITFs, Equities, Bonds, Tithing,
Fate Funding, Gamification, Passive Income, Real Estate, Network Marketing
and so much more....
The bottom line is, after going through the online program...
you will ensure that EACH peso you spend, and EACH activity you engage in
will bring you closer to your financial goals and aspirations.
10) Many people know that they SHOULD be investing.
Some people know HOW to invest already.
But only very few are ACTUALLY investing.
This problem really bothered me, so I thought about it.
For some reason there are "things" that hold people back.
Things that we know exist, but can't quite figure out and overcome.
Investing is not only about the money. Nor is it about knowing how to do it.
There are 3 specific barriers that must be overcome.
To the few who are already investing, it was by CHANCE on how they overcame these barriers.
But to most, an active effort must be done to overcome them.
>> Overcoming the Barriers to Investing
There's a segment there where my fellow investors share their experiences.
You'll get to learn all about it in the video.
If you know "something" has been holding you back with investing...
You'll find it here in this video. Watch it, and break free!
If you're already one of the few who have started to invest,
this will motivate you to keep doing what you're doing.
This Q&A video contains 80+ mins worth of amazing content.
We talk about stock market crashes, and what to do about them.
We talk about other investments like Mutual Funds, UITF's and VULs as well.
and sooo many more.
By the way, you can also forward this article to friends and family.
After all, the game of wealth is a TEAM GAME.
The more you're surrounded by financially successful people,
the more you'll be sticking to your commitments and goals.
Just click the link below to read the article:
>> 3 HIDDEN Costs of Being Financially Ignorant
14) In this Q&A video we talked about:
Family and Money
Being a "Slave to Money"
Dealing with Foreign Currency
SSS and GSIS (and how the pension is a SCAM!)
Estate Planning 101
VUL vs. Mutual Fund + Term Insurance
and much more!
The skill of saving money is SO IMPORTANT!
It's the building block to all forms of wealth.
Without savings, you can't invest.
Without savings, you can't start a business.
And even if you manage to borrow money for the business,
if you can't manage that money well, you'll be buried under debt!
So if you're someone who has still trouble saving...
I uploaded a short video for you in Youtube.
Right now, a lot of people are getting "enlightened" with this article.
In the same way, people were probably "awoken" when they read Noli Me Tangere or El Filibusterismo.
But this time, it's about fighting the Pinoy poverty conspiracy.
Read all about it here.
"10 Popular Sayings on Money - That You Should NEVER Believe"
In this latest article, you will learn about the proper expectations
you should have as you invest in the stock market.
This way, you can set realistic and achievable goals,
while understanding what else you have to learn
in order to achieve your financial goals.
Click the following link to read the article:
>> Why the Stock Market Won't Make You Rich (and What To Do About It)
Are you familiar with the social status trap?
This is the (DANGEROUS) belief that by climbing the social ladder,
you are also improving your financial stability.
This wrong belief is the reason why many people are poor.
Because they buy things that will only make them FEEL or LOOK rich.
But actually have a negative impact to their wealth.
I shot a very quick video about it here:
(This video is just 5 mins long, but the lessons you're learn will last for a lifetime.)
26) Last April 2014 was one of the biggest IPO's in the country.
Double Dragon (DD) spiked to 50% gain during its first day
rose further to 135% gain 30 days later,
and by May 14, it had already rose to 263% gains!
Triple digit gains in such a short amount of time!
Now, its good that people are making money,
these events can also make a lot of people GREEDY and STUPID.
That's why I felt the need to create this video about IPOs,
so you have a REALISTIC sense of both the benefits and risks of IPOs.
Here's the Youtube Link:
(Sorry to have to be KJ about all this fast/hot/quick money)
But responsible investing is much more important that emotions.
27) Do you think you are financially fit?
Actually there is no standard test for that - but these articles
could give you a good idea of where you are already.
Here are the links:
Test #1: 7 Financial Milestones to Reach Before You Hit 30
(Have you reached these milestones?)
28) Let me ask you a quick question - which would you rather have?
a.) 2 FREE Cute Puppies OR
b.) Money enough to pay for 4 years of college in a premier university?
Of course B is the obvious choice!
But do you know that a LOT of people choose A?
And they do it over and over and over again as well?
This financial error is due to the lack of understanding
of the concept of OPPORTUNITY COST.
Simply put, its the opportunity lost when you decide to buy one thing over another.
In this new video, you will learn how seemingly small, and harmless choices,
can actually hold us back from our most important goals in life.
Find out how it happens and how to prevent it by clicking here.
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The Four (4) Major Needs for a Complete Financial Plan
Creating Multiple Streams of Income (Active, Portfolio, Passive, Royalty)
Understanding Different Investment Levels, Vehicles and Strategies
How to Become Your Own Financial Adviser and Earn from it!
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Every Tuesday, Thursdays and Saturdays
What else should I know about the seminar?
Will I be sold anything?
At the end of the seminar, there will be a coaching session where you will be presented with the 3 Levels of Investing. At this point, the partner products of IMG will be presented. Feel free to ask your assigned coach anything about the investments available, and take as much time as you need (don’t be shy). Because the main focus oof IMG is your education first, and the selling comes second. That’s one of the unique things about this seminar (and that’s the only reason why I’m endorsing this seminar). The focus is real financial education and money management strategies. Take a look at what a fellow personal finance blogger has to say:
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Why is this seminar for free?
A big factor on why this seminar can be offered for free is because of IMG’s corporate partners (see image below). You can rest assured though that you won’t be sold to with any of these products. But, you will be learn of how these products can help you achieve your specific financial goals. So IF in your continuing financial education, you realized that you do need to have healthcare, insurance or want to make investments, or have estate planning, then you can inquire about the appropriate products of these partner companies.
P.S. Attendance: While these seminars are conducted for free, seating is often limited. So please honor your registration.
And I have not cleared my debts still...Tigas kasi ng ulo.
The good news is, I am finally on the way to clearing both long-term and short-term debts.
I guess it will take four years on my present income before I finally get rid of them. At least I finally have the discipline to really act on it.
And yes, I'm saving money along the way. I can't neglect my savings project.
it's good that you will clear your debts soon.. but even before considering investing, meron pang more important issues.. emergency fund and insurances. when/if bad luck hits, all your investing will be wiped out if you don't have these two.
What insights do you want ba? I'm currently trading in forex through a clearing house based here in the Philippines. How much do you plan to invest ba?? I can endorse you to my financial consultant right now. She's good and the company itself will teach you not only about forex and how to trade, they will guide you on how to trade wisely. If you have any questions, fire away!!
Mga Sirs, GMs and Girls. I'm an insurance advisor from Sun Life Financial. Anybody here interested in getting a life insurance with investments on mutual funds please PM me or contact me at my mobile no. 09224852755. We can set up a meeting to discuss this.
Sharing what I'm doing as a regular employee. (Other's might have a better financial plan for employees like me, feel free to share and compare)
The moment I graduated college, I am on my own so it means that I'm paying for everything from my basic needs. When I started working, for my first year I don't have savings on me. I used all my money for my living expenses (25%Living Quarters including appliances that I need, 25%Food and other expenses going to work) while 50% of my salary goes for clothes, and other expenses like eating outside and giving back to my family. As my second year started, I planned on saving for emergency purposes. My financial structure were design as follows:
1. 20% - Savings (First thing to consider before anything)
2. 20% - For potential investment
3. 40% - Living Expenses
4. 20% - Excess funds which I can use for anything that I can enjoy (This is needed, you are working to live not to die so make use of your money to satisfy yourself)
5. There are always an excess for #3 and #4 (at least for me who doesn't go out a lot) you can always put it into good use for next payroll. Don't spend everything just because you already have savings (if possible).
I am living alone and somehow survived . As for me I used my budget for investment in PAG-IBIG FUND contribution as it has 4% annual interest (more or less depending on effective rate) which is a lot bigger than banks. I also started buying shares of some companies and went for dividends not for buying and selling when it fluctuates as I am busy monitoring the movement due to my own work. We also made a small business with co-workers and now is a great help for my financial needs (You have to choose your partners though and of course, the nature of business), for starters you will be the owner/employee since you will start small but soon it will all be worth it. Also don't hesitate in getting medical cards as it will help you in case of need.
Yup that sounds like a good plan...also if your SSS contributions isnt maxed out yet you can go higher and your employer is supposed to match it or at least go as high as it can too.
Another investment is investing in yourself...check the company for any seminars or training programs they can sponsor for you. As usual, credentials do help a lot when looking for other employment opportunities.
I'm glad to see that there are people who let this thread flourish.
Right now, I finally have managed to discipline myself with my spending. No more credit cards for the past three months. So far, all my expenditures are all done in cash. I am one debt down. I have determined this year's big purchases and listed the period and amount I should set aside every payday.
I still have yet to find a part time job to add to my income. Discipline really is the key word for this year.
financial planning is easy. doing the plan is difficult. same as diet and exercise. easy to say, difficult to do.
1. earn (the more the merrier) maybe get a high paying job
2. invest (do this as early as you can) this has a lot of meaning (invest in the stock market, bonds mutual blah blah blah) basically invest in something that in your own research grows overtime. that's my deifinition.
3. save what's left after investing. (this is not for spending) for your future business venture, it takes time to save, research and start. so rather than buying a new iPhone or pc or a new car, try saving to buy or start a new company. this way it will help you pay off more expenses in the future. (for you kids out there, you can thank me after you hit 40 or 50) for you guys who are in the 40's do catch up, you still have time. for those in the 50s no point already... just survive and try to save more for your hospital bills that will be coming soon.
4. expenses - minimize. kung mahilig kayo gumastos o magyabang o pomorma, gimik, uminom at mag bisyo, mga tol, pag tanda nyo palamunin din kalalabasan nyo... yun ay kung aalagaan kayo ng mga anak nyo and provided may pera sila. most likely, kapos kulang din sila sa budget. look around, pare pareho lang tayo ng problema. so if you cant solve your problems today or in the near future... get ready to suffer more... you may need to beg if need be... so wag maaksaya.
5. d na baleng simple lang ang pamumuhay, importante, covered na ang future nyo.... (learn from the experience of older people, ask them what they did and where are they now) may chance pa para ma change nyo future nyo...