money Financial Planning

[PenetrayShawn]

 

Hi PentrayShawn. Btw, I like the nick. Haha.

 

I am really not saving much for college tuition. I am mentoring my kid (which is why I needed a work from home job) on his studies. He needs to get scholarships for his tuition. That is my only plan.

 

So sadly pre no windfall for me LOL. I am using this college savings plan account called 529. Deposits into 529 can only be used for "education" expenses such as tuition, books, computers and softwares. As such I can not put too much money on it in the event kid/s get scholarships/financial aid on tuition. But I like to put some on it, money I will surely spend even with 100% scholarships/financial aid. This is because of the capital gain on 529 savings account is not taxed.

 

I am targetting $44K on 529 when my eldest starts college. Then starting 2nd year of college, I will shoulder an additional $12K for the next 3 years for a total of $80K.

 

Where I am really putting my savings is on Retirement and "Business" fund which could really turn to be used for parents' medical bills since they have not saved for retirement. Syempre, ako dito sa US, ako aasahan huhuhu.

 

My kid getting into Hume-Fogg is something I've hoped for all along. It is ranked number 23 best public school in the entire nation and 90 overall. Very happy as it is a great staging point for jumping into premier college or even Ivy Leagues later on.

 

 

Thanks, I saw his name in a porno once and the rest is history haha

 

I checked out a primer on 529 plans. They sound like a good deal, especially when one of your options is taking out a student loan in the US. And I'm sure your kids are developing good financial sense too so win-win kayo

[neville]

It will be interesting to know your "Emergency Fund" strategy for your business. Will that be separate from your personal emergency fund? Since you have business partners, are they aware that they're such fund and will they help fund it initially?

 

Because life happens to businesses as well e.g. Market down turn, your client is delayed in their payment or goes bankrupt, etc. I bet this community will learn from your business emergency fund strategy.

 

Corporation ang itinayo namin para hiwalay talaga ang personal SA business assets. Kasama diyan and emergency fund.

 

We will have almost no capital outlay. Services ang sector namin Kaya kahit existing equipment namin, magagamit SA negosyo.

 

Crossing the bridge as we get there. 😁

[MRROUGHSEX]

50-50 kami NG ate ko. Walang share Yung tatlo Kasi mga pamangkin ko yon.

 

Besides, Ang talagang kakayod sa company ay ako. Sa paperwork area bahala ate ko.

 

Pag lumaki na kami at may ibang employees na revenue generating Rin,adjust na namin siguro uli NG ate ko Ang division of income.

 

Sa akin Rin Kasi galing Ang kliyente

 

Pag settled na Ang company, mag-uusap uli kami. Nasa SEC pa Ang application kasi.

Ah, so hati muna kaso divided by 2 on all expenses. That is the easiest simplest and perhaps most effective way to start a business.

 

Then perhaps, on your income statement, you can have a commission fee % of client revenues. This means who is bringing in clients will get a commission. This commission fee is an expense so it will subtract from the gross revenue, along with other operating expenses (OPEX). Then you will arrive at profit, which as you said, will be split 50-50. If one chooses to pull out the profit while the other one re-invests the profit, then the equity share will need to be recalculated as one will have more than the other.

[MRROUGHSEX]

Corporation ang itinayo namin para hiwalay talaga ang personal SA business assets. Kasama diyan and emergency fund.

 

We will have almost no capital outlay. Services ang sector namin Kaya kahit existing equipment namin, magagamit SA negosyo.

 

Crossing the bridge as we get there.

LOL, I had a feeling it is a Corp when you mentioned you have 3 others joning in, be it name use only or as employees (industrial incorporators).

[MRROUGHSEX]

Not bachelor, but happily-married with a 3 year old. Life is good.

Da MAN!

 

Happy for you pre JB. Sabihin na natin 39 y/o ka now, that means 10 years from now, when you kid turns teenager or 13, you will be 49. That is still young to bond like play basketball, go fishing or hike the beautiful Australian mountains.

 

Did you meet your wife there? Ako kasi wala network sa US kaya only when I go for vacations in Pinas ako naghuhunting hehe.

[MRROUGHSEX]

 

Thanks, I saw his name in a porno once and the rest is history haha

 

I checked out a primer on 529 plans. They sound like a good deal, especially when one of your options is taking out a student loan in the US. And I'm sure your kids are developing good financial sense too so win-win kayo

Sinong Shawn yan hehe. Baka di ko na naabutan. Egoy ba yun. Parang meron yata Shawn Michaels o baka nag-imbent lang ako pangalan haha.

 

Hanngang kina Traci Lords, Ginger Lynn at Debi Diamond lang inabot ko. Nawalan ako gana nung puro wala ng istorya yung nagsilabasan. Puro gonzo. I prefer teasing from story lines haha kasi yan nakalakihan ko.

 

Eniweys, yes I like teaching my kid early on financials. I grew up on opposite. My parents hated discussing financials, yun pala kasi wala sila savings haha. Puro gastos so me and siblings were heavily influenced. I am breaking it and creating a new generation starting with me. The Rough Sex Genesis. LOL.

[PenetrayShawn]

Sinong Shawn yan hehe. Baka di ko na naabutan. Egoy ba yun. Parang meron yata Shawn Michaels o baka nag-imbent lang ako pangalan haha.

 

Hanngang kina Traci Lords, Ginger Lynn at Debi Diamond lang inabot ko. Nawalan ako gana nung puro wala ng istorya yung nagsilabasan. Puro gonzo. I prefer teasing from story lines haha kasi yan nakalakihan ko.

 

Eniweys, yes I like teaching my kid early on financials. I grew up on opposite. My parents hated discussing financials, yun pala kasi wala sila savings haha. Puro gastos so me and siblings were heavily influenced. I am breaking it and creating a new generation starting with me. The Rough Sex Genesis. LOL.

 

Hindi yata hahaha mga early 2000s yung porno na yun

 

After sex, finances na siguro yung hesitant idiscuss ng mga magulang sa anak before. Hindi din siya tinuturo sa school dati so sariling sikap talaga to learn more about it, masakit lang because experience can be a tough teacher

[neville]

Ah, so hati muna kaso divided by 2 on all expenses. That is the easiest simplest and perhaps most effective way to start a business.

 

Then perhaps, on your income statement, you can have a commission fee % of client revenues. This means who is bringing in clients will get a commission. This commission fee is an expense so it will subtract from the gross revenue, along with other operating expenses (OPEX). Then you will arrive at profit, which as you said, will be split 50-50. If one chooses to pull out the profit while the other one re-invests the profit, then the equity share will need to be recalculated as one will have more than the other.

 

 

 

Whoa!!!! Nuances of business math na iyan. Titirik na utak ko. Lol.

 

Pag settled na ang registration namin (na sana huwag matagalan dahil SA paparating na semana santa), pihadong kakausapin ko ang partner ko tungkol sa profit at suweldo SA mga freelancer (guinea pig ako).

 

 

 

LOL, I had a feeling it is a Corp when you mentioned you have 3 others joning in, be it name use only or as employees (industrial incorporators).

Hehe, initially, sole proprietorship Lang gagawin ko. Pero naisip ko na baka corp ang gusto NG HQ Kasi SA Europe mga kumpanya talaga ang counterpart namin Doon.

[MRROUGHSEX]

 

 

 

Whoa!!!! Nuances of business math na iyan. Titirik na utak ko. Lol.

 

Pag settled na ang registration namin (na sana huwag matagalan dahil SA paparating na semana santa), pihadong kakausapin ko ang partner ko tungkol sa profit at suweldo SA mga freelancer (guinea pig ako).

 

 

 

 

Hehe, initially, sole proprietorship Lang gagawin ko. Pero naisip ko na baka corp ang gusto NG HQ Kasi SA Europe mga kumpanya talaga ang counterpart namin Doon.

We'll help here to suggest business model Neville.

 

Whoa bigatin ha. European partners. If I may, anong business yan? No need for specifics, industry will do. Parang namention mo na before, hindi ko lang matandaan at medyo tinatamad ako mag-back read haha.

[MRROUGHSEX]

 

Hindi yata hahaha mga early 2000s yung porno na yun

 

After sex, finances na siguro yung hesitant idiscuss ng mga magulang sa anak before. Hindi din siya tinuturo sa school dati so sariling sikap talaga to learn more about it, masakit lang because experience can be a tough teacher

Snabi mo pa preng PS.

 

I spent 12 years working in Pinas just putting my money in alkansya and later on saving account/TD. Little did I know mas mainam pala sa MF/ Blue chip stocks. So Hard Lesson 1 para sa akin is not putting money on the market early.

 

Pero at least, para sa akin, common sense lang na kelangan mag-ipon - for emergencies, then for downpayment sa bahay/condo.

 

Wala pa sa isip ko nun retirement savings. Typical Filipino thinking that Social Security checks will take care of retirement pero hindi naman pala kala kalakihan. Sa PInas kasi walang 401K or Superannuation BUT what we have there is 13 month pay. So Hard Lesson 2 sa aking experience is not saving the 13th month pay. Sana maging popular sa Pinas yung thinking of using 13th month pay as retirement program instead na "bonus" to be spend during Christmas.

[JohannBeckham]

Snabi mo pa preng PS.

 

I spent 12 years working in Pinas just putting my money in alkansya and later on saving account/TD. Little did I know mas mainam pala sa MF/ Blue chip stocks. So Hard Lesson 1 para sa akin is not putting money on the market early.

 

Pero at least, para sa akin, common sense lang na kelangan mag-ipon - for emergencies, then for downpayment sa bahay/condo.

 

Wala pa sa isip ko nun retirement savings. Typical Filipino thinking that Social Security checks will take care of retirement pero hindi naman pala kala kalakihan. Sa PInas kasi walang 401K or Superannuation BUT what we have there is 13 month pay. So Hard Lesson 2 sa aking experience is not saving the 13th month pay. Sana maging popular sa Pinas yung thinking of using 13th month pay as retirement program instead na "bonus" to be spend during Christmas.

Dati ang tingin ko sa 13th pay is an extra bonus, a good idea na inimbento ng Pinoy for the benefit of employees. Pero after working abroad especially dito sa Australia, it's actually not the best outcome for the employee. Mas maige pa kung ang sweldo is paid by week (e.g. fortnightly) or calculated by the hours of paid work in a given week for the following reasons:

1. Tataas ang base salary mo which will be use in the calculation of your entitlement e.g. leave encashment, performance bonus, Overtime work, etc

2. Mai invest mo agad ot malalagay sa high earning investment vehicle yung pera mo, therefore magko compound rather than waiting for dec to access the money.

 

Time value of money is one of the crucial thing i learn especially when i used to develop and implement commodity trading and risk management software to trade swaps, derivatives, options, futures, etc. Sa Singapore

[Mad Damian]

Snabi mo pa preng PS.

 

I spent 12 years working in Pinas just putting my money in alkansya and later on saving account/TD. Little did I know mas mainam pala sa MF/ Blue chip stocks. So Hard Lesson 1 para sa akin is not putting money on the market early.

 

Pero at least, para sa akin, common sense lang na kelangan mag-ipon - for emergencies, then for downpayment sa bahay/condo.

 

Wala pa sa isip ko nun retirement savings. Typical Filipino thinking that Social Security checks will take care of retirement pero hindi naman pala kala kalakihan. Sa PInas kasi walang 401K or Superannuation BUT what we have there is 13 month pay. So Hard Lesson 2 sa aking experience is not saving the 13th month pay. Sana maging popular sa Pinas yung thinking of using 13th month pay as retirement program instead na "bonus" to be spend during Christmas.

Usually, yung 13th month pay here is ysed to buy gifts for the isang katutak na kamag anak at mga inaanak at mga expecting staff (office and at home).

[Mad Damian]

Dati ang tingin ko sa 13th pay is an extra bonus, a good idea na inimbento ng Pinoy for the benefit of employees. Pero after working abroad especially dito sa Australia, it's actually not the best outcome for the employee. Mas maige pa kung ang sweldo is paid by week (e.g. fortnightly) or calculated by the hours of paid work in a given week for the following reasons:

1. Tataas ang base salary mo which will be use in the calculation of your entitlement e.g. leave encashment, performance bonus, Overtime work, etc

2. Mai invest mo agad ot malalagay sa high earning investment vehicle yung pera mo, therefore magko compound rather than waiting for dec to access the money.

 

Time value of money is one of the crucial thing i learn especially when i used to develop and implement commodity trading and risk management software to trade swaps, derivatives, options, futures, etc. Sa Singapore

Bro, would love to get some pointers from you in opening a trading acct sa SG.

Mostly for derivatives trading.

Used to dabble in stocks, options and leaps.

[JohannBeckham]

Bro, would love to get some pointers from you in opening a trading acct sa SG.

Mostly for derivatives trading.

Used to dabble in stocks, options and leaps.

Are you based in SG?

[Mad Damian]

Are you based in SG?

No!

Manila.