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On 12/6/2021 at 9:34 PM, Paris19 said:

Uhh do we need multiple bank accounts to be financially stable? I mean, sure we need to manage our budget. But what would be the best way to do that? How to be really financially stable? 🤣

Having multiple bank accounts actually depends on your needs. I (and my wife) for example have multiple bank accounts to properly manage our finances: One personal bank account (for salary - before I retired, and my PF for our businesses), one joint account with my wife (used to buy/pay for expenses, plus emergency funds for the family), a separate bank account for stock trading and other investments, separate bank accounts per each business we own (shared with my wife).

Mahirap kasi na nasa iisang bank account yunglahat pera mo, you might spend money that's not supposed to be spent. For me, having multiple bank accounts let us keep track of how our finance flow is.

Edited by mrbig86
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Number of accounts really depend on how complicated your finances are. If you are an ordinary saver, then one savings account (which may be diverted to time deposit in the same bank in the future) will do. As long as the bank is a top-4 local bank or what BSP calls "economically significant", you have little to fear about your money's security. If you have a business and/or do a lot of transactions, then a second account, this one a checking account with ATM and online capability, will be needed.

A small business usually has two accounts. The first is where much of its revenues (cash sales and pdc's from customers) are deposited. This is its main depository account. Then, it has another account with a minimum balance to cover its recurring expenses and pay other things as they come due, like loans. This is its main disbursing account.

If you make a loan with a bank, that bank will require you to open an account with them. You will maintain a balance with them from where they can auto-debit your monthly dues.

Lastly, if you have big investments in the money market which you transacted with a bank acting as broker, you need an account with the broker bank for them to deposit your interest income on your investments as they become due.

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  • 2 weeks later...
On 9/21/2021 at 10:53 AM, MRROUGHSEX said:

Tagal din nawala nito.

 

I didn't think it will resurface but good thing it did.  

 

Today SPY down 1.7%.  Bought some SPY to take advantage of the much needed cooling of this hot market.  

Sir, namimimiss na kitang kausap :)

Tagal ko ring nawala dito dahil naguluhan na ako sa mga pagbabago sa forum...at may bantay na kasi ako hahahaha

Anyway, I still continue with my personal finance planning. Nakailang template na ako kakahanap ng tamang timpla sa mga needs at requirements ko para mas maintindihan ko ang pera ko.

So far, SALN-wise, nagulat ako kasi roughly 3.5M na pala net value ko as of Jan. 2, 2022. Far cry from my value ten years ago noong isang kahig, isang tuka lang ako.  Far cry from the day I opened this very thread.  

Hindi ko na problema ang credit card spending. Problema ko ngayon ang masigurong abot ko ang 50 million peso net worth (in today's value) retirement goal. 

Investing-wise, from the dismal dip in the stock market last 2020, umangat na by 200K ang portfolio value ko. Laking pasasalamat ko na nagkaroon ng REITs dito sa Pilipinas. May real estate income na ako kahit wala akong actual real estate. May stocks in the red pa rin ako (SSI, EEI, COSCO, MPI, MEG) pero didispatsahin ko rin sila kapag green na sila para dagdag pambili sa mga ipapalit kong dividend stocks. I'm going for dividend investing para may passive income ako. Add the dividends from REITs, yey!

Maliit pa ang nakukuha ko sa dividends (ni hindi pa kayang tustusan ang one month expenses ko), pero nakahanap na ako ng strategy para palakihin ang volume nila kahit limited ang lagay ko ng funds sa stocks at mutual funds ko. May mga paggamitan na rin lahat ng investments na pinasok ko kaya mas malinaw na ang financial direction ko.

And, thanks to the pandemic at pressure mula sa Ate at pinsan ko, pag-iipunan ko na rin ang pambilli ng bahay. Projection is 5 years. Nag-compute na rin ako kung magkano kailangang itabi para mabilis na makaipon ng at least 500K na down payment.

Inaayos ko na rin ang mga taxes, SSS, PAG-IBIG, at PHILHEALTH ko para legit tax payer na uli ako. Adulting sucks, but there is a sense of satisfaction knowing I'm being responsible.

Ayun, kayod marino pa rin para hindi magkulang ang budget. Crossing my fingers for a prosperous 2022 and beyond.

 

Cheers!!!!!!!!!! :)

 

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  • 2 months later...

Ano na balita dito? Kamusta na mga financial plans natinat mga buhay buha?

Kami naman ni misis we pause our Financial Independence Plan kasi lumipat kme ng ibang state dito sa Australia at it is so expensive to move. We spend $40k buying furnitures white goods etc kasi di na namin dinala yung mga gamit namin when we move inter state.

this week balik investing in ETFs ulit, dollar cost averaging into the market.

we plan to have a holiday in Manila this December and we cant wait to meet friends and family. 

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Need advise mga sir. I want to prepare for my eventual retirement. I'm now 46. Due to my unhealthy lifestyle, I take maintenance medicine and I flunked the medical test when I tried to get insurance. Ano kaya ang puede ko paglaanan for investment that I can build on when I retire. I'm thinking of running a business pero hindi ko alam kung ano kasi ever since hindi naman ako business-minded person.

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On 4/19/2022 at 2:58 AM, Blue Boy said:

Need advise mga sir. I want to prepare for my eventual retirement. I'm now 46. Due to my unhealthy lifestyle, I take maintenance medicine and I flunked the medical test when I tried to get insurance. Ano kaya ang puede ko paglaanan for investment that I can build on when I retire. I'm thinking of running a business pero hindi ko alam kung ano kasi ever since hindi naman ako business-minded person.

why not shares or mutual fund? I personally invest in exchange traded fund (ETF) using Vanguard ETFs. Nasa Pinas ka ba or abroad?

kung retirement ang goal mo, then determine when you plan to retire how much you need when that time comes. Rule of thumb na gamit ng mga financial planners is 25x ng yearly expenses mo. So for example, if you plan to retire 20 years from now and na compute na you need lets say Php 50,000 per month or Php 600,000 a year of income to support your lifestyle, then you would need Php 15M of investment to support you till your 96 years old. 
So ngayon ang po problemahin mo paano ka magkakaroon ng ganong kalaking investment by 2042. Some people do it by real estate, business, shares. 

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im in poverty now at naghihikahos

now this is my revival plan

I earn

8k - 10k a day

if 8k for 26 days thats  208k in 6months thats 1,248,000

if 8k for 30 days thats  240k in 6months thats 1,440,000

if 10k for 26 days thats 260k in 6months thats 1,560,000

if 10k for 30 days thats 300k in 6months thats  1,800,000

 

i can do this

I just need discipline and focus

just the 2 of that

I can do this

patience too as well

 

 

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On 4/27/2022 at 4:40 PM, MartinDomingo said:

im in poverty now at naghihikahos

now this is my revival plan

I earn

8k - 10k a day

if 8k for 26 days thats  208k in 6months thats 1,248,000

if 8k for 30 days thats  240k in 6months thats 1,440,000

if 10k for 26 days thats 260k in 6months thats 1,560,000

if 10k for 30 days thats 300k in 6months thats  1,800,000

 

i can do this

I just need discipline and focus

just the 2 of that

I can do this

patience too as well

 

 

You have good income pero try to elevate your investment savings din. Kung kaya mo i invest kalahati ng take home pay mo, mas mainam

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  • 2 weeks later...
On 4/19/2022 at 1:28 AM, Blue Boy said:

Need advise mga sir. I want to prepare for my eventual retirement. I'm now 46. Due to my unhealthy lifestyle, I take maintenance medicine and I flunked the medical test when I tried to get insurance. Ano kaya ang puede ko paglaanan for investment that I can build on when I retire. I'm thinking of running a business pero hindi ko alam kung ano kasi ever since hindi naman ako business-minded person.

Curious lang ako Sir, did you consider other Insurance companies after you have flunked on one? If first time mo to get insurance at 46, medyo challenging yan given your age and conditions. and if meron man, baka sobrang laki na ng magiging Premium mo. 

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