Tuesday, 13 May 2014

Morning Coffee Reads – HOW MUCH DO YOU SAVE? (May 14, 2014)

Goedemorgen! (That’s ‘good morning’ in Dutch)

I’m up by 7:00am today and back to writing MCR posts! :) How is everyone?

I had a late night planning for the months ahead! I re-assessed [mainly] my financial status and decided to create a whole new plan just because my current one isn’t the best one yet. I’m a 22 year old freelancer in this big, big business world, and I have to face the fact that if I want to be financially secure in 30, 40 years, I have to start now.

philippines-peso-exchange-rate

I made the best decision of getting a life insurance last year via Sunlife Financial; and believe me, sometimes I think it’s a pain in the ass and just an unnecessary addition to bills—but in the long run, I will benefit most from it. The best form of money spending is putting it where it will grow. INVESTMENTS!

I have laid out an 8-month trial plan which I have to stick to and I’ll definitely update you guys as I go along.

It’s easy! For every month’s worth of earnings, a percentage will ALWAYS go to the following:

- life insurance

- pure savings

- electricity bill

- PhilHealth (health insurance)

- emergency savings

Also, in a few month’s time, I’ll start with my Safety Net Project. This means being able to save up a year’s worth of your monthly earnings so that in case of an unfortunate event, you will still have a year’s worth of money safely tucked and ready to be used for anything.

All of these have to be carefully planned, actually started, and religiously followed through. Don’t break the cycle. Finish for the sake of starting.

That’s it for today’s MCR, everyone!

I’ve got a pretty long day ahead. I’m heading out to go jogging after my light pre-breakfast meal. I need to shed weight and keep it off!!! Hehehe. Also, a whole day of filming ahead. So stay tuned tonight, as I will have a new video up by then! And you guys will LOVE it.

HAVE A GREAT DAY!!!

8 comments:

  1. Say, why life insurance? You don't have dependents aka mga anak. Go for term insurance instead then invest the rest.

    A year of earning? That's good of you but for us who are chewing finance, we call it "emergency fund" which is "3-6 months expenses" ( how much do you spend for a month then multiply by 3 or 6 but for the kind of work you have, 1 year emergency fund is advisable coz "you never know" and to fund the "what ifs"

    I'm glad you are interested in a finance world. Right up my alley,modesty aside.

    P.S. I'm not a financial advisor of any sorts. Just a person who loves learning about saving, investing and frugality.

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    1. Hi ! just to let you know...you don't really have to be a parent to get life insurance. There are a vast selection of policy plans out there and it will depend on your age,needs,goals,etc.
      Ate say did a Great Job choosing an investment + insurance coverage type plan. It suits her age. Letting her money grow and the insurance coverage will just be a bonus.
      Also, Safety Net Project sounds like a "Savings" based plan and the insurance coverage (if it has) will just be a bonus as well.... Who wouldn't want to protect yourself now and in the future? :)

      --Yes, I am a Financial Advisor but with Philam Life

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    2. Sounds Like VUL to me! I don't like VUL! I don't like VUL,period!

      Even Dave Ramsey and Suze Orman agree. Even Salve Duplito.

      2 years of paying before investment kicks in? No thank you.

      And after 2 years,ill just earn interest of 1-3 percent. No thank you. There are a lot of investments with higher earning interest.

      VUL is for the Uber-rich who doesn't know what to do with there money.

      Research more about it Say before jumping coz it might bite you in the ass someday.

      PS: Don't believe what "financial advisor" say. A lot earns from commissions. I don't get paid recommending "term insurance". Invest and pay for fee-based financial advisor and don't get advise from financial advisor-who-can't- even- show-their-portfolio.

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    3. Hi again..
      i wonder if you have actually tried VUL urself to be this emotional about it. Its quite funny.... but just to let you know i have finished my degree because of the same company i am currently working for. I am a living proof myself so are my parents.
      I have no idea where did you get the 1-3% interest rate annually but based on our Historical performance throughout the years is ave. 8% (conservative) - 16% (Aggressive) Annually.
      Maybe money growth depends on the company?
      and you just decided to close yourself based on a single company's performance / what others say...
      Commissions are given whether you close either a VUL or a Term insurance. maybe you should research more about it.
      These commission based Financial Advisors are not the ones who would invest/ handle your money of course. The company have their own fee-based financial advisor-thatt you love who actually knows what they are doing, properly educated and trained. maybe you should research more about it.
      Ate say is already a busy person and let say if she try and invest by herself during This period of her life (hectic) with minimal knowledge about the stock market and all that.. she may end up like the Fee-based financial advisor i just met. He was in high school when under his grandpa's influence he tried and invest using his mother's name and well lets just say he was not yet cut-out for it.
      We wouldn't want ate say to be like him do we? We all know the knowledge, Time and Effort it takes to know the right investment She should really trust someone with experience and knowledge about it.

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  2. i liked this blog , konti lang ang mga batang tulad mo na nag prepare for there future at responsible for there life .. your parents are lucky to have you .. good luck !! and God bless you !!

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