Personal Development, Finance and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
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Before you invest make sure you have build a strong and solid financial foundation.
Like building a house, you must build it from the ground up. Build it right. Build it strong. You can build a proper financial foundation.
An investment in knowledge always pays the best interest. Financial education is your best investment. As what Mr. Robert Kiyosaki said, "Education is the foundation of success. Just as scholastic skills as are vitally important, so are financial skills and communication skills." So your questions are, how can I build a strong and solid financial foundation and why is it important?
Building A Strong And Solid Financial Foundation
It is important to build first your financial foundation before you start investing.
Know and Increase Your Personal Cash Flow
You need to increase your income. Never depend on a single income, create multiple income streams. A budget is a cash flow plan and will let you know how much you can afford to invest each month.
The greatest wealth is health. Some companies provides HMO for their employees. HMO (Health Maintenance Organization) plan will help shoulder the cost of healthcare. Most medical procedures, emergency assistance and even confinement are covered. More savings for the employee or person who has a HMO plan.
Getting life insurance just make sense; it's one of the responsibilities of having a family you care about. Our family is very important to us. So if we think good for our family then need to go for good life insurance policy. Getting life insurance will give you the maximum benefit in future. If someone you love relies on your income, you need a life insurance. Protect yourself and protect your loved ones.
Rule of saving money, "Every peso counts." Discipline and consistency are the keys.
Emergencies will happen, so be prepared so they don't derail your financial plan. The main purpose of emergency fund is not an investment, it's a protection with one purpose - to protect you and your family just in case there's an emergency situation. You should set aside 3-6 months income to help cope with emergencies and unexpected changes.
Define Goals And Priorities
What are your goals? Why do you want to invest? What are your deadlines? Building wealth is a long journey. You will need to make a lot of sacrifices.
Understand The Rules Of Investing
Study first before invest. Make sure you have a knowledge in every investment instruments that you are going to choose, especially the risk and other basic concepts.
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ABOUT THE BLOGGER
Ralph "Rap" was born and raised in the Philippines. A Financial Literacy Advocate. An I.T. by Profession. An Investor. A Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). A Traveler. An Adventurous. A Mountain Hiker. A Dreamer.
Currently works his way towards time and financial freedom.