Financial Planning 101

1. Love your Job, don’t get fired and be smart when there’s a global recession.
2. Find extra income if possible, setup a small business, or create passive income investment. Probably borrow money from your parents because there’s no interest.
3. Save 20-30% of your income automatically, then you can budget the rest for the monthly expenses. Check with your wife because she does the shopping.
4. Prioritize payment hierarchy from credit cards to phone bills to mortgages. By the way how many cards do you have?
5. If you have kids, it’s better to have insurance or educational plans. Make sure also that your policies are insured. How many kids are you planning? You should check with your wife because she may want more than 5 kids!
6. Check your pot; make sure you have more assets than expenses and liabilities. Know what “needs” from “wants” are.
7. Continue your SSS, it is still a good source for retirement fund and insurance.
8. Have your wife continue her Phil-health; the contribution is small but big hospitalization reimbursements.
9. You can invest in hard assets like; real estate, gold, collector stuffs that has appreciating value for future cash convert ion needs.
10. Don’t get sick; take 1000mg of vitamin C a day.
11. If you get extra money and or bonuses, you can be prudent and invest it or saved it. I suggest spend the money in your own country with your love ones and be happy. You deserved it! If the bonus is small then something is wrong.
12. Create a fund, an amount accumulated from your monthly budget that can be used in helping needy relatives, the desire to donate disaster victims, etc. It’s like the “tithes”. Once you’ve done it for several years you’ll know who’s deserved to help more; others or you’re self.