Protect your Financial Fortress, magtabi ng amount of your money in the Bank. Yes, you heard it right, keep a sum of you monthly income and expenses equal to 3- 6 months in the Bank.
§ Nasa umpukan ako around business people and investors on a circle, and someone asked if they still ever save money in the bank. At ang isang Manong ay nagtaas ng kamay and confidently says “I don’t keep any savings in the bank at all. Lahat ng pera ko ay nasa investment vehicles (stocks, bonds, silver & gold at properties)”. Very dangerous mindset.
§ As you know bank gives as little as 0.3% or less. You never should keep any long-term investment in the bank but keep a savings account not for the sake of “ipon” but for short-term transactions.
§ At magtabi ng 3- 6 months worth ng iyong monthly salary at expenses for emergency purposes. Bakit ko sinabi na ang Manong seems like looking for a dangerous pit ay dahil he doesn’t know what is in it for him for the future. Nobody does.
o What if for some reason his company closes down and he got to leave?
o What if he got bitten by an aedis aegypti, and had dengue?
o What if he got mugged and all his cash/ card were lost?
o What if his car crashed? And he needed to wait for the car’s insurance to have his car fixed, thus he needed to get into transport (palagi gusto niya naka-taxi)?
o What if all these things happen, at once?
§ Siguro meron si Manong na minimum amount sa banko para i-keep ang kanyang savings account active. Let’s say about P3000 to P5000.
§ Would this be sufficient if any or all of these instances happen? No.
§ He probably needs about P30, 000 to P50, 000 to keep his lifestyle afloat in one month. Say, he needs about 3 months to look for a better paying job again. He doesn’t want to borrow to friends and family at all at ayaw pa niya maging burden sa kanila.
o Of course he has investment in stocks and bonds, he can liquidate. Not advisable dahil it’s for long term at hindi maganda na galawin.
o He has silver and gold coins at bars. Again, it’s long term physical asset at hindi maganda na ibenta kaagad dahil at the current time, mas lugi pa.
o He has small apartment na he is renting out to tenants, kaylangan niya ng pera at naiisip na i- sangla tira for instant cash, not advisable.
§ Even if you are already an investment savvy, who already has a know- how about investing in stocks, properties etc., you wouldn’t want to touch any of these long-term investments, right?
§ At kahit na you are still starting and learning to buy and sell shares/ stocks online, be wise not to put all of your money there. Keep an emergency fund, for a short- term future (3- 6 months) na probably you can’t work due to any causes.
§ I even did not mention, what if you got into a critical illness (cancer, stroke) in which you need P750, 000 to 1M, or got into an accident that got you killed. What's going to happen to your loved ones who wanted to give you a nice burial and keep their lifestyle afloat if they can't touch your properties, investment and assets?
§ Dahil kaylangan pa bayaran muna ang estate tax (worth P200,000), para magalaw ang assets mo. Answer to that, as advised by Brian Tracy at kahit dito na lang sa Pilipinas na si Bo Sanchez, get an insurance. Get even a term- insurance.
Kahit na you are still starting and learning to buy and sell shares/ stocks online, be wise not to put all of your money there. Keep an emergency fund, for a short- term future (3- 6 months) na probably you can’t work due to any causes.
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The above blog post is brought to you by Rowena Yap, who enjoys helping people get an extra income on the internet. For more information, please visit http://www.viloria.net/swa-pinoy/swa-rowenadyap.html§ Nasa umpukan ako around business people and investors on a circle, and someone asked if they still ever save money in the bank. At ang isang Manong ay nagtaas ng kamay and confidently says “I don’t keep any savings in the bank at all. Lahat ng pera ko ay nasa investment vehicles (stocks, bonds, silver & gold at properties)”. Very dangerous mindset.
§ As you know bank gives as little as 0.3% or less. You never should keep any long-term investment in the bank but keep a savings account not for the sake of “ipon” but for short-term transactions.
§ At magtabi ng 3- 6 months worth ng iyong monthly salary at expenses for emergency purposes. Bakit ko sinabi na ang Manong seems like looking for a dangerous pit ay dahil he doesn’t know what is in it for him for the future. Nobody does.
o What if for some reason his company closes down and he got to leave?
o What if he got bitten by an aedis aegypti, and had dengue?
o What if he got mugged and all his cash/ card were lost?
o What if his car crashed? And he needed to wait for the car’s insurance to have his car fixed, thus he needed to get into transport (palagi gusto niya naka-taxi)?
o What if all these things happen, at once?
§ Siguro meron si Manong na minimum amount sa banko para i-keep ang kanyang savings account active. Let’s say about P3000 to P5000.
§ Would this be sufficient if any or all of these instances happen? No.
§ He probably needs about P30, 000 to P50, 000 to keep his lifestyle afloat in one month. Say, he needs about 3 months to look for a better paying job again. He doesn’t want to borrow to friends and family at all at ayaw pa niya maging burden sa kanila.
o Of course he has investment in stocks and bonds, he can liquidate. Not advisable dahil it’s for long term at hindi maganda na galawin.
o He has silver and gold coins at bars. Again, it’s long term physical asset at hindi maganda na ibenta kaagad dahil at the current time, mas lugi pa.
o He has small apartment na he is renting out to tenants, kaylangan niya ng pera at naiisip na i- sangla tira for instant cash, not advisable.
§ Even if you are already an investment savvy, who already has a know- how about investing in stocks, properties etc., you wouldn’t want to touch any of these long-term investments, right?
§ At kahit na you are still starting and learning to buy and sell shares/ stocks online, be wise not to put all of your money there. Keep an emergency fund, for a short- term future (3- 6 months) na probably you can’t work due to any causes.
§ I even did not mention, what if you got into a critical illness (cancer, stroke) in which you need P750, 000 to 1M, or got into an accident that got you killed. What's going to happen to your loved ones who wanted to give you a nice burial and keep their lifestyle afloat if they can't touch your properties, investment and assets?
§ Dahil kaylangan pa bayaran muna ang estate tax (worth P200,000), para magalaw ang assets mo. Answer to that, as advised by Brian Tracy at kahit dito na lang sa Pilipinas na si Bo Sanchez, get an insurance. Get even a term- insurance.
Advisable
Savings Strategy: Better if put in Envelopes, para nakatabi at hindi na magalaw.
Unahin ang mga sumusunod in Order.
Unahin ang mga sumusunod in Order.
100%
of your Salary or Net Income should be divided to:
ü
10% Tithes
(Give back to God first for all his blessings)
ü
20% Long-
term savings (stocks, bonds, term or unit- linked insurance, properties)
ü
10%
Emergency Fund (for your indefinite short-term and urgent need)
ü
10%
Konting luho na gusto mo (eat-out at fancy restaurant, latest gadget)
ü 50% Your Expenses (Bills, allowance ng nanay mo etc.)
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