I got to ask some people about this topic and somehow lots of them would love to have their own home, car, family, successful career, own businesses and others. Would this be enough to have a fulfilling life? Other are contented with that while some are scratching their heads like I did a few years ago when I was still struggling with the real world not knowing much on investments than a personal savings accounts which does not earn much.
A year ago, I was invited by one insurance agent offering me a value unit linked insurance from reputable insurance and investment company based from abroad and also in the Philippines. I was awed when I saw the needed money if in case I will be retiring at age 60 go 65 using one of their financial software tools wherein it estimated in my case If I lived to age 80 I will be needing at least PhP 80,000,000.00 just to live a comfortable life and so I need to shape up my finances in the next few decades assuming that the inflation is at 5 to 10% which is already included in the computation. It did blew my hat off and struck me real hard with my ego blown to bits.
So what are your financials goal now?
I did made some re-evaluation an revision of my personal financial goals wherein I became more realistic and updated of it on what will I be doing for the whole year of 2010 especially on the diversified portfolio of my personal finance and investments. During my attendance to the RFP program back in 2008, there should constant updating on the plans you made and make some comparative analysis and study newer investments available and rethink your strategies of achieving your financial goals . One of the lecturers suggest that planning should be done on an annual or bi-annual session but for the more conscious investors it can be done on a quarterly basis. Any client should be ready to shoulder some changes, make sacrifices and incur expenses in order to achieve your goals of becoming financial independent.
Rethinking of the diversification strategies requires critical thinking. Putting your plan in a long term financial goal would be ideal if you have plans in the long run for example a retirement plans, a business plans, a college education plans for the kids etc. The Mutual Fund investments I have gotten before is lagging behind and I need to think carefully on budgeting my personal finances in order to achieve my five year plan of raising a capital in funding a small business other than real estate. The equity investment for San Miguel Brewery seems to be fairing well averaging at PhP 8.80 to 9.00 per share back in 2009 and as of today. However it reach to peak of PhP 10.50 per share in 2008 on its first week debut. I am still keeping my portfolio on this company.
Do it now!
Do it now!
Better to act now than do it later, What I hate on the Pinoy Attitude of MAÑAÑA HABIT which we picked up from the Spanish back then. This trait should be removed in our system. It is better to think for the future and not of the current days and never procrastinate.
I recently added this video sent by Mr. J. Randell Tiongson of Income-Tacts and Personal Finance Advisers through Facebook about the Registered Financial Planners Philippines Program which is embedded here. Check it out. RFP Philippines Batch 18 is now on enrolling process.
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