Filipinos (4) Priority Funds
I have an idealistic dream that one day every Filipino will walk the path of “financial freedom”. It means that every single one of us will be involved in long-term financial planning, which will help them, their family, and their family’s family. Let me help you re-assess your financial goals. Read and check the list below to know if all are well accounted for, as early as now.
4 Priority Funds of Filipinos
(1) Retirement Fund
One day, your body won’t be as energetic as it used too. Someday, you will hate why stairs are even invented, and why you need to wake up in the middle of the night just to pee. This is if you can even control it. Yes, we will all go down to that, and unfortunately when that time comes, our body won’t be able to work for money. Now, if you still belong to that group of Filipinos who think that their retirement fund is their children. Think again. Do you really want to handover that kind of financial responsibility to your children, who by that time is busy making their own dreams come true? Be wise. After all, being wise comes with age. Make sure that as early as now, you are making plans on how to fill up this fund, the earlier the better.
(2) Health Fund
Sickness strikes from behind. This type of fund may seem worthless for others and they may argue “hey, my family has always been healthy. I don’t need this.” Believe what you have to believe, but here’s a piece of advice: DO SOMETHING. You will never know what kind of sickness will you, your parents, your kid will have someday. It’s not about being paranoid. It’s about being ready. Surely, you want to have enough money to shoulder the hospital expenses of a family member to keep them alive. Be ready today. Note: this advise is not exclusive for shouldering expenses for just your primary family. Sometimes, you will have to consider your secondary family as well especially if they fall under your responsibility.
(3) Emergency Fund
A lot of emergencies can happen in a single day. Well, life doesn’t always go our way, right? Your dream job may not be yours for the next couple of months, due to recession. Your dream calamity-proof house, may not be that calamity proof after all. These are just some of the unexpected occurrences which will definitely shaken your financial security. Again, we’re not being paranoid, you just need to be ready. I’ve read an article somewhere that you should have at least 6 months worth savings. It is your monthly expense multiplied by 6, just in case you’ve been laid off on your job. You can also use this fund as your calamity fund, in case the need arises.
(4) Investment Fund
Among the list, this is my favorite: the investment fund. I grew up on a family, where investments are a priority. “Working to save” is a good start, but “working to save and then invest” is better. Investment doesn’t have to be a big amount. It can be a small business, small stock investment and etc. It depends on you, for as long as you’ve studied about it well and you think it will be income-generating, then you’re good to go.
To sum it up, my point is, filipinos should be more wary of their expenses. There is really nothing wrong with enjoying life as it happens. But while you enjoy it, make sure that the top 4 funds are not forgotten.
In the end, success is not measured by how many travel photos you posted on Facebook, or how many cars and gadgets you bought in your entire life. Success is measured if you were able to do something good for you, your family, and much more for the people you don’t know. True success is not seen. It is felt.
I will end this article with a quote “Bato, Bato sa langit. Ang tamaan wag magagalit.”