FINANCIAL MATURITY
i've always been a matipid person and since my first job i know how to budget my money. and my being very thrifty led me to have a nice wedding below P150,000 and my friends were really amazed at how i was able to do it in style at that budget. there were a lot of sacrifices esp. on my Other Half's part since we did the wedding in my hometown not in Manila where it is soooo expensive and being cheap naman in manila does not yield good results.
i've always saved so i would have something to tide me by when i become jobless. sabi nga ng nanay ko, for every P100 you earn, save at least a peso. As the chairman of one big financial corp said to me, set aside savings first and what is left is what you need to live and stick to it (avoid dipping your hands in the savings jar!).
The problem is people do it the other way around: they set aside expenditures first then what is left is for savings that's why the Philippines' savings level is so low. some don't even save at all. and the executive said, live with what you have.
he told us (i was with other colleagues) that he had P5,000 automatically deducted from his salary and had it deposited diretly to his mutual fund. after a FEW years, his monthly P5,000 grew to more than a million.
and there i was computing how liquid we were and i realized i almost bought a car (in my mind, at least) when i could have grown that money. naisip ko sayang ang oras dapat ginawa ko na to dati po. and in a few years' time (if i keep at our investments) then we may be able to buy our own home.
today i made the biggest step to financial maturity: i just opened an account to invest our money somewhere and hopefully make money in the short term or the long term. and on sunday i'll also stash away a huge sum of money (huge for me -- huhuhu
) in another investment and i won't probably see it in the next 5 to 10 years. hopefully it would have grown by then.
no it's not in some stupid pyramiding or ponzi scam. i'm too smart for that and not greedy to be duped into that. there are so many avenues where you can park your money: mutual funds, UITFs, preneed plans (uh...there are good plans there, don't worry. check the good companies), stock market, etc.
just don't go for the get rich quick scams. the rule of thumb is, as the SEC told us, if the interest rates are too good to be true (like promising you 30-40% yields MONTHLY when 91-day benchmark rates are at 3% -- aba mag-isip ka na. Stock market nga eh yung blue chips are giving you only 5% returns on the average (on a bad market like now)...look at where the funds or your investment vehicle is putting your money. baka naman yung interest na ibinabayad nila sa yo eh galing din sa deposito ng ibang clients, YARI ka
!
point is do your homework. and my job is to do the homework for other people. hay.
i've always saved so i would have something to tide me by when i become jobless. sabi nga ng nanay ko, for every P100 you earn, save at least a peso. As the chairman of one big financial corp said to me, set aside savings first and what is left is what you need to live and stick to it (avoid dipping your hands in the savings jar!).
The problem is people do it the other way around: they set aside expenditures first then what is left is for savings that's why the Philippines' savings level is so low. some don't even save at all. and the executive said, live with what you have.
he told us (i was with other colleagues) that he had P5,000 automatically deducted from his salary and had it deposited diretly to his mutual fund. after a FEW years, his monthly P5,000 grew to more than a million.
and there i was computing how liquid we were and i realized i almost bought a car (in my mind, at least) when i could have grown that money. naisip ko sayang ang oras dapat ginawa ko na to dati po. and in a few years' time (if i keep at our investments) then we may be able to buy our own home.
today i made the biggest step to financial maturity: i just opened an account to invest our money somewhere and hopefully make money in the short term or the long term. and on sunday i'll also stash away a huge sum of money (huge for me -- huhuhu
) in another investment and i won't probably see it in the next 5 to 10 years. hopefully it would have grown by then.no it's not in some stupid pyramiding or ponzi scam. i'm too smart for that and not greedy to be duped into that. there are so many avenues where you can park your money: mutual funds, UITFs, preneed plans (uh...there are good plans there, don't worry. check the good companies), stock market, etc.
just don't go for the get rich quick scams. the rule of thumb is, as the SEC told us, if the interest rates are too good to be true (like promising you 30-40% yields MONTHLY when 91-day benchmark rates are at 3% -- aba mag-isip ka na. Stock market nga eh yung blue chips are giving you only 5% returns on the average (on a bad market like now)...look at where the funds or your investment vehicle is putting your money. baka naman yung interest na ibinabayad nila sa yo eh galing din sa deposito ng ibang clients, YARI ka
!point is do your homework. and my job is to do the homework for other people. hay.
