One of the things that we realized during this Pandemic is how important it is to have an emergency fund and savings.
I mean this pandemic is no joke, I have read news of company layoffs and I know some people who lost their Jobs and had to find a new way to earn in the midst of this global pandemic. It’s hard most especially for those without any savings or emergency funds, and thankfully we are lucky enough to be able to still work and pay for our monthly bills.
Growing up, my parents are mostly self-employed. Although they are earning well, they really did not prepare for their retirement. No SSS, No Pag ibig Fund and other types of Savings and Investments. They are not knowledgeable in terms of Financial planning and having Financial Goals. Hence, No one taught me how to save, what to do and what financial management is. I have to learn everything on my own.
Looking back, I wish I had learned sooner, but one thing I know is that you really have to surround yourself with People who will introduce you to these information and learn from them. When I started working, what I only knew is that I need to put my money in the bank and that’s it. I changed my career and earned a little more but my ways are still the same and I also increased my expenses, I acquired my first Credit Card and next thing I know I was in debt.
I think, it all started when one of my workmates introduced me to Life and VUL insurance. I felt ecstatic during that time, that finally I have something to start with and that I am starting to prepare for my future. Then, I met some of my Highschool friends (mostly are accountants) and they talked about Stocks, I was a bit out of the conversation because it is the first time that I am hearing those information. When I got home, I started searching about it but forgot about it after a few days (I found the process of opening an account a bit of a hassle). Then I found this book “A women’s guide to successful investing” during one of my bookstore run. There I learned about Assets, Liabilities and your Net worth. Funny enough, I used the formula and I learned that I AM BROKE. LOL
But Good thing about it is that I started to find ways to earn, to invest and to be smart enough to where I should put my money. Increasing your assets is always a good option but I am not the kind of person who likes to sell things (It may seem otherwise but really, I get easily stressed during shipping and other conversations that I have to make just to sell items)
So, I think, investing and having my money earn while I do nothing is the next option for me. LOL.
I started my Easy Investment plans in one of my bank accounts (high yields), Opened my Stocks account (although I am not as active here but I think as a long term investment this can help), added another Insurance and one of my workmates introduced me to MP2 (see? I told you, it is important to surround yourself with people who will teach you these kinds of things). Not much yet since I am just starting but I think, having to have your first step and having these financial goals is really important. It’s always good to start somewhere and be consistent with it.
When my partner and I started living together, I was really devastated that he does not have any savings at all. He does not know how to invest, manage his own finance, no financial goals (talk about men being immature lol) but yes, it took me 3 years of persuasion for him to realize that he needs to do this, he needs to have a goal and he needs to invest and save. And look at him now, wah I am so proud. And more than ever, under this Pandemic, he realized that it is really a good thing that he finally started saving and slowly building up his emergency fund.
Right now, we are still finding other investments (Maybe real estate and retirement plans) that we can build to be prepared and be financially free someday.
What’s you Financial Goals? Any investment options that you can share?
Momma Potathoughts 😅 