Category Archives: Financial Coach

11 reasons why you need to have Variable Universal Link while you are 20’s

When you reach your 20th year in this world, you might be wondering what to do with your first paycheck or how to grow your money while you are earning from your monthly salary and your side gigs. Good news is you have a lot of great options and the best option is you can enjoy the 3 in 1 financial vehicle. This is the VUL also known as Variable Universal Life. If you are not really familiar with this financial tool let me take you to the benefits of having this newest technology in personal finance.

  1. Take advantage of the time – If Piolo Pascual is already a pensioner at the age of 40, you can also retire during that time as long as you start this year. The importance behind it is you need to have a commitment to grow your money while you are still young. Planning is very important as early as now and execution must be in sync with your dream goals.

  1. Combo of an insurance with investments – Many people would like to get into investments but it will be a disaster to put all your money into stocks, real estate or even forex if you never set up your safety net which is emergency funds and insurance. But having a VUL can give you that liberty. The higher your fund value, the greater guaranteed death benefit as well. You can also add an additional rider such as Critical illness benefits or Health insurance benefits.

  1. Professional Management – Are you afraid that you will lose every money that you put into these investments; you should not worry at all. The person who is in charge in driving your fund is a well research, data driven and been a fund manager for many years. If you put money into stocks, you can loss as much as negative 70% in a day, if you can take that, it’s fine but if you have a conservative type of investor get into manage funds.

 

  1. Diversification– In order for your money to gain is quite simple, never put all your eggs in one basket like what the old saying goes. That will enable your funds to grow faster especially there are tons of risk and political noise. When investors hear all those noises the usual reaction is flee from those investments who are at so much risks and you may experience losses that are detrimental to your money that’s why understand the value of spreading your money.

 

  1. Flexibility – You can choose the purpose of your funds whether it’s for your retirement or for your child’s education. This can give you an ideal way to secure your future.

 

  1. Access – You will have the opportunity to see things while your money is growing thru online. It will give you an intangible reassurance that your money is growing over the years.

  1. Administration – Sun Life is the one that takes care of your money, as a very prestigious company who’s been existing more than 120 years we can make your dreams and goals come true thru making sure that there will be good Return in investments and easier claims.

 

  1. Transparent Charges – In every investment you need to pay a certain price and In order for you to get to your destination you need to understand that there’s no freebie in life. You need to use existing money to earn money.

  1. Investment Trade off – There are plenty of funds that you can choose as an option. From your risk profile I can help you choose the best for your situation. Before you invest, understand your goals and risk profile and I’ll show you the strategy.

 

  1. Client is involve – As a client, you are the decision maker, we are just your tour guide. I don’t recommend anything that I haven’t tried yet. Financial advisor must give you insights and the pros and cons of your decision if and when you choose to make some alterations in your investments.

  1. Within your budget – You may say that you don’t have money yet but we can create a plan that’s according to your budget since we would like you to win long-term for your family.

 

David Isaiah Angway is a Registered Financial Planner, Chartered Wealth Advisor and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured multiple times in ABS-CBN News Channel show called On the money, Bloomberg TV Philippines First Up, Morning show of NET 25 called Pambansang Almusal, Eagle Broadcasting Company EagleNewsPh Facebook Live and different radio stations in Metro Manila. He also writes for BusinessMirror, Rappler.com, and MoneySense magazine.

He is the CEO and founder of WinLongTerm Financial Consultancy, that help organizations retain their top key employees such young urban and educated millennial (Gen Y) by teaching practical money management in the workplace. You can contact him thru his website winlongterm.com and his Facebook Page @WinLongTerm for more informative ways how to grow your money and secure your family.

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13 guiltless ways how to spend your 13th month pay

Every year many employees and workers are expecting to receive their 13th month pay. It is also a very tempting time to increase their spending power at the last quarter of the year. Now, the dilemma is many of the regular employees are clueless on how to properly spend it in such a way that they won’t be guilty after. Here are 13 ways you can maximize your bonuses wherein you won’t be disappointed and guilt-free.

 

  1. Pay all your debts – There are lots of corporate employees who can afford to own a credit card especially in urban places but there’s also a tendency of getting lured not only to have one credit card but owning 4 cards in a row. A huge bait in having a massive debts may occur. So once you receive your bonus, make that amount a means to pay your debts, if not enough still it could lessen your burdens.   
  2. Create a rainy days fund– Murphy’s Law says that whenever you don’t have rainy day funds the rain always keep on coming. In order for you to prepare for those untimely problems a simple rainy days account must be established. It must be three to six months worth of your monthly needs expenses. Without it, you may experience big debts since you don’t have any safety net once you got hit by an unexpected catastrophe. 
  3. Open a savings account – Some of the Filipino employees sad to say, only owns a payroll account and aside from that nothing .Open a savings account but you need to maintain it. The main purpose of it is not for your money to sleep but to have proper allocations to important priorities so that you can save for the things that really matters to you. 
  4. Buy books and attend financial seminars –Either you are earning big or small, you should still increase your financial IQ in order to remove your fear. Those things that you don’t know, you will hate and when you are not open to learn new things, you are pushing all your dreams backward. Building your Financial IQ brick by brick can change your life. 
  5. Get a life insurance– An old joke says, “The only reason why you don’t need life insurance is when no one is going to cry when you die”. Indeed, you need one since you have a family that needs to be protected in case of your unexpected demise, sickness or accident. You are highly valuable; your ability to earn funds is irreplaceable. 
  6. Invest for your future – Whether it is a stock, mutual funds or real estate, it is a must that you need to prepare and strategize. You won’t be a millennial traveler forever if you keep on draining your savings. If you cannot sustain the cost of having that lifestyle ‘till 60 years old start changing your habits. Check your priorities and look at your financial goals according to your resources. 
  7. Buy a business or franchise – Franchises nowadays have a ready made system. You can easily go thru with it but you still need to be on the business to look at the possible projections. I just want to emphasize that there’s always a risk in every business and is not an automatic success. You need to take care of it like your handling your own child. 
  8. Enroll in short courses – Short courses is getting popular nowadays, either it can be online or in a real classroom, you will surely learn something new. The money you invest in this course can give you another edge especially if you will earn a title in your name. It will not only increase your competence but will give you a really good brand.
  9. Have a health insurance – 90% of the millennial that I interviewed would like to retire in between 45 to 55 years old. They didn’t see life working ‘till their sixty and many would love to have a second career as an entrepreneur. If you have that kind of perspective, it would be better to enroll yourself with another health cards  while the premium is still very low, compare to getting it when you finally retire. 
  10. Hire a financial advisor– When you hire a coach, you will not only get his expertise but also his experiences. You must capitalize other people’s talent in order for you to manage the risks and to minimize the mistakes you may encounter. Let someone create a plan for you and encourages you to save a lot of money in a long run. 
  11. Give a gifts to your love ones – This quarter is also known a season of giving and you can exercise being compassionate by finding a charity, a local church or sponsor a non-profit organization to make their projects a reality. 
  12. Invest it to social enterprise– I’m a big follower of social entrepreneurs today. They are customer driven and also uplift a certain community in the country at the same time. A company called “Cropital” whose technology is serving farmers who needs to get funds to have a capital to grow their crops, and after a couple of months, the investors will receive a dividend from the earnings the farmers got.  
  13. Use it for a vacation fund– There’s a study in the United States that as a human being, travelling helps us to grow and opens up our mind to different perspectives. But do not invest all your bonus to a vacation fund since this will also be an excuse fund for you if you haven’t prepare for the rainy days.

 

David Isaiah Angway is a Registered Financial Planner, Chartered Wealth Advisor and financial consultant for IT-BPO-Banking, Health Care Industry and Manpower Agencies. He is the CEO and founder of WinLongTerm Financial Consultancy, that helps organizations retain their top key employees such young urban and educated millennial (Gen Y) by teaching practical money management in the workplace. For more information and concerns subscribe to winlongterm.com, Facebook page or contact him at david@winlongterm.com, mobile number 0932-445-0145

 

This was also published in BusinessMirror

 

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Filed under Behavioral Finance, Finance Tips, Financial Advice, Financial Coach, Financial Coaching

7 efficient ways how to make an ideal retirement budget

Guest Post by  Phil Bradford

Businessman working on tablet computer - producing charts and reports

 

Planning a budget after retirement is not at all an easy task. You need to reshuffle the whole budget that you have been following for all these years. You’ve to make changes in your grocery expenses, debt payments, utility bill payments, medical bill payments, auto and home insurance payments, and other expenses. Phew! What a tedious job. Isn’t it? If this is what makes you depressed, then cheer up. I’m here to guide you all the way to make a perfect budget after your retirement.

 

How to make an ideal retirement budget

You are struggling hard to create a proper budget for this year after your retirement. Is that so? You’ve come a long way all these years, and I’m sure that you’ll use your past experiences while drafting a retirement budget. But before you start drafting your retirement budget for 2016, just recall all the past financial mistakes you’ve made. It’ll definitely help you make a perfect retirement budget.

Use your mind wisely when you’re composing your retirement budget. Remember, the cash flow is not the same that used to be before you got retired. So, you need to plan your budget according to that. If you’re still confused about how to prepare your retirement budget, then just have a look at the below-given points:

write-it-down

 

Jot down your essential and non-essential expenses

An effective retirement budget is the one that has no room for extra expenses. To create such a budget, you need to eliminate all the unnecessary spendings. And, how will you do it? Well! For that, you need to divide your expenses list into three equal parts:

  • Essential monthly expenses – This list includes expenses such as food, clothing, housing, transportation and health care.
  • Non-essential monthly expenses – This part covers the cost of cable, cell phone, gym membership, entertainment, and so on.
  • Required non-monthly expenses – These include costs that may come up once a year such as property taxes, insurance premiums, auto registration, and home warranties. Calculate these costs on a monthly basis and don’t forget to add them to your monthly budget plan.

 

Medical costs concept

Check out health care expenses before and after retirement

Health complications will only increase with age. So, you should prepare yourself beforehand for any medical crisis. If your employer has been paying your health insurance premiums all these years, then it’s time that you should think about it. Now, it’s your turn to pick up the tab. Ask your insurance agent about all the necessary details regarding your health insurance and include them in your monthly budget.

 

Pair of beach loungers on the deserted coast sea

Think of how you want to spend the retired days

The thought process can change a lot of things in your life. Take out time and sit down with your spouse to decide how you both wish to use your money after retirement. Think of the financial house where both of you want to make some renovations and use your nest egg accordingly. This would help you to make a more effective budget. Hence, both of you get to know your financial desires better.

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Go on with your financial education

Now that you have retired, don’t stop yourself from getting the financial education. You should continue doing your research regarding fiscal matters because it would help you to come out as a more financially responsible person. Staying up-to-date would benefit you in creating a budget that’ll suit your pocket. You can also change your budget as per the market requirement. So, financial education is a must.

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Make wise use of the grey matter

Make good use of the grey matter of your brain so that you can come out victorious as an intelligent money manager after your retirement. Try to be a smart consumer by switching to a pre-paid phone plan, buying things in bulk, closing your cable TV connection and using the Internet connection to its fullest, doing comparison shopping, and so on.

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Make savings the key mantra

One of the key points in budgeting is ‘savings’. The more you can save, the healthier will be your budget and the merrier will be your golden days. Apart from cutting down useless expenses, try to search for places where you can save more dollars. Consider sharing as a part of your financial regime to minimize your monthly expenses. Start sharing your home or car with your friends or family. Borrow a gardening tool or extra chairs for a family barbecue and so on. Be as much creative as you can.

I hope now you can create your retirement budget confidently.

 

Phil is a freelance writer. He deals with personal finance 90% of the time, and he loves preparing stories on travel, small business, entrepreneurship, pets, and lifestyle.

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7 Things You Should Focus On Between You, God and Your Finances

Guest post by Jennifer Yang

As a fresh graduate in 2010, I’ve always had difficulty keeping my finances in good shape. It took me 4 years to finally focus in finding a solution and even ask for help to solve my financial hurdles.

Last 2014, a good friend of mine gave me a book about finances and it’s role with God, entitled Rich For Life, more so this is the year that I surrendered my life to Jesus. That year, was when I finally made a decision to focus on improving my finances and my relationship with God. God certainly heard and answered my prayers. He placed me in a church that helped me grow my faith in Christ and He also lead me to my mentor in personal finance. Little did I know that my mentor would also turn out to be my best friend and husband-to-be. 🙂 ‘What you focus on will grow’ is the exact phrase to my experience.

Two years has passed since then and I’ve overcome financial and spiritual challenges by the grace of God and the people He has placed in my life. But what I want to emphasize to you are not the technicals nor strategies on personal finance. Instead, I want you to focus on what is truly important between you, God and your finances.

You, God and Your Finances

You can learn all the books, articles and even strategies in this world with the best mentors available, but without the proper perspective and focus you’ll lose sight of the most important things. I’ve listed down 7 points you should refocus on and also to see if your perspective in order.

 

focus

1. Focus on God as the Blesser, instead of the blessing He gives

During the time when I was spending more than what I am earning, I would always pray to God for provision. It was as if I’m looking to God as my genie who will grant my every wish. The blessing came, the provision covered what I needed but I was content. It was a cycle of asking God for provision, misuse of finance and then still feel lack. Have you ever felt the same way? I’ve learned that what I was yearning then was the blessing, the provision which will never satisfy my needs nor make me feel content.

Luke 4:14 ESV
“..but whoever drinks of the water that I will give him will never be thirsty again. The water that I will give him will become in him a spring of water welling up to eternal life.”

Money and well managed finances are necessities in this world, but they will never give is true happiness and contentment no matter how big the amount is. Only Jesus can give you a full life from which you will never feel lack and thirsty. Find Jesus and invite Him into your life and provision will always come even at the most unreasonable and impossible situations.

 

stewardship
2. Focus on being God’s steward, instead of having entitlement to your finances
Since God is the blesser and all of the blessings come from Him, therefore God owns everything. God is the creator and everything belongs to Him.

Psalm 24:1 ESV
The earth is the Lord’s and the fullness thereof,[a]
the world and those who dwell therein

Yes, even the hard-earned money you have belongs to God. Then, what are our roles with the provision and wealth He has given us? We are God’s stewards. Once you understand that we do not own anything in this life, the feeling of entitlement will be gone and it is much easier to give and share to others. God knows our needs and once he knows that we are focused on honoring Him and glorifying Jesus, He will entrust us with His treasures and have us managed them. When we focus on God, wealth and multiplication of finances is much easier.

Malachi 3:10 ESV
10 Bring the full tithe into the storehouse, that there may be food in my house. And thereby put me to the test, says the Lord of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need.

 

What-is-Real-Wealth

3. Focus on real wealth rather than richness and money
Have you ever heard of the story of King Solomon? Yes, King Solomon who had wealth beyond anyone has ever accumulated in the history of man, including fame, wisdom and women. And you would think anyone who has immense possession and stature will be content, happy and worry-free. Think again. Read the whole chapter 5 of Ecclesiastes, it is even entitled ‘The Vanity of Wealth and Honor’.

Ecclesiastes 5:10
10 He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity.

What then is real wealth? Real wealth can never be found here in this world. Earthly treasures and those what men deemed to be of importance to be pursued is worthless. Heavenly treasures are the ones our hearts must yearn for. We should long for Jesus, to honor Him and glorify Him. To be the women and men that is after God’s heart.

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4. Focus on your Purpose instead of financial problems
Never was there a season that we will not face difficulties and problems even in our finances. Truth is, nothing will be solved if you focus on your problems. To feel sad, disappointed and frustrated is not a bad thing, but mulling over these negative emotions are not productive nor will it do you any good.

Every winner and successful person has faced trials, but the difference is their focus. They focused on their purpose, the purpose that God has entrusted them to fulfill. Remember these words: When God has a purpose, provision will always come. 🙂 And this is only be possible through Jesus Christ! No matter what others will tell you, not whatever deceit or lies the enemy will whisper to your ears and heart, read and never forget these words:

Philippians 4:19 ESV
19 And my God will supply every need of yours according to his riches in glory in Christ Jesus.

 

Financial-Education-button-home

 

5. Focus on financial education rather than quick gains
I’ve once been a impatient youth and has searched for quick profits and gains in the wrong places with the wrong focus. In short, I lost Php20,000 with and investment turned into a scam which what I thought was the ticket for me and my family to wealth. There is no such thing as a get rich quick scheme. That is too good to be true. Learn it from me and the rest of the financial advocates and victims from scams. Solid finances can only be gained through proper financial education and slow but steady discipline in growing your investments and legal businesses. Even King Solomon knows about it all too well in the book of Proverbs.

Proverbs 13:11 ESV
11 Wealth gained hastily[a] will dwindle,
but whoever gathers little by little will increase it.

Learn and be mentored by financial advocates and educators on the basic foundations of finances and investments. Before putting down your money on any investment, do your research, ask, learn the risks that are involved and managed your hard earned money well. Financial education is your first line of defense against scammers. Make financial literacy your priority over ROI and gains.

Proverbs 15:22 ESV
22 Without counsel plans fail,
but with many advisers they succeed.

 

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6. Focus on savings and investments, instead of spending
Saving and investing are habits, so is spending. Whichever you practice and focus most can determine your future financial status. Save up for emergencies, invest in your dreams and goals, and do not spend beyond your means. Prioritized your responsibilities such as utilities, paying your debts, provision for your family’s needs and for your future needs instead of splurging and spending it on unnecessary things. Go back to point one and keep in mind that you are a manager of God’s blessings, thus you must develop the discipline to save and grow the money that God has entrusted you with. If not, you will surely end up in poverty.

Proverbs 21:5 ESV
The plans of the diligent lead to profit as surely as haste leads to poverty.

 

19136-Bruce-Lee-Quote-Long-term-consistency-trumps-short-term-intensity

 

7. Focus on winning long term rather than short term gains
This life is a marathon, a long marathon and everyone has different paths and stories. But only those who stay focused with long term goals and purpose in their life are able to sustain and win the race. There are far more precious goals than gaining wealth and finances. Life is too short to waste it on something as common as money. Earthly treasure will soon fade but only heavenly treasures will last for eternity. When you understand and accept the purpose that God has given you, only then will you find your long term goals. You only have one life to live, live it well, make the most out of it and win long term rather short lived gains. Lay down your life and passions to goals that truly matters and will never fade.

1 John 2:16-17
16 For all that is in the world—the desires of the flesh and the desires of the eyes and pride of life[a]—is not from the Father but is from the world. 17 And the world is passing away along with its desires, but whoever does the will of God abides forever.

 

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Jennifer is a freelance writer and blogger at JennifersMeraki.com who has the passion to share personal finance and entrepreneurship. She’s also a financial advocate and associate trainer in IMG.

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SAVING BY BEING HEALTHY

Save

 

We all have thought of so many ways to have more money by reducing electricity, recycling garbage, going to supermarkets where goods are cheaper, etc.  But have you ever realized that just by being healthy, you can save?

 

The World Health Organization (WHO) defines health as “the state of complete physical, mental, social well being and not merely the absence of disease.”   I am no health guru nor a gym enthusiast to talk about how you can be healthy.  But I know that by choosing to be healthy we can all be WHEALTHY!

 

TIP # 1  – CHOOSE WHAT YOU EAT

 

When we list down our top favorite food and drinks, we can find an array of good and bad foods and drinks.   They are our comfort food and these make us happy.

 

Take for example a guy named Johnny.  Below is his list of favorite food and drinks he takes in a month.  On top of these, he smokes 5 cigarettes a day.  He goes out with friends once a week  taking at least 5 bottles of beer.  Total cost of this lifestyle is P7,200 per month.   We also know the repercussions of  the deadly lifestyle  Johnny is living.

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Johnny becomes sickly and absents himself  from his job more often than he usually does.  He then asks for an advice how to lose weight and improve his health condition from his friend, Timothy, a performance coach.  Timothy asks John to review his list and take an action plan about his “favorite things”.   Johnny resolves to:

  1. Totally stop smoking and buying soda
  2. Replace fastfood with homemade baon
  3. Replace frappucino with tea
  4. Still enjoy some beer, dessert and coffee at a reduced amount and less frequency.

And this is how his new list looks like:

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By  choosing wisely what he should take and eat,  Johnny starts his way towards a healthier lifestyle and  saves P5,480 per month or an annual savings of P65,760!

 

TIP # 2  CHOOSE A WISER TRAVEL LIFESTYLE

 

According to a CNN on-line poll with over 200 respondents, 15% cited the traffic as their 2nd major source of stress , next to their jobs and studies.   Another survey from the Numbeo.com,  revealed that the Philippines is the 5th  in the list of countries with the worst traffic in the world.   Long hours of traffic  results to stress, longer exposure to air pollution(for those taking the bus or jeepney) and lack of sleep (to beat the traffic the following working day, you even have to wake way too early).

 

The good news is that there is an alternative to travelling to office.  We now have the Point to Point Buses  which the Department of Transportation  has made available earlier this year to make travelling by bus ,easier, more economical and faster (non-stop).  Price ranges from P30 to P70 per passenger, one way.   What is wonderful about the P2P bus is that there is a schedule of departure (you can plan your trip) starting in the morning thru evening at regular intervals and  buses are new and air-conditioned (more relaxing).

 

Definitely, P2P is one way to relieve one’s stress,  free up one’s cashflow and beat the horrific Metro Manila traffic . Johnny, who lives in Alabang, spends P16T a month using his car to travel to Makati (this covers gas, toll and parking fee).  But  If Johnny shifts to P2P, he gets to spend only P5,600 to travel to work with his wife, or a savings of almost P11T per month!

Combining  the savings Johnny can have from choosing what he eats and  a wiser travel plan for lesser stress, he gets to have an annual savings of P197T!

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This annual savings can now be channeled towards building  his health fund and pursuing his other dreams (education for his child, down payment for house, travel and medical needs).  By simply choosing to live a healthy lifestyle, Johnny can  start creating the future he wants for his family!

 

 

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TIP # 3  CHOOSE THE RIGHT ASSOCIATES

 

In your journey to a life that is healthier, less stressful and ultimately  happier , choose  the right people.   Be with people who can inspire and  encourage you in your new lifestyle.   Be with people who are likeminded and are proud of what you do!

SAVE BY BEING HEALTHY TODAY!

 

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About The Author

Lourdes Ravelo is a seasoned banker, a Registered Financial Planner, and a senior advisor of one of the top insurance companies.

She used to specialize in promoting loans as financial solutions to customers. In contrast to that, today, she is an advocate for helping families to become wealthy by teaching them how to save and invest.

For Lourdes, financial education is a MUST if we want to be wealthy.

 

wait

 

Watch out for her upcoming FREE E-book, “30 Wealth Thoughts That Guide My Way”. Launching soon!

References

  1. Definition of Health: http://www.who.int/about/definition/en/print.html
  2. CNN: http://cnnphilippines.com/lifestyle/2015/09/23/Filipinos-top-causes-of-stress-job-traffic-money.html
  3. Survey: http://www.gmanetwork.com/news/story/536203/lifestyle/healthandwellness/stress-pollution-fatigue-how-traffic-jams-affect-your-health
  4. P2P Buses:http://www.spot.ph/newsfeatures/the-latest-news-features/66962/guide-p2p-buses-a00171-20160707-lfrm

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Filed under Financial Change, Financial Coach, Financial Coaching

ANC Interview: “What to do with your first paycheck” by David Angway Registered Financial Planner

Key takeaways from on the money interview


Developing and nurturing your goals are essential but focusing on your behavior is way better to keep goals alive. You should have a S.M.A.R.T.E.R. goals. I added E. and R. to have a lasting impact which stands for Evaluation and Re-evaluate the goals, values, and behavior you have today.

Millennial generation should think differently and act way better than the previous one. I would recommend us to learn from the mistakes of the people who are ahead of us.

Chunk it down.

The IT-BPO industry is booming so they need massive number of workforce from different sectors. Your salary will give you a tool to increase your assets that will help you reach your financial goals. Set up a system and you are good to go.

Part time and free lance work are very interesting nowadays. Millennial is rising and work from home is trending.

Full time work still the grandfather of the employment system in the country today. In fact according to statistics majority of Filipinos are trained to work for an employer compare to being an entrepreneur.

I think if we want to remove the traffic in Metro Manila let us encourage everyone to work from home.  

Technology is making our world flat, that means the landscape of business and creating value can spread using the world of technology.

With the overflowing supply of nurses in the country today most of them are either in abroad or in a different industry.

Right questions will always lead you to right answers.
These 3 are not enough; you need another one which is a community that will support you with your investment strategies and thought patterns.



Here are On the money questions during the episode.


David Isaiah Angwaycurrently helps  young, urban and educated millennial (Gen Y) set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client’s net worth and help the client accomplish all of his/her financial objectives.
Disclaimer: All pictures belongs to ANC On the Money. All rights reserved Nov 2015


Sources:
Rappler.com
Freelancer.ph
Jobstreet.com.ph
Inquirer.net
Behavioral Investing
Asset allocation
Yugatech.com
ManilaBulletin.com

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Filed under ANC On the money, Finance Advocate, Finance Talk, Financial Coach, Personal Finance

10 Questions to ask your financial adviser


Image by Project Debt Relief

By doubting we are led to question, by questioning we arrive at the truth. – Peter Abelard
  1. What are your qualifications and background in financial planning? – As much as possible you want to check and investigate the credentials of your potential adviser. Trust is the currency of relationships. If you think their competencies won’t work with you. Be honest and decline their services.
  1. What services do you provide? Financial Adviser is a general term that offers a lot of services such as providing a detailed plan for insurance, estate planning, debt resolution and even coaching.  They are preventing you from getting scam. Understanding what they offer will lead to growth of your asset and finding a long term resolution to your existing problem.
  1. How does your faith affect your investment philosophy/strategy and recommendations for clients? Advisers are summation of values, beliefs, habits and  life experiences. Extracting this will give you an idea whether your potential advisers have biases that might not be beneficial for you. If it make sense, it will make sense.
  1. How are you paid? Knowing how your potential adviser will be compensated from their expertise is essential to maintain really good working relationship with them.  
    Image tompkinstrust

  1. How much do you typically charge? This will reveal if you can afford them.  Knowing the process on how they charge will give you more ways how to maximize your advisers expertise.  Prepare for this so you can gain more from it.
  1. What products do/don’t you put clients into?   Advisers are expert into looking in a macroeconomic issues and risk mitigation. Advisers should be updating you what current risks you may have. Diversification to gain risk will help you to win long term.
  1. What is your average portfolio size?  Don’t hesitate to ask this because advisers  will share their current achievement thru this way. Many people trust them so this means it is a plus factor that you just don’t give your money to someone who will run it whenever they want. 

  1. What resources do you have to address issues outside your area of expertise? I love people who are creative when it comes to maximizing their resources. Asking this will reveal how they will exceed your expectations in the long run. Will they be happy to collaborate with someone just to simply make you happy?  
  1. How do you communicate with clients? How often? Constant follow up will play a big role when it comes to building your wealth. As a client you would like to have an excellent customer service thru communication especially when your investments in stock market or mutual funds are going down.  Informing  you the best strategy will help you to be more equip.
  1. Will I work with anyone else in your office? Collaborating with other people in taking care of clients is good but with proper endorsement this will be excellent. Your potential advisers may not be jack of all trades but they are master of something and that is what you want. Your adviser knows a lot of people so he/she can ask someone too work with you to win long term.
 

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David Isaiah Angway is a Financial Evangelist

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WHY do I need financial planning

 

As a young professional today, you would like to change the status of your finances but you don’t know how. You have million thoughts on how to let your finances be revived again this year but you think it will be better to start next year. If you don’t have any idea where to start, I challenge you to do the something today or else you won’t improve. I am guaranteeing you that once you follow this program, give yourself an average of  10-15 years and am sure you will be able to reach the wealth that you need. It is not a quick rich scheme so you won’t be a scam. 
Knowing is half of the battle. Do this routinely and you will understand more of your behavior towards your finances. You should plan and don’t think average. Get a piece of paper or download a worksheet that has the following then compile and evaluate it weekly.

Start with why you are doing this?

If you can’t tell me your compelling reason then you can’t sustain everything below. Imagine yourself that you are going to have a diet plan for the next 30 days but during the 2nd day you don’t have the energy and willingness to follow the most powerful plan, like why you need to deprive yourself with your favorite food. Everything will fall apart, you are wasting your time, effort and energy with the planning stage if that won’t be put into action. Your compelling reason why you need to do that should not be yourself. Remember when you think about yourself as the end goal, you are thinking too small. You don’t want to think average like anybody. Poor people think about themselves all the time. Authentic Rich individuals think about opportunities how to help other people and that’s who you are and how you should be wired. 

When you start with Why, the How and what will follow.

Example of BIG WHY
·         To make sure I can be financially free and pass this legacy to my family.
·         To be an excellent steward when it comes to finances.
·         To support nonprofit organization and help campus missionaries.

1.       Budget   

This is the starting point of financial planning. You will fail with investing when you don’t know where your money goes. That means you will be running out of gas in the middle of a freeway if you don’t check your gas tank first. But I got good news for you. There is hope. Knowing how much you got so you can maximize what you have is the goal of continuous budgeting. Doing your budget for the first time might overwhelm you because there are so many things you need to include in a minimum amount. Remember that taking actions to your plan will solve the current and future financial issues that you will have. When you’re lazy to do your budget you won’t be able to finish the construction of your dream house. Managing your funds is a skill needs to polish.

2.     Emergency fund

Whenever I got my salary I put that directly into my emergency funds. The rule is simple if your needs expense per month is 10,000 then multiple it by 6. This is a very simple principle. Save for the storms of life (illness, accident, change tires or when you lose your job). Learn to prioritize this.  Do this early as possible so you can move to the next level which saving for your wants. Caution: don’t ever use credit card as emergency funds and you will dig your own graveyard (bankruptcy). 

3.       Saving goals

You need to at least give yourself  3 compelling reasons why you are saving funds or else you won’t stand a chance when laziness  struck you every time you got your salary.  Your goal is to learn during the journey, this is not about the end destination. When you focus in excellence, sacrifice and faith things will start change. Behavior will follow. Chances are you will hit your goal in a repetitive manner. Savings are for your extra needs and wants. Put 20% in the bank when you immediately get your income make sure that you already got emergency funds first. 

4.       Debt plan
Please don’t ever go to investment without paying your debt first which earns a higher interest rate. Your debt plan should include how much you need to pay for every single cent and when you will be debt free. The plan is you need to stick to it no matter what happened.  When you put it in paper you can see the big picture.  The reason why you don’t want to be debt free is very simple; you think everyone is in debt so you think you are in the zone.  Live like no one else so you can live like no one elsesays Dave Ramsey. Debt snowball is a really good strategy, you pay the debts that you can eradicate first and as you get the momentum it will be very hard for you to break it.

5.       Estate plan
You are accumulating a lot of assets now and your investment is off the chart. Estate planning is not only for the rich kids, it is for everyone that you love. Your legacy to your family is important even when you depart; no one will plan for your family so take responsibility for yourself. Be selfless and take time to check your current assets over liabilities. Remember that you don’t want to add up to the inconvenience of your family members once you evaporate from this world.   

6.       Insurance coverage

You are priceless but you need to identify how much you bring on a table. If you were able to identify that you are worth  7 million then get that coverage as long as the computation is correct. There is computation from the insurance industry like multiply your yearly gross income to 10. The computation might not be as accurate as the standard computation of today’s industry but it gave you a ballpark figure. What’s important is to get an insurance that is equivalent to you. You badly need this or else when something unexpectedly happen to you insurance company will help you and won’t let your family suffers.  If you got kids and wife but you are refusing to have insurance, you are putting too much risk financially and emotional aspects in their lives.  No one would like to see those things to happen. Be responsible.

7.       Investment

Everyone wants to get into this but many are being scammed because of poor diligence. Be careful all the time. First, list those things why you are investing,  second, you need to identify whether you got time, money and knowledge to identify the investments that you want then your risk tolerance should be define. Investing is a word that’s not just about higher ROI.  Are you an aggressive type or a conservative one? Regardless of your answer there’s no right or wrong. The purpose will give you the drive, without it you won’t last. Third, List the things that you are investing you want to achieve like education for your kids, retirement or build your dream house. Know the amount that you will be satisfied and consider to be happy.

8. Read Books, Attend seminars, join a Face book group and find a coach.

Never underestimate the value of networking and community. You should declare war against poverty, procrastination and poor mentality. Reading books will give you thought provoking ideas. Attending financial seminars like IMG conventions in Makati, Truly Rich Club, and Money summit every year can increase your network and expand your horizons. Joining Face book group will give you an all access pass with like minded people; you are welcome in contributing your thoughts. You can easily follow mentors who are expert in the financial industry that will make you more accountable with the results you are getting. All in all fresh and updated insights will give you new perspective to make you successful with no boundaries. You should revolutionize your thinking so acting upon it won’t be a struggle.

Your unique plan is totally not identical with anyone so don’t copy someone’s financial plan or strategy. How you manage your finances while you are working is a glimpse of your future financial plan during retirement. You can change your tomorrow today. With the help of our God who holds the future and your willingness to make sacrifice you are surely going to win long term.

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David Isaiah Angway is a Financial Evangelist

 

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More than Enough

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This is an excerpt from the book More Than Enough of Dave Ramsey
Out of core values, vision is born. Vision is put into working clothes and becomes goals. Shared goals gives you unity with those who are on the journey with you. Values, vision and unity repair broken hope and build your hope into the fuel that fires the rocket of intensity. The rocket intensity is kept between the ditches by accountability and support. The pilot of the rocket ensuring that intensity stays on vision’s course is diligence. His co pilot and navigator are work and discipline. Patience that is born of power has at its center intensity, hope, vision and diligence. You can have real patience without first having those thing and when you have it relationships built and you add yet more unity. Contentment is your vision, gives you different kind of intensity definitely fuels patience, diligence, and unity while born of all those things. Giving is the result of values the vision they bring. Unity is increased by giving cause relationships are affected. You always have hope when pouring your life into something that matter. Part of the great misunderstanding is that somehow giving is the act of someone who isn’t intense or diligent when in fact the opposite is true. Patience and contentment rise to a whole new level of understanding when they bring on giving, which then in turn feeds you much of each of those.
Money is all about your behavior
that’s why money won’t solve
your money problems. – David Angway


David Isaiah Angway is a Financial Evangelist

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Financial Coach VS Financial Adviser

Graph courtesy of Financial Mentor
Today you will know the big gap between the two. You might be confuse with the term but coaching process and giving financial advice is like a night and day.
Financial Advisers want to take care or manage the funds that you already accumulated while Financial coaches help you to be accountable and build your wealth your own way thru your knowledge and skills set.

This is the principle  financial advice is like giving a man a fish and expect  he will be  hungry again in an hour. If you teach him to catch a fish you do him a good turn and that is the impact of financial coaching process.

Financial coaching is driven by goals of the client, coaches help people develop skills and behaviors they can improve upon independently. The benefits of financial coaching are improves financial capability and increase savings.  According to center for financial security, coached clients are more likely to have a financial goal and be more confident in their ability to achieve that goal compared to those who do not work with a coach. You are in control of your finances because you are smarter and have skills in making a better informed decisions

Financial advice  focuses on your portfolio by providing specific securities and investment advice. The financial adviser business model is all about managing the money you already have. You give them control of your assets and they do the work for you. (Todd, financial coach, owner of the Financial Mentor  Website)
Investopedia defined financial adviser as professional who helps individuals manage their finances by providing advice on money issues such as investments, insurance, mortgages, college savings, estate planning, taxes and retirement, depending on what the client requests. Some financial advisors are paid a flat fee for their advice, while others earn commissions from the investments they sell to their clients. Fee-only arrangements are widely regarded to be better for the client.

Traditional Financial Advice will always fail you – and the Statistics Prove It
In a changing world and economy if you will follow the  old advice of your friend who is not well verse financially you might end up retiring without dignity. Not all advice will be good to you and not all financial products will be suitable to your needs.  

In a research based study the issue with retirement shows that 2 out of 100 can retire very well and live comfortably. Imagine yourself believing those money myths that you have now and I can guarantee that it will cost you a lot. Financial coaches and financial advisers can help you make sound financial decisions but you have to choose whether you will be the authority or not.

Getting personal

1.      What do you think is superior for you and why?
2.      Who do you prefer to have a collaboration when it comes to your wealth habit?
3.      Why do you need financial adviser and financial coach in your life?
4.      What particular character would you like to see from your financial coach and financial adviser?


David Isaiah Angway is a Financial Evangelist

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