5 Tips on what to do with a Windfall of Money

>> Monday, August 03, 2015

What to do when you suddenly have a big amount of money in your hands?

First, PAUSE. List down your wish list or goals. Also list down your money concerns.
Then prioritize which among the items in your wish list are most important, and which among your money concerns need to be addressed the soonest.

Your wish list and money concerns are most probably covered by the following:

1. Pay off debts -
For your peace of mind, get rid of debts to help you live free from stress. Always remember, "the borrower is slave to the lender".

2. Setup your emergency fund if you don't have one yet -
Having an emergency fund will help you avoid getting into debt.

Compute or estimate how much you need to survive in a month.
Multiply this amount by 6. You should have this amount in your Emergency Fund.

Ex. You need Php10,000 every month for your needs. Multiply by 6 and you get Php60,000.
This means that you should always have Php60,000 in the bank and you can only use this amount for REAL emergencies.

3. Provide for your family and for yourself for the tough times -
Avail of a Critical Illness plan to provide for yourself if you get diagnosed with a life threatening illness. You don't want to use up all your money travelling only to find yourself having to borrow money when illness strikes.

Avail of a Life Insurance plan to provide for your family in case you're no longer around for them.
You don't want to use up all your money buying unnecessary things for your kids only to leave them penniless when you're gone.

For around Php1,000-Php1,500 a month, you can already avail of  Php500,000 Life Insurance with Php250,000 Critical Illness coverage, plus a Retirement Fund pa

4. Work towards your goals -
Dreaming of that trip to Paris, London, and Rome? Start planning and investing today to live that dream soon.

By investing Php2,000 a month in an account that earns a projected 10% every year, you can be on your way to taking selfies with the Eiffel Tower, Big Ben, and the Colosseum in 7 years!  (If Php1,000 a month, you will then have to wait for 14 years to go on that dream vacation, not bad pa rin)

5. Provide for yourself when you DON'T want to work anymore or when you CAN'T work anymore -
Your ability to earn an income is NOT forever (as we say, Walang Forever).
You don't want to spend all your money now and end up having to ask for support from your kids when you can't work anymore. Your kids would probably have their own families to take care of by
then. Wouldn't it be nice if you are the one treating your grandchildren to Jollibee?

It would be also be even better if you have already accumulated enough money to support yourself FOR LIFE so that working becomes an option. You choose to work because you want to, not because you have to.

And this is possible by building your Passive Income. This is money that you earn even if you are not working.

Investing is one form of building Passive Income. Your investments earn even if you are not working.

Need more information on how to pay off debts, setting up an emergency fund, investing and providing for your family and yourself?

Help is here. You might also get a book on Financial Planning by Ardy Roberto from me :)

Just get in touch with

Grace Cunanan
Sun Life Financial Advisor
0917 423 8521
grace.c.cunanan[at]sunlife.com.ph

Let's Go Exploring! - Calvin and Hobbes

>> Tuesday, June 10, 2014

Take the F.I.T. (Financial Intelligence Test) for a chance to win a UK Trip!

Be #FIT2BreakFree!

Begin your journey to Financial Independence by knowing your MONEY PERSONALITY and get a chance to win a UK Trip!

Click to get a chance to Win a UK Trip


 How to win?
Step 1: Log on to your Facebook account
Step 2: Go to Facebook.com/SunLifePH and take the Financial Intelligence Test (F.I.T.)
Step 3: SHARE the quiz on your timeline to get an additional 1 point. SHARE your results on your timeline to earn another 1 point. The more points you get, the higher chances of winning!

But wait, there’s more!
Lucky participants will get a chance to win two (2) tickets each to a special block screening of Transformers: Age of Extinction at Greenbelt MyCinema every day starting June 9 until June 25! Winners will be chosen via electronic raffle.
CONTEST MECHANICS AND RULES: 
1.   Log on to your Facebook account and visit Brighter Life Philippines Facebook page (facebook.com/SunLifePH).
2.   Take the Financial Intelligence Test (F.I.T.)
3.   The Take the F.I.T. for a chance to win a U.K. Trip! promo will run from June 9, 2014 –June 27, 2014.
4.   Sun Life of Canada (Phils.), Inc. Creative and Digital Marketing team will randomly choose the lucky subscriber who will win the trip to United Kingdom. United Kingdom trip includes VISA application fees, round-trip tickets, 3 days and 2 night’s hotel stay (excluding travel time). The winner will shoulder the expenses from point of origin going to Manila if not from Metro Manila.
5.   All participants from June 9, 2014 – June 27, 2014 are eligible to win.
6.   Employees and advisors of Sun Life, including their relatives up to the second degree of consanguinity or affinity are disqualified from joining the promotion. Promo is limited to Philippine residents only.

Let's go to England

>> Tuesday, June 25, 2013

This week, we're going to ... ENGLAND!

As we walk past Buckingham Palace, Westminster Abbey, the London Eye, the River Thames, ...
let's pray for England. 

Prayer Points:
http://www.worldprayermap.co.uk/northernandwesterneurope/uk.html

Travel Guide:
http://www.visitengland.com/

 

Schengen Visa Requirements Through the Spanish Embassy

>> Friday, February 01, 2013

Will be going on a trip to the Iberian Peninsula sometime this year.
Starting as early as now with the Schengen Visa preparations.

Don't want a repeat of last year's really stressful application at the Italian embassy wherein we got our visa ONE day before the departure date(?!)

Rundown of the requirements
1. Certificate of Employment
2. Latest ITR
3. Leave of Absence from Employer
4. Bank certificate with Statement of Account of the past 6 months
5. 1 passport size picture
6. Credit card Statement of Account of the past 6 months
7. NSO copy of Birth Certificate
8. 6 months valid passport

Everything checked?

Step-By-Step Plan on How to Start Saving

Someone emailed me asking for help on how to Start Saving.
Posting my reply here for those who might be interested with the Step-By-Step Plan I created for her.

Step 1: Setup your SAVINGS or Security Fund (also called the Emergency Fund)

First thing that we have to do is to create your Security Fund.
Ang Purpose nito ay dito ka kukuha ng funds in case of unexpected events, like illness, na-Ondoy, etc.

Common ksi sa atin ang Umutang kapag biglang may pangangailangan.
But if you have a Security Fund, hindi mo kelangan umutang.
NO-NO sa aming mga Financial Advisors ang Utang =)

I suggest na mag-open ka ng Bank Account na SEPARATE from your Payroll account.
Puedeng BPI or BDO para nasa ground floor lang ng ELJCC Bldg (Note: this is the ABS-CBN Bldg where I'm working). Para madali din for you na mag-deposit.
Dito sa New Bank Account mo i-dedeposit ang Security Fund mo.

IMPORTANT: itong New Bank Account na ang magiging SAVINGS mo. And mag-wi-withdraw ka lang from this Bank Account IF MAY EMERGENCY.


Read more...

ABS-CBN chairman and CEO Eugenio "Gabby" Lopez's Retirement Speech

>> Wednesday, November 28, 2012

I was surprised to see the word "Retirement" in the title of this article which I read from ABS-CBN's official newsletter. I didn't see this coming but as the age old adage says, "All good things must come to an end."


I'm keeping a copy of this speech here to remind myself of how great it is to be a Kapamilya.
We had our ups and downs. Many times we wanted to quit. But we have to admit, iba pa rin ang Kapamilya.

ABS-CBN chairman and CEO Eugenio "Gabby" Lopez's Retirement Speech
Delivered during the Kapamilya Awards 2011 

Wow, 25 years Freddie (Garcia)! I feel I can do another 25.

25 years. Not even my marriages have lasted that long!  The only relationships I have had that lasted this long are my siblings, my parents – talagang Kapamilya.  When I look at the list of 25-year awardees I realize it’s all the people that I started with.  Like everyone, we all have certain beliefs, lessons that we accumulate over the years.  Normally the lessons I have learned, the insights I have gained, I share with senior management.  Today I will share it all with you – my Kapamilya.

Rapid Change:  We live in a time where change has accelerated rapidly.  The changes in technology affect all of us in profound ways:  The way we communicate, the way we interact.  ABS-CBN in 5 years will be a very different company from where we are today.  ABS-CBN in 10 years is likely to have TV revenues as a very small part of our overall revenue.  When we started 25 years ago, we were not even on satellite throughout the Philippines.  Today we are on satellite throughout the world.  But one thing has remained constant in the last 25 years and likely to remain so for the next 10 years – “In the service of the Filipino.”  As long as our north star is guided by this simple yet powerful mission, we will never go wrong.

Read more...

On The Money: Expert Tips on Saving for your Kid's Education

Saving for your Kid's Education
taken from ANC's On The Money
with Arlyn Tan, AIM-Sun Life Financial PLanner

Parents want the best for their children and that includes the best education that they can provide.
However, good education doesn't come cheap, so parents have to know the best way to save and invest for this.

Why do parents need to plan for their children's education funding today?
Apart from giving quality time to their children, we know that the most valuable investment a parent can give to their child is a good education.

Education is the key to opportunities for your childen in the future.
The chance to a better job, to a better life, comes with a good education.

The Education fund needs to be planned early because it comes sooner than other needs like Retirement.
We have a shorter time to prepare for our children's education compared to other needs in life.

In the Philippines, a family on the average has 2 to 4 children simultaneously going to school.
This makes Education costs to eat up a big part of your budget.

But 90% of Filipinos plan only 1 year befor school starts.

So how do we save up for our kid's education?

Read more...

Make your Christmas Bonus Work For You

>> Wednesday, November 14, 2012

Making your Bonus work for you
report from Nina Corpuz, Dateline Philippines ANC

For many Filipinos, the 13th month bonus means "It's time to splurge".
But why not make that Christmas bonus work for you.

For many Filipinos, the much awaited Christmas bonus or the 13th month bonus
is as good as gone.

Common ways Filipinos spend their bonuses:
- bibili ng TV
- magsho-shopping

"walang natitira, tinanggap ko lang isang araw, kinabukasan, wala na"


By January, many Filipinos are left with no savings, worse, some of them are burdened with debt.

Financial coach Salve Duplito advises Pinoys to use their Christmas bonuses wisely,
but putting it in the bank is not one of them.

Because if left in the bank, after one or two months, "ubos na iyan ksi ang banko
or ATM account is very accessible. Maya't-maya kukupitan mo yan."

Banks only give about 1% interest compared to the Stock Market or Mutual Fund
which can earn you about 10% to 15%.

Read more...

Important Money Tips for Solo Parents

>> Thursday, November 08, 2012

Tips for Solo Parents on How to Handle Money
taken from ANC's On the Money
with Vina Dimanalata - Registered Financial Planner

-----------------------------


Based on a recent survey, around 14 million Filipinos are single parents.

If you're one of them, how do you reach financial independence despite flying solo?

Solo parenting is a growing trend.
This is due to any one of the following:
- young adults w/ children out of wedlock
- separated from spouse
- widow/widower
- spouse of OFWs

-----------------------------

Important To do list for Young Single Parents
1. Find a stable job to be able to predict the income that will be coming in.

2. You must realize that you have a dependent.
And if you have a dependent, the number one thing that you have to do is to protect yourself.
Protecting yourself means that if anything unfortunate happens to you (like death or illness), the expenses and needs (ex. education, day to day living expenses) of your child who is your dependent are covered and are taken cared of.
You protect yourself by getting an insurance.
With an insurance, in the event that something happens to you, your child will receive an amount of money which will be used for his needs in the absence of your earnings.

3. Consider preparing for your children's education.

Read more...

About This Blog

This blog is my attempt to document the bits and pieces of my life. It also serves as a reference for things I need to remember every now and then, like activating UnliText, among other things.

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