Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Helping OFWs Bridge Financial Gaps

After years of uphill struggle, many OFWs come home to stay into the same financial status and way of life they had before they departed the country. There are many whys and wherefores for such an upshot – their families back home were unable to save, the salary earned out of the country proved inadequate for the family’s mounting necessities, the OFW overseas had so many other trials to deal with such that economic groundwork fall through the cracks, or financial implements abroad simply did not tone with the needs of our fellowmen in other countries. 

With AXA iON, Filipinos abroad who log on to the internet quite often can now access the most basic financial products that can help them secure their financial future in a transparent, easy, and affordable way.

“The internet is playing an ever increasing role in the way we communicate, transact and find information about anything,” Rien Hermans, President & CEO of AXA Philippines said,  
“With AXA iON, we now give Filipinos the chance to secure their financial future from the increasing costs of education, the burden of expensive healthcare costs, and the passing of a breadwinner, all in a digital platform, in just a few, easy steps, and from wherever they are,” he added.

AXA iON offers four (4) fully-guaranteed products that make up the AXA eXentials line, which are designed to be affordable with premiums starting at only P1,000 per month:

  • Savings eXentials is a fail-proof alternative to savings that provide better returns than a regular savings account returns, pays out the cash to your family even if you don’t complete the 5-year savings plan in case of death or disability.
  • Academic eXentials gives guaranteed cash benefits once a year for 5 consecutive years, to help defray costs related to tuition or education. But in case of untimely demise before the 5-year payout period, Academic eXentials will give your family additional cash every year until the year before the scheduled release of benefits.
  • Life eXentials is a back-to-basics income replacement plan. Unlike typical life insurance plans, Life eXentials pays out its benefits monthly over a period of up to 5 years so there’s no danger of wiping out the insurance proceeds at once and ensures that the beneficiaries get a monthly stipend to replace the income of the loved one who passed away.
  • Health eXentials is the affordable complement to HMO coverage as it pays out cash upon diagnosis of critical conditions such as heart attack, stroke, including gender specific cancers (breast, cervical, prostate cancers), stroke, heart attack, Alzheimer’s disease, liver disease and 30 other critical illnesses.

This is a press release.

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Thoughts from a Mega Banker: Financial Skills For Fellow 20-ish Pinoy Yuppies

I may have financial successes and failures at different points in my life but if there is anything I am proud of, it is that I have stuck with my plans even through privations.

I am living frugally now because I have a lot of responsibilities to pay. I’m currently paying off equities for a pre-sold home (at age 23!), mobile data plan, premiums for a life insurance, premiums for a funeral plan (I know right?), saving for future plans (which I am not able to do yet) like finishing my postgraduate studies or travelling and investments like funding my stocks and mutual funds through Citiseconline and FAMI Equity accounts respectively.

I didn't need to wait until I reach the pinnacle of my career years to educate myself towards financial independence. I take it upon myself to learn about personal finance as early as I can even if I am still a rank-and-file employee. Ignorance is the biggest cost we pay, so we have the responsibility to continually educate ourselves in order to prosper as what God would have wanted. He always has great plans for us, I used to say often, but He can’t do it alone unless we pay our dues and do our share.

Life loves those who dare live it. - Jaysee -

There are small things that we can start doing today:

  1. Be tight-fisted with our pesos. If you save up your small purchases throughout the day, it might add up for an equity payment on a home for the first month alone.
  2. Keep a good credit history. Treat your plastics (credit cards) as cash. This will ensure that banks will lend you money should you ever decide to take out a loan for your business, home or first car. 
  3. Keep your bills low.  Be careful about subscription models and eliminate some recurring bills to things you don’t really “need”. If you are like me, who lives in a world of great consumerism then don’t give in to the pressure of owning the latest phone your telco offers or wearing the brand that everyone covets. This leads to my next advice.
  4. Live humbly. Be frugal but don't deprive yourself of great things you deserve. Being frugal could involve skipping taxis unless needed and taking public transportation instead. Having not to dine out at restaurants regularly could help save you money in the long run. Pantry could be good for you and you may also want to take advantage of the free drinks like the mega bank I am working for now. 
  5. Sock money away. From your pay, take out savings which you might not use for daily expenses. Then from your savings take out an emergency fund and place it on a separate account. This should be at least 6 months’ worth of funds in case you lose your job. This is one tip I didn’t think through when I had quit my previous job and while I had a great time during the transition, trust me when I say this but I am literally paying the price of not socking money away.
  6. After you have saved for your emergency money, open another savings account for investments. Invest today. Check out stocks, and if you are not comfortable with your financial knowledge then go with mutual funds and UITFs. Life insurance products even have investments components today and it is very much recommended that you get one especially if you have dependents. The money you place on these accounts should not be something you would use in the next 10 years or so.
  7. This lack of financial strength makes us all exposed. It makes me feel bad when I had to turn down friends and family when crisis had hit them and I had nothing much to aid them. Share your financial knowledge as much as you can.
  8. Time is not an infinite product. As someone in our 20s, most of us think that we have all the time in the world to figure things out and get what we want. Truth is, we have to make the most of the opportunities we have today, because there will be a time when you have no more of it. 
  9. Don't be so full of yourself. You are irreplaceable. It's easy to drown in our own ego since we may be the most capable, creative, knowledgeable and multi-tasking generation but we have yet to reach our full potential. The real world just have all the mechanisms to crush you down and humble you. We all still have to methodically and painfully work our way to success.
  10. Take Responsibility. I am proud to be part of a mega bank who fosters a culture around integrity. As people starting, we are bound to make mistakes but we shouldn’t be defensive about errors in judgment. We can only grow by embracing the lessons learned, taking accountability in everything we do by heart, I must say.
  11. Chin up if you ever got your butt kicked. Having a horrible boss or coworker is something to be joyful about. This is the most vulnerable, pliable and foundational stage of our professional career.  Working for someone that demands fineness and pushes your bounds on a daily basis will build the most rock-hard ground work for your continuing professional victory. Dealing with difficult people will only strengthen your character along the way anyway.

What other tips can you share? Comment up!

Thank you Geraldine Tabada for the portrait above!

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Thoughts of a Mega Banker: 14 Tips to Outsmart your Credit Card

Working for the biggest financial in North America fortified everything I know about Philippine credit cards. There are better resources online but let me share you what I know about this great financial tool and how you can use it to your advantage and not the other way around.

"The plastic" is very convenient and rewarding to use that is if you know how to use it wisely.

14 Ways to Outsmart your credit card

  1. Always pay it in full based on your "outstanding balance". (Note: not minimum, partial.) This is where we make money from fees like finance, interest, or transaction fees.
  2. Get a card which suits your lifestyle. If you are a frequent flyer, then use card that gives you reward like miles. Make sure you get the best deals of the best card. 
  3. Do not pay for annual fee ever. That is not to say that you don't pay it at all, just ask them nicely over the phone if they could waive it let's say for the first year or the first three years. I made this mistake and so shouldn't you. If they reject the idea then call again in the next 6 hours or so and plea up until you get what you called for. Don't even give in when they say that they will increase your credit limit instead. Remember that is not your money on hand but a money that you are to borrow. You are after the rewards and not paying more fees. Just note that the annual fee is usually billed a month before your first card anniversary.
  4. Know the cutoff of every billing statement. Then pay a week before it. Or better yet divide the payments in two and pay every payday or better yet pay every purchase you make if your savings account and the credit card account is enrolled on your online bank profile.
  5. Always get your rewards before their expiry at the end of the year.
  6. Link all your bills to your plastic so you get the points. (Meralco, Globe, Sun, Smart, Tuition, Life Insurance)
  7. Be responsible enough to never go overdraft so you won't get any fees.
  8. Don't ever be tempted to avail of cash advance unless if it is an emergency and you don't have enough savings. Banks these days offer a .99% interest per month which is good but if you could pay it off before the term reaches half then the better.
  9. Don't treat your plastic as a lotto ticket. You can't swipe it just when you feel like it. Treat it as your extended time lender for 30 days instead. 
  10. Make sure your Philippine credit card has MasterCard and Visa logo on it. These are universal merchant associations and they make sure that your card is accepted everywhere (even internationally) you use it.
  11. If your card has online banking, enroll in e-statements as well like text and email notification. This will serve your reminder for online transaction, fraud detection for unusual transaction and so that you don't forget your due date.
  12. Don't be like the rest of the nation who is influenced under the culture of just paying the minimum amount due. If you don't pay in full, interest charges will start to incur.
  13. It is good to know that banks already earn every time you use it since they charge the merchant and not you. Charging you with additional fees is already an additional stream of income actually.
  14. And if you travel abroad, you can use it to pay the merchant even without going to the money changer. Just inform your bank ahead of time so they can put fraud notifications at bay.

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Finance Tips for Young Filipinos from a Young Mega Banker

I currently work for North America’s largest mega bank and there is so much we can learn about finance from our developed counterparts. Fear is another concern among us Filipinos young and old alike. But if there is something we have proven the world, it is that we rise significantly from almost anything.

It has been a generally accepted fact the Filipinos loath risk, meaning we tend to dodge risks especially in investing and how we view entrepreneurship. One evidence of which is our huge money in Savings accounts. 

“BSP numbers pegs bank accounts (Savings, Checking & Time Deposits) at about P5 trillion while Special Deposit Accounts (SDA) at approximately P1.5 trillion.” 
- MoneySense Philippines -
A big lump of the money of the Pinoys is not actually being put in investment vehicles and is not reaching their full potential. While bank accounts are really safe, their earnings are waaaaay below price increases rates on commodities (inflation) which means for every year we keep money in savings, we actually tend to lose them.

My recommendation: Learn about investing. There are a lot of seminars and blogs around investing, insurance, entrepreneurship, personal finance, so take the time to learn the correct way to manage your hard earned money. Financial education it is one of those things that will bring us financial independence. 

Let us also not be immobilized by anxiety and doubt because if we risk nothing we gain nothing. I don’t mean gambling or betting our hard earned money away – we can learn to broaden your horizons and practice practical investment design.

It's simple. Just separate a portion of your savings to investments. This money should be something you are willing to put away for a very long time probably in 10 years before you reap the gains.
If investing directly in the stock market may be too much for you to stand, then I recommend we take a look at collective “equity funds” like the your local bank’s UITFs (Metrobank, BPI, or Security Bank) or mutual funds from FAMI as well. Even top life insurance companies now have investment components like SunLife and AXA.

Regardless of investing directly or indirectly, I have faith that it’s time for Filipinos to hit the books and put in in the Philippine stock market.

Top 8 Brutally Honest Money Tips for Filipinos. Seriously.

Filipinos are apparently boastful and naive when it comes to money. This was quantified during a financial literacy survey headlined by Philippine Daily Inquirer with "Filipinos as money ‘experts’: Clueless on bonds, stocks, loans." 

I don't claim to be a financial expert but I know enough and I care so much for people around me but educating them seems to be hard so I just hope they read this and the rest of millions of Filipinos who haven't got a clue. 

jaysee pingkian jayseeblabs at the bonifacio global city bgc

Rule number 1. 

Get Paid What You're Worth. 

Make sure you make an industry review of what your job is worth on the market. Network is the best source so chat up with peers and build lasting valuable relationships. Think about what you could do to advance your career and what your options are in the future.

Rule number 2. 

Spend Less Than You Earn. 

Why is everyone finding it so hard to live within their means? Why buy things you don’t need? Live humbly. Is that so bad? But reward yourself especially if you deserve it once in a while, before you go crazy.

 Rule number 3. 

Stick to a Budget. 

Know where your money is going. Set aside a few minutes within this day and think about how much you spend for each expenditure. Trackash is a simple app you can download for Android. You’d be surprised to see the results.

Rule number 4. 

Don’t blame the credit card. 

I grew up being taught never to incur debt to anyone because gratitude is hard to repay and debts in a financially challenging time is really bad too. But let me tell you, credit cards are the best financial tool you can use under the perfect circumstances. It could also be a nightmare if you are not responsible. One paradigm shift I had while taking graduate studies was when our Entrepreneurship professor encouraged us to get one for credit history reference should we decide to take out a business or huge personal loan someday. It could also help you acquire resources needed that adds value to your personal life or career at the present, e.g. an income-generating tool like a laptop. Using it to fill your egotistic materialistic social-climbing lifestyle leads you nowhere. I work with these types of people and they are in the worst financial shape of their lives.

Rule number 5. 

Think SSS Retirement Benefit is enough? 

Financial analysts and personal finance books and resources would tell you some things in common:

(1) build a business, (2) build up an emergency fund and (3) invest your long term savings. 

Emergency fund should be more or less three months worth of expenses to make you live comfortably if you go out of work or six months if you have kids. We have the best investment options in the market today and we can take advantage of our economy to place our savings for retirement in a fund that grows cumulatively over time.

Consider opening up pooled investment as a beginner like a UITF account from your local bank or a mutual fund. I currently have FAMI because it is linked to my Metrobank Account online. We are not in the US where they have 401(k) or Roth IRA funds but opening up a separate retirement fund is the next best thing.

Plenty of resources will teach you about long term investing actually and once you get the hang of it, you could try stocks. Stock trading is scary if you don’t have the tools or resources but long-term stock investing to blue-chip companies is the best option in growing your wealth. I recommend Citiseconline because of how they advocate investing among first-timers through tools and reports that guide you unlike BPITrade. Teach yourself delayed gratification once in a while.

Rule number 6. 

You have money for every plan you have, you just don’t know it. 

“I don’t have money for this and that,” you tell yourself.

Negativity only conditions your mind to fail. 

And if there is one thing I’ve realized after completing the Financial Management class being handled by the dean of the university I am in, there is nothing impossible if you plan. I have friends who have children and who have not given thoughts about starting to save for their kid’s college. I don’t encourage education plans because of what happened to CAP but I do encourage placing your savings into an investment vehicle so that you can shield yourself from inflation, make it grow if you don’t have the time for business and of course, shield it from your overspending itching hands. Whatever your other goal is like having a car, house, travel, or an expensive dog, spare a little money consistently every month and place it somewhere and be surprised to check it out after a long time. In addition, people wonder why I get to places and own nice things when I earn just like everyone else. I have a savings plan and it involves a simple equation.

Income – Savings = Expenses. 

I am still replenishing my savings as of the moment because I funded my own graduate studies but still I have a plan and have stuck to it all these years. Take a short time to assess your short term and long term plans, put in writing and post it somewhere you would see every day.

Start with the end in mind. Set a goal. Now.

Never underestimate the power of vision and memory sucks so put plans in writing. Plans should be SMART, our professor used to say. Specific, measurable, attainable, realistic and timely. Research about SMART Goals to educate yourself further.

 Rule number 7. 

Insure. Get a life insurance. 

I suggest VUL since you don’t necessarily have to die to enjoy the money since within a term of let’s say 10 years, you start receiving returns and dividends! I currently have Cocolife Platinum Savings because it also insures my ability to earn income with disability insurance but SunLife also offers attractive plans which I might put into future consideration. Talk to a financial adviser or go to an IMG seminar to know what products work for you based on your time horizon, goals and risk appetite. If you are young go for Equity. Be conservative if you are kinda mature like Bond Funds or Money Market Funds.

 Rule number 8. 

Get a funeral plan, memorial plan if you can. 

Death is a sensitive issue to most of us; certainly was for me not until I started working and thinking about the future.

Life is beautiful but being a person who have endured a biking accident and a motorcycle accident (coincidentally in the same city area), a rockclimbing accident, and lately, an ATV accident with my brother, all I can say, no matter how careful you are or in my case, the other way around, death is inevitable. But it isn’t such a bad thing if you think about it as a spiritual journey. 

If you’re not born rich, chances are, you can never afford to be displayed in a posh chapel in the city not unless you have prepared for it ahead of time. I recommend St. Peter’s plan because it is also transferable. Premium payments are waived if the plan holder passes away but is transferable to a family member. On the other hand, a memorial plan is important since I definitely have an attitude problem and I don’t like to placed in a public cemetery for a lot of reasons.  Haha And if you can insure your home too, Malayan is the country’s best non-life insurer today.

Stop procrastination. Be a positive-thinker. Stop making effin' excuses. 

Educate yourself to the highest level. Talk to an adviser or a peer you trust. 

The best time to live an awesome life is… now. 

Please share this article and help others help themselves.

If you have a great tip/opinion, please comment now and let us know!

Thank you to Jasper Tecling and Justine Munez for the portrait above.

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*Disclaimer: follow tips at your own risk.

Making Money Work For You

The Money Summit and Wealth Expo in Waterfront Cebu definitely blew my mind out of proportions when it comes to money. 

Staying at that ballroom for two days, humbled me and opened a whole new world of opportunities and busted a lot of myths and misconceptions that has hindered me to maximize the power of  these opportunities after all these years.

In a nutshell, I have learned different ways to earn massive, passive income from real business and investment experts themselves. I have learned about Simple Super Strategy for Stocks, How to Become an E-Commerce Super Seller, Quick Profits in Foreclosures, and Getting Started with Multiple Sources of Passive Income. There were a lot of speakers actually with lots more topics but I can only work out a few because of my work schedule.

The focus of this year’s Money Summit and Wealth Expo 2011 is about earning massive passive income. Passive income means earning money that works for you not the other way around. To give you an gist it revolves around dividends, interest income, capital gains, rental income, franchise fees, licensing fees, royalties, affiliate income and more. What’s great about the conference format is that they invited the best in the industry to talk about their forte and there was a combined effort to induce proven and practical strategies to earn massive passive income with no financial jargons you won’t understand.

This post should give you more or less a head start. I would also like to commend the organizers for having a smooth and entertaining flow despite the travel constraints of the speakers and formulating the program content, digestible and relevant materials presented and hyping up the energy level of the audience was top notch. Who knew finance could be this exciting?

Here are some keypoints that I learned from the host:

Not everything is taught in school. Earning money takes a lot of experience and skills training in the real world. 
Successful people became rich by trying, doing, experimenting, practicing and failing. Luck is merely the thin line between opportunity and preparation. 
The greater the adversity, the greater the chances for success. 
For Cebu to become a first class city, you gotta be first class citizens too. 
The speakers agreed that Cebuanos are hard to please and is quite shy. I mean it is proven a lot of times not just on that seminar. 
Be bold, be fearless.

Things to know about multiple streams of income:

Be a full time family man. Know your priorities. 

Juanis Barredo has addressed audiences over 8,000 customers and investors nationwide.
Juanis Barredo has addressed audiences over 8,000 customers and investors nationwide regarding the benefits of investing in the Philippine stock market.

Know stock market or if you don’t have time to learn everything about it go to Citiseconline.  
Investing in stocks is not scary, you just have to approach the right broker such as BDO or Citiseconline and just wait for your money to grow without working hard for it. 
Learn internet marketing and earn from it. 
Do events organizing. 
Invest in interpersonal skills.

Things to know about Real Estate:

Noli Alleje founded The Property Forum Inc which has networked with some 15,000 licensed real estate brokers and thousands of property consultants through its membership with top real estate organizations in the country.
Noli Alleje founded The Property Forum Inc which has networked with some 15,000 licensed real estate brokers and thousands of property consultants through its membership with top real estate organizations in the country.

Time cures real estate mistakes. Pampanga was covered in lahar before and people just wanted their land out of their hands so they sold it cheaply. Now Pampanga is an agricultural and real estate haven since the new soil formation could hold water so well and that a lot of adventure trails and resorts have benefited from the transformation as well. 
Buyers beware. Be careful about fake land titles. Always check with the Register of Deeds, that is why foreclosed properties are better since papers are clean because the banks capitalize on keeping their reputation. 
When buying the property, ask yourself what to do with it: hold, sell or lease? 
Inflation rates increases your asset value. 
Buy properties where the path of progress lead, not where it is already advanced. You can check with your municipality about the RORO stops or the Philippine Nautical Highway. 
Don’t fall in love with your investment because it is going to be very hard to let go.

Things to do when doing e-Commerce:

Eireen Diokno-Bernardo is a recognized eBay and PayPal as E-Commerce Education Specialist for Southeast Asia. She is also recommended by Jim Griffith, the Dean of eBay University in the U.S. as an eBay Education Specialist for worldwide online trading in the Philippines. She has been endorsed by UnionBank for E-Commerce and E-Learning.
Eireen Diokno-Bernardo is a recognized eBay and PayPal as E-Commerce Education Specialist for Southeast Asia. She is also recommended by Jim Griffith, the Dean of eBay University in the U.S. as an eBay Education Specialist for worldwide online trading in the Philippines. She has been endorsed by UnionBank for E-Commerce and E-Learning.

Have a Paypal account for safe online money transactions. 
Aside from selling, you can also earn from eBooks, Consultancies and Webinars. 
Philippines is considered just a potential market by EBay but with a collective effort to put every world-class product sonline, we can be an emerging market online. 
There is no such thing as financial freedom since you will always need more. 
We, as a nation, know how to create but we don’t know how to market our products. Keep on selling! 
Shipping is very important. Know the carriers, know the rates, know the calculations and have a great relationship with your shipper. 
Study which products will sell online. Ebay can show you which products got sold and how much. 

What are you waiting for? Stop procrastinating and start a great life now!

Thank you so much Learning Curve Inc.!

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