Sunday, 6 May 2018

Journey to Filipino Financial Freedom

How to achieve Financial Freedom? 

This is a common question from OFW's abroad especially those  already spent more than 10 years abroad. They left our homeland and went back with the same situation, no savings, no investments and not able to retire. These cases should stop and let's help the next generation of our families to learn how to handle money properly.


We can only achieve financial freedom, only if we take actions today.
Here are my 3 personal finance tips and applying it in my personal financial journey;

First, Lifestyle Check & Change. Usually people have a different lifestyle depending on the level of their income, the higher income =  the higher expenses or the higher income = luxurious lifestyle. These are influence by our peers especially that social media affects our lifestyle to show off that we are living better than others. I realized that is not wrong but caution, if you are living a lifestyle that will bury you in debts and would not make any financial benefits in the future, it's time to recheck and change your lifestyle.

Second, Live within your Budget. We are not used to budgeting and nobody taught us in school except if you took Finance or Accounting subjects in College with Budgeting topics, only limited to corporate level and not on personal finance. Budgeting should be part of the curriculum even on high school and elementary. This is the right time to look at your monthly budget and check your cash inflows and outflows, "Hindi yung dadaan lang ang sweldo sa mga kamay mo ng isang araw". Live below your means.

Three, Start Investing. There are many investment instruments that you can research and try to look what will fit your financial objectives such as Mutual Funds, Stocks, UITF, Real Estate, Small businesses, etc. etc. Any excess cash flows from your budget should be invested to build your future wealth.

Financial freedom is attainable and it starts internally  or within you. This is a good time to reflects on your finances and check where you stand financially, then START NOW.

Sincerely yours,

JONATHAN RUIZ
NEWBIE MENTOR

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