Nearing 40 and have nothing yet to speak of?
Property, good credit score, insurance, retirement fund, investment and stable cash flow, These are what you should have at least.
Do not wait until you are 40 before considering to prepare for these things. While you still have the time, strength, and opportunity to work on building the life you want for you and your loved ones, maximize what you have today so you will have a comfortable life after 40 and beyond
Put your finances in order—now
They say life begins at 40 and I totally agree. In IMG I learned the building blocks of a solid financial foundation.
We must build our financial plan in this order:
1. HEALTHCARE
- this will cover our medical expenses when we get sick during our working age and when we eventually retire
- short-term healthcare – provided by our employers while we are employed but stops when we resign, terminated or retire
- long-term healthcare – medical expenses coverage during our retirement age
2. PROTECTION
- in case something happens to us (death or disability), our families would receive a certain amount of funds to cover our inability to earn income.
- this is addressed by getting a life, disability or income protection insurance
3. ELIMINATE DEBT - We can’t afford to invest if we are burdened with debt. We must settle and eliminate our debt first.
- If our debts are interest-bearing, the interest will just eat up both our funds and the potential gains from our investments. It is not advisable to borrow money for investment.
4. EMERGENCY FUND
- reserved funds to cover our unexpected expenses during emergencies like disasters and job loss
- must be at least 3 to 6 months of our income, if we are earning P10,000 per month then we need to have at least P30,000 to P60,000 set aside as our emergency fund
- must be kept in a readily accessible bank account.
5. INVESTMENTS
The first 4 steps should be addressed first before investing.
You can invest in mutual funds, stocks or real estate
Most of us, new investors, would go straight to investments. We get blindsided by the high rate of return of investing in stocks or the opportunity to own real estate. We don’t bother to go through the lower levels.
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