Insurance plays an essential role to personal finance. It protects you against life’s uncertainties, such as sickness, disability and untimely death. It’s a means of replacing loss of income brought about by these circumstances, minimizing their impact on you and your family. And that’s why insurance is also called wealth or income protection. Personal risk management Dying too young,…
Personal financial planning is about managing your money. Plain and simple. And I know you might ask, why am I making a blog about this one topic? I mean, I know all of us are dealing with money day in and day out for personal and work-related reasons. We learn to do it as we…
Debt is any money you owed. It can range from personal loan with a friend or a family member to loans with a bank through a credit card and home mortgage. Good debt versus bad debt Something is considered a good debt if its value increases over time and/or it can generate an income. Examples are rental…
Download the Living Expenses Statement worksheet for free! To use the worksheet, make sure to read our post on why estimating your expenditures is important in knowing your cash flow. Here are the instructions: Download Living Expenses Statement worksheet. Make sure you have Microsoft Excel installed in your computer. Indicate the expenses under each heading: Home, Bill, Health and Insurance, Transportation, Personal…
Download personal Income Statement Worksheet for free! To use the worksheet, I recommend that you read post on the purpose of an income statement, and why understanding your financial status is crucial to financial planning. Here are the instructions. Download Income Statement Worksheet. Make sure you have Microsoft Excel installed in your computer. Limit your timeline to monthly. In Income table, indicate…
The first step to smart financial planning is knowing where you are at right now. Having a clear picture of your present standing makes you aware of how much you are earning, how much you are spending, how much you end up saving, and how much you are setting aside for investing. The choices that you make…
Download by clicking Financial Goals Worksheet. Before using, it is best to read my post on financial goal-setting and the importance of writing down your life’s dreams. To use, here are the instructions. Download the Financial Goals Worksheet. Open the worksheet. In What you want to buy column, list down the things you want to acquire, costs and how long you are…
For the longest time, I’ve been thinking about writing this guide because mutual funds are a good passive income option but they’re not well understood. And when you’re lucky enough to attend free seminars that are provided by investment houses and financial institutions, you could learn so much about financial planning. In this article, I will discuss mutual funds in…
You’ve heard about unit investment trust fund or UITF in the Philippines for Pinoy, and you might’ve spent the last hour scouring the internet or this blog on how to invest in them. And you’ve probably heard that UITF is offered by banks and trust companies, but still you’re not sure where to start. Which bank or company…
Do you want to own stocks of the Philippines’ largest companies? Would you like to subscribe to initial public offering (IPO), which are shares that are trading on the exchange for the very first time? Heard some people receiving their dividend income from blue chip companies, and you’d like to join the party? In this article, we will talk about how…
How easy it is to open an account at any bank? As you may already be aware, there are many bank accounts that you can choose from and establish. You can start a time deposit, checking account, credit card, unit investment trust fund (UITF), personal equity and retirement account (PERA), long term negotiable certificate of deposit (LTNCD), insurance (bancassurance), loans, dollar and foreign currency…
In stage 4 of financial planning, I talked about basic ideas of insurance products. I am going to dig a little deeper about them. I am doing this because we, Pinoys, may have an idea or two about insurance in general but most of the time we really never completely understand what they are, their purpose and…
Here is the list of insurance companies in the Philippines whose licences are renewed until the year 2018 by the Insurance Commission. The list is in no particular order. Life insurance companies Philippine AXA Life Insurance Coporation Allianz PNB Life Insurance, Inc. (Formerly: PNB Life Insurance, Inc.) Pioneer Life Inc. Philippines lnternational Life InsuranceCompany, Inc. Beneficial Life…
All of us needs insurance as a way to protect ourselves from unexpected emergency situations. However, there are many types of insurance cover, and I have mentioned a few in my first post about insurance. The list can be overwhelming. Each company has its own product that’s not available in another, making the list even longer. To help you better…
Life is full of surprises. It can throw both the good and the bad in your way. When bad things happen, make sure you are prepared financially with insurance. Here are the 7 reasons why getting insured can be your life-saver. 1. Insurance manages life’s risks. Situations like critical illness, accident and death are life’s…
Life insurance is an important aspect of financial planning, but it is sadly the least understood. In the hope that I can help you make your decision on buying one, here are quick answers to frequently asked questions by Pinoys. Can I choose more than one beneficiary? Yes, you can. If I have more than one beneficiary, how much…
Choosing your beneficiaries is a major decision. When you buy insurance in the Philippines, they are among the things asked from you. You will need to give a name or list of people to be part of your policy. At first, you would think they’re simply a part of the process in getting a life cover. Later on, they…
Insurance companies in the Philippines offer their products to everyone. But that does not mean all can go ahead and buy a policy. That is because of one question. Are you insurable? Insurability Insurability means that you meet certain standards that would allow you to buy an insurance product. Remember that insuring your life is about risks….
Insurance is an important part of financial planning as a way to build strong financial foundation. It helps prepare for any untoward, trying events in our lives such as sickness or demise by providing financial assistance during the times that we need it. According to the Department of Health, the leading causes of death in the Philippines are diseases related…
This website is already late to the party, and if it hadn’t been for the Facebook UITF group there wouldn’t be a post about Premyo Bonds 2 that was on offer late last year. (We don’t know how this information has gone past our notice as we are keen to document any bond offerings from…
What are the charges when you invest in the stock market? In this article, we are going to look at the costs in buying or selling shares in publicly-listed companies on the Philippine Stocks Exchange. What are the charges, fees, and taxes involved in trading stocks in the Philippines? 1. Broker’s commission This is a specified amount…
