Investment and insurance are two things that we millennials don’t really think about. Here are 5 adulting hacks that I learned from Sun Life’s Let’s Have Some FUNds event last July 27, 2018 in Davao City to get you started on your way to financial freedom.
Adulting Hack #1 Invest in Yourself
Remember when your mom kept nagging you to be serious with your studies?
Well I’m sure by now you already realized she’s right.
Education is vital if you want to have a better chance at life or at least have a huge head start when starting a career.
Sure there are college dropouts that turned their dreams into millions even billions of dollars but mind you there is a better chance for you to get hit by lightning than the chances of you being the next Steve Jobs.
Truth is if you don’t study hard and get a degree you are less likely to get a decent income.
So kids — back to your books!
Speaking of books, this is also one way for you to expand your knowledge of the world.
Read more, know more, learn more it’s that simple.
But with the advent of computer and the internet there has been a huge collection of learning materials online that are readily available for you.
Like YouTube tutorials, audio books, online classes, kindle, training and summits.
But learning does not end there, anyone will tell you that experience is still the best teacher.
So go out and travel.
See the world, meet new people, experience different cultures, and learn from them!
Travel has always been one of my best teachers.
It has shown me a world different from what I see on TV.
It taught me to be kind, patient, and to always be grateful.
These are things I’ll never get to learn solely from books.
Adulting Hack #2 Little Things Matter
Little things do add up!
You need to differentiate needs vs wants.
“3 in 1 is a need if you got to have coffee to perk you up in the morning but Starbucks is a want”, says Mr. Mark Bonifacio during his talk at Sun Life’s Let’s have FUNds event.
He even gave us a quick rundown of things that we normally do on a daily basis that may be hurting us financially like a taxi ride to work, dinner out with family, and a movie date with your loved one.
If we can walk instead of taking the cab, it saves us a few pesos and is also a good form of exercise.
Skip eating out and cook a meal at home so you can save from service fees.
Sit down and talk with your loved ones rather than going to the movies.
Not only do you get to save from movie tickets but you also get to bond with your partner at a deeper level.
Document your expenses.
There are apps available to track your income and expenses.
These are very valuable to me and allowed me to get a hard look at my spending pattern.
By doing so I can be mindful of where I spend my money and prevent me from overspending on senseless things.
Adulting Hack #3 Save First
This is one mistake most of us make and that is to save last.
We always have this concept that savings is what’s left after we deduct all the other expenses.
But I earned that when we take savings first we learn to adjust our lifestyle around what’s left on our budget.
Take 10 to 20% of your income as savings first.
By doing so we can be sure that we get to save every month.
Saving allows us to have extra cash whenever emergencies arise.
Start small until you reach the minimum of 3 to 6 months worth of income stashed.
Have realistic budget and stick to it!
The more money you earn the more you can save.
But if you have less make sure you leave enough money to allow you to live a comfortable life.
Adulting Hack #4 Have A Vision of Your Goals
Know what you want and work hard for it.
Most people just want to go straight to the finish line but Mr. Mark Bonifacio outlines his way to get you started on your way to your dream life.
PORT: Preparedness, Opportunity, Resources, and Time
Prepare by practicing your craft and learning more about it continuosly.
Grab every opportunity that knocks your way.
Network and and be resourceful in finding ways or people to help you reach your goals.
And finally, give it time.
You can’t expect to be great at one thing overnight — hustle and grind until you reach your prime.
While waiting find ways to earn more.
Don’t just sit around and wait for nothing.
If your dream is to have financial freedom then work hard to achieve your goal until you reach it.
Adulting Hack #5 Start NOW
It is never too early to start investing and getting an insurance — in fact it is much better if we start young!
Insurance premiums are much cheaper if you are below 30.
Having an insurance at a young age allows us to have security whenever the unthinkable happens.
Mr. JP Fabian shared to us how some people only realize the importance of an insure only after they have been ill stricken.
Starting now means we will have more time to grow our investments.
If investing seems too daunting for you, Sun Life conducts free talks on financial management and investment to help you get started.
Make sure to connect with any Sun Life Financial Advisor to find out more.
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