Archive for June, 2010
A truly inspiring story
A truly inspiring story
First published in Business Mirror June 28, 2010 http://businessmirror.com.ph/index.php?option=com_content&view=article&id=27005:a-truly-inspiring-story&catid=28:opinion&Itemid=64
Last week I was having a conversation with an acquaintance when she broached the topic of investing. Having heard from another friend that I am into it, she asked how I was doing.
I answered that my portfolio was doing quite well and couldn’t be happier with it. Impressed, she said that she’d like to start investing but only when she’ll have a bigger capital. Being a financial advisor and faced with an “excuse” like that, I had the urge to lecture about the fallacy that had since prevented people like her from investing. I resisted. There is a proper time for that. But I couldn’t help but be disappointed that despite all efforts to kill the myth, it is still very much alive today.
That’s why when I heard about the unique story of Editha Comoda from my associate, Carmela Catapang, I immediately sought an interview because I couldn’t pass up writing such a story and let readers be encouraged by her. (more…)
The dying middle class
The dying middle class
by: Kendrick Chua, CIS, RFP, The Wealth Warrior
In the comic strip, Prof by Rene Aranda of The Philippine Star, Prof sees a dead man out on the fields and upon closer inspection, he was shock to discover that the man is a “middle-class” and he died because “high cost of living”. The strip may be humorous but it is also satirical and the two panels are reflection of the reality happening in our society today—the middle-class are declining in numbers.
To begin with, just who are the middle-class of the Philippines? Are they the ones that work as corporate employees or professionals that can provide five meals a day for their family? Are they the ones that can send their kids to college albeit sleepless nights? Or are they the ones that can afford to travel just once a year on budget airlines and stay in budget hotels? Yes, those descriptions fit them more or less.
Continue reading the rest of the of the article here.
The many benefits of credit cards
The Banko Sentral ng Pilipinas (BSP) reported through its media release that credit card receivables stand P130.7 billion in the first quarter of 2010. That is how much card holders have accumulated in debt. The figure is quite staggering and often, these innocent-looking, credit cards are always the culprit and take the blame for their irresponsible owners.
Why is it that there has been a stigma for credit cards? They are branded as evil and what do the financial gurus tell you to do when you want to be debt free? Yes, cut your credit cards. But cutting them is only a temporary solution to the long-term problem. They should be not be feared. As a matter of fact, credit card can present a lot of benefits when you wisely.
1.) Convenience. Credit card lets you bring less cash and the less cash you carry around, the better it is. Hey, you don’t want to let the whole world know how much you have, do you? Additionally, utility bills and insurance premiums can be automatically debited from the credit card. This saves you the hassle of forgetting their due dates. Then you won’t have your electricity cut-off or your insurance policy lapse. If your credit cards do get stolen, you can easily call the customer service and report the matter. That way, the thief won’t be able to enrich himself at your expense.
Continue reading the article here
Five reasons why people buy life insurance
Five reasons why people buy life insurance
by: Kendrick Chua, RFP, CIS, The Wealth Warrior
Have you purchased a life insurance already? If you have, do you still remember why you bought one (or even two)? Was it because your brother or sister was an insurance planner that you were compelled to buy one as a sign of “support”? Or perhaps you wanted a have a fancy funeral so that when your friends pay their last respect, they’d be very impress? Or was it because you wanted your children to take care of you and you promised to name them as beneficiaries in your multi-million policy?
There is no right or wrong answer. People buy life insurance because of different motivations; some humorous while others are serious. But below are some of the more compelling reasons why people insure themselves.
- Leave a legacy to a school, charity or church
Some people are just born benevolent. They are generous in their wealth. They give something back to the society and they want to continue supporting the cause even if they are gone. That is why some go out of the way to purchase a life insurance just to leave a legacy to their alma mater, their favorite charity or even the church they receive spiritual guidance.
Buy using the proceeds of the life insurance in supporting their advocacies; they are not depriving their beneficiaries (assuming he has some) of the inheritance that is due of them. Life insurance is one of the most efficient ways of donation.
Continue reading the rest here
Breaking Free (An Independence Day Feature)
Breaking Free
by: Kendrick Chua, RFP, CIS, The Wealth Warrior
Teresa is in her early fifties and a couple of more years later, she will be forced to retire. While some others are already looking forward to enjoying that period, even drawing plans on where they would travel, Teresa dreads it. Understandably so, she has barely enough stacked away in her savings let alone her retirement fund. Although she expects to receive a retirement pay from the company she served loyally for the past twenty years, she fears it may not be enough. After paying off her debts and loans, she figures there will be just enough left for a few more years—five at most. What happens after that, she dares not think about.
Teresa’s case is not unique. Study shows that out of 100 Filipinos, only three are capable of retiring. The statistics does not get any better: 54 are still dependent on family, government or charity; five are still working, and the rest of the 38 are dead. If the gruesome figures are not enough to scare the wits out of you and compel you to take action, I do not know what will.
Continue reading here
