UNSOLICITED LESSONS ON FINANCES

[A big house is more of a liability than an asset (a simple house equates to PEACE of MIND of not having incurred loans) and so with cars - don’t buy one if you don’t have surplus cash; It is far better not to apply for a credit card due to the fact that it will only entices us to engage in sporadic spending and wasteful travels on credit just for the sake of showing of. Don’t buy things on Sale, not buying equates to 100% discount. Pretending to be Rich will make us Poor. We must learn to LIVE BELOW OUR MEANS. Don’t go broke TRYING to look RICH]. -Datuk Delmar T. Taclibon, MBA, PhD.-

1. We Must have EMERGENCY FUND - enough to sustain 6 months of expenses in our current lifestyle.

2. SAVE MONEY and MONEY WILL SAVE YOU. Don't save what is left after spending. Only spend what is left after saving.

3. It is Best to have ZERO DEBT, if you can't pay cash, you CAN'T AFFORD it, nothing beats PEACE OF MIND.

4. Avoid unnecessary spendings, forget sale price, everything is 100% off when you don't buy it. Don't waste your money on things that you don't need, even if they are cheap. EVERY PESO COUNTS.

5. Learn to BUDGET - it is a matter of allocating your money where to go instead of wondering where it went.

6. If we buy things that we don't need, we will have to SELL THINGS THAT WE NEED.

7. PRETENDING TO BE RICH can make us poor. We Must learn to live BELOW OUR MEANS. Don't go broke trying to look rich.

ACT YOUR WAGE.

8. MONEY IS NOT EVERYTHING, but we cannot deny the fact that we NEED money for our FAMILY.

9. Always have a SAFETY-NET for life's uncertainties and eventualities.

Start having your personal LIFE INSURANCE with INVESTMENT.

10. Let's break the TOXIC FAMILY CULTURE about FINANCES. Your children is not your retirement fund, and your parents is not your emergency fund.