#FinancePH - Challenging times ahead—are you life-secured?

For various people, achieving life security can mean different things. It may signify having a contented family, a successful business, or possessing a home for some people. Others might interpret it as a steady, well-paying employment that enables them to live comfortably.

Whatever your idea of life security is, getting there requires a lot of effort, commitment, and concentration. In addition, no one really knows what the future will bring, so we must be ready for anything. Fortunately, there are steps you can take to influence your destiny positively. Here are some pointers on how to live securely in these tumultuous times:

Keep your goals in mind 

You will face numerous challenges as you work toward your goals. But you'll always get back up again as long as you don't forget why you are doing this in the first place. Having this mindset is the first step to achieving the goals you have set, whether they are working for a large corporation or purchasing your own home.

Build an emergency fund

You should build an emergency fund as soon as you can since you never know when an emergency will arise. Three to six months' worth of monthly costs are what experts advise putting in your emergency fund. Before making any other investments, give building up this fund top priority. Also, be careful not to spend it for anything that isn't an emergency. You might even create a different savings account for it

Borrow with a purpose

When used wisely, loans can become effective financial tools. For instance, if you spend the money in education to advance your skills and ability to generate revenue, or if you use the loan to begin or expand a profitable business. These are instances of intentional borrowing.

Never take out a loan without a purpose. Loans should not be used for extravagant luxury purchases like apparel or handbags, or for unnecessary costly trips. Always consider how the loan can help you get closer to having a secure existence.

Secure your retirement

If you happen to have the extra money, set it aside for your retirement. The sooner you start saving up for your retirement, the better, as time and aging cannot be reversed. A good rule of thumb is to try to determine how much you think you’ll be spending once you’re retired and try to grow your extra money with a combination of cash savings, property, and investments.

Consider long-term investments

Investing your money is a great approach to ensure your future finances because it not only protects your funds from inflation but also yields dividends. Your investment plan will determine how much in returns you receive. Due to the fact that various investments carry differing degrees of risk, you will need to research the various investment types and decide how much money you are willing to put up.

If that sounds like a lot of work, it is; even experienced investors become overburdened by the amount of planning, research, and investment. Because of this, financial institutions like EastWest offer a variety of goods and services that eliminate the headache of doing your own investing. With multiple investment options such as fixed income securities, government securities, bonds unit investment trust funds, and trust funds, EastWest has the right products and expertise to help you grow your funds, so you can focus on your dreams.

About East West Banking Corporation

East West Banking Corporation (EastWest) is a Filipino-owned universal bank. EastWest is a subsidiary of Filinvest Development Corporation (FDC), one of the country’s leading conglomerates with a diverse range of interests including real estate, banking, hospitality & tourism, infrastructure, power generation, and sugar. It is not affiliated with any foreign financial institution which may bear the same name.

You can follow me on TwitterInstagram, Tiktok and Facebook!
Subscribe to my YouTube Channel.
Thank you!

DISCLAIMER: All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The pictures or videos posted here doesn't necessarily mean that it's the owner's property. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information. 


Popular Posts