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Emergencies, by their nature, are unpredictable. When they happen, they can derail your financial stability.
- Emergency Fund / Rainy day fund
- Get out of Debt Plan
- Retirement Saving
- Life Insurance
- Estate Insurance (Car / House)
So our first item on the checklist is an "Emergency Fund"
An emergency fund is a separate savings or bank account used to cover or offset the expense of an unforeseen situation
Follow the rule of thumb depending on your life style. You should have an emergency fund of 3-6 Months.
Use it on expenses directly related to an unexpected emergency
Our next item is "Get out of Debt Plan"
- Get rid of your credit card
- Get some emotional Support
- Set a budget (50 - 30 - 20 Budget) on Needs and Wants and Savings
- List down all debts
- Create a schedule for paying off your dues
the next is a "Retirement Saving"
Here are the best retirement funds in the Philippines in no particular order
- Pension Plan (SSS)
- Personal Equity Retirement Account (PERA)
- Insurance Plans (FWD Life Insurance)
- Financial Funds (Stocks, Bonds, etc)
- Real Estate
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