Are your finances future-proof?

Being a new startup company, bootstrapping is essential in entrepreneurship. As a team, you get to find creative ways to explore on raising capital and maximize resources and your team’s strengths. Just like in personal endeavors, you’d have to be laser focused on managing your finances.

Through The After Six Club, we were able conduct a mentoring intimate session wherein we had an audience on their 20’s who was eager to learn how to create a fiscal game plan while they’re still in college. We sat down with two of the country’s top though-leaders in the Financial arena – Randell Tiongson and Marvin Germo – who answered their queries and gave words of wisdom to the new breed of Financial Advisors and Savers.

Even if you’ve had a couple 29th birthdays…it’s never too late to start.

DON’T WAIT TO START SAVING

In your 20’s, you’re lucky enough to have been comforted and provided by your parents. Tuck away at least 10% of your allowances and place it in a rainy day account. Typically, a savings account should cover six months of your living expenses in it. Prioritize your finances and make use of it as an extra cash for your immediate school needs, and relieve it from your parents pockets.

WHICH BANK ACCOUNT?

You may opt to be unbanked but there’s a certain discipline and power in knowing you have enrolled and carry your own bank account. Seek out an online bank that offers free ATM withdrawals and no monthly fees, an option to transfer to anyone and access within reach when you need immediate cash.

START A SIDE HUSTLE

Without a doubt, we all need extra income to make ends meet. Your 9 to 5 job or your allowances may not be enough to pay the bills and leave you with enough money to shape your lifestyle. Making an extra bucks from hobbies is a good start – web design, graphic design, copywriting and virtual assistances are good options. Freelancing can help you save your money at the same time build your portfolio early on-set. The After Six Club believes that you have that hidden passion that needs to let out. This is how many entrepreneurs get their head start, too!

DON’T PANIC ON THE BUBBLES & DIPS

That’s just how money works. Yesterday’s low can be today’s highest exchange. You may go for peso-cost averaging and continuously think long-term. Investments aren’t overnight solutions but rather a preparation for tomorrow’s possible immediate needs. Do your due diligence and study the market, don’t put it all on your financial advisors shoulders to be responsible of your finances. It’s YOURS, not theirs.

DON’T WAIT TO SAVE FOR RETIREMENT & SENIOR HEALTHCARE

You’ve got the emergency fund covered, have been allocating funds for other life goals but have you ever thought about retirement and health care which won’t be covered when you reach your 60’s? It may be too early to think about but this is your advantage. Start covering for your well-being while you still don’t have other responsibilities to feed, send off to school and take good care of.

DIVERSIFY

Always.

Insurances may sound like it’s something that won’t help you when you reach your deathbed, actually, that’s precisely why you need to get yourself one, two or even more. You’ll be surprised on how Insurances can actually help you in terms of recovering from possible future debt, and emergencies. Talk to financial advisors from different insurance companies for coverages and options which you can start with. Start small, dream big.

RELENTLESSLY EDUCATE YOURSELF

Invest in yourself before anything else. One can ‘t be a thought-leader without building a track record nor the experience for you to authentically share. When you invest in yourself, you also get to help yourself speed up your career and reach the dreams you would like to achieve.

MONEY IS A VEHICLE NOT LIFE ENTIRELY

Prioritize your savings and have a game plan. This way, you get to allocate money towards what makes you happiest: #Lifegoals. Money is but a vehicle, you need to enjoy your hardwork as much as it’s heartwork. Develop a budget and map out of your spending and get to think smarter in purchases. Always ask yourself: Is this worth an hours worth of hard work?

With the help of technology and abundant amount of content on the internet. Taking the time to work towards your financial goals is easier than you think. Make use of technology, take advantage of the free financial apps and features that may help you achieve your goals. You may need to discipline yourself and sacrifice not having all the beautiful gadgets continuously updating for now but tomorrow, you’ll be thanking your younger self for having to ensure a stable and comfortable future.

Before you pour on your money for daily frappucino’s and designer jeans, think of your goals and work backwards. This way, you get to finance and prepare for your dream house or maybe a trip to Europe without counting every cent on your bank account with your future family.

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The After Six Club is the official co-host of #linkedinLocal in the Philippines and holds monthly events covering topics about mindful leadership, career advises, work culture and mentoring sessions.

Work Happy. 🙂

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