“I believe that through knowledge and discipline, financial peace is possible for all of us.” – Dave Ramsey
Last Nov 23 during the BSP FinEd Stakeholders Expo 2022, I was fortunate to have witnessed the Queen as a panelist who gave tips and advice toward the financial goal during the Financial Self-Care 101: Boosting your financial health.
We usually get to watch Ms. Universe 2015, Pia Wurtzbach raises awareness on different important issues such as HIV and AIDS, mental health, and LGBTQ+ rights. But this time it is about financial health.
She shared insightful and inspiring stories. She grew up as their family's breadwinner but was challenged when it comes to spending during her younger years. She got her first credit card after she won Miss Universe. Pia learned that it takes a lot of hard work to earn money, but it can take seconds for you to spend or lose it all. And because of the people she talked with and her advisers along her journey and her trusted bank - BDO, she became wise when it comes to spending and saving.
Here are the tips she shared:
1. Don't spend beyond your means. -
A lot are guilty of spending more than what they earn. Some have credit card limits that are really beyond their income. Remember that credit cards are not a monthly allowance, these are debts that must be paid.
2. Don't put your eggs in one basket. - Invest in real estate, funds, and stocks.
3. Save at least 10% of your income and put it in a bank.
4. Insurance- She learned the value and importance of insurance because you'll never know what might happen. Insure your health, car, home, etc.
The greatest financial victory she has is when she learned to save and how to make her money grow through investing.
My favorite advice from her is :
"It's okay to help others but mag set ng boundaries".
Learn your limits. It's okay to help, but do not go beyond your limits because the time will come when you will need your finances. You have to think long-term. It's okay to help, but it's okay also to help yourself. Don't feel guilty when you set your boundaries. It doesn't mean that you are selfish. You need to protect yourself too.
Care to share some financial tips and advice?