From Financial Struggle to Financial Stability

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From Financial Struggle to Financial Stability

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June 28, 2025


 1. What are your short-term and long-term financial goals?

There are numerous goals on my behalf yet my short-term goals are to grow my business production by 100% to meet distributor demand (already in the works!), Build a 3-month emergency fund to handle unforeseen expenses smoothly, Track monthly savings consistently using a budgeting app. As for the long-term goals: I purchase and renovate a second rental property for passive income, Diversify my investments into stocks or mutual funds, and Build a flexible financial lifestyle that allows me to travel or explore bigger ventures without financial strain.

 

2. What saving and investment methods (e.g., VUL insurance, PERA, mutual funds) are you considering, and how do they align with your long-term goals?

I am considering a mix of saving and investment methods such as VUL (Variable Universal Life) insurance, PERA (Personal Equity and Retirement Account), and mutual funds to align with my long-term financial goals. VUL offers life insurance protection while allowing my money to grow through investment components, making it suitable for both security and wealth building. PERA provides tax incentives and is ideal for retirement planning, encouraging long-term discipline. Mutual funds offer diversification and professional management, making them a flexible option for growing my savings steadily over time.

 

3. How are you currently managing any existing debt, and what strategies (e.g., debt snowball, debt stacking) will you use to pay it off effectively?

I am currently managing my existing debt by keeping track of all balances and making consistent monthly payments to avoid penalties and interest buildup. To pay it off more effectively, I plan to use the debt stacking method—focusing on paying off debts with the highest interest rates first while making minimum payments on the rest. This strategy will help reduce the total interest paid over time and accelerate my journey to becoming debt-free. I also aim to avoid taking on new debt and stick to a realistic budget

 

4. What are your retirement goals, and how much money do you think you'll need per month to live comfortably during retirement?

My retirement goal is to maintain a comfortable and independent lifestyle, covering essential needs, healthcare, and some leisure activities. Based on estimates from financial planners and institutions like Fidelity and Investopedia, I may need about 70–80% of my pre-retirement income per month to live comfortably. For example, if I currently earn ₱60,000 monthly, I should aim for at least ₱42,000–₱48,000 per month during retirement. This estimate helps guide my savings targets through options like PERA, mutual funds, and long-term insurance plans.

 

5. What actions can you take right now to improve your financial situation, achieve your financial goals, and move closer to financial freedom?

 

To improve my financial situation and move closer to financial freedom, I can start by creating and sticking to a monthly budget, tracking my expenses, and prioritizing savings—even starting with 10–20% of my income. Building an emergency fund, paying off high-interest debt, and investing in long-term vehicles like mutual funds, PERA, or VUL insurance can accelerate wealth growth. According to financial experts like Dave Ramsey and local institutions such as COL Financial, consistency, discipline, and early investing are key to achieving long-term financial goals. Additionally, increasing financial literacy through credible sources can empower smarter money decisions.

 

6. What tools or resources (e.g., budgeting apps, financial planners) can you use to help track and improve your financial progress?

To track and improve my financial progress, I can use budgeting apps like Mint, YNAB (You Need a Budget), or GCash for expense tracking and savings goals. These tools help visualize where my money goes and ensure I stay on track with spending limits and saving targets. I can also consult with licensed financial planners or attend free webinars from trusted institutions like BSP (Bangko Sentral ng Pilipinas) or COL Financial to gain expert advice tailored to my goals. Using these resources consistently can improve my financial discipline and help me make informed decisions.

 

7. How will you stay motivated and disciplined in following your financial strategies to ensure long-term stability?

To stay motivated and disciplined in following my financial strategies, I will set clear, achievable goals—like building an emergency fund or saving for retirement—and regularly track my progress using apps or journals. Celebrating small milestones helps keep me encouraged, while automating savings and payments reduces the temptation to overspend. According to financial experts like Suze Orman and the Bangko Sentral ng Pilipinas, visualizing long-term benefits and reviewing goals regularly are key to maintaining discipline. Surrounding myself with financially responsible peers and continuing financial education will also help reinforce smart habits.

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