30 Financial Knowledge Pinoys Should Know By Age 30

Saw this on Yahoo news (30 Financial Knowledge Women Should Know by age 30link here) and kinda got interested. It’s just that more or less, it is not applicable to the Pinoy Culture / setting. So I went on and edited it a bit to fit to our way of living – Pinoy Style.

According to the article, there are certain financial knowledge you should at least know by age 30. I’m glad and happy to say that I was able to grasp/do most of the items included in the list before I reach age 30. I actually started my financial journey when I was 28, though I wish I started earlier than that.

According to the news, at age 30

  • A man or woman can make it on his/her own financially, even if he/she doesn’t have to.
  • You need to keep your finger on your finances, even if you have a significant other who handles them. – Tama. You don’t have to fully rely on your partner for what ever reason.
  • How you can deal with a personal financial crisis, like suddenly losing your job. – You must have an emergency fund.
  • How to make a budget and how to stick to it.
  • How to set up an emergency fund and how to keep it full. – 3 to 6 months of your monthly expenses or salary.
  • How to read a bank statement and how to complain when something on it is wrong.
  • How long it will take you to pay down any credit cards you have paying only the minimum balance. – Don’t ever just pay only the minimum balance.
  • How to get your taxes done every year without going crazy. – I’m not sure if many Filipinos knows this. If I didn’t go self-employed, I wouldn’t have any idea.
  • How to establish credit in your own name, even if you also share credit cards with a spouse.
  • How much risk you’re prepared to tolerate in terms of investments. – Talk about stocks and mutual fund investments
  • That you’re going to need money for retirement at some point and you’ll need strategies to save for it. – There’s no such thing as ‘too early’ in preparation. The earliest, the best. Prepare now.
  • How you’re going to make up for any time you spend out of the work force, at least in terms of retirement.
  • How much having a family costs, even if kids aren’t in the cards.
  • What legal protections are out there specifically for women, like whether your state has laws guaranteeing you maternity leave.
  • How to negotiate a raise, even if it feels like you shouldn’t ask for more money.
  • How to leave a job you hate, preferably with another one lined up.
  • How to get a copy of your credit report and how to dispute incorrect information on it. – We only have credit cards here.
  • What cosigning a loan means – and when to refuse to do it. – Don’t ever do that. It’s very risky.
  • What the pros and cons of owning a house versus renting an apartment. – Most Pinoys prefer building or buying a house rather than renting.
  • What are your parents’ retirement plans are and whether you’re going to need to help them. – Most Pinoy’s parents don’t have one. Lucky if your parents have some sort of retirement plan especially in the provinces.
  • Who is responsible for you and your finances if something makes you incapable of taking care of yourself.
  • How to reach a lawyer, an accountant and an insurance agent, even if you don’t routinely need their help. – In the Philippines, pinagtataguan ang mga insurance agent, hehe.
  • How to negotiate a big purchase (like a car or a house), even when the other side underestimates you.
  • How to sell something you don’t need any longer.
  • What it would take for you to start your own business, even if you’re not ready to make the leap.
  • What are your options for health insurance are and how to make the most of them, even when they’re bad. – Most Pinoy only have health insurance provided by the company.
  • Where to get financial information and advice that you trust.  – Very hard to find. When you find them, treasure them.
  • What your financial priorities are and what’s the next step you need to take to reach them.
  • How much are the prevailing rates of interests in the banks – This one I just added.
How old are you now? If you’re in your early, or mid 20’s, you are in a better position to acquire these financial knowledge while your still young.

And if you’re way over 30’s, it’s not yet too late if you still don’t have any idea on the list above. But the not so good news is you better hurry. Time is not on your side.

And in case you’d want to look for a mentor, attend our

FREE Financial Planning Seminar / Forum on Saturday – May 19, 2012 at the Coffee Bean and Tea Leaf in Centris Station, Quezon Avenue, Quezon City (Quezon Ave. MRT Station).

Topics to be discussed can be found here.

Register below if you wish to attend – it’s FREE of charge.

 

 

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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.

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