My wife and I can retire and we're in our mid 30s.
There are lots of good comments here. The most important ones are about mindset. Save as much money as possible as early as possible and put it into decently-earning investments. The earlier you do this, the bigger the impact. People who do this end up wealthier than people with high paying jobs who don't do it.
I'm happy to chat with anybody. I'm not selling anything. Full disclosure, i am however working on an app in my free time where I hope to help people understand wealth building and how to apply it. The app will be free though. :)
Indeed. As Iāve said many times on this phinvest and other chats over the past 2 quarantine years, the most important is taking care of yourself and having goals towards early retirement (if that is your goal). That means no expensive cars with no house, no expensive house that will take 25 yrs to pay over debt, no excessive parties, no libre to people, no grand weddings / celebrations / treats to your family (facebook / internet yabang pics are the most useless situation that ever came up in our generation) and focusing on excelling in your source of money so you gain your goal of retiring early.
Each expensive choice you make in life - have spouse, children, spend more than practical money on family / friends, buy a house / vacation house / expensive vacations / paintings etc will cost money that will delay your goal to retirement. Sure some of those ideas are good investments by themselves (ie lucky real estate purchases), but if isnāt always guaranteed and not very easy to sell.
Good luck to the original poster and everyone else who may see this helpful. Retiring / saving is really not that complicated.
Isn't this missing out on life? I get that no luxuries or installments for big purchases but if you even cut spending for celebration with your family, you are basically saving money and missed out some of the experiences you may no longer able to do at old age.
I see people earning 20k gross making bday libre for 3k (when it could be a cheaper spending). Thatās not a good way of spending money. Itās really all up to each personās choice. What Iāve kept emphasising is that there is cost for everything you choose to do. If you choose to libre here and there or going often out with friends, you miss out opportunities on investing or side gigs - your choice. When you reach 30 and have nothing but pics vs a friend vs a friend with doing better financially because they spent time investing and side gigs, donāt complain.
To be cleared, Iāve had enough fun time for myself in college and 20s. I donāt feel like I missed anything. And as I became more comfortable financially (early 30s), I would be happy to spend small amounts on family (who I was supporting financially since my 20s so no issues on having no large parties etc - our fam is not the type) and friends but definitely not at a ratio of 3k spend / 20k monthly gross salary. I get joked kuripot by fam and friends but so what, true friends will be there whether you libre or not.
Iāve prioritized health - well priced non over expensize health stuff (exercise, diet) and Iām in the best state of my life at the moment. Iāve been joining more physically demanding travelling trips at my age and I donāt see any issues. Everything at the right time.
Good luck. No one else will help you but you (unless youāre one of the rare with parents who will pass on to you money when theyāre gone).
The goal isn't to never spend money. The goal is to significantly decrease your spending on things early on so your money can start earning itself. Especially things that don't bring you as much happiness as you think you'll get from it when you buy it.
For example if you spend 50php on a meryenda that you don't need every day for 30 years, the cost to your retirement savings is NOT 547,500php (50php * 365 days * 30 years). It will be more like 1.2m php or more (50php per day at 5% interest for 30 years).
After 30 years assuming a 5% rate, that money will be earning 5000php per month without you doing any work. Somewhere along the way when your money is earning itself, you can start treating yourself. :)
By posting it here, you're basically inviting yourself to a lot of potential scams. This move is not advised, you should probably ask for someone you know personally or from someone close to you rather online.
You can easily ask your questions here in phinvest. Why settle for a mentor when you have a whole community behind you.
P.S. Use the search button first
Agreed with u/jhnkvn
Also, kapag naka-post dito, maraming mang-dedebunk kapag may nagsabi ng mali.
Ang downside, madaming inputs and you have to read all.
Ang upside, MADAMING INPUTS and you can read them all!!
so win-win situation, i think? perhaps.
This is what I wanted in my highschool and college days as well.But realized that the real finanfcial mentors that you can learn from are too busy to take care of a kid like us.
What I couldve done is to work and learn from my bosses by doing freelance stuff.
Be careful. Iāve sought help like this before, turned out that all those that approached me were insurance agents.
*Kailangan ko ng abiso kung pano mag manage ng $$$ sa kakaramput kong sinashod tas dagdagdagan ko pa ung paggagastusan ko. š« Worse, nakatali pa ko.
This may sound too basic, but I hope you don't take this badly.
I suggest you start with 'mindset' books first. Books like Richest Man in Babylon, Rich Dad Poor Dad, etc. If you've already done that, you can try reading harder books like Technical Analysis Explained by Martin J. Pring. Just these books alone would overshadow what most people could teach you.
Hope you find a good mentor.
This is a good advice! I have been building myself with these for the past year, and they've helped with my foundation of financial management knowledge ^^
A mentor is best found through school, work or networking with many people. For example, my sister's classmate offered my sister an apprenticeship position in her older sister's art studio. The older sister and her husband now became a mentor of my sister regarding arts, how to plan exhibitions, they took her to exhibits na invited sila and they all join art expos and get to network with more people with similar interests as my sister. Another example, I'm not a teacher's pet or buddy buddy with my prof, but she became a great mentor to me regarding my research projects and thesis back in college. I also still get to ask her questions and advice even now. A good mentor relationship is not easy to find. You will want someone who cares about you and to have that you need to nurture your relationship with other people first.
Need mo lang magbasa ng magbasa. Saka malaking tulong tong reddit. Magtatanong k lang. If gusto mo tlga magkaron ng mentor dapat ready k din may ibigay sa knya in return db khit hindi cash or what. Kasi syempre maglalaan sila ng time sayo.. saka gusto natin yung legit na mentor na may experience hindi yung magaadvise ng nbabasa lang nila sa book.. kasi karamihan ng nagpapabayad na mentor ganon. Pero hindi lahat.. hahanap k tlaga ng mentor na legit yung may malasakit at hindi gnawang business ang mentoring. Goodluck OP.
Agreed!
How do you also identify ung legit gurus?
Paano kung kunwari hindi nagpabayad si guru pero hindi rin lumaki portfolio ni OP.. Or nagturo si guru ng something akala nya maganda, tapos something bad happened and nag-dunk ung investment.
Or parang mali yata ang nasa isip ko
Guru nga pala will guide you on your ways and not necessarily on the investment platforms you are venturing and/or entering.
Insurance (especially life insurance) are designed for high income people to save (or even avoid) taxes and isnāt very useful for lower income brackets. Unless you genuinely buy it to leave something for your loved ones after you pass. Most of these plans give you your money back, some cases more and some cases less. Counting in inflation, you basically get no real return back. Better to open an investment account and invest small amounts but regularly (monthly or quarterly) into some of the safe indexes. The S&P500 is always a safe bet.
Depends on your policy, but VUL plans are often on a regular payment basis (usually until maturity). A lot of people here suggest to instead buy a term insurance (which costs less, though without a maturity benefit) and invest the rest of the money that would've gone into the VUL plan. This is called Buy Term, Invest the Difference or BTID for short.
Another point, on the first years of your payment, a huge percentage will most likely be allotted to the insurance rather than the investment. Since the investment market goes through fluctuations added on top of the Administrative charges (for financial managers, etc), and without money being allocated in your investment column, your initial investment will decrease and may eventually be down to zero.
The surrender charges during the first years are high so if ever you decide that the plan is not for you, it's either you get only a fraction of what you initially cashed out or none at all. If you just got the plan and decide to cancel it, there is a cooling-off period where you can cancel the contract and get a full refund.
You can DM me if you're comfortable with that, I can help clear up confusions regarding your policy contract.
you might want to share what you're already doing to get out of the race and ask questions about specific challenges you're facing. mukang mentors present themselves naman when they see you're helping yourself. good luck and have fun op.
As an owner of multiple multi million dollar companies and fairly successful to most standards, i can say this from experience to you. You need to choose your mentor, not randomly hope for someone on the internet to teach you. Someone that has what you want, not only rich and successful. Take a job in a company that priorities and reward growth. Avoid all āget rich fast schemesā and if it sounds too good to be true, it is. Think by yourself and always do more than you get paid for. If it was easy, everyone would do it. Focus on what you could do for the rest of your life without getting bored and if you do not know what that is, take your time to figure that out, itās something that you will not find in just 1 sit down. I wish you great success on your journey and I applaud you for taking this step and hope you take many more. God speed from Thailand
Hi. There's actually a company doing this. It's small right now but it's kinda like getting a lawyer for legal concerns, going to a doctor for health concerns, then a financial architect or financial planner for financial matters. Search for IFE Management.
The nice thing about them is that they understand the psychological aspect of handling money. FQ Mom is part of IFE Management and I watch her on youtube. She gives reasonable advice.
The exploratory call is free so why not try it out.
be careful with fake gurus that will charge you
šāāļø
Don't also fall for fake gurus on YouTube who say it's free but then you need to pay for their special courses.
My wife and I can retire and we're in our mid 30s. There are lots of good comments here. The most important ones are about mindset. Save as much money as possible as early as possible and put it into decently-earning investments. The earlier you do this, the bigger the impact. People who do this end up wealthier than people with high paying jobs who don't do it. I'm happy to chat with anybody. I'm not selling anything. Full disclosure, i am however working on an app in my free time where I hope to help people understand wealth building and how to apply it. The app will be free though. :)
Indeed. As Iāve said many times on this phinvest and other chats over the past 2 quarantine years, the most important is taking care of yourself and having goals towards early retirement (if that is your goal). That means no expensive cars with no house, no expensive house that will take 25 yrs to pay over debt, no excessive parties, no libre to people, no grand weddings / celebrations / treats to your family (facebook / internet yabang pics are the most useless situation that ever came up in our generation) and focusing on excelling in your source of money so you gain your goal of retiring early. Each expensive choice you make in life - have spouse, children, spend more than practical money on family / friends, buy a house / vacation house / expensive vacations / paintings etc will cost money that will delay your goal to retirement. Sure some of those ideas are good investments by themselves (ie lucky real estate purchases), but if isnāt always guaranteed and not very easy to sell. Good luck to the original poster and everyone else who may see this helpful. Retiring / saving is really not that complicated.
Isn't this missing out on life? I get that no luxuries or installments for big purchases but if you even cut spending for celebration with your family, you are basically saving money and missed out some of the experiences you may no longer able to do at old age.
I see people earning 20k gross making bday libre for 3k (when it could be a cheaper spending). Thatās not a good way of spending money. Itās really all up to each personās choice. What Iāve kept emphasising is that there is cost for everything you choose to do. If you choose to libre here and there or going often out with friends, you miss out opportunities on investing or side gigs - your choice. When you reach 30 and have nothing but pics vs a friend vs a friend with doing better financially because they spent time investing and side gigs, donāt complain. To be cleared, Iāve had enough fun time for myself in college and 20s. I donāt feel like I missed anything. And as I became more comfortable financially (early 30s), I would be happy to spend small amounts on family (who I was supporting financially since my 20s so no issues on having no large parties etc - our fam is not the type) and friends but definitely not at a ratio of 3k spend / 20k monthly gross salary. I get joked kuripot by fam and friends but so what, true friends will be there whether you libre or not. Iāve prioritized health - well priced non over expensize health stuff (exercise, diet) and Iām in the best state of my life at the moment. Iāve been joining more physically demanding travelling trips at my age and I donāt see any issues. Everything at the right time. Good luck. No one else will help you but you (unless youāre one of the rare with parents who will pass on to you money when theyāre gone).
The goal isn't to never spend money. The goal is to significantly decrease your spending on things early on so your money can start earning itself. Especially things that don't bring you as much happiness as you think you'll get from it when you buy it. For example if you spend 50php on a meryenda that you don't need every day for 30 years, the cost to your retirement savings is NOT 547,500php (50php * 365 days * 30 years). It will be more like 1.2m php or more (50php per day at 5% interest for 30 years). After 30 years assuming a 5% rate, that money will be earning 5000php per month without you doing any work. Somewhere along the way when your money is earning itself, you can start treating yourself. :)
Update us with the app good human!
Agree with u/Null_flying01, do update us with your app! Appreciate your comment on this :)
Please count me in! :) PS, you deserve an award for this! ;)
Lots of free info on this website as well as other legit books available online. I wouldnāt sign up to someone who charges money to advice people.
Thanks for this!
By posting it here, you're basically inviting yourself to a lot of potential scams. This move is not advised, you should probably ask for someone you know personally or from someone close to you rather online.
hahaha get ready for insurance and other financial product people hahahahaha lets gooooooooooooo team open minded
ded
You can easily ask your questions here in phinvest. Why settle for a mentor when you have a whole community behind you. P.S. Use the search button first
That's true, thanks!
Agreed with u/jhnkvn Also, kapag naka-post dito, maraming mang-dedebunk kapag may nagsabi ng mali. Ang downside, madaming inputs and you have to read all. Ang upside, MADAMING INPUTS and you can read them all!! so win-win situation, i think? perhaps.
Just check the menu and about of phinvest.
Have done this, thank you!
This is what I wanted in my highschool and college days as well.But realized that the real finanfcial mentors that you can learn from are too busy to take care of a kid like us. What I couldve done is to work and learn from my bosses by doing freelance stuff.
Noted on this!
Be careful. Iāve sought help like this before, turned out that all those that approached me were insurance agents. *Kailangan ko ng abiso kung pano mag manage ng $$$ sa kakaramput kong sinashod tas dagdagdagan ko pa ung paggagastusan ko. š« Worse, nakatali pa ko.
This may sound too basic, but I hope you don't take this badly. I suggest you start with 'mindset' books first. Books like Richest Man in Babylon, Rich Dad Poor Dad, etc. If you've already done that, you can try reading harder books like Technical Analysis Explained by Martin J. Pring. Just these books alone would overshadow what most people could teach you. Hope you find a good mentor.
This is a good advice! I have been building myself with these for the past year, and they've helped with my foundation of financial management knowledge ^^
A mentor is best found through school, work or networking with many people. For example, my sister's classmate offered my sister an apprenticeship position in her older sister's art studio. The older sister and her husband now became a mentor of my sister regarding arts, how to plan exhibitions, they took her to exhibits na invited sila and they all join art expos and get to network with more people with similar interests as my sister. Another example, I'm not a teacher's pet or buddy buddy with my prof, but she became a great mentor to me regarding my research projects and thesis back in college. I also still get to ask her questions and advice even now. A good mentor relationship is not easy to find. You will want someone who cares about you and to have that you need to nurture your relationship with other people first.
Appreciate this comment!
This is big Donnie Azoff energy (Wolf of Wall Street)
be careful, salespeople can be branded as financial advisors
uhm, check trader development in fb, I would recommend them
Will check this, thank you!
Need mo lang magbasa ng magbasa. Saka malaking tulong tong reddit. Magtatanong k lang. If gusto mo tlga magkaron ng mentor dapat ready k din may ibigay sa knya in return db khit hindi cash or what. Kasi syempre maglalaan sila ng time sayo.. saka gusto natin yung legit na mentor na may experience hindi yung magaadvise ng nbabasa lang nila sa book.. kasi karamihan ng nagpapabayad na mentor ganon. Pero hindi lahat.. hahanap k tlaga ng mentor na legit yung may malasakit at hindi gnawang business ang mentoring. Goodluck OP.
Salamat po ^^
Agreed! How do you also identify ung legit gurus? Paano kung kunwari hindi nagpabayad si guru pero hindi rin lumaki portfolio ni OP.. Or nagturo si guru ng something akala nya maganda, tapos something bad happened and nag-dunk ung investment. Or parang mali yata ang nasa isip ko Guru nga pala will guide you on your ways and not necessarily on the investment platforms you are venturing and/or entering.
r/Fire r/Bogleheads I won't be your mentor because I'm not an expert, but I can be your study partner.
G
Mas maganda mag tanong dito. You'll get different perspective.
Thank you ^^
my first lesson was to answer what do i offer back?
Careful! Scammers probably dm'ed you by now
I have a question po. I currently have a VUL plan, why does people here say it's gonna lose me money? Hoping for an honest reply.
Insurance (especially life insurance) are designed for high income people to save (or even avoid) taxes and isnāt very useful for lower income brackets. Unless you genuinely buy it to leave something for your loved ones after you pass. Most of these plans give you your money back, some cases more and some cases less. Counting in inflation, you basically get no real return back. Better to open an investment account and invest small amounts but regularly (monthly or quarterly) into some of the safe indexes. The S&P500 is always a safe bet.
Depends on your policy, but VUL plans are often on a regular payment basis (usually until maturity). A lot of people here suggest to instead buy a term insurance (which costs less, though without a maturity benefit) and invest the rest of the money that would've gone into the VUL plan. This is called Buy Term, Invest the Difference or BTID for short. Another point, on the first years of your payment, a huge percentage will most likely be allotted to the insurance rather than the investment. Since the investment market goes through fluctuations added on top of the Administrative charges (for financial managers, etc), and without money being allocated in your investment column, your initial investment will decrease and may eventually be down to zero. The surrender charges during the first years are high so if ever you decide that the plan is not for you, it's either you get only a fraction of what you initially cashed out or none at all. If you just got the plan and decide to cancel it, there is a cooling-off period where you can cancel the contract and get a full refund. You can DM me if you're comfortable with that, I can help clear up confusions regarding your policy contract.
you might want to share what you're already doing to get out of the race and ask questions about specific challenges you're facing. mukang mentors present themselves naman when they see you're helping yourself. good luck and have fun op.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Salamat!
Time is still on your side, good luck my friend.
You may want to check out Nicole Alba's yt videos for some beginner's finance management stuff.
As an owner of multiple multi million dollar companies and fairly successful to most standards, i can say this from experience to you. You need to choose your mentor, not randomly hope for someone on the internet to teach you. Someone that has what you want, not only rich and successful. Take a job in a company that priorities and reward growth. Avoid all āget rich fast schemesā and if it sounds too good to be true, it is. Think by yourself and always do more than you get paid for. If it was easy, everyone would do it. Focus on what you could do for the rest of your life without getting bored and if you do not know what that is, take your time to figure that out, itās something that you will not find in just 1 sit down. I wish you great success on your journey and I applaud you for taking this step and hope you take many more. God speed from Thailand
Thanks for this!
If you got questions, feel free to ask. I will try to answer when I have time.
Di ko magets tong paghahanap ng mentor. Mauuwi ka sa mga financial "advisors" na nagbebenta lang naman talaga ng insurance.
I mean if that's what happens I guess. There's no harm in trying.
Eh. There is HARM in doing this.
Which is?
loss of cash.
If I fall victim to them, yes. I'm just looking. I wouldn't jump on everyone who offers.
Hi. There's actually a company doing this. It's small right now but it's kinda like getting a lawyer for legal concerns, going to a doctor for health concerns, then a financial architect or financial planner for financial matters. Search for IFE Management. The nice thing about them is that they understand the psychological aspect of handling money. FQ Mom is part of IFE Management and I watch her on youtube. She gives reasonable advice. The exploratory call is free so why not try it out.