Save and Invest to Live Brighter

In this digital age, it is possible to live the life you want. But it doesn't come easy. It takes hard work, patience, discipline and perseverance to achieve one's personal and professional goals.

One of the ways to reach your dreams (assuming that you have a job) is to save money. It's the first step you need to take and it doesn't matter how small you are saving as long as you are consistent. Discipline is key here. And savings should be a priority before your expenses. This way, you are sure to be setting aside money each month rather than saving only what's left of your expenses.

A 2017 study conducted by Nielsen on the consumer habits of Filipinos found that 58 percent save money only after paying for their essentials. The research also noted that 29 percent of Filipinos said they would invest in stocks while 27 percent would spend on home improvements.

Sun Life Regional Sales Manager (Mindanao Cluster) Eunice Aton

In a recent Live Brighter forum I attended, Sun Life Financial regional sales manager Mindanao Cluster Eunice Aton urged participants to make a commitment to save and invest particularly in life insurance. She pointed out the need to have savings and insurance coverage that would protect the policy holder and his or her family.

Ms. Aton further revealed that based on a survey they conducted, only 18 percent out of 100 Filipinos have insurance. The same study noted that in case of sickness, 95 percent normally get money from their personal savings while 53 percent borrow from family members.

In the case of retirees, the Sun Life research found that only two out of 100 are financially independent while 45 depend on relatives. Additionally, 30 retirees claimed they rely on charity while 20 continue to work.

Photo by Filipinodiary.com

Indeed, reality bites. But whatever generation we belong, it is still important that we start saving or continue to save (for those who have already started). Sun Life encourages following the Money for Life technique which involves four stages. These are:

• Getting Started
• Preparing Ahead
• Moving Up
• Leaving a Legacy  

How to Invest

Investing in financial products is the next step after saving money. Sun Life recommends getting a life insurance first because it offers lifetime protection for you and your family. With a comprehensive coverage (life, health, education, estate preservation, retirement), the policy holder can have peace of mind as he or she can save medical costs and other expenses in case of emergencies.

If there's extra budget, you can also invest in other financial products such as the mutual funds and prosperity funds. Your choice will depend on your investment goal. Basically, Sun Life has three classifications of investors - the conservative, moderately aggressive and aggressive.

How to Be a Financial Advisor

Former nurse turned Sun Life Financial Advisor Loren Joy Lumagsao sharing her experience. 

For those who wish to earn extra income while keeping their regular job, it is also possible to be part of the Sun Life team. All you have to do is apply as a financial advisor and you're on your way to enjoying financial freedom, traveling to other places while at the same time helping other people to save and invest. By becoming a financial advisor, you get to avail of various benefits enjoyed by regular Sun Life employees.

It pays to save and it's never too late to do that. Start now and reap the benefits later for you and your family.

For more information on Sun Life's products, visit their website at www.sunlife.com.ph.