We live in unprecedented times. Anything we take for granted can vanish in an instant, and that includes our jobs, savings account, and even our lifestyles. It’s a scary thought for sure. On the bright side, with discipline, the right partner, and information, anyone can protect themselves from the onslaught of unexpected financial difficulties.
In a recent SUN Talks episode, Sun Life Philippines ambassador Enchong Dee imparted invaluable insights on managing personal finances based on his experiences. A serial entrepreneur himself, Enchong discussed the lessons he learned on wealth-building and preservation – two subjects that are relevant during this time. He also shared the wisdom he learned from his mother who taught him important truths about spending habits at an early age.
It’s worth checking out the full video, but here are the key takeaways from the virtual session.
- Financial literacy is key.
Be educated and don’t be afraid to reach out to the right people who can help you. An example of one such person is a Sun Life financial advisor. They are highly qualified to help you plan and secure your future and can help you grow your hard-earned money. You can connect with a Sun Life advisor today via this form.
- Grow an emergency fund.
The future is a mystery so you must be prepared for it. The chances of a sudden loss of income, health-related expenses, or other rainy-day scenarios are very real. Conventional wisdom says six months’ worth of cash flow is a good buffer. Given what we are going through, many are saying to increase your emergency fund to more than the usual six months.
- Invest in your health.
Poor health costs money. You also want to live long enough to experience the fruits of your labor. Eat right and find time to exercise and strengthen both your mind and body.
- Start early. Start now.
Investing early allows you to take more risks and reap greater rewards. If you are thinking about building an investment portfolio, now is the time to do it.
- Find a bright financial partner. Daunted by financial jargon? This is where a Sun Life advisor can help. They can guide and empower you to create a plan and turn that into action.
- YOLO is a lie. The mantra “You Only Live Once” runs the risk of acting irresponsibly, especially from a financial standpoint. Be smart in your expenses and guard yourself against making reckless financial decisions just because we only live once.
- Be patient. Some things should never be rushed, like investing or starting your own business. These must be well-planned and executed. Enchong himself dedicated years of hard work to grow numerous ventures.
Enchong’s persistence inspired the Enchong's Negosyante Starter Pack – a combination of Sun Life investment and insurance products that are ideal for someone looking to start a business, fund personal projects, or park spare cash for emergency use.
This starter pack includes Sun MaxiLink 100, an investment-linked life insurance that combines the security of protection and the potential to grow your money. Upgrades such as health benefits can also be added to complete their coverage. Together with the Sun Life Prosperity Achiever 2028 Fund, this product bundle can help raise enough capital to turn that dream company to reality. This Negosyante Starter Pack perfectly caters to the needs of millennial entrepreneurs working their way towards self-sufficiency.
Uncertainties abound and the financial challenges can vary by the day. It’s comforting to know that we can all do something about it. With Sun Life’s wide array of products and services, we can fortify our ability to navigate the new normal, making us confident and ready for whatever life hurls at us.