One of the strongest human emotions is fear. Depending on the person’s background or experiences, among other things, we have different fears or a combination of several kinds. Fear is real and even biblical because even God’s words in the bible keep reminding us not to fear. However, many of our fears came true, even those that we haven’t considered, during the COVID-19 pandemic. After a nightmarish two years, we are now gradually picking up the pieces, trying to build a new life post-pandemic. This is moving with courage in this second life that was given to us.
A Life Well-Lived: Moving with Courage
Mr. Alfredo Butalid, Senior Regional Business Manager, Allianz PNB Life Insurance, Inc. was recently here in Bacolod City to talk about Moving with Courage in Life.
He talked about life in general, our fears, and what courage is not. Courage is not the absence of fear. Rather, moving with courage simply means moving away from fear, he says.
Expounding on the topic, he encouraged the audience that while life might be full of uncertainty, like the recent pandemic, it should not be a losing game. We can still do something so that moving with courage and winning in life can become possible.
Get Out of the Culture You Were Born Into
Many Filipinos cannot move with courage and win in life because they are stuck in a certain kind of financial culture and mindset. Without the right financial education, parents pass down these practices to their children and the financially draining cycle continues.
Butalid explains that these financially toxic attitudes and practices hinder so many people from reaching their financial goals.
He identifies the different Pinoy money mindsets that keep us from progressing and reaching our goals.
Pinoy Money Mindset
Below are some of the common outlooks on money and savings that Filipinos follow:
- Payday or one-day millionaire
- Santa Claus ng bayan
- Fiesta mentality
- Irresponsible borrowing
- Keeping up with the trends
- Mañana attitude
While there is a popular diet called Intermittent Fasting (IF), there is a popular meme that aptly describes the Filipino money culture. They say that intermittent fasting is eating like a king during and after payday while maintaining a water diet days before payday. While this may sound funny, this is true for a lot of people, unfortunately.
Be Proactive About Your Finances
Moving with courage in life does not include working harder and earning more. We will need to have a money attitude overhaul. It is not enough to just keep on working in order to earn. Many people do that and up to their retirement, they are still living from paycheck to paycheck.
In order to experience financial freedom, it is time to take stock and take control. And it is better to do it now than never at all.
Here are some ways you can be proactive about your finances and eventually be able to move with courage.
Mindfulness
The first step to financial freedom is being mindful of your income vs. your expenses. Where does your money go? Does your salary feel like it’s just passing through every payday?
First of all, set a personal and family budget. It would be a good thing to list down your expenses so that you will not be surprised why your money just flies out of your hand.
Order
Take control of your finances. Now is the time to stop saying, “I don’t have a choice.” In fact, you do. You also need to fix your savings and expense behavior. You can choose to put your financial goals and your future first, meaning, savings is your first priority over your expenses.
Build your emergency fund
The emergency fund is money that you stash, in case of sickness or those long non-working days due to the pandemic. This is equivalent to approximately 6 months of one’s monthly income.
Vision
Have a clear vision of your financial goals. If your current income is not enough, then you can start exploring other sources of income.
Moreover, Butalid said that we should beat inflation because we lose a lot of the value of our money because of this economic trend. Instead, we should be able to let our money earn more.
Empowerment
It is the understanding that your success in managing your finances is entirely up to you. This is actually very empowering.
Where You Can Put Your Money
All of these financial vehicles serve different purposes. But just know that these are secure and have varying degrees of growth.
Money can be placed securely in a savings account, however, this is the not place where money can grow. A savings account would be perfect for your emergency funds.
Meanwhile, you can invest your money in stocks or bonds depending on your risk appetite. Or you can put money in life insurance. Talk to a financial advisor you can trust.
For life insurance, you may contact:
Michelle Jardinico
Allianz Alphard Agency
Email: allianzalphard@gmail.com
FB: Alphard Acceleration
IG: @alphardacceleration
Alphard Acceleration is a team of Life Changers based in Bacolod City focused on uplifting the community by securing one Bacolodnon, one Filipino, at a time. They are helping people win in the game of life.