In the context of preparing or planning for your #BrighterLife or what is most commonly known as financial security, a financial pyramid would be most helpful as it aids to understand the vital steps to obtaining your financial stability and reaching your financial freedom.
There are two (2) important things to remember about your pyramid, though.
1. Position
The position must be upright instead of upside down or inverted. Tama naman, di ba? Kasi kung baligtad ang pyramid, it will not be stable. In short, tutumba!
2. Hierarchy
According to Cambridge Dictionary, hierarchy is a system in which people or things are arranged according to their importance. Using this definition, the Income Protection must be in the first level as it forms the base of your financial pyramid.
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I have a question for you. What good would it do to get a bank loan for a house when you can't even pay for the amortization if suddenly you lose your job? By losing your home to foreclosure, you will certainly become just another statistic. Gusto mo ba na mangyari yun sa iyo?
Thus, the importance of building a strong foundation, first and foremost.
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In the diagram above, again, the Income Protection is at the base. Sorry na, makulit ako. It's just that I cannot overemphasize its importance, guys.
Income Protection simply means protecting your income. If you’re unable to work due to unforeseen circumstances, such as illness or injury, how will you get by? So before we think of accumulating so many assets (Income Accumulation) and fussing about who to give them to (Income Distribution), let's set aside first at least 3 to 6 months worth of expenses as emergency fund. Buy health insurance plan, HMO, memorial plan, and, of course, life insurance plan - kahit term man lang. It is still better than nothing.
So, if you don't want to turn your world "upside down", you would do well to have an image of the pyramid in your mind all the time. That mental image of the pyramid should always be in an upright position and correct order.
By visualizing this image all the time, it will surely affect your life in a positive way. 😊
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Life is hard; it's even harder when you don't have adequate preparation for life's uncertainties and certainties.
If I can address these
needs or solve these problems, would you be willing to listen?
Hi, my name is Marose Banzon and I'm from Sun Life Philippines. It is my joy and mission to help others build a strong desire for financial independence while also developing meaningful relationships with my clients.
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Thank you very much and here's wishing you a #BrighterLife ahead! 🌞🤗
Marose Banzon is highly recommended. She has been my finance advisor for more than 5 years now. She is very hands on helping out and providing financial guidance with her clients.
ReplyDeleteHi! Thank you for your kind words. It means so much to me that you appreciate the things I do for you. God bless you and your family. I remain #PartofYourLife and #PartnerforLife.
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