I've been an AIA Philam Life beneficiary and my family has been a testament of what it means to have a prepared future. I'm taking that journey with the Philippines premier life insurance company because their purpose coincides with mine, to live healthier, longer, and have better lives. Recently, their CEO Kelvin Ang and Investment Management Head of Funds Shrikant Bhat shared their secrets on how to manage and secure their finances. As fathers, this was something important to them for the stability of their family.
WHY are you doing it?
You have to ask that question before you do decide on what your financial goal is. Whether it's for your sons and daughters education, building a house, plainly having a fund in times of emergencies or things you want to do in the future. It should be something you are passionate about. It should give you a reason to strive for your objective. As Kelvin puts it "It's going to be hard to motivate yourself. Knowing why you are doing this will help you focus on your goals."
ASK the experts
Taking risks is okay, but with the actual future of your family on the line you've got to be more serious about it. Asking the experts would be the best educated decision to do. These days, there are financial advisors with years of experience who would give you sound advice on what to do with your finances. Shrikant says "They know how to asses your financial situation. You need to fully understand that before you decide to engage in purchasing plans and doing investments." This totally makes sense and as much as we hate to go through processes, we need to be sure about this as this involves the people you love.
There's no other time to do things, but now. Yes, you can make mistakes, learn from it, as experience is the best teacher. Your financial situations may take a turn and evolve, but if you do start early, you get to plan ahead. Shrikant adds "It's normal that not all your plans can be fulfilled in one go. You can start small, you must start now. Kids grow and may change your financial situations at any given time, you may start putting more resources re-visit your plans too."
Think LONG TERM
Goals should not all be short term ones. You pay for education and other expenses, but you have to think about what to do if in case you retire. Set aside or invest in yourself too. Focus on your goals, but never forget yourself. Kelvin suggests "Set an amount that would forcibly go to this fund, it will minimize risk and employ maximum returns especially if you're going to be discouraged to withdraw it from your savings."
Always be PREPARED
When emergencies happen, the last thing you would want is to be caught off guard. You have to set aside a fund with around 3-6 months worth of spending so your resources are protected. AIA Philam Life's Future Builder can help you maximize your savings and diversify your investments. This product also gets you basic life insurance for life, disability and personal accidents. You can also enjoy Philam Life's wellness program, Philam Vitality. If you want to know more about it, you may start here.
Visit AIA Philam Life's Facebook page as they also have lots of information there.