(If you want a quick guide for beginners how to start investing in the Philippine stock market, you can download your free ebook here.)
“Debt free na ako, pwede na akong mag-invest…”
These are the words a friend told me two years ago.
Unfortunately, a member of her family got ill again. Her mother was diagnosed with cancer which later on complicated to multiple organ failures. Multiple critical illnesses happened to her thrice since 2009. And because of her continuing medication and hospitalization, they were forced to sell their business and a parcel of land to cover all the costs. Even her sister was forced to stop going to school.
To keep up with the huge expenses, they learned they had to ask assistance from different institutions. They also had to borrow a total of three million pesos to cover all the medical procedures. It only happened to just one family member but the implications was certainly catastrophic. My friend can still vividly recall those days when her mother is waiting for the doctor at Philippine General Hospital…. feeling sorry because they couldn’t bring her to a private hospital for better care. It’s one of the most heartbreaking moments for her.
When her mother died, she found out a note in their cabinet while fixing things at home
It is a handwritten retirement plan of her mother. Apparently, she made a plan a year before her 60th birthday. By then, she must have realized that she needed to rebuild her finances after it was depleted by this unplanned circumstances.
As a daughter and the eldest child, it was heartbreaking for my friend to go through that… always asking “How could I help?” Her personal fund was similarly exhausted due to her own financial needs. Only later that she found out that there is a ready solution for these challenges — to be protected by an insurance.
Realizing this, she one day told herself, “I don’t want the same thing to happen to others anymore; not to my friends and to every Filipino I will encounter.” Years later, she joined an insurance company to advance this cause. Having experienced the mistakes of her parents, she has now helped many people to avoid that painful experience to others.
Preparation is half of the battle.
I hope that reading this will inspire and remind you of the importance of beginning as early as possible. While young, it’s always a better choice to get ready for your future medication and start creating your retirement fund while you still can.
And this preparation doesn’t have to be big.
Small consistent efforts will pay off in the long run.
Start to set aside a portion of your money that can fit your budget.
Spread this message and just like my friend, let’s unite in helping every Filipino household to have stable finances and ensure a stress-free life in our retirement age.