The importance of financial literacy in achieving financial independence

Having a background in a financial institution on my first job back in 2010, I realized that financial planning and wealth management are really important to a person’s life. It doesn’t matter how much money people are making, what is important is how much money people are saving. I also learned that it is better to prepare for our retirement as early as in our 20s.

Even though I have left the company 4 years ago and now pursuing my real profession, looking back, I realized that the reason I was exposed to the banking and insurance industry was for me to be educated on the importance of planning for the future.

I used to watch the TV show “Chink Positive!” every Sunday, from 6:00am till 8:00am. One of the hosts is Chinkee Tan, a wealth and life coach. He has a passion in helping people get out of debt and be financially free by sharing his knowledge on investment and business. I attended his seminar, “KaChink! How to retire before the age of 50?” It happened in Metro Tent, Metro Walk, Pasig City on June 20, 2015, from 1pm till 6pm.

IMG20150629200618

Material given before the seminar that has all the topics to be discussed

My takeaway in the seminar

IMG20150629200700

Chinkee Tan gave 10 effective ways on how to create more income without leaving our work. We can either be a virtual assistant, translator, graphic artist, video editor, writer, proofreader, tutor, consultant, salesperson, etc., depending on a person’s interests and skills.

He also advised to save 10 to 30% of our income every month. Saving is a habit. The earlier, the better.

One powerful equation he mentioned, which we should all apply is

Income-savings=expenses.

And not

Income-expenses= savings.

Save! Save! Save!

Saving is a habit.

Definitely, I can recommend this kind of seminar to everyone especially those who wanted to take control of their financial life. The idea and message can be understood right away by people who doesn’t have a background in the bank or financial institution, or for others who work in a different industry. Seminar attendees were convinced of the importance of saving in the bank, investing in a life insurance and other bank products like UITF (Unit Investment Trust Fund), stock market and mutual funds.

Stock  market

Information about the stock market

Stock market page

More about investing in the stock market

The topic that I really looked forward to was the topic about how to invest in the stock market. I was hoping that Mr. Chinkee Tan will provide the step by step guide on how to invest in the stock market but the topic that was only discussed was the importance of investing in it. I think I will just search the internet, ask friends who have invested in it and also, look for expert’s advice. One helpful advice of Mr. Chinkee Tan is not to invest into something that you are not familiar with. We should first learn the ins and outs of every investment we will be making.

One of the sponsors: BDO Unibank. (left) Brosure of their EIP (Easy Investment Plan), the banks UITF product

Attending this seminar paved way for me and my friend to bring to life the idea of investing in the stock market. We’ve thought of it years before but it doesn’t materialize yet. Thanks to this seminar, we are awaken. My friend and I commit to save a percentage of our salary regularly for the future. Consistency is the key. It isn’t easy, but it can be done. We decided to check on each other regularly if we are on track with our financial goals.