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Take Charge of Your Money - Travel now, pay later

Publicado por sam - 30/04/08 a las 04:04:54 pm

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Question: I came across offers from my credit card company for travel packages, which are perfect summer destinations. The offer does not only promise discounted prices, but also a fly now, pay later option. I’m not comfortable taking on credit for “want” items, but I have to admit this is hard to resist. And at 0% installment plan, I am truly hooked. Take it, or take it? — Albert C.

Answer: There is some truth to the old proverb, “All work and no play makes Jack a dull boy.” Most of us do need to work to earn a living to live our lives well, but if we all turn workaholic and just live to work, there won’t be much sense to life. Time and again, scientists and medical practitioners have also cautioned us on the perils of working too hard: We’ll be stressed, and this will affect our health, our relationships, and even our character.

So a wise person will work hard during the week, but make time for leisure at the end of the weekday or on weekends. Such times are used for me-time, or for bonding with family and friends.

After-work hours and weekends are not enough, though, so vacations are necessary to one’s sanity. There is nothing like being in a new place, away from work deadlines and other responsibilities, where you can recharge and come back to work refreshed and ready to tackle all that’s needed. Continue reading …

Goodbye stocks, hello art?

Publicado por sam - 30/04/08 a las 04:04:00 pm

Did you know that a good art collector could beat returns in the stock market in both good and bad times?

Investment in well-chosen Philippine art pieces at a minimum of P100,000 to P150,000 could give a 10 percent to 30 percent in a year or two. For those who have a taste for the works of National Artists, the 1972 Bencab acrylic on paper, estimated at $19,000 to $26,000 eventually sold for $54,000, writes Giselle Kasilag in Kulay-Diwa website.

With stock, currency, bonds and commodity markets all over the world always in a state of flux, investors may find it worthwhile and less stressful to buy paintings instead of financial instruments. Or at least use this alternative form of investment to diversify his portfolio and spread his risks. Continue reading …

How to smell a scam

Publicado por sam - 30/04/08 a las 04:04:49 pm

Question: I just read recently about yet another investment scam that victimized a lot of people in the country, basketball stars included. They were duped in the millions of pesos and dollars. How can one tell if an investment scheme offered is a scam or not? I’d like to invest but want to be sure the plan I get is legitimate. — Joey

Answer: It’s sad to know that there are unscrupulous people who victimize unsuspecting investors. It has happened before several times, and it’s happening yet again. And this is not unique to the Philippines; investment scams have been reported all over the world for decades.

In fact, the notorious Ponzi scheme is named after Charles Ponzi, a man who cheated a lot of people in the US back in the 1920s. He became a millionaire in Boston using his investment scheme. The Ponzi scheme works this way: High returns are promised to would-be investors. The investors then plunk money into the company. More investors are enticed by the company and their money is used to pay off the promised high returns to the first investors. It goes on and on but will collapse later on as there really is no revenue generated. In the meantime, the owners of the company may have already fled with the investors’ money. Continue reading …

Buy, collect, earn - to earn MONEY!

Publicado por sam - 30/04/08 a las 04:04:01 pm

A LOT of people have hobbies or obsessions that lead to collecting stuff. But are you aware that some of your little “treasures” might already be worth more now than what you originally paid for them?

While not everybody can afford to collect and invest heavily on vintage cars, real estate properties, or Lladro figurines, there are inexpensive things everybody can earn from – with the help of the passing of time.

1. Coins – There are individuals who began collecting coins simply by saving an interesting coin in circulation or kept change from a trip abroad. “As a young child, I used to play with the coins in my grandma’s purse and asked for those with designs I found fascinating. I have pieces of 10 centavo coins with a lady on it and the thick five-peso Marcos coins among others,” shares Gigi Visey. Now, more than 30 years later, her collection includes other Philippine coins dating back from 1907 with several commemorative coins such as those of the first People Power revolution. “I think some are already very valuable but I simply enjoy having them and have no plans to sell any … yet,” she humorously reveals. Continue reading …

5 tips on finding the best wedding ring for your money

Publicado por sam - 30/04/08 a las 04:04:46 pm

“WILL you be part of my life?”

I resoundingly replied, “Yes, I will spend the rest of my life with you.”

While it was a breeze to say “Yes” to a life-changing decision, looking for the engagement ring that I wanted was not.

Even if you’re not a big fan of jewelry like I am, you still need to do your homework. Here’s what you need to know when shopping for an engagement or wedding ring:

1. Set a budget. Your soon-to-be bride may not be too keen about wearing an expensive ring but as Robin said, from centuries back, a ring (usually a diamond ring) traditionally serves as a betrothal gift to the bride and that traditionally, the price tag is equated to the kind of love he has for his bride. Continue reading …

The importance of saving

Publicado por sam - 26/03/08 a las 08:03:15 am

Building wealth requires that you consistently save money over the years. Besides being one of most effective ways way to achieve true wealth there are three other important reasons why every Filipino needs to save.

1. Survive a financial crisis

Sooner or later every family has to face some sort of financial crisis. This financial crisis could be in the form of accidents, illness, loss of employment, failure of a business or sudden death of the family’s breadwinner. The amount of savings the family has will ultimately determine how well they can cope with a financial crisis. You may survive with little savings but chances are you will get into debt that could take years or even a lifetime to wipe out.
Sometimes the lack of savings can even make the situation worse, like a family member dying unnecessarily due to lack of funds for proper medical care. “Saving for the rainy days” will spare your family from huge financial losses and ensure your survival when a crisis strikes. You will have peace of mind and you can sleep better at night knowing that whenever a financial emergency comes your way. Continue reading …

What it means to be truly wealthy

Publicado por sam - 26/03/08 a las 06:03:14 am

Would you be able to recognize a rich person just by looking at him? Probably! Most people can clearly imagine how a wealthy person would look like; someone with a huge salary, nice clothes, expensive jewelries, nice big house, drives a car, eats at fancy restaurants and mingles with the famous and powerful people in society. Such a person could really be rich but not all of them are! Some of them could also be suffering from financial difficulties and “baon din sa utang” just like many Filipinos.

If you can’t say for sure that a person is rich based on his looks, his actions & what he appears to own, ika nga “mukhang mayaman”, how then can you tell with certainty if someone is wealthy or not? We use a simple rule and it’s neither spiritiual nor philosophical in nature; just plain economic common sense:

          “You are truly wealthy if you can continue to live comfortably your desired
           way of life even if you stop working for a living!” Continue reading …

10 ways to simplify your life in 2008

Publicado por sam - 02/01/08 a las 01:01:11 am

With a little upfront effort, you can streamline how you bank, pay bills and track your money. Now is a good time to set up a financial system that will pay off all year long.

It’s not your imagination. Managing your money is getting harder.

You have to make a lot more decisions than folks did a generation or two ago.

Instead of one health plan, you may need to choose from half a dozen — if you can afford coverage at all. Instead of an employer-provided traditional pension, you have to manage your own 401(k) and figure out not only how much to save but how to invest.

Instead of a single credit card with a relatively low rate — all that was available to most households in the 1970s — you probably have a wallet full of options, all with different rates, terms and due dates to monitor. Continue reading …

REGULATING FINANCIAL PLANNERS

Publicado por sam - 10/11/07 a las 05:11:13 am

Despite the phenomenal growth of financial planning services and the enormous influence that planners can exert over the investment of their clients resources, there is virtually no regulation of the industry or any uniform system of earning credentials.  Indeed, there is no agreement about either the functions of a planner or the training needed to perform them responsibly.

 As concerns mounts about the growth of the industry in both size and influence, a number of governmental and private groups— Congress, the Securities and Exchange Commission, and some industry organizations—are looking at ways of regulating it with a view to protecting the clients.  Thus far, however, no governmental regulations seems to be forthcoming.  One of the two major industry associations favors a policy of self policing by SROs—Self-Regulatory Organizations; the other apparently believes that enforcement of existing state laws will suffice. Continue reading …

ACHIEVING YOUR GOALS

Publicado por sam - 09/11/07 a las 05:11:46 am

Fine-Tuning Your Budget

Once you have reached agreement on your goals and their timing, your next step is to examine your current budget to see whether your spending pattern is likely to lead toward  their realization, even though they may be years away.  Usually some changes are necessary.  If, for example, a young two-income couple plans to buy a home in five years but is currently saving nothing, both should cut down on some of their expenditures.
 Although adjusting your current budget will not by itself enable you to realize your long term goals, it will certainly move you in that direction.  And if you make these adjustments and as some of your expenditures decrease, you will be well on your way—provided, of course, that your goals are reasonable and possible to achieve.

Calculating Your Net

Once you have made adjustments in your budget, your next step is to calculate your net worth—that is, the amount you have left after subtracting your liabilities (everything you owe at the moment) from your assets (everything you own).  Continue reading …

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