Last September 14, I was fortunate to have won ticket’s to Randell Tiongson’s No Nonsense Personal Finance Conference. Thanks to BPI for choosing my entry and giving me finance wellness journals to boot.
I really wished I was there on time. It seems that I missed a sizeable chunk of the learning experience, especially about the real estate lessons from Carl Dy. Anyway, Tiongson has really good inputs from his new book, of the same title. He narrows down the process of achieving financial freedom through 5 steps:
1. Improve your cashflow
2. Get out of debt
3. Build an emergency fund
4. Minimize risk
5. Invest for the future
In a way, the conference has affirmed the decision that I was about to make, which is to get out of bad debt as soon as possible. Interest rates just pile up and I feel the need to pull money out of my emergency fund to get me out of this jam. Hence, my emergency fund runs out and so begins the cycle of getting in bad debt again.
It also affirmed that I don’t need life insurance yet because I do not have anyone who depends on my income. Thank goodness.
Tiongson also gave very informative tips on investing. For a 20-year retirement, start planning 20 years before retirement age. This one I particularly like because it means I have more time to learn the ropes of investing. I’m glad I decided this year to automatically save a portion of my salary and invest it in a uitf. At least, it is a start.
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