When you feel like you have everything you need—a loving family, a great job, or your dream home—it’s sometimes better not to overthink what lies ahead. Nobody wants to worry about the future, after all.
But if you really want a worry-free future, you can secure it by drawing up a financial game plan and making it happen. For one, having savings and investments can give you peace of mind no matter what life throws at you. Here are several steps you can take to help you get started.
Step 1: Ask yourself, what do you want for your future?
You have your own hopes and dreams. It could be a bigger home, a promotion, a career change, or starting a business. Or if you have children, you probably want to build their education fund when they grow up. Perhaps you want to prepare for retirement too, so you can maintain your lifestyle when you're older.
Identify what your long-term goals are and write them down or put together pictures that will help you better visualize your dreams. Creating a list and placing it somewhere accessible will also help inspire and motivate you.
Step 2: Protect the future you envisioned.
Life's full of surprises. It can throw off even your most solid plans, so it’s important to be prepared, like having an insurance plan that suits you.
Choose an insurance product that can be designed based on your current and future needs. Make sure that you can customize it based on your budget and how long you will be paying for it. For example, plans such as variable universal life (VUL) insurance allow you to create your personalized portfolio and potentially grow your money through its investment opportunities.
Also consider your risk appetite when choosing investment products for your portfolio. If you prefer to be exposed to as little risk as possible, investments primarily composed of bonds might be more ideal for you. Otherwise, you could invest in stocks, which are riskier but also offer bigger returns. Building a balanced portfolio, on the other hand, gives you the best of both worlds.
Whatever option you choose, it's always best to work with a financial partner who can guide you through an extensive selection of local and global funds when building your portfolio.
Step 3: Act on it.
Now that you have a gameplan, it’s time to make it happen! You can go for the easiest thing to do on your list first or choose the hardest one to get over with right away.
If you have credit card debt, for example, you could pay the balance in full to avoid spending more on interest. This can help free you financially sooner so you can focus on the things that really matter to you.
But if you have savings set aside, make sure to continuously grow and keep it for the long run.
Step 4: Stick to the plan.
Keep your eyes on the prize by continuously keeping tabs on your finances and consistently putting in the work to achieve your life goals. You can use a money tracking app to further help you manage your expenses. Or if you prefer doing it with a pen and paper, that's perfect too! What's important is that you religiously stick to your budget and diligently set aside money for your insurance and other important expenses.
Nobody knows what the future holds but there's no need to fear. You can have the confidence with the right game plan strategy by getting the best and ideal insurance with investment plan in the Philippines that fits your budget and lifestyle.
Whether it's preparing for health emergencies or getting income protection, you'll have peace of mind knowing you're covered when you need it most.
Know you can be ready to create your game plan for the future! Talk to an AXA financial advisor today.
