Wednesday, January 13, 2016

That Post When I Talked About Money Matters

Originally, the title post was "That Post When I Talked About The Things I Learned" but then I thought it was too broad and I had to rename it to that one above! To start, here's what I have learned so far when dealing with money.

Borrowing and Lending
Only borrow what you can pay and lend what you're willing to loose.

Savings
Mid-college, I opened a savings account, one that I only use when I need to deposit cash. I wish I had done it way before I started college, but it didn't actually cross my mind. Anyway, whenever I get my monthly allowance, I take 500-1000 pesos from it and save it in the bank and if I have more extra cash, I put it there as well. I eventually cashed out some of it after college because I thought I deserved to splurge myself a little as a graduation gift for myself. Ha ha


Investment and Insurance
This one I did after having my first job. I learned through my financial advisor that the money in your bank doesn't do much, which makes sense. Having money in the bank is almost like lending the bank your money for an amount of time but in a low interest. Now, if you have savings that you're sure you won't need for a very long time, put it in an investment. Find a reputable finance company and they will be the one to invest your money through bonds or in the stock market depending on the risk you are willing to take.

While you're at it, ask if they offer life insurance. Do it while you're young and healthy because it's cheaper compared to buying one when you're old and senile.

That's all for now because I'm still trying to figure out Tax Returns. Haha I hope you picked up something valuable!

4 comments:

  1. I loved reading post like this - I need financial literacy! Haha. Looking forward to your Tax Returns post - if you'll ever make one - because I know nothing about that.

    Love, Richel. | Richel Goes Places

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    Replies
    1. Glad you liked it! Hopefully I can learn how to file my returns without asking for an agency's help. (If that's even possible) Lol Adult goals.

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  2. I wish I started saving up early tho. I was too magastos back then. haha

    - Joyce | http://www.bitsofjoyce.com/

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This blog contains writings, musings and other distractions from the desk of Michelle B.