Financial Planning is a Journey

Have you started preparing for your retirement? Or probably you're overwhelmed in trying to do so because of the rising cost of living.

As a millennial, i thought that when I graduated in college, i can achieve my financial goals easily. Start a family, buy your first house and car and the list goes on.

Along the way, with the help of my family and community, I realized that building our wealth is a journey. Hence, we don't need to be in a hurry. There's also timing in each achievement because life will be full of surprises along the way.

But then again there are finance principles that will be helpful in our journey.

1. Build your skills - when I joined the workforce last 2013, i started with the usual entry-level salary, I realized along the way that i need to build my skills aside from the learnings that i got from college, There are things that i will only learn by experience. If you are planning to build a business, your skills will also be your ally in creating good products/services that will produce profit/revenue. You can start attending training programs, certification courses or continuous studies alongside with your actual work/business exposure. This will increase your expertise in a particular industry so you can become a thought leader and expert in your chosen field.
2. Be patient - everytime i hear the quote, patience is a virtue, i always think on how it can fit in my different life pursuits. Whenever you are doing your day to day tasks, you need patience too. This is crucial because when you start investing your income to build another stream, it will not be a one time big time event but it's about consistency and your character that is being developed. This way, if you are faithful in small things, time will come that you will be entrusted with bigger things. If you're ready to handle bigger responsibilities, your income will increase and you can now place it in platforms that will yield returns. Many people experienced challenges in investing due to lack of patience. They invested in platforms that are not familiar to them hence resulting to losses or even being scammed.
3. Start small - if you want to save 1,000,000 pesos, you need to start with a small amount. Start where you are and slowly build from there. If you want to invest in the stock market, start with P5,000 and slowly grow alongside with your income capacity. This will help us remove the pressure of achieving something significant in an instance. Remember each journey is unique and that will be the lessons that you will pass to the next generation.

Your journey will be wonderful if you start to become grateful with what you have while pursuing the things that you want.

Thank you for reading my newsletter!