08/03/2022
WHAT I WISH I KNEW ABOUT BANK & MONEY WHEN I WAS YOUNG
READING TIME ⏰️ 2 to 3 mins ⏰️
I ran some bank errands today and here's what I realized:
📌 We were thought to save our money but not how we can grow and invest it.
In fact, for most Pinoys, investment is a scam but truth is, it only becomes a scam when you invest your money but you don't do your research about it, hence, you don't have enough knowledge on what you're getting into.
"Nascam ako" Truth is, hindi mo lang talaga binigyan ng panahon aralin, Sis. Easy money lang ang gusto mo.
📌 While banks are really good as a platform for your emergency funds and for your liquid money, it is not advisable to put "all" your money in the bank.
Why? Maraming reason. Pero yung 3 main reasons muna ang babanggitin ko.
1️⃣ Inflation - With the current inflation of 3% versus the interest of most traditional banks which is around 0.25% only. Naggrow ba money mo? Nope, lugi ka pa in the long run.
Paano?
Let's say may ipon ka today na 200k.
After 5 years, do you think the value of 200k is still 200k? I doubt.
Sa isang libo nga lang dati, marami ng mabibili. Ngayon ba? Ano na lang ang mabibili mo sa 1k, diba?
20 pesos nga ngayon ay barya na lang.
So yes, inflation is real. 🙄
So enough ba na may ipon lang?
Maybe yes for some.
But mostly, it's not in the long run.
2️⃣ When you get sick, what you have in the bank is still what it is.
Marami pa rin satin hindi alam ang importance at power ng HMO at Health Insurance. Basta enough na satin may ipon sa banko. Okay na yon. Goods na tayo.
Hindi tayo tiniruan how to diversify our finances.
We don't know that if we put some of your money in your HMO and insurance, when the time comes, kahit nasa 50k pa lang ang nasasave mo, but if your insurance policy says you'll have 1M for your health, then you'll have 1M. Magic ba? Nope. Yan talaga basic concept niya.
3️⃣ Charges & taxes
I currently receive my interest rate sa traditional bank na meron ako but to my surprise, ang laki rin ng tax. Dito ko narealized na hindi talaga sapat na mag iipon ka lang.
While it's a good start, it shouldn't end there especially if we want to be financially free.
We need to learn about financial literacy. We should learn how to make our money work for us and how we can leverage it.
📌 Imagine if financial literacy is being taught at school as early as elementary and high-school days, baka kakaunti na lang ang mahihirap ngayon.
👉 Baka sa bawat pamilyang may insurance ang magulang, may garantisadong "wealth inheritance" o pamana sa mga anak na maiiwan.
👉 Baka sa bawat Pilipinong magkakasakit, hindi na mamulubi yung pamilya kasi may nakalaan na. Mas mataas pa yung tyansang gagaling sila kasi may pamagamot sila.
👉Baka sa bawat magulang ngayon na may maliit pang mga anak, garantisadong sa magandang school makakapag aral ng college ang mga anak nila ng hindi nangungutang o namomoroblema.
👉 Baka sa bawat Pilipinong empleyado ngayon, may pondo silang aasahan once na magretire sila.
Ilan lang to sa narealized ko. And how I wish a lot of people will know about this, too.
Problema kasi satin, kapag usaping pera na, iniiwasan na natin.
Let's talk about money.
Let's spread financial literacy.
Yours truly,
Charie G
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