March to Financial Freedom
Waving the white flag and surrendering is not an option for anyone to achieve financial freedom and success. Keep fighting and resist.
There is no substitute for victory — Gen. Douglas MacArthur
APRIL 9 was “Araw ng Kagitingan,” or “Day of Valor,” as we celebrate and honor our veterans and remember the fallen of World War II and other battles and conflicts in our history who gave the ultimate sacrifice for this country and its people. Looking back, my late grandmother would tell us stories of how our late grandfather’s escape with a few of his comrades during the infamous Bataan Death March. They were able to escape and hide through the help of the townsfolk they knew during the transfer of the bulk of prisoners of war in the historic San Fernando train station in the city of San Fernando, Pampanga, to be shipped to Camp O’ Donnell in Capas, Tarlac, through railway by their Japanese captors. He was a young army officer of the Philippine Commonwealth Army then. Although he died four decades ago, I still recount what my grandmother and some of the old folks we know who lived during the Japanese occupation years as a very harsh period in our Philippine history.
In today’s financial perspective, many ordinary folks are becoming more aware of financial planning but struggle with it and do not know where to start. In fact, some people who manage their own finances lose hope due to their financial troubles and eventually surrender. I have seen folks who almost lost everything and went bankrupt and are currently facing problems with their creditors. But for those who are courageous in dealing with their debtors and dream of achieving eventual total financial freedom they must have the iron will to undergo the financial planning process:
1. Increase one’s financial literacy — For people who want to learn about personal finance must read first books about the topic and attend enriching seminars that tackle personal finance, which is very essential for anyone who wants to succeed in this battle.
2. Lay out one’s battle plans — Anyone going through this must have clear objectives in order to succeed in strategizing his or her plan for this mission. Some examples include a budgeting plan, debt-restructuring plan, passive investment plan, retirement plan, and college education plan for kids, just to name a few.
3. Making decisive actions — It takes a few slow steps to get into. Going slow at first for beginners is alright in establishing a foothold in personal finance. For example, one must have the primary objectives of having a 3-month contingency fund and a debt-restructuring payment plan for 12 months.
4. Review one’s weaknesses — Take a look at your daily personal expenses from transportation, food to snacks. Do you really need to drink out a few cups of high-end coffee or eat out on a pricey restaurant or buy junk food which are cheap but really not good for anyone’s body are just some of the examples. Habits must change.
5. Take advice from personal finance experts — Consult a registered financial planner who can help in your personal financial panning. Members of the Association of Registered Financial Planners of the Philippines are professionals who have the expertise to give you solid advice and other inputs customized to your needs and specifications.
The battle is not yet over for those who have given up hope in this war against debt. It is half won if one’s hardwired habits and mindsets are not uprooted. Waving the white flag and surrendering is not an option for anyone to achieve financial freedom and success. Keep fighting and resist.
Benedict Baluyot is a Registered Financial Planner of RFP Philippines. He is professional real estate broker with specialization in project selling and general brokerage of different estate properties from different local and national developers in Pamapanga and Metro Manila residential and condominium projects.
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