Take Charge of Your Life Stage

Do you still remember the first paycheck you received in your first job?  What was your reaction?  To be honest, I’m still remembered what I felt when my agency’s cute HR staff (I started as a contractual employee) handed me a white thin envelope with few bills inside.

My first salary was a whopping P2,500.00.

I don’t really remember my first reaction on that time.  But I am sure I spent all that money, my very first self earned money.

In this article, I will discuss about our life stages.  Yes! You heard it right.  We have same life stages whether you are a CEO of ABC company, a small time business owner, or a security guard in a bank.  And what it will be related in money and finances?  You’ll find out when you continue reading this article.

Take Charge of Your Life Stage

  1. Pre – Family (Foundation)
    • You are in 20’s
    • Single.  Maybe you are a breadwinner
    • Increasing income due to continuous promotion/success
    • Moderate financial commitment
    • Our Recommended Considerations:
      1.  Saving for marriage
      2.  First home purchases
      3.  Death (getting life insurance with investment)
      4.  Disability
      5.  Critical Illness
      6.  Retirement Planning
      7.  Healthcare
  2. Young Family (Accumulation Foundation)
    • You are in 30’s to early 40’s
    • Already married or a single parent (hopefully not!)
    • Moderate income
    • High financial commitment (when get older, life is getting more expensive)
    • Our Recommended Considerations:
      1.  Education Planning (for your kids and for yourself)
      2.  Loan and Mortgage (Car loan, business loan, etc)
      3.  Death (getting life insurance with investment)
      4.  Disability (getting life insurance with disability rider)
      5.  Critical illness & healthcare (getting life insurance with critical illness rider)
      6.  Retirement Planning (getting also an insurance with long term investment options such in equity)
      7.  Savings and investments (UITF, mutual funds, stock market investments, real estate, and small businesses)
  3.  Growing Family (Accumulation)

    • You are in early 40’s to early 50’s
    • Highest income attained
    • Highest financial commitment (I already told that life is really getting more expensive while getting age)
    • Our Recommended Considerations:
      1. Education planning (for your youngest)
      2. Loan and Mortgage (housing and car loan)
      3. Death
      4. Disability (getting life insurance with disability rider)
      5. Critical illness and Healthcare (getting life insurance with critical illness rider)
      6. Retirement Planning (getting also an insurance with long term investment options such in equity)
      7. Savings and investments (choosing short – medium term investments such bonds, and money market type of pooled investments)
  4. Empty Nester (Preservation *) * preservation means preserving what you already built.
    • You are in 50’s to early 60’s
    • Moderate Income
    • Moderate financial commitment
    • Our Recommended Considerations:
      1. Retirement Planning (Not too late for this, especially if you are still in early 50’s and you plan to live until 70.  Still got 20 years to prepare)
      2. Healthcare ( availing much higher packages or continuing HMO)
      3. Estate Planning (for high-net-worth individuals, getting Registered Wealth Manager to handle your estates during your demise)
      4. Critical Illness ( if already got insurance policy, always review your critical illness rider with your financial advisor)
  5. Retired (Distribution)
    • You are in 60’s and above
    • Low income
    • Low financial commitment
    • You are already retired from work
    • Our Recommended Considerations:
      1. Income for Life (You are now reaping what you invested and saved.  You are probably in LOI – Living on Interests)
      2. Estate Planning (It’s time to get really serious in estate planning)

Something to Ponder

Do you know now where in these stages of life you’re already in?  Did you already made initial plan about what will be your plan to have comfortable retirement life?  Go ahead, grab a pen and a notebook and write those plan.

Discuss it with your wife/husband,  share to your parents if still a single, and pray for it.  Let God be always blessed your plan.

“If you fail to plan, you are planning to fail!”

– Benjamin Franklin

If you have any suggestions about investments options I can personally guide.  You can leave your message as well your contact number on the contact us.

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Eleison Cruz

Financial Consultant. Personal Finance and Investment advocate. Author of The Good Asset, a blog that educates people in investments, financial literacy, and life insurance. Visit www.thegoodasset.ph

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