What does it mean to be financially secure? BrandRap
Editor’s note: This content is sponsored by Sun Life and was produced by BrandRap, the sales and marketing arm of Rappler. No member of the news and editorial team participated in the publishing of this piece.Is it when you have a regular source of income? A savings account with money you don’t need to spend yet? Or is it when you already have investments like stocks or mutual funds? A health or life insurance? sub on Reddit and you’ll find several questions along those lines.
Sure, money can buy most things. But just how much cash should you have in your bank account to be able to afford, say, a sudden hospitalization that might cause you P1 million in one week? How will you protect the cash you intend to use in the future from inflation? So, how do you know when you’re ready to take the next step? If you look at the list of financial achievements shared by Garett, you know you’re ready when you’ve already set up your emergency fund. It should be equivalent to three to six months’ worth of your income. For example, if you’re earning P30,000 per month, you need to have P90,000 to P180,000 worth of emergency funds in your savings account before making any other financial move.
Life and health insurance may seem like a luxury for some. But if you studied it more closely, it actually benefits people with more modest incomes since one only needs to pay a small amount per month in exchange for benefits that are way more than the sum of those monthly payments. “Sun Life offers life and health insurance. Other options have investment components or cash benefits such as endowments and dividends, while some are just plain insurance intended for pure protection only,” said Garett. “Budget differs from person to person and is also dependent on the type of insurance and the amount of coverage, but it may not be as expensive as people often assume.” You can talk to a financial advisor about the right insurance for your budget.
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