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It's all about the money

Start saving and investing as soon as you can.
By Joyce Roque |

We all know that we should save and invest as soon as we can but starting can be hard. It is easy to make excuses for putting off savings every payday: those pair shoes that you just had to have, that once-in-a-lifetime trip overseas with your best friend or an emergency expense that just had to be paid now.


To help you get started , attended the talks held during the Money Summit & Wealth Expo at the SMX Convention Center and picked up tips below:


1) Time is on your side

Whether you are an employee or managing a business on your own, never forget to let your money grow. The earlier you start investing, the better. According to the Bangko Sentral ng Pilipinas, inflation rate in the last decade averaged at 4.99 percent; so look for investments that will let you match or beat inflation rates.


Passive income is possible if you choose the right financial products. Fitz Villafuerte, an entrepreneur and money blogger said during his talk, "You need the time to let your money grow." He said that although you don’t lose money in a savings account, it does lose its purchasing power because of inflation.



He says there are three things you need to stabilize your finances: a budget plan, absence of bad debt and an emergency plan equivalent to six month's worth of expenses. Examples of bad debt are credit card debt and high interest loans. You should pay your debt first and build up your emergency fund before you start investing.


2). Know what you want

There are no strict rules when it comes to where you should invest. It will depend on your goals and appetite for risk. Do you want your money to remain intact? Or do you want monthly passive income or aggressive growth? Match your investment goals depending on risks and the time frame you are comfortable with. Senior financial manager for Philam Asset Management, Rienzie P.Biolena,  said during his talk that the higher the return, the higher the risk. If you are investing to earn money for your wedding, a house or your kid's education, he says, "One year before  you plan to use your money, take it out from your investments so that you can lock in your earnings."



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