In the Philippines, we have separate retirement schemes for those who are employed in the private sector and those in government. Private sector employees are covered by the Social Security System (SSS), while its counterpart is the Government Service Insurance System (GSIS). Both are mandatory, which means that employees and employers alike cannot opt out of paying premiums, even if they think they can get better returns by investing somewhere else. As long as you’re employed, the government requires that your HR department deduct the right amount from your salary every month and remit it to SSS or GSIS. Both
In my previous post, I talked about some causes of poverty. Now I’ll be sharing strategies and ideas to overcome and get out of poverty slowly, steps that you can personally take to break your financial cycle. I did not discover these ideas all at once. These are the result of years of personal experience, thinking about stuff, deep conversations with people, and reading books and articles in different subjects including personal finance, logic, feminism, public policy, even fiction. I did not just wake up one day, and then bam! ideas! It took time. I’m sure there are a lot
One of the many many reasons I blog is to share my experiences and strategies on how to break out of poverty just in case somebody out there in the nameless void can benefit from what I say. If there’s one thing that I pride myself on and consider myself an expert, it’s finding and implementing ways to break out of the financial vicious cycle. I was in poverty for the first couple of decades of my life. Getting out of poverty has taken me a good portion of the next decade. So I can claim that I have plenty
I’m always looking for ways to make my money work harder. When I first learned about BPI Save Up more or less 10 years ago while I was still working at a BPO, I immediately opened one. I got to have automatic savings and free insurance? What’s not to like? Why not let my money do two things, instead of doing only one thing? Unfortunately, when I changed jobs my payroll bank account also changed. I didn’t bother keeping the BPI Save Up account active. After years of dormancy it became a regular savings account. I recently decided to open
I’m a bit nervous about revealing my net worth online because I’m usually a very private person and would rather keep these things to myself. But if I’m going to commit to my financial literacy advocacy, I think it’s a great idea to write regular net worth updates in this blog. Plus Elizabeth Gilbert (author of Eat Pray Love) told me that I should give myself permission to be more open and start sharing some personal things. At first I was actually scared to write down my net worth because I felt I didn’t do enough to improve my
Personally, I don’t want to grow old poor. I’m sure you don’t want to be poor when you grow old either. And I bet that nobody in the world ever wants to be old and poor. So in order to help Pinoys prepare to be not poor when they’re old, I will discuss PERA in-depth, and why you need one right now. Retirement planning is a crucial yet regretfully neglected part of financial planning in the Philippines. People usually put off saving for retirement in the last 5 to 10 years of their working lives. Unfortunately, the money they save
In my previous post, I explained why we should buy travel insurance and the criteria to keep in mind when buying one. I mentioned the many ways that a perfect vacation can suddenly turn into disaster due to medical emergency and the accompanying costs. So after doing hours upon hours of research reading about offering and trying to contact insurance providers and banks, I finally settled on one. Here is my Pacific Cross travel insurance review, where I lay out why chose this product and how easy it is to buy from them. DISCLAIMER: This is NOT a sponsored post
One of the things we often neglect when we go on trips abroad is buying travel insurance. We’re justifiably obsessed with getting the best deals on plane tickets and hotels, arranging itineraries, and researching “must have” experiences we shouldn’t miss. But when it comes to protecting ourselves from possible expenses such as accidents, missed flights, and other things that might negatively impact our travel, we turn a blind eye. We don’t want to “jinx” the trip by being “too negative”. [bctt tweet=”By the time we realize that we should’ve purchased travel insurance, we’re already in the middle of a very
Updated on 03 September 2019 Many of us are already aware of the advantages of investing in index funds but are having a hard time choosing which fund to invest in. We are enticed by a dizzying array of index fund options, ranging from mutual funds, UITFs, and even an ETF, with their respective pros and cons. Although there are a lot of information available online, it is hard to sift through the hype. So I decided to conduct my own extensive and thorough research (I hope) and create the ultimate guide to Philippine index funds that is easily accessible and
In terms of looking for ways to save money, we’ve seen it all. Almost everyone has their go-to way to save, ranging from the mundane (clip and use coupons!) to petty criminality (take home toilet paper from work). In this post, I will share some savings tips that can potentially change your life. Potentially because it’s still up to you if you’ll apply them in your life. All of these have and continues to work for me. I hope you can incorporate some of these ideas in your journey to a better financial future. [bctt tweet=”Saving money can
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