Tips for Restarting Your Financial Journey Without Fear

Since financial literacy is not part of our basic education, we are entering uncharted territories as we discuss about it. And most times the lack of knowledge brings about a lot of fears. But the truth is, it is never too late to start financial planning. Each phase or stage of our lives has its own needs. Here are some tips you can consider for restarting your financial journey without fear.

Contributed by Dennis Lo

Reasons Why People Are Afraid of Financial Planning

Even while gaining knowledge about financial planning, fear can still be present. That is because loads of information also become overwhelming and confusing. Sometimes, it is also because, with the amount of data available, we don’t know where to start. It also doesn’t help if we realized that we should have started long ago.

Maybe you are just starting out in life fresh out of college. I envy you. But for some of us who have reached middle age already, there is probably that sense of regret that made us wish we know about these things when were still young.

But after listening to Ms. Valerie Lagarde-Amora, Cluster Head, Sun Life Philippines, I was encouraged. She said that we should embark on this financial planning journey not with fear but with excitement.

A Chinese proverb goes like this. The best time to plant a tree was 20 years ago. The second-best time is now. It applies to so many things, including financial planning. We can start implementing that plan now—whatever phase we are in.

Common Fears

Here are some of the common reasons why people are afraid of financial planning or why they haven’t started it doing it yet.

Fear of Death

Filipinos do not usually want to talk about death or sickness because preparing for these eventualities makes them feel vulnerable.

YOLO

Some people feel like spending on insurance is taking away money that they could spend in the present in order to benefit the living when they have passed. But Ms. Amora says, “Insurance allows us to be happier for a longer time. It is a matter of showing them the right perspective about financial planning.”

Fear of Costs

It is still a common notion that insurance policies are expensive and only for the wealthy.

Fear of Talking to an Advisor

Filipinos do not like talking about finances. We do not talk about income, finances, or investments. Plus, we don’t want to be hounded by very persistent agents.

Restarting Your Financial Journey with Courage

But we have to trust somebody…somehow. Talking to a dedicated financial advisor will be able to help us navigate through the different insurance and investment products available, including assessing our finances. Usually, a Sun Life financial advisor helps a client navigate through their income and expenses and helps him or her set aside a monthly budget for insurance protection. Of course, trust should be there.

• Read: Sun Life Holds Trusted Brand Awards Title for 14 Years

Ms. Andrea de Guzman, Financial Advisor of Sun Life Philippines, laments that many people do not trust legitimate financial advisors. Instead, they would rather believe or listen to “scammy” offers instead of seeking advice from a licensed financial advisor. That is the reason why in this day and age of being able to easily verify information, people are still being misled and scammed of their hard-earned money.

This is something that we should strive to change so that our fellow Filipinos will have a better financial future.

Trust and Grow

Bottomline is, we need to put our trust somehow in order for our money to grow. Instead of going to fly-by-night companies that promise outrageous returns, go to reputable companies like Sun Life Philippines. There are many products available that can suit your budget and your needs. Let an advisor help you find the right product. And the best time to start financial planning is today.

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