38,000 Millionaires (US$) in the Philippines by 2015

Over the weekend, Z mentioned that Php50million in the bank is the bare 

minimum for a Pinoy to be considered rich these days. 

I wondered, How many people actually have this much assets??? 

Well according to Julius Baer - "The Philippines will have 38,000 millionaires 

(in US$) by 2015". Hence, the Php50million number.

I'm not quite sure when Php50million became the gold standard but I must

admit I wasn't paying attention when this figure was pegged. I mean is this

really an exact science? And if it is, what should it mean to me?

If you don't know where you're going, you might not get there. - Yogi Berra, 

American Baseball Player and Team Manager

The short conversation that I had made me realize how much I've changed 

through the years. You see, 10 years ago, I was like other people; listening 

and believing others who had a definition for rich and successful. This brought

me some heartache because I was apparently chasing after things that were 

unimportant to me. 

At some point, I woke up and realized, "Hey, wait a minute, this isn't what 

I want." I then started making life choices based on what I assessed would 

work best for me.  I'm happy to say that at this point, I'm quite happy with 

the decisions I've made.

Some people will scoff at what I said and write me off as naive. But you 

know, the thought of that doesn't really bother me. C'est la vie. We all have 

our own reasons for being. Others have the right to be them, I have the right 

to be me, and you have the right to be you. 

Image courtesy of areasauburnphotos


p.s. So what about the state of our economy? Don't get me wrong, the more
financially stable we are as a people, the better. But I'm less hung up on
the ultra rich. What I'm hoping for is for the Philippines to have a stronger
middle class.

You don't need Php50Million to be middle class. But you do need enough
money to have a home, provide for your children, retire comfortably and then
give some to those still trying to get there.

5 Ways to Enjoy Your Money

Yesterday, I gave a short sharing on Variable Life Insurance. By doing so, I
touched a sensitive chord for some of you. A good many Filipinos loathe the
word insurance. Why? Insurance forces you to think about death --- not a very
pleasant topic. Did you know that Traditional Life Insurance is a noble thing?

Why?
It will financially help those you leave behind. However, if you prefer
to hear practical over noble, Variable Life Insurance just might interest you.

So what makes Variable Life Insurance different from Traditional Life
Insurance?
Traditional Life Insurance is purely money set aside for your family.
While Variable Life Insurance has an insurance component and an investment
component. The insurance portion ensures that your family will be getting
money in case of your demise.  The investment component ensures that you
have a source of funds; the value of which is based on the investment
performance of the insurance company. Think of it as you using the insurance
company to be your broker.

Here are the different reasons H and I have availed of different Variable Life
Insurance plans. Better yet, think of it as ---

5 Ways to Enjoy Your Money:

1. Education Fund

- If you have a child, you've probably thought about your child's college
education. Sadly for some parents, it has moved from 'What's the best school
for our child' to 'What's the school we can afford'. The tuition fee costs are
really no joke! Thus, expect H and I to use one Variable Life Insurance
policy for M's university school fees.

2. Retirement Fund

- One day we just might decide to go into teaching, mission work, community
development, farming, etc There may or may not be money in these endeavours.
But we don't want money to be a hindrance to doing what we want to do. So,
we can use another Variable Life Insurance for day to day expenses.

3. Renovation Fund

- We've seen it happen. Old houses that suffer neglect because their owners
did not set aside money for their maintenance and upkeep. We told ourselves
we want to be able to renovate our home when the time comes to do so.
Where's the money going to come from? You guessed right, another Variable
Life Insurance.

4. Bucket List Fund

- H and I haven't decided on this yet. As advocates of simple living, we've 

trimmed down our wants list. There are fewer things on the list --- but
they've actually turned into Precious Few. Top of mind: a trip around the world! 

5. Emergency Fund

- This is the fund that we hope we never have to use. If we had our way, we'd
be strong and healthy until we're old. Calm, peaceful and while asleep sounds
like a good way to go. But if we ever needed funds for something, we'll surely
be glad there's money kept away for that.

I'm sure you can think of other ways to enjoy your money. Remember that
it's free to dream! As for living the dream, that's even better. 

3 Things You REALLY Should Know About Money

This special delivery really put a big smile on my face. My Variable Life

Insurance Policy is finally fully-paid! I am a strong advocate of getting 

Variable Life Insurance because I think it is one of the most useful finance 

products on the planet. Before you start thinking INSURANCE?!?, please 

read further and then decide.

A few years ago, I was a Financial Consultant of PRU Life UK. It was a 

one year stint but the lessons learned there were priceless! 

I know there are a lot of Finance Gurus out there. I am NOT one of them. 

I am just sharing with you my experiences in the hopes that it will help 

you secure your own financial future.

3 Things You REALLY Should Know About Money:

1. You REALLY have to prepare for retirement.

If you're in your 20s or 30s, I'm sure you'll agree with me that life is all 

hustle and bustle. But once you hit 40, you're suddenly faced with the 

reality that 60 is a real age and that you just have 20+ good years left 

to set aside funds for retirement. 

When I say retirement I don't mean lying in bed to vegetate. I mean being 

kind to yourself, getting out of the rat race and finally pursuing those 

interests that you still wish to pursue. If you don't prepare for retirement, 

you will find yourself still needing to work. Or worse not being able to do 

what you should already be doing.

2. You REALLY want to have your own money in your golden years.

I've seen it happen. Friends who delay getting married because they have 

to financially support their parents. Im sure their parents did not do this 

on purpose. No parent in their right mind would delay their children's 

happiness --- nor jeopardize their own... 

Yes, that's the other side of the coin. When you become financially dependent 

on someone, you unknowingly give that person a certain degree of authority 

over you. Your every purchase just might get scrutinized. You just accept 

the "well meaningreminders" because you need financial help.

It's a difficult situation. Yet, so many Filipinos are in this predicament 

because people accidentally forgot and / or ignored advices to establish 

adequate funds for the future.

3. You REALLY can create a better life for your family.

Most successful married couples that I know share this one trait: husband 

and wife have goals that they are trying to achieve together. A lot of 

planning, communication and effort goes into making goals happen. Having 

goals serve as a deterrent for idle time. Really important as boredom can 

produce not so smart ideas. Also, having goals requires you and your 

husband to go go go do something. 

If I look at what H and I have accomplished and still hope to accomplish,

I am proud of the small victories we've had with our entrepreneurial projects.

Sure, we've had our own share of glitches. We just had to learn and move 

on. Just a suggestion, be wary of people who give great advice but magically 

never made any mistakes in their life. That'll be a first. Oh yes, I am also 

excited for the things that we have yet to do. Better things are still on their 

way.

3 Things You REALLY Should Know About Money are 3 reasons 

that encouraged me to get a Variable Life Insurance Policy and most 

importantly to complete the payments.

In my succeeding post, allow me to share with you my other experiences 

with Variable Life Insurance.