Are you just getting started or already well on your way to financial security? Find out here!
Flexibility is great. Especially in money matters. You get to go your own way, pave your own path, and do what works for you (and shun what doesn’t!). But too much of a good thing could be bad. So in order to take full advantage of the gift of flexibility, you need a little structure and some timeline. Take the quiz below to know where you are financially, so you can plan, protect, and proceed with your best life ever!
1. Where are you now in your career?
a. Starting out and getting experience/training
b. Seeking promotion or changing jobs to enhance career
c. Preparing for retirement
2. How much are you making now?
a. Your spending is still greater than your income
b. You regularly receive pay rises and salary increases
c. Your expenses have gone down and savings have started to build up.
3. What are your biggest expenses?
a. Mortgage, car loans, and credit card debt
b. Utility expenses, children’s allowances, tuition fees
c. Retirement fund, medical expenses, real property taxes
4. What’s your current financial goal?
a. Travel abroad and pay off credit card debt
b. Save for children’s college education and buy your own home
c. Build your retirement fund and beat estate tax
5. What does a financially secure future mean to you?
a. Earn enough to do and buy what you want
b. Live comfortably (whims included!) with your family amidst house repairs and tuition fees
c. Have enough assets to live comfortably and still leave something to your heirs
6. What are you doing to make that future happen?
a. Saving up and developing new skills
b. Investing and finding other streams of income
c. Turning retirement savings and pensions into income
Mostly As: Family and career building years
You’re the cool yuppie dude or that shy girl three cubicles from the doorway. You’ve landed a good, stable career and now enjoying your life. You are either single but in a relationship or just about to start a family. Your income might not always be enough during this period, but these are mostly payment for mortgages, car loans, business loans, or credit cards. That’s alright as long as you pay your dues regularly, in full and on-time, so you’re loved ones won’t have to bear the brunt of it.
Best Advice: Spend within your means. Pay your debts on time, in full. Protect your family’s future as early as now.
Insurance plan for you: FWD Set for Tomorrow Short Term Cover, which can take care of your unpaid loans should anything happen to you.
Mostly Bs: Prime working years
You’re at the prime of your career. Your family is all settled and growing. You’re aiming for another promotion or change jobs for career growth and job opportunity. And you do all these so you can send your kids to the best colleges, provide a comfortable life for your family, and set up both an emergency fund and a retirement fund. While you’re always on the lookout for other streams of income, remember, you have to secure your own income, too.
Best Advice: Don’t kill yourself working for your family’s future and then forget to spend time with your family now. There are ways to ensure the future without worrying today.
Insurance plan for you: FWD Set for Tomorrow Income Protector, which protects your income during your prime working years so you can continue to support your family no matter what happens
Mostly Cs: Early retirement years
Finally, retirement! You’ve worked hard, you’ve raised your children well, and they’re now living their own lives. Now you get to enjoy the fruits of your labor. You now have the time to start an active lifestyle, travel more, volunteer, or do consultant work. Financially, you’re managing your retirement fund, preparing your will and low key checking out ways to beat estate tax.
Best Advice: The time is now to do whatever else you want to check off your bucket list.
Insurance plan for you: FWD Set for Tomorrow Estate Protector, which allows you to smoothly transfer your properties to your heirs, no headache.
Knowing how far you’ve come or how far you still need to go is a great way to put your financial goals into perspective. Because as you go through different stages in life, financial goals and needs change. Pan-Asian insurer FWD Life Insurance Philippines’ newest product, Set for Tomorrow, is there with you in every stage of your financial journey, whether you have loans to pay, kids to send to college, or properties to leave to your heirs.