Are you aware of your financial situation right now?
Did you know that about 9 out of 10 Filipino workers are very anxious about their savings, being in poor health, and have no one to care for them? It’s a common scenario for Filipinos to work hard on their prime but never prepare for the time they get old and sick, thus passing the burden to their children up to the next generation. You are lucky if your company offers HMOs but even these are not enough. Most of the HMOs available today are all short term, meaning you cannot bring them with you when you aged above 60, just when you need it the most.
Health is wealth, thus the solution for all the Filipinos problem is to get a Health Care that is long term. The only Long term Health Care provider I know is Kaiser. This might be the first time you have heard about it but it has been in the health industry since 2004. Actually Kaiser is the HMO of the House of Representatives and Senate of the Philippines.
This Health group is also regulated by Department of Health, Security Exchange and Commission (with SEC Registration no: CS200408739) and Insurance Commission. Kaiser had Php160M authorized capital when you need to declare at least 10 million to be a credible company. It is the prime product in providing a long term healthcare beyond our senior years. Being a health care, an insurance and an investment, it provides the needed security and protection for our healthcare needs on our retirement years. It is payable only in 7 years and then you have to wait for another 13 years for it to mature.
However, you need to be a member of IMG first before you can enjoy the special perks of Kaiser. A onetime membership fee of Php 4,500.00 is all you need to enjoy these and a lot more for a lifetime.
Steps on Building a Solid Financial Solution
First step is Protection; protect yourself as well as your family. To protect yourself, get a healthcare, to protect your family, get an insurance.
Second is Eliminate your Debt. As much as possible pay all your debt before getting into investment.
Third is save up to 3 – 6 months of your income and place it in the bank as your emergency fund. For example, you are being paid 20k per month, it means you should have at least 60k – 120k in the bank.
Finally, when you have these three you can now invest in mutual funds, bonds and stocks.
The Hight Cost of Waiting
Your no. 1 ally is time, it is cheaper to invest when you are young rather when your old.
Thus saving early is vital, but you have to make sure that you are saving your money on the right place. You can choose to save your money in the bank but be aware that banks like BDO, BPI and Metrobank has 0.25%. Can you imagine that? They lend your money for more than 10% interest but your benefits are lesser. So better get a mutual fund or directly put your money where the banks put it also, the stock market. Most of Filipinos don’t know this because it’s not being taught in schools. In IMG, their goal is to educate 1 Million families by 2020, one of the things that they will teach you is the power of the compound interest.
The rule of 72 states that for you to know how many years your money will double is when you divide 72 by the interest rate. For example, a mutual fund has 12% interest rate so 72/12 = 6 years.
The Benefits of being an IMG member
My favorite part of being an IMG member is that I’m being educated on how will I managed my money. For example, the first time I attended the workshop, the topic was about insurance. At the end of the session I realized that I should have not invested on an insurance that will require me to pay monthly. I should have gotten an insurance with low annual fee but with of 1M coverage. I should only be paying my insurance from the interest I got from my mutual fund.
You can also be a broker/agent of the ff. companies. You will be given discounts in getting insurances because the agent fee will be taken out already.
In line with the goal to educate 1 Million families by 2020, IMG conducts free seminar every Saturday from 10 am to 7pm. You can find International Marketing Group (IMG) at 10F World Trade Centre Bldg, Sen. G. Puyat Ave. 1200 Makati Philippines.