Financial Literacy has not been my focus since I started working. However, few years ago, I happen to stumble upon the Suze Orman Show. At first, I simply just watch because I don't have something to watch early in the morning.
After that, I am falling in love with the whole concept of the show. The topics may be in the US and living condition may be in the US and I am in the Philippines but I am learning a lot because MONEY is a UNIVERSAL Entity.
My most favorite is the Can I Afford It and Approve or Deny. I have learned a lot from this. Though Philippines doesnt have the 401K or ROTH ROI or any other stuff the US has. It did made me realize that SAVINGS and preparing for my retirement, investment, health, emergency fund is definitely a need. I already new all these stuff and I thought of doing it when I reached the age of 40. Which is incredible incorrect and I am setting up myself in a RETIREMENT DISASTER.
The Suzy Orman Show, has made me all these realized. Emergency Fund for example. I thought that 3 months worth of expenses is already good for an Emergency Fund. However, Suzy is contradicting it and making it 8 months. Which if you are going to annalyze the current situation, she is making sense and YES it is better to have an 8 month secured while you are looking for a job or you got sick and need sometime to recover.
I think 3 mos of Emergency Fund is OK but why stick to 3 months when you can actually have 8 months to secure yourself.
Next key learning for me is the importance of having an investment. Before, when people say investment, I would immediately think it is house, car, jewelry, etc. I never thought about stocks, mutual funds, or any other long term money market fund. It is in the show that I heard Mutual Fund First that made me realize I need to have one too and make it long term...
The influence of the show to me is to step back whenever I am about to buy something and think if I can afford it. Well, I should have watched the show earlier then I may not be regretting now. At least, right now I am working really hard to get myself out of debt and start building my net worth. It will take time I guess. There'd be a lot of trial and error but I think that's what life has got to offer at least I am learning on something and making adjustments on my lifestyle and wishing that someday i'll get APPROVED. For now, I am ok with DENIED!!!! and start building my future's savings.
The influence of the show to me is to step back whenever I am about to buy something and think if I can afford it. Well, I should have watched the show earlier then I may not be regretting now. At least, right now I am working really hard to get myself out of debt and start building my net worth. It will take time I guess. There'd be a lot of trial and error but I think that's what life has got to offer at least I am learning on something and making adjustments on my lifestyle and wishing that someday i'll get APPROVED. For now, I am ok with DENIED!!!! and start building my future's savings.
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