Almost everyone has a list of what they should have by the time they turn thirty.
A car, your own place, your first million in the bank, a vice-president title, gold and platinum cards, club memberships– and for a few, they’re right on track. If you’re seeing the big 30 right around the corner and those things are nowhere near in sight, don’t worry. You don’t need to panic– you don’t need to feel too much of a loser.
Still, there are some things you should be getting together by the time you hit that age. Here are five of them.
1. A Clue
Look, no one’s expecting you to know the secrets of the universe before you hit fifty, much less thirty. But you should at least have some idea of how to take care of yourself, financially in particular. If you’re still living off your parents and asking your mom and dad for baon at 29, it had better be because you’re running the family business, and not because you still can’t make both ends meet. One of the biggest lessons you’re going to need to learn is how to live within your means– your parents aren’t going to be around to bail you out forever.
2. Savings.
No, that payroll account with the beat-up ATM card that’s almost falling apart because you only use it for withdrawals doesn’t count, even if it does say “savings account’ on it. Many financial advisers recommend having at least a year’s worth of your current living expenses by the time you’re thirty– some even say two. If you’re nowhere near that and you feel the clock ticking– it’s okay. Keri pa ‘yan. Like they say, huli man daw at magaling, naihahabol din. But you’d better get started now. Now. As. In. Now.
If you’re intimidated by the idea of that (especially if you’re new to this saving thing), begin by putting together an emergency fund first (the equivalent of three to six months of living expenses) and work your way up. It’s like exercise: it gets easier after a while.
3. A Retirement Plan.
Let’s face it: historically, standard SSS pensions have never been enough to properly live on, and it doesn’t look like that’s about to change by the time you reach retirement age. Sure, 60 seems a long way off, and no one really wants to think about it in their twenties. Here’s a tip: you only need to think about it a couple of times, set up a couple of plans you can make automatic monthly payments to (your company might even have one of those!) and forget about it.
4. Insurance.
If you’re employed, chances are, you probably won’t have to think about it. You’re probably already covered under PhilHealth , as well as whatever HMO plan your company signs you up for. If you’re working freelance or working for a company that doesn’t have one, get one. Like the SSS retirement pensions, PhilHealth covers just the basics, so it’s always better to get additional health coverage.
Life and disability insurance is also another thing you should have by 30. At that age your biggest performing asset is still yourself, and you need to be covered just in case, especially if you have dependents counting on you.
5. A Bigger, Better, More Solid Plan.
30 is when you should be taking care of the basics, and when the fun begins. If your twenties are for getting out of debt and getting into the savings and planning habit, your thirties are when you can think about more ambitious financial goals and how to reach them. Maybe it’s time to think about investments? Property? Your own business? It’s up to you.
If you’re almost thirty, already thirty or way past it and don’t have some of the items on the list, don’t beat yourself up about it too much. Most people in their twenties and thirties in the Philippines are starting from scratch and have modest incomes – the trick is to get started as soon as you can. And you can. Now.
all of this in short... "a perfect plan" but of course nothings perfect. right.. :D so plan well guys..
