There was a time I had about 3 months worth of expenses in my savings account, I was steadily buying stocks, and would go on regular trips, both local and abroad, with my family and friends.
I recently reminisced about those happy, flush days while I filled out another stock withdrawal form and I couldn’t help but ask: “How did it all go downhill? Where did I go wrong?”
And the answer was simple, I tried to do too much too soon.
If I had only seen this financial needs pyramid from Boomer & Echo 2-3 years ago, I bet I would have been smarter with my financial decisions. Or so I tell myself 🙂
I’ve talked about BPI Save Up quite a lot in my blog since it really is a good product.* In a nutshell, it’s a savings account with a life insurance aspect, a tie-up between BPI and Philam Life. The depositor is the insured and can nominate a beneficiary(ies) upon opening a BPI Save Up account.
I’m quite satisfied with the product because it seems straightforward enough and, despite its recent fiasco, BPI and Philam Life are mammoth companies that can be relied upon to honor a valid claim. But I’ve always wondered how things will proceed once the insured dies. How will the beneficiary claim the insurance proceeds? And will the beneficiary even be informed about the insurance policy?
So you can just imagine how happy I was to stumble upon a Supreme Court case that answered those questions.
I don’t remember a time when we did not have a kasambahay.
Growing up in my grandparents’ house in Zamboanga, we always had kasambahays who helped my Lola cook and keep house. The kasambahays were usually distant relatives whom my grandparents were putting through school, or non-relatives who offered their services in exchange for the chance to go to school. I’m proud to say though that unlike Lola Pulido, my grandparents never treated any of their kasambahays as slaves since aside from schooling, the kasambahays also received salaries.
My aunts also took on this practice and would accept young girls as kasambahays precisely because they wanted to put them through school. I don’t remember my own parents doing this though, but that was mostly because our own kasambahays were already in their 30s or 40s when they would go to us.
I have my own kasambahay now who not only looks after my son, but also cooks and cleans for my small family. So yes, having a kasambahay has always been my norm. But that’s not to say that I’ve never felt unease over it.
I just settled in after an almost 3 week vacation in the USA which was immediately followed by a week in Baguio due to work. Needless to say, I’ve had enough of long-haul flights and long car rides for the time being and would love nothing more than to just go back to my boring, humdrum life with hours of Netflix bingeing thrown in for good measure.
Even though the trip to the US was as budget as they come, it was still not the wisest thing for my finances since there were 1001 other things that needed to take precedence over a costly vacation (i.e. extra mortgage payments, upcoming tuition fee payment etc). Nevertheless, nandyan na eh and I’ll just have to make the numbers make sense again, one way or another and be more disciplined moving forward.
I’m a firm believer in insurance. While I don’t believe that everyone needs life insurance, I strongly hold that everyone should have critical illness insurance and personal insurance. What’s sad is that those who need personal insurance the most are those who tend to shy away from it because they don’t realize the importance of insurance, think that it’s too expensive or, worse, don’t know that such an animal exists. That’s why things like microinsurance really excites me because it provides a viable solution to a real problem.
I first wrote about microinsurance almost a year ago and I’m happy to report that I discovered another microinsurance company that also aims to service the marginalized and underserved sector by providing low-cost insurance coverage. Everyone, meet Bima.