Amongst all financial instruments, life insurance is one of the most misunderstood and unappreciated until it’s too late which is the reason why insurance penetration remains to lag behind in the Philippines. I really like that some insurers are becoming very creative in advocating awareness about financial literacy and the value of insurance and one of them is Sun Life Financial.

A few years ago, I was invited along with a few advocates and media practitioners to view Sun Shorts, Sun Life’s first salvo into the production of short films that will go beyond creating awareness — it leaves a lasting impression in the heart and minds of those who watch it. When I received an invitation for the advance screening of Sun Life’s new set of short films dubbed as Sun Shorts 2, I was really excited because I know these films will once again touch the hearts of many and move them towards being more mindful toward financial security.

As I viewed all 3 of the the new short films of Sun Life’s Sun Short 2, I was even more moved this time because that are really well made and even more emotionally engaging. I highly recommend everyone to watch the films of Sun Shorts 2.

They have already released the first film entitled “Waves”, a truly moving story about ensuring your dreams when you ensure the dreamer. Happy viewing!

Many of us have have people we look up to that inspires us. Many of us look up to Oprah, John Maxwell, Rick Warren, Depak Chopra, Anthony Robbins, Joel Osteen and many more.

I also have mine — Francis Kong and Dave Ramsey.

Here’s a nice video of Dave Ramsey and after you listen to him, you’d know why he is someone I look up to. As to Francis, hear him live at Steps to Financial Peace this Friday.

I don’t make a habit of putting other articles in my blogs as I prefer to write them myself. However, I just read a well written article by the motivational guru, Denis Waitley. I believe the readers of this blog site should read this. Happy reading!

Randell T.

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Be Responsible For Your Own Financial Security
by Denis Waitley
There is no job security. You can’t rely on staying with the same company through retirement. Pension plans, when available, are woefully inadequate. Social security benefits won’t come close to covering your living expenses in retirement.

The only way to reach financial security is to plan for it now, regardless of your age. You have to define financial security in your own terms. Have you defined the amount of assets that you need for financial independence?

Financial security is that amount of assets that will give you a specific income, after taxes, to live like you want to, without having to depend on day-to-day employment.

What is that amount for you? I believe it is more than you think. And, I feel that if you define it, you can reach it in ten years or less. Do you have a financial plan and the assistance of a financial planner?  You need both. Always retain a financial planner on a fee-for-service basis. Don’t mix financial planning with an investment broker or insurance agent. What are your financial goals and what is your time line? Because I started late in my quest for financial independence, I have a maximum five-year period remaining for capital accumulation.

Action Idea: Wealth is not only based on income, but also on expenditures. Are you spending or investing?  Are your purchases goal-achieving or tension-relieving? How do you use credit cards? Use your credit cards for services or purchases that retain their value or that build your business. Don’t use credit cards for vacations and personal entertainment, unless you plan to pay the entire balance in one or two months. Try to pay all your balances in full monthly. In this way, you avoid the ridiculously high interest payments. Realize that paying minimum balances, at high interest rates, means that you are paying two or three times what the original purchase was worth.

Most importantly, save at least 6 to 10 percent of your take-home pay each month, by writing a check into a savings account or mutual fund for that amount, as if it were a utility bill or house payment. The secret of most self-made multi-millionaires is compound interest. If parents saved one dollar each day for their newborn infant, by going without a cup of Starbuck’s coffee, or a Big Mac, or a soft drink for that day, by the time the child reached age forty, he or she would have a million dollars cash. No lottery windfall. No brilliant investment strategy. Just compound interest, which Baron von Rothchild labeled “The Eighth Wonder of the World.”