An introduction to financial literacy with Antoinette Brillantes
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.
SUze orman
FINANCIAL WELLNESS & SELF LOVE
Financial wellness is something we often don’t pay attention to unless it becomes a problem. I myself have definitely fallen into that pit, but once I got a better grasp on how to understand my spending/saving habits, I was really able to turn things around for myself and my future family. Because that’s what it’s all about— peace of mind.
It’s the idea that we don’t need to worry about tomorrow’s bills and financial obligations. It’s making sure that we, and our loved ones, are prepared for any lemons life may throw at us (like the hefty lemon otherwise known as “2020”). Ensuring that we plant the seeds today, so that our kids, our grandkids and the many generations to follow after them can sit comfortably in the shade tomorrow.
OVERCOMING OUR FEARS
Courage doesn’t always roar. Sometimes courage is the little voice at the end of the day that says I’ll try again tomorrow.
Mary anne radmacher
Let’s face it. Talking personal finances can be a difficult thing especially if you’re a novice, or simply just don’t know where to start. You may find that you feel ashamed, embarrassed, or shy because you’re starting late into adulthood. Or perhaps you don’t feel you have a say in how money is being managed in your family because you’re not the breadwinner. Or maybe, just maybe, you’re afraid of failure.
Putting yourself out there is super scary especially if you know that making one wrong move can affect both yourself and the people you care about. So, if we know that the previous door we’ve tried is locked, does that mean we should stop trying the rest of them? Remember, you have nothing to lose. If one way doesn’t work, it just might mean it’s not for you. Get back up, and let’s try again tomorrow.
Our financial personalities and spending habits are one of a kind, just like ourselves. It takes weeks or even several months to figure out which saving strategy fits you and your family’s needs best. So let me hold your hand, and let’s take that leap of faith together. Shall we?
Tip 1: Ask for professional help
It takes as much energy to wish as it does to plan.
ELEANOR ROOSEVELT
Finances can be quite intimidating and a bit confusing so don’t be nervous about approaching professionals, such as myself, for help— that’s what we’re here for. I do this everyday, and I even incorporate it religiously into my own financial journey. So don’t be afraid to step out of your comfort zone to try something new, especially when it comes to your family’s financial needs.
For example, in my spare time I teach Zoom 1-on-1 sessions on how to budget properly, on how to do check-ups on your overall wealth, on how to plan for an education fund, on how to plan for retirement, on how to build your savings/emergency fund, and many many more.
Tip 2: Spend Within Your Means
Don’t go broke trying to look rich.
samantha uy
Pay attention to your income and spending habits. Yes ladies, this means learning how to budget properly! We do it so that we can make sure that you’re maximizing the potential of your income, that you’re building your savings, that you’re building an emergency fund (yes, savings and emergency funds are different!), that you’re creating a shopping fund and that you are properly planning for bigger future expenses like education or a home.
It’s tiring and mentally exhausting to always think about where you will get the money for next month’s bills. If you prepare ahead of time, you can concentrate more on spending time together with the kids all because you saved money, while you still had money. Finally, we do all of this because at the end of the day, we want to leave a legacy, not debt.
Tip 3: Diversify your funds
If you put all your eggs in one basket and the handle will break. Then what?
nora roberts
When we diversify our funds, we are taking that next step into further securing our finances. Essentially we are putting our eggs in many different baskets because too much in one, will cause the handle to break. And then what?
Just like these eggs, we also want to place our money in different financial instruments because it creates more opportunities for your money to grow, and gives us more back-up funds to rely on in case something ever happens to one of them. These are some of the financial instruments that are readily available to you today:
- Bank Accounts (Savings and Checking)
- Traditional Life Insurance (life protection only)
- Variable Universal Life Insurance (life protection with investment-linked benefit)
- Mutual Funds/UITF
- Business
- Real-Estate
- Health Insurance
- St. Peter Life Plans (Pre-Need Death Care)
If you find that you don’t have any of these or only one of them, perhaps it’s time to start knocking them out one by one. Think about it, when was the last time you saw a wealthy person get to where they are with just having one bank account alone? I rest my case.
Tip 4: Life Insurance Is Your New BFF
My mother had taught shorthand and typing to support us since my father died, and secretly she hated it, and hated him for dying and leaving no money because he didn’t trust life insurance salesmen.
Sylvia plath
It’s not as complicated as people make it out to be. Here’s the nitty gritty— if someone is depending on you and your finances, then you must have life insurance. No more excuses because as much as it is for you, at the end of the day, it’s really for them. We need it because we want to make sure they’re well taken care of even long after we’re gone.
Life insurance provides many benefits that will be helpful along the way into your future financial journey. Variable Universal Life policies (VUL) are particularly popular nowadays for millennials and young families because it protects you and your loved ones from potential financial loss, and it also has an investment-linked benefit that makes sure that your money is not sleeping in the bank. Basically, you get to dip your toes into the stock market, without having to religiously monitor and manage it because it’s being taken care of by an asset manager.
It’s so well sought after because of its affordability. The younger you are, the cheaper it is and it could cost as low as only 1,800.00php/month. Imagine it’s like paying for your phone plan but it does way more things! In fact, I have already secured five life insurance policies for myself alone because I want something that’s still cheap! I also wanted to make sure that I’ll be ready and worry-free for the day that my boyfriend and I decide to get married and have a family of our own.
Here are some of the funds that I get to save for with all five of my policies.
- Retirement
- Critical Illness (big hospital expenses)
- Future Milestones (ie. wedding, traveling, real-estate)
- Fund Diversification (ie. making sure my money spread through many “baskets”)
- Educational Plan (college fund)
- Hospital Income Benefit (minor emergency hospital visits)
- Income Continuation (to shelter us in case we become totally disabled)
- Estate Transfer (to make sure our hard earned money gets to our loved ones hassle-free and tax-free)
If ever you would like to learn more about life insurance, feel free to send me a message (links down below). Don’t be shy! Remember, we purchase life insurance not because we’re going to die, but because those we love are going to live.
Tip 5: Leave a legacy, not debt.
The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem.
suze orman
Would you like to hear a scary story? Once upon a time, Debt created a small hole that sunk many great ships. The end. That’s it. Nothing more and nothing else. Would you like to end your story before the adventure even began?
Brace yourself because the only way to get rid of utang is by getting rid of it. Plain and simple. Do not allow it to get to a point where it will start affecting your family next. If you find that you have a large sum of debt to pay off, don’t worry, it can still be fixed. However this means buckling down, and tightening those belts for a little while because for the next few months, your income will only be dedicated to your monthly financial obligations and paying off that debt.
You don’t have to do it all at once if you can’t. Just try to take a manageable piece off at a time so you don’t feel overwhelmed. “Bye Impulsive Shopping! I will see you when I have properly prepared a shopping fund that I can needlessly spend,” said the empowered Modern Filipina.
Remember, we want our children to inherit peace of mind, not worry.
TO INFINITY & BEYOND
I love to see a young girl go out and grab the world by the lapels. Life’s a bitch. You’ve got to go out and kick ass.
maya angelou
Whew! So what do you think, Modern Mama? We’ve got quite the adventure ahead of us, but I’m really excited for you, dear reader. I would like to thank you for taking the time out of your busy day and learning something new with me. By getting to the end of this article alone, I already know that you have a brighter future ahead, because learning is the best kind of investment there is.
I hope I was helpful and please know that whoever you are, take comfort in the fact that I’m just like you. It’s unfortunate that we have a screen separating us but I really can’t wait to hear from you and together, let’s shake the table. Let’s step out of our comfort zones. Let’s rise to the occasion and open all those doors. And finally, let’s get those finances on fleek. Can’t wait to slay!
Lots of Love,
Toni B.
INTERESTED TO LEARN MORE? GET IN TOUCH WITH TONI!
A woman’s best protection is a little money of her own.
clare boothe luce
Hey there, Modern Mama! My name is Antoinette Brillantes or “Toni B.” and I am what you would call a lady with many “hats”. By day, I am an International Baccalaureate Linguistics tutor for French and Spanish. And by night, I moonlight as a singer-songwriter/musician. However, the most important hat that I always wear or carry is that I slay all day everyday as an award-winning financial advisor with the Philippines’ number 1 life insurance company for the ninth year in a row, Sun Life Financial.
Nowadays, I also like to help my fellow Modern Filipinas learn more about how to properly navigate through this daunting jungle of personal finances with my social media blog “Harmoney with Toni B.”. I launched my baby this year on my birthday in April because I wanted to educate, encourage and empower my fellow Modern Filipinas so that they too can achieve their own successes.
If you want to know more and dive into a deeper conversation, contact Toni directly and check her through her socials:
Facebook
Instagram
Kumu: @HarmoneyWithToniB
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