That is my fancy term for save more, spend less and investly wisely. Doesn’t ”wealth management” sound more motivating? Every time I pass by MiniStop and get tempted to buy another cheesecake ice cream, I silently say “wealth management” to myself and then walk away. Same case when were eating out last Saturday. Simply saying “wealth management” made that all-meat pizza seem less appetizing.
Here are our specific steps to get closer to our 2012 goal.
1. Review our Finances. We made the following files
- Statement of Assets, Liabilities and Net Worth
- Summary of Constant and Variable Cash Flow
- Mutual Fund and UITF performance trackers
2. Organize our financial documents. Should something happen to one of us (knock on wood!), this expandable folder will make it easier for the bereaved spouse to move on.
3. Go back to budgetting. I am proud to say that Franco and I are very good at staying on budget.
4. Learn more about financial planning
- Read books – check! I highly recommend these two books.
- Subscribe to financial planning blogs. I did not just put them on my favorites. I subscribed to the blogs via email so I won’t miss a post.
- Attend a seminar. This is still a question mark. I think we know the basics already. What we need would be guidance on how to invest. Enter specific step # 5.
5. Meet with a Financial Planner.I am so excited about this one. We go to doctors for our physical health. We go to lawyers if we have legal concerns. So why not go to the professionals for sound financial advice, right? I have a long list questions that I would like to ask. More important than that, we are getting the services of a professional financial planner to help us determine what should our financial goals be and how can we achieve them. The planner that we are meeting is not connected with banks, investment firms or insurances. He won’t be selling us any products. Our first meeting will be all about data gathering and Q&A’s. I am sure I have more questions for him than he has for us. In the next meeting, he will present to us recommendations and strategies on how to get from A to B and eventually to Z. Isn’t that exciting?
What is more exciting is that the planner that we are meeting is no other than Efren Cruz , the author of Pwede Na! The Pinoy Guide to Personal Finance book. I was thinking of putting his credentials here but the list is too long. Check out this page to know more about him.
More on spending wisely on wealth management post.