Have you heard about “papunta ka pa lang, pabalik na ako.”, “Hindi pinupulot ang pera.”, “Matutong mamaluktot kapag maikli ang kumot.”, or “‘Wag gastador at ‘wag bumili ng kung anu-ano!”? These are just a few lines that the older generation would always tell young adults when they’re making the wrong move.
Although research shows that Millennials and Generation Z are even more keen on physical, mental, and financial wellness, it’s still necessary to get suggestions and guidance from elders.
Boomers can be your parents, grandparents, or other relatives who are not just experienced in life hacks but also experts in money management. That’s why you should really consider heeding their advice on investment and financial planning.
1. Be skeptical. The younger generation tend to be risk-takers. In order to protect yourself from scammers, make sure you ask questions and don’t take things at face value before you invest in anything. Do thorough research and think carefully before you decide.
2. Don’t rush. Take your time when making big purchases like appliances, a car, or a house and lot. You don’t have to buy on the spot. Shop around for options and make comparisons.
3. Shop smarter. Don’t get easily swayed by sales, discounts, or free offers so you won’t end up buying things you don’t really need.
4. Use cash. It seems easy to pay with a credit card especially in today’s fast-paced world, but it can also put you in a bad financial situation if you don’t pay the total amount due each month. The interest will cost more than your original purchases. Using cash can help you manage your finances and stick to your budget.
5. Save money at a young age. During this pandemic you have seen people running out of money, losing their jobs, getting sick, or dealing with the death of a loved one, deteriorating mental health, or getting deeply indebted. By saving money, you can be prepared for any life’s emergencies and uncertainties.
If you start saving in your 20s, you’re most likely to retire early and achieve financial independence. A good way to start is to learn how to spend less, put aside a portion of your income, and open a savings account. You can also watch online videos on financial literacy and explore other ways on how to build up your savings.
Millennials and Gen Z are more focused on protecting themselves and securing their financial health. Which is why we, at Paramount Direct, have designed a product that could fit your lifestyle, budget, and needs.
Our Sure Savings Plan is an endowment plan, for ages 20 up to 60 years old, that provides Life Benefit, Accidental Death Benefit, Hospital Cash Benefit, Waiver of Premium on Disability Benefit and a savings component. It’s payable for either 5 or 10 years, and has coverage for up to 20 years.
Life benefits of up to PHP500,000 will be given to your beneficiaries if death is due to natural causes while Accidental Death Benefits of up to PHP500,000 will be given if death is due to accidents.
A daily Hospital Cash Benefit will be provided in case you get ill or injured that need in-patient care. Pre-existing conditions are covered after 2 years of continuous coverage.
In the event that you get seriously injured or disabled, Waiver of Premium on Disability Benefit will be initiated. Your coverage will remain intact without having to pay any premiums in the succeeding years until your policy matures.
The savings component kicks in when you outlive the 20-year coverage. That’s when you’ll receive your life benefits which you can be used to achieve your future goals.
For more information about our Sure Savings Plan and to apply online, feel free to visit our website at www.paramountdirect.com.