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For part two of Personal Finance is Personal episode, Ton Patron dives further on what it takes to manage your expenses.

When it comes to budgeting, you have to figure out your monthly expenditures and carefully consider which are a necessity and discretionary. Thus, he laid out this matrix for anyone to categorize spending based on importance and urgency:

  • Necessity – Important, urgent (e.g. household bills)
  • Life-goals – Important, not urgent (e.g. insurance, investments)
  • Interruptions – Not important, urgent (emergency fund)
  • Discretionary – Not important, not urgent (luxuries)

As for the aspects of retirement, Ton highlighted to do time value analysis, which means that you have to wary of your spending multiplied by the amount per month. 

Having insurance is also an integral part when preparing for retirement. The guest also reminds everyone to always look for a financial adviser who has your best interest in mind. While there are lots of reputable terms insurance available, the best option is to stick with the top five insurance companies (SunLife, PhilAm, ManuLife, PruLife, and Insular).

Furthermore, Ton expounds on what is VUL and why do you have to consider the cost of money that you have vs. the money you will borrow when it comes to settling for an emergency fund. 

For someone thinking about retirement, JC Abarca revealed in this episode that he is planning to leave the workforce at the age of 38. He also sheds light on the importance of envisioning your future, and why is it better to stay practical and low. 

About the guest: Ton Patron works as a Personal Finance adviser with almost two decades of experience in the financial industry in the Philippines. JC Abarca is our Head of Operations at Uploan. 

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