June 21, 2009

Medical Insurance

Posted in investments, personal at 1:22 am by kimsan23

Some people have argued with me about the importance of buying medical insurance.  A number have declared that they are as healthy as bulls and don’t need this “additional expense” in their lives.

Medical insurance has helped me a lot in the past years.  Since I work in a high pressure type of environment with abnormal sleep hours, there were times when my asthma would bother me and I would have to go see a doctor.  I even got hospitalized before and I am thankful that I only paid P198…the bill was actually about 35k– but of course, the insurance covered it all.

Now that I am employed, my company takes care of my health insurance.  when I was a kid though, my parents bought insurance for us and it really went a long way.  Visits to the ER, dental appointments and even some procedures were done without us having to pay for much.

The advantage of  having health and accident insurance is really big and unfortunately will only be realized by a person when an emergency happens.  Of course, you need to pick a really good insurance provider. One that will really fit your needs.

I’m happy with my current provider, even my dad has been able to use the policy since he is one of my dependents.  I’m also able to help my brother, he’s the other dependent and is apparently only two years old!  Kids nowadays get sick of one thing or another and the coverage is really useful for him.

My insurance provider requirement checklist:

1. Covers long term conditions developed after buying the insurance.

2. Covers pre-existing illnesses.

3. Flexible payment terms.

4. Allows for adding dependents.

5. Covers a wide geographical area (great for frequent travelers)

6. The office is easy to contact specially when it’s an emergency case.  (One provider I had before even uses swipe card technology, so that hospitals don’t need to call to verify the card details).

7. Is accepted in many quality hospitals.

8. Covers out-patient  medication (This is rare, even my provider doesn’t do this.)

9. Covers testing procedures (An MRI is very expensive!  Covering it would save you 8k)

When you get a medical insurance provider, ask questions before you sign. Compare with other providers and find the one that will suite your lifestyle.  Make a list of possible concerns you might encounter and ask the provider about how they handle these situations.  Don’t scrimp on this investment, you’ll never know when you’ll need to use it.  You could save a lot of money on trips to the ER or regular check-ups.

Part of saving money is also preserving your health.  Health is wealth and if we stay healthy, we have the capacity to earn more.  An investment in health insurance can go a long way.

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April 30, 2009

Book Review: 12 Steps to Build Wealth on Any Income

Posted in books, extra income, financial decisions, investments, loaning, planning, saving tips at 1:51 pm by kimsan23

I was browsing books in National Bookstore when I came across a shelf with an abundance of books on personal finance.  What’s so great about the book market now is that there are a good number of books that tackle personal finance for Filipinos.

There used to be a whole lot of books on personal finance but all of them were written mostly for other countries.  Of coure the basics will always be the basics but what’s nice about local publications is that there are local scenarios being discussed.  So, in short, I CAN RELATE better to local books in terms of managing finances.

I found a book which I eventually bought after browsing through the pages every time I was in National Bookstore.  Every week, I would pick it up and take a look at it to see if it was worth the buy.

Book Details:

Title: 12 Steps to Build Wealth on Any Income
Author: Alvin T. Tabanag
Peso: 300+ (sorry, i took the price tag off)
Availability: National Bookstore
Rating: 4/5

———

Review:

Alvin Tabanag’s book deals with the hazards of spending, the joys of saving and the struggle one must go through in the process of balancing ones earnings with his finances.  I am impressed at how much research as well as common sense went into the creation of the book.  He tackles several topics which include:  how to save, making the right investments, saving for retirement, understanding how money grows in a bank, and a great section on credit cards.

The book is written primarily in English but has some excerpts and examples in Filipino.  You don’t have to be an accountant or finance-savvy to understand his book.  He explains personal finance in layman’s terms making the book an easy and very interesting read.

I most especially enjoyed the section on templates where he shares some simple forms on budgeting.  There is also a section with a list of banks, mlm companies, mutual fund companies and other options for investment.

Soon, I will share some of his tips and how those tips have impacted my saving and spending habits.  I highly recommend this book.  So far, I have influenced 3 people into making the investment of buying the book.  It has been a month and they are happy customers!

February 10, 2009

February Financial Update

Posted in business, extra income, investments at 3:20 pm by kimsan23

Hi everyone! It’s been a tough January for me and as I write, I am looking at the possibility of doing away with a current endeavor. I won’t say what it is yet but I am determined to find other means of income!

I can already invest a good amount of money in a small consistent business which I have not found yet. So far, what’s earning for me are my investments in used car sales. I have already turned in a profit of 25k out of investing in this. What I would like to focus on now is to do more sales in terms of a food business, something that involves dimsum 🙂

Can anyone help me set up food carts? I really want to do this. Food sells specially when the product is very yummy.

I really need help with marketing. That’s my waterloo.

Right now, I am crossing my fingers at the prospects of writing books since this is one thing I did in the last month. It was fun but the profits turn in a bit late. I’ll probably be getting my cheque in June or July. You see, they’re academic books so I need to wait for the school year to start.

I really need something solid here. Am getting anxious over the economic situation.

January 6, 2009

Here’s to the New Year!

Posted in business, extra income, investments, planning at 2:24 am by kimsan23

2009 seems to be a promising year for me. 🙂  I was looking at my Chinese zodiac and it seems like this year will be fruitful in terms of finances.

Highlights for 2008:

  1. I started earning much better than in previous years
  2. My savings account bloomed during this year
  3. I was able to buy a car and move to a better apartment
  4. I exercised a lot of control over myself when it came to spending
  5. I learned how to maximize my earnings by effective budgeting
  6. I also learned how to let go of money when I had to for emergencies
  7. I made significant investments and started using eBay
  8. I made some money out of internet ad placements
  9. I made money out of what I love to do (martial arts)
  10. I offered a new type of service and was able to help some people who did not have work.

Goals for 2009:

  1. Find more freelance work to earn more
  2. Close a book writing contract
  3. Close another book editing/revision job
  4. Manage to open a “Paglingap” time deposit through work
  5. Get more involved in sports activities
  6. Get more training for professional growth
  7. Pay off car (WHEW!)

Now to the actual entry….

Today marks my first workday for 2009!  So far things are quiet at work since it’s only the start of the year.  During the long break, I managed to accomplish a significant number of things.

First, I was able to invest my money in a buy and sell car business.  So far, the first ROI cheque came in on time.  I am expecting two more installments this month.  This business pays me 20% of what I invest in a span of 3 months.  So far, my investment here is at 250k, split in two.

Second, the Chinese deli store that my dad is starting is asking me to sell our famous Tipsy Chicken.  I still don’t know if this business will really fly but so far…the chicken recipe works — it’s just a matter of selling it!

Third, my project with the security agency is still ongoing.  We are resuming classes by the 2nd or 3rd week of January.  This is something we started last October 2008 — my group and I started offering to teach practical self defense and combat skills to security guards.  The security agency got a huge discount from us but since the volume of work is a lot, we are still getting paid pretty well.  I am expecting some payments by February at the latest.

Finally, I started a book project with an academic author.  I revised an academic book on ESL for this person.  Payments though won’t really come in till the start of the school year but I am definitely expecting some good returns.

I am also considering some business options this year.  I was hoping to set-up an admin-services type of outfit like a business center.  It’s just so hard to look for a location!  Ideally, it should be very near a school but there is no more space for me!  If I put it in a mall, I’ll end up spending way too much on the overhead costs.

The baking business went very well last Christmas, we had tons of orders but I personally don’t earn from there.

One thing I really would like to do is get more book projects.  I am working on a personal one now, which is a book about practical self defense but that will be personally funded by me.  I need more book projects from other people that are willing to pay me to edit, revise or even write a book for them.  I wonder if publishing houses would be interested?

On the money side, I was good all Christmas vacation and did not over spend.  Hooray for me!  I followed my budget quite strictly.  Even though I  got sick, I was still able to stabilize my savings and even open a new account for myself in PS Bank.

The reason I’m opening more accounts is not because I have tons of cash but because I am positive that this year, I will be able to max out the PDIC limit on 2 of my bank accounts.  I intend to keep money to a maximum amount of 250k per account so that I am fully insured by PDIC in case the bank runs into some trouble.  Well, I don’t half a million yet but you know what they say: “If you open it (an account), it (money) will come.”

Happy New Year everyone!

June 9, 2008

HSBC Time Deposit

Posted in investments at 11:43 am by kimsan23

I had recently attended a company seminar on bank loans.  The seminar was facilitated by HSBC.  Apparently, they’re our company’s banking partner in providing employee loans.  I wasn’t really there to loan though– I was more interested in information on their time deposits.

HSBC has a pretty darn good record when it comes to banking services so I asked for information on their time deposits.  This came yesterday in the mail:

HSBC Chart

I’m not sure how the rates work, I still need to talk to someone over there who can give me a more visual look at the earnings.  The last time I went to a bank (BPI) to ask about time deposits, I was shown an earning of P315.00 for a short term time deposit of 100k.  Hmmm.

On a lighter note, I think the word “TENOR” in this chart means “TENURE”?

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