advice

The new bucket list

12:00:00 AM

On my birthday last year, I came up with a list of 27 things I'd like to do before I turn 27 years old. As of today, I've already crossed out seven items, replaced four, and utterly failed at two. I was reviewing my list when it occurred to me that most of the things there really had little or no consequence to my future, so there really wasn't any point to doing them.

That being said, I've decided to scrap my Pre-27 Bucket List and come up with a new one. This list will be shorter; I'm getting rid of items like books, movies, wines, and travel. I will continue to buy books, watch movies, drink wine, sing, write, and go places, but I figured I don't have to write them down because knowing myself, I'll do them anyway.

All that will remain on the list are things that will help me achieve one goal by my 28th birthday, which is to achieve financial independence. Money is never a guarantee of happiness, but it's definitely nice to always have the option to just hop on a plane and go somewhere far for a week when things get shitty. So here goes:

1. Pay off all credit cards and loans.
Pick one
(photo from the internet)
A lot of factors contributed to my current financial situation. Everything started with my mother's cancer diagnosis and her treatments. Then, I had to shell out a huge sum of money for the condominium unit I bought with my former boyfriend. And when I got kicked out of my stepmother's house, I had to buy furniture and furnishings for a new apartment. So yeah, the debts just piled up, and the interest rates made them worse.

My friend and financial adviser Jerry gave me the roadmap so I could finally pay everything off, and I'm following his instructions to the letter. By the first half of next year, if things go well, I should already be completely debt-free.

2. Invest in stocks.
Gibberish - for now
(image from the internet)
This is something I'm excited to do, and I really want to get started as soon as I save up enough capital. I'm sure I'll take a while to learn, so I'm thinking of splitting the pot in two in the beginning - I'll invest one part by myself, while I entrust the other half to Jerry - just so I don't burn all my money in a rookie mistake.

3. Purchase another insurance policy with an investment component.
Sign here
(image from the internet)
I actually have a variable life insurance policy with Sun Life, which I acquired when I was 23 years old, and will continue to pay for until I'm 33. By then I can withdraw 70% of my premiums and use it for something else. The remaining 30% will sustain the plan, which means that my beneficiaries will get a clean Php1M when I die.

But that's the thing - it's not something I can benefit from while I'm still alive, and that's why I'm getting another policy. I've shopped around, and I already found the product that I want; this time it will be from PruLife UK. It's an insurance and investment policy rolled into one, but the best part about it is the lump sum payout if I get diagnosed with any of the top 30 dreaded diseases. That way, I don't have to worry about being a burden to my family if I ever get sick.

4. Continue working side jobs.
Extra time
(image from the internet)
I read from somewhere that when they want something, small-minded people focus on saving their money, while the big thinkers and dreamers who eventually succeed find ways to expand their income. I started doing that towards the tail end of my tenure in Selecta. My first client was my old employer, SMX Convention Center, and I was tasked to write the copy for the brochure of the Davao property.

My next client was my friend Karlo, who owned a carpet and upholstery cleaning business. I helped put together the pricing structure, plus some marketing templates. I continued to accept random projects from various clients, most of which were writing jobs. I'm also part of a start-up creative endeavor with a bunch of friends, which could become another revenue source for me if things go as planned/hoped.

5. Lay the groundwork to start my business.
Come in, we're open!
(photo from the internet)
On the second part of my comeback post, I talked about how my semi-corporate job is a step towards the right direction to start building my business, and just now I shared that I'm working on other projects, as well. While I'm still waiting for that big idea to hit, I'm going to grow my network, save capital, and learn the basics of entrepreneurship.

6. Save.
Little by little
(photo from the internet)
I have my insurance and my condo, but those are investments for the future. I'm far from poor, but I'm not liquid, and that is a problem when there are emergencies. I locked my money in policy and property because I'm not exactly good at saving up, but I figured it's fine time that I learn how. I'm no longer a fresh graduate, and I need to be more in control of my spending. I have a target amount in my head already, and I'm determined to make that number a reality.

I'm determined to become financially stable once and for all, and this list will be my guide to make that happen before I turn 28.

isawisay

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