Podcast Summaries

Podcast | Choosing to Hire (Or Not) a Financial Advisor

We’ve been there. A phone call from a long-lost acquaintance, eager to catch up over coffee. Sounds fun or even romantic. Until the question, “Open minded ka ba?” or some other sales pitch that makes you buy insurance reluctantly.

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Charmayne Galang is a Financial Advisor for an Sun Life of Canada, and this is not her gimmick. She tells us that being a financial advisor is not the path for people who just wants to earn money. It is a lifestyle that needs to have a strong foundation that cannot be built overnight. Nobody wants to be sold to, but people are open to buying. Give value and knowledge first and that should be enough.

Road to Enough

At 24 years old and 15,000 pesos ($262.00) to her name, Charmayne struggled to live on her own and be financially independent. While in school she worked multiple jobs to finish college and help her family. Hustling even before getting her degree made her realize how hard it is to earn money and easy to spend it frivolously and so she vowed to be smart in handling her finances.

Her eye was aimed into increasing her net worth, working long hours every day that it took a toll on her health. This pushed her to work even more feeding her fear that money still isn’t enough. She became disconnected with family and friends because she was extremely busy. Looming health concerns and feelings of isolation made her realize that she is not living the life that she dreamed of.

She wants to explore the world and spend more time with family, but she found herself tied to a desk away from the people that matters to her. Charmayne became so focused on her net worth goal that she forgot how to live a satisfying and engaging human life.

She turned the ship around when she became a financial advisor. Primarily taking the job to boost her net worth, she found unexpected lessons when she started seeing clients. Amidst financial insecurity, her clients didn’t suffer the anxiety that she was facing. It forced her to ask the question. Why am I feeling miserable when I have more than enough?

Dreaming big and working hard to get it is great, but not at the cost of the things we value. It is not money that we really want but the things money can buy. Freedom, time, and happiness. Sadly, we become so engrossed into earning money that the goal transforms to accumulating more money to no end. Not realizing that if we are chasing something that is not out there, we could never be free.

Where to Begin?

Charmayne says that the key is to start with your Cashflow (income, expenses, and savings). Just realize that knowing where you are, even if it is not what you expect, is a crucial first step into changing your situation for the better.

Cashflow allocation needs to be tailored to a person in the circumstance where she is in to be effective and sustainable. Comparing yourself to your peers with different life priorities only causes anxiety. You must realize that your financial independence journey is unique. Focus on the plans you laid out and enjoy the ride.

The first wall of protection around your wealth is the Emergency Fund. This ensures that you continue to build wealth without hiccups. It prevents you from taking on debt, selling your home or liquidating your retirement to fund unforeseen expenditures. It could range form a paycheck to 6 months pay based on your level of comfort.

If it is applicable, the second wall is to consider getting medical and/or life Insurance. These offer protection from risks that you couldn’t cover. The type and coverage will depend on your needs and goals. For example, a sole breadwinner with three kids might obtain life insurance while she is building wealth until she has enough to leave her dependents in case of the unexpected. If a serious accident is to happen medical insurance could give her peace of mind to focus on recovery.

Insurance Scams

Due to the amount of money involved in the insurance arena, fraudsters, and scammers abound for easy payout. It is important to do your due diligence before trusting anyone with your hard-earned cash. You should ask for call back numbers to verify the identity of representatives. Do not provide personal information over the phone until you are satisfied with the company’s legitimacy.

Look for a financial advisor that would put your own needs ahead of theirs. On top of knowledge and experience, connect with someone who is compassionate and who walks the talk when it comes to finances. Charmayne provides this level of service to his clients. She gives free financial coaching to Filipinos without strings attached. It fulfills her to improve the quality of life of Filipinos one household at a time because we all deserve the best life.

Should we hire a Financial Advisor?

We do our research and geek out on the most optimal way to earn, save and invest our money, but when we hit roadblocks, asking for help is the wisest thing to do. Financial advisors could prove to be of value for us to see the forest for the trees. Especially when we are so bogged down on the details of our problems that we couldn’t see the solution right under our noses.

What does a Financial Independent Charmayne would look like?

For me once na nahit ko na yung independence ko na hindi na’ko nagwoworry about income, kaya ko nang magshare nang magshare about financial independence. Yung feeling na nakakatulong ako and I can pay it forward, yun ang Financial Independence for me.

What spending of your money or time, no matter how crazy expensive, had brought you happiness in the present?

Pinakamasayang purchase ko this year is to have yung mindset mentor ko. It’s an investment na ginawa ko for myself. Sa lahat nang pinurchase ko for myself ito yung pinakamasaya ako kasi it really gives me happiness from within. It opens up yung mga covered issues ko with myself and it gives me the chance to fix them and be a better person. When I am a better person, I can better serve other people.

Final takeaways:

Don’t be too harsh on yourself. I know that there are so many goals that you want to achieve. I was there. It’s not bad but don’t let your life revolve around it. Don’t detach yourself from everyone and don’t detach yourself from the things that make you human. Kasi what is the destination without the journey? Really just take care of yourself.

Connect with Charmayne at Financial Literacy for Beginners Philippines!

About Us

We are a Pinoy Physical Therapist duo living somewhat unconventional but intentional lives. In this podcast we want to learn how Filipinos all over the world in different industries and walk of life earn, spend, save and invest money to achieve Financial Independence.

Follow us on YouTube for more podcast interviewslife and travel tips! If you have questions and suggestions please leave a comments below or visit our Facebook Page. See you soon!

DISCLAIMER

We are NOT certified financial advisors, analysts, or CPAs. Investing strategies shared in this article and the website are not financial advice, but our own opinions that are for educational purposes only. We want you to treat our content as a preview to do your own research so you can make smart financial decisions.

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