Let's admit it. Very few of us know how to do proper financial planning. On our own, it will take a lot of time to self-educate ourselves on how best to manage our personal finances along with planning for a secure future. Sure, there are self-help books, seminars, and courses we can enroll in to learn more about handling our finances but it will greatly benefit us to get help from an expert we can directly talk to about budgeting, investing, etc.

personal finance planning can be tricky if you don't know how to go about it properly

a Financial Advisor is someone you can trust and be comfortable with

Many people think that investing is a complicated matter and should only be done with the help of a financial expert who requires considerable payment for the service. I used to think that way, too, until I discovered that this is just one part of handling personal finances and growing one’s money. 

I still see myself a newbie at investing though because I know that I still have so much to learn. That was why I signed up for Sun Life’s #Money4LifeChallenge, a series of monthly talks by Aya Laraya, a Registered Financial Planner. The goal was to empower bloggers who are interested to improve our knowledge on money matters.

A few weeks ago, my blog post on 5 Things to Consider When Finding a Financial Advisor won me a Sun Life Prosperity Card worth P5,000. I’ve been wanting to invest in mutual funds for a couple of years now but hadn’t gotten round to exploring my options. The card made the decision for me and I am grateful :)

I activated the card by going to the Sun Life Building in Bonifacio Global City. There, I got help from John Natividad of the Sun Life Asset Management Company Inc. (SLAMCI) who assisted me in filling up the Investor Information Form, Investor Profile Questionnaire, and other relevant papers. 

John also patiently explained how easy it is to add to the initial investment through automatic bank transfers of P1,000 (minimum) each month. These subsequent additions will further help grow the investment as the years go by.

By now, you’re probably wondering how the money would grow. Sun Life pools all the funds from individual investors and places these in investment vehicles that, so far, have been doing well for the past years. What I love about the Sun Life Prosperity Card is that it takes off much of the guesswork and headache because there are experienced fund managers who would handle your money for you. 

I would leave the more extensive explanations to a Sun Life Mutual Fund Advisor whom you can ask advice from as to what kind of mutual fund you should choose to invest in. Ask to speak to one when you visit any Sun Life Financial Philippines branch where you can purchase Prosperity Cards. They are very accommodating. 

Since Christmas is just around the corner, I highly recommend this as a great gift option because it is something unique that will appreciate over time. The Sun Life Prosperity Card allows recipients to have their own starter investment fund and help begin their personal finance journey towards a brighter future. Consider this: P5,000 will not earn much if you leave it for a long time inside a bank savings account. 

Visit sunlifeprosperity.com.ph or call 849-9888 to know more. For inquiries on specific Sun Life Prosperity Card transactions, call 849-9452 / 849-9495 or email slamc@sunlife.com.

Whether you find it uncomfortable talking about it or not, death is inevitable for all of us. We will all die someday. The question is, what would happen to your loved ones if you suddenly pass away?

Yes, conversations about death and finances can be depressing and are even considered taboo by many. However, when should families talk about it? When the head of the family is already dead and everyone’s stoked to fight tooth and nail for his/her inheritance? "Fights over land, for instance, can be avoided if there’s already a plan to divide it between the children BEFORE the parents die," pointed out Registered Financial Planner Aya Laraya during the most recent Sun Life #Money4LifeChallenge talk for bloggers.

He said people who sign up for life insurance policies usually have these end goals in mind: to take care of the family, to provide cash, to replace income, or to continue a child’s education. However, one thing is missing in the list – inheritance tax.

Did you know that even if you have a last will and testament, none of your assets can be transferred to your family until the inheritance tax is settled? The good news is that an irrevocable life insurance is not covered by estate tax so your beneficiaries can redeem the insured amount and use it to pay for the necessary taxes (instead of finger-pointing who should shoulder the amount).

So, what are taxable assets? These include cash, houses, land, investment portfolio (stocks, mutual funds, etc.), vehicles, jewelry, art/paintings, and livestock. How much inheritance tax is imposed? That’s 20% after basic deductions (funeral expenses, previously taxed properties, family home, and medical expenses).