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APRIL 9 was “Araw ng Kagitingan,” or “Day of Valor,” as we celebrate and honor our veterans and remember the fallen of World War II and other battles and conflicts in our history who gave the ultimate sacrifice for this country and its people. 

In today’s financial perspective, many ordinary folks are becoming more aware of financial planning but struggle with it and do not know where to start. In fact, some people who manage their own finances lose hope due to their financial troubles and eventually surrender. I have seen folks who almost lost everything and went bankrupt and are currently facing problems with their creditors. But for those who are courageous in dealing with their debtors and dream of achieving eventual total financial freedom they must have the iron will to undergo the financial planning process:

1. Increase one’s financial literacy—For people who want to learn about personal finance must read first books about the topic and attend enriching seminars that tackle personal finance, which is very essential for anyone who wants to succeed in this battle.

2. Lay out one’s battle plans—Anyone going through this must have clear objectives in order to succeed in strategizing his or her plan for this mission. Some examples include a budgeting plan, debt-restructuring plan, passive investment plan, retirement plan, and college education plan for kids, just to name a few.

3.  Making decisive actions—It takes a few slow steps to get into.  Going slow at first for beginners is alright in establishing a foothold in personal finance. For example, one must have the primary objectives of having a 3-month contingency fund and a debt-restructuring payment plan for 12 months.

4. Review one’s weaknesses—Take a look at your daily personal expenses from transportation, food to snacks. Do you really need to drink out a few cups of high-end coffee or eat out on a pricey restaurant or buy junk food which are cheap but really not good for anyone’s body are just some of the examples. Habits must change.

5. Take advice from personal finance experts—Consult a registered financial planner who can help in your personal financial panning. Find professionals who have the expertise to give you solid advice and other inputs customized to your needs and specifications. 

The battle is not yet over for those who have given up hope in this war against debt. It is half won if one’s hardwired habits and mindsets are not uprooted. Waving the white flag and surrendering is not an option for anyone to achieve financial freedom and success. Keep fighting and resist.

Originally posted from BusinessMirror