Achieving Financial Goals: Achieving one’s financial goals might just be one of the most perplexing struggles in life. It’s not easy to earn thousands, even millions, and to finally enjoy financial freedom for life.
Moreover, in a recently conducted ‘Sun Talks’, Sun Life Agency Strategy and Digital Transformation Head Jenny Del Mundo expounded on financial goals and financial freedom.
“Financial freedom means having choices,” begins Del Mundo. Financial freedom translates to freedom from debt, shortage, and other forms of financial incapability. Moreover, financial goals refer to objectives set to benefit one’s financial future. In an article by Investopedia, such goals may be subdivided into short-term, mid-term, and long-term goals.
Example of Financial Goals
- Establishing a Budget
- Creating an Emergency Fund
- Paying of Credit Card/s
- Getting Life Insurance or Disability Insurance
- Saving for Retirement
Furthermore, during the talk, Del Mundo explained financial milestones – from getting started, moving up, preparing ahead, to leaving a legacy. Here are some highlights.
Getting Started: Building confidence and independence.
“You are establishing your independence. It is the time of new responsibilities, and you’re beginning to understand the value of handling your own finances. Investing for experiences that enrich your life is the ultimate purpose of the money you earn, and this empowers you to dream bigger. ” (Sun Future Planner)
Moving Up: Shifting priorities from self to others, building a family.
“Gone are the days of yolo (you only live once). You are shedding old habits to pave the way for life-changing events like getting married cradling your newborn child or nurturing a home. Having dependents prompt you to diversify your finances beyond your usual savings.” (Sun Future Planner)
Preparing Ahead: Nurturing health and wealth.
“Two forces compel and inspire you to invest for the future: preparing for retirement while attending to your own health and wellness. You look out for both your capacity to be healthy and your means to be wealthy. You seize chances to make your money work even harder through a diversified portfolio.” (Sun Future Planner)
Leaving a Legacy: Ensuring lasting golden years
“Gone are the days when retirement means passively watching the world go by. Instead, you relish the freedom to pursue new dreams, devote more time to loved ones, and make a difference in your community. Aside from having a comfortable financial nest, you are also focused on the smooth transfer of your estate to your heirs. ” (Sun Future Planner)
Money for Life includes having the following: emergency fund, income protection, education fund, savings for milestones, health protection, retirement fund, and estate transfer fund. These encompass the financial milestones/stages in life.
“To have Money for Life means enjoying the financial freedom to live your life as you choose because you are prepared for the expected and unexpected events in your journey.” – Sun Future Planner
About Sun Life Financial. Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2018, Sun Life Financial had total assets under management of $951 billion. For more information, please visit www.sunlife.com.
Sun Life Financial, Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. In the Philippines, Sun Life Financial is represented by Sun Life of Canada (Philippines), Inc., which offers life insurance products; Sun Life Asset Management Company, Inc., which manages and distributes the Sun Life Prosperity Funds; and Sun Life Financial Plans, Inc., which administers the company’s education and pension plans. In 2011, Sun Life Financial Philippines partnered with the Yuchengco Group of Companies in a joint venture, giving birth to Sun Life Grepa Financial, Inc. (Sun Life Grepa), which likewise offers protection and investment.