Reaching Financial Milestones: Milestones in life are worth celebrating – birth, graduation, career, marriage, etc. Moreover, life milestones, are physical, emotional, spiritual, and even financial milestones as well. In a discussion initiated by Sun Life Financial dubbed ‘Sun Talks’, speakers Valerie Lagarde-Amora, Sales Cluster Head – Manila 3A, and Andrea de Guzman, Unit Manager and Financial Advisor talked about financial milestones – as well as restarting the financial journey.
“Our salary may retire with us but our expenses will continue,” begins Valerie Lagarde expoundng on how expenses will continue to be a part of life even beyond the end of employment. “It’s never too late to start something new. It’s not too late to restart your financial journey,” affirms Andrea de Guzman.
The pair talked about financial milestones in life stages. This includes four milestones/stages: getting started, moving up, preparing ahead, and leaving a legacy. Moreover, a planner by Sun Life, “Sun Future Planner”, further elaborates on the mentioned stages.
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)
Whilst traversing life stages, key financial needs are as follows:
Expected Life Events:
- Education
- Retirement
- Estate Transfer
- Savings for Milestones
Unexpected Life Events:
- Emergency Funds
- Income Protection
- Health Protection
Related Read: Is Health Insurance Worth It?
While money is an absolute necessity throughout life stages, the speakers also expounded on ‘Money for Life’. Money for Life is the Sun Life way of helping individuals create their own personalized financial plans based on the different stages of life. According to the speakers each life stage has a unique set of goals and needs and to have money for life means being able to enjoy financial freedom to live life because one is prepared for the expected and unexpected events.
Money for life means financial security for the following:
- Emergency Fund
- Income Protection
- Education Fund
- Savings for Milestones
- Health Protection
- Retirement Fund
- Estate Transfer Fund
Moreover, the speakers presented a financial planning pyramid.
- For wealth protection to cover death or accident, illness or disability, natural calamities, temporary job loss, or business loss, there are means to ensure financial security: emergency fund, time deposit, savings or current account.
- For wealth accumulation to cover education or retirement fund, life milestones (home ownership, business venture, car, travel), mid term or long term savings, these are means to secure financial stability: mutual funds, variable universal life, bonds, and stocks.
- For wealth transfer to cover estate taxes, inheritance for heirs, or business succession, these are the means to secure longevity/transfer of finances: estate planning.
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.
