More people, especially younger folks, are getting interested in the stock market these days. With so many brokers out there (about 132 in the Philippines, with 21 offering online services), choosing one can be tricky. Here are some tips to help you decide: 1. Old School or Online? First, you need to decide between traditional and online brokers. Traditional brokers are the ones you call on the phone to buy or sell stocks. They're good if you like talking to a real person, but they charge more for each trade, up to 1.5%. Online brokers, on the other hand, let you buy and sell stocks on a website. It's faster and gives you quick information, plus they charge less, sometimes as low as 0.25% per trade. 2. Reports and Analysis Next, think about what kind of information you need. Some brokers give detailed reports about companies, while others focus more on charts and graphs. Pick a broker that gives you the kind of information that helps you make decisions about stocks. 3. How … [Read more...]
Steering Clear of Online Scams: How to Protect Yourself from Digital Fraud
Scams and get-rich-quick schemes have been around for as long as money has existed. But in today's fast-paced, hyper-connected digital world, scammers have more opportunities than ever to trick people out of their hard-earned cash and sensitive information. There are all sorts of scams out there, from fake emails and identity theft to Ponzi schemes and bogus investment opportunities. Scammers are getting smarter and more creative, using a wide range of tactics to fool people. The scary part is that these scams are having a huge impact on people's lives. A recent survey by the Global Anti-Scam Alliance and Scam Adviser found that a whopping 40% of people worldwide have lost money to investment scams. Even worse, most of them (69%) didn't even try to get their money back because they didn't know how. These scams are hitting people where it hurts - their wallets. About 66% of people said that getting scammed had a big impact on their finances. Surprisingly, 32% didn't try to … [Read more...]
Difficult Talks on Money with Family and Friends (And How to Deal with Them)
In any social gathering, engaging in conversations about politics or religion is often considered taboo if you want to avoid making enemies quickly. However, when it comes to family and friends, one of the most challenging topics to discuss is money and finances.A Wells Fargo survey found that 44% of Americans consider personal finance the most difficult subject to talk about with others, even more so than death, politics, and religion. Despite money being a leading cause of stress in relationships and commonly cited as the primary reason for divorce, Time magazine reports that 40% of couples don't discuss how they would manage their finances before getting married.The dire statistics above are definitely similar in the Philippines. A survey by a major insurance company shows that money matters are the number one cause of quarrels among Filipino couples, a fact confirmed by other research on the topic. Herald Cruz, a counselor at the Center for Family Ministries at the Ateneo de Manila … [Read more...]
Savvy Strategies for Saving Money on Household Appliances
In today's modern world, appliances have become an indispensable part of our daily lives, making tasks more convenient and efficient. However, purchasing these essential items can put a significant strain on one's budget. To help you make smart decisions and save money, consider the following strategies when buying appliances.First and foremost, ask yourself if you truly need the appliance. Avoid falling into the trap of buying unnecessary items that you can't afford, just to impress others. Instead, consider investing the money you would have spent on non-essential appliances into vehicles that can grow your wealth over time.When you've determined that an appliance is necessary, ensure that you can afford it. Buying in cash is always the best option, as it allows you to avoid the hidden costs associated with "zero" interest deals. Save up for the appliance and delay gratification to secure a better price.Next, explore cheaper alternatives. While the latest, high-end models may be … [Read more...]
Estate Planning in the Philippines: An Introduction
When people ask me about my area of legal practice, I often mention estate planning. A common response I get is, “So, you focus on real estate law?” While estate planning does involve some aspects of real estate, it is not primarily about real estate. It’s understandable that there are misconceptions about estate planning. Given the low level of personal financial planning awareness in this country, it's not surprising that understanding of estate planning is even lower. Many Filipinos lack a personal financial plan or even a basic retirement plan, so it's expected that most don’t have a comprehensive estate plan. An estate plan is simply a plan for how an estate owner's assets will be handled after they pass away. It considers several factors, such as the owner’s goals, payment of estate taxes, and proper distribution to heirs according to the owner's wishes and legal requirements. Lack of estate planning can lead to several problems: strained family relations, reduced estate … [Read more...]
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