MANILA, Philippines — In a recent "Slam Book" interview, Miss Grand International 2020 first runner-up Samantha Bernardo told Philstar.com how it was possible to earn your first million bucks.
As a licensed financial adviser, Sam gave more pointers on the subject of financial security.
"After my dad's sudden demise in the last quarter of 2018, I received a very sound financial advice. Acting on that, I went to the Insurance Commission to get my license, through a written exam.
"Investing is all about educating people on its soundness. The old view was that you needed insurance when you're old and dying. But today's plans have investment components that, depending on the priority of a client, can grow to your first million.
"The first thing they should do is prepare for their retirement plan and build an emergency fund. We have a 'growth of money' policy that you can avail of for only P67/day. But you have to start young. The higher the age, a policy becomes riskier and more expensive.
"Traditionally, insurance was viewed like buying a fire extinguisher. The moment you need it, it's gone. That's why you need to have insured yourself yesterday. Because yesterday, you were healthier and younger. Now, you can learn more and diversify with your money."
While most of us want to earn that elusive million through investment, Sam said it isn't for everybody.
"You must, first, be stable financially. Save your money and then we create a plan or financial road map for you. This is where we can generate growth or know whether your 'million goal' is possible or not.
"Depending on how much a client is willing to risk, such a goal is workable between five to 10 years. Liquidity screens a potential client. Because it is a long-term goal, a client must have an earning of at least 30K a month. Plus, we have to weigh in the inflation rate, which by the way is a constant, from three to five percent.
"Our focus now is to educate and inform people to make them aware of investment innovations. Talk to a financial adviser and see the new possibilities in both your money and insurance policy."