Are you Financially Sound?

[ejr]

bawal magkasakit yon ang asset ko

tama ka dyan sir VtEC.

[froshie1]

you are financially sound if you live below your means.

[DonT]

you are financially sound if you live below your means.

To be 'Financially sound' is like an objective or a goal to be reached....Living within or below your means...is one way to take you to your goal. Of course there are other means or ways. .

[froshie1]

1 to 6 are obviously true but what if the person stops working? I believe, one is financially sound if a person comes to a point that he doesn't worry on where's he going to get the payments for his bills, food etc.. etc..

[CVT]

It's a work-in-progress for me.....

4808:santa:

[v6dreamer]

I owned two real state, one is currently rented and the other one is my primary dwelling. Both this house appreciated more than 65% value since we bought this house 15 yrs ago. I am a retired U.S navy which is still working and my wife was R.N, own two cars and a van. The funny thing is not much of a savings in the bank (utang doon ako mayaman). Did I considered myself financially sound? NOOOOOOOOO! Someday, kapag tapos na ang mga anak ko sa pag-aaral.

[uls]

i'm not financially sound.

Coz my only source of income is my job.

If i cant work anymore for whatever reason, i'm screwed.

hehe

[mazingerZ]

Right on sir uls. Pagnagkasakit tayo magkakanda leche leche na ang finances. As of today nga rolling lang lahat ng pera. Sad to say, im illiquid pa. Kaya pa naman as long as I am strong enough, and wala lang mga really spectacular events. Need a second job again though, lumalaki na kasi ang pamilya.

[Cult Zero]

at what age ba dapat maachieve yan mga yan? i am currently paying for a condo pero sobrang tagal ko pa mababayaran. i don't own a vehicle since i used it as DP for the condo. i've been working for 5+ years and so far no. 6 lang ako - steady stream of income (my job).

[badkuk]

Have read somewhere that for an individual to be financially sound..you have to:
1. Own your own house
2. Own a vehicle
3. Have physical assets in your house which is at most half the cost of your house.
4. Have minimum savings equivalent to twice the cost of your house.
5. Savings should be diversified. At least 50% should be liquid.
6. Of course a steady stream of income should be there to take care of usual expenses.

What do you say? :question:

1. agree
2. don't agree; if you don't need a car, why buy one?
3. don't agree; pwede naman siguro iinvest na lang sa mutual funds right? di ka pa mananakawan B)
4. um....nuninuninuninu...
5. agree
6. agree...one that should last you until retirement and when you finally kick the bucket B)