When it comes to money, one thing everyone can agree on is that you can never have too much — but does it spark joy? In 2010, a study from Princeton University's Woodrow Wilson School said that happiness begins at earning $75,000 (P3.9 million) a year. With that amount one can, the study says, live comfortably without any financial anxiety and stress. Thus, happiness?
But having a lot of money alone won't bring lasting joy; spending and using it correctly, will. The idea is to use your wealth in a manner that will benefit you and the people around you in a lasting and more meaningful way. Work hard, earn harder, and use your money in a way that’ll bring joy to you and others.
Pay Off All of Your Debt
Financial anxiety isn't only caused by the lack of money, but also the thought of not being able to pay back money you owe. From credit card bills to personal loans, the best move anyone can make to gain relief is by eliminating their debt. With debt comes interest rates, and you need to pay that on top of the amount you already owe. You may not notice it, but all those payments add up to a significant amount of money you could use elsewhere. Pay off all (or most) of your debt and begin your journey to financial wellness and freedom.
Buy Experiences, Learn New Skills
Money can give you the opportunity to experience new things that will open up your mind to different points-of-view. The simple act of pushing yourself out of your routine and comfort zone is already a gift in itself, but with money you can travel and experience different cultures, cuisines, and people; take up lessons you’ve always wanted to try; or simply go out with people you want to spend more time with.
Learn to appreciate experiences more than physical objects, and you can begin to grow your emotional and mental health that will bring you happiness.
Put your money to good use by investing it in a small business or more standard investment options in the market. You may be happy now, but without a sound plan for retirement, that joy may be short-lived. There are many options to choose from for a variety of capitals: an online store, a home-based business, stocks, mutual funds, a franchise, or property, the best time to start investing is today. This way, you have a plan to keep and grow your wealth for your future and that of your loved ones.
Give to Charity
Making yourself happy doesn’t always entail focusing just on yourself. Share the wealth with others by starting the habit of helping out with a local charity, community center, public school, or church. You don’t have to be Warren Buffet and give millions; just pay a visit to your preferred beneficiary and find out what they need most or look around and see what you can share. The happiness of others can become your source of happiness, too.
Finally Get Life Insurance
It’s hard to focus on living your best life when you have to think about things like planning your retirement, or preparing for accidents or even death. For many, it’s not exactly an pleasant thought, but it’s still an important aspect of preparing for the future. Take away the anxiety and stress and consider getting a life insurance.
A policy like BPI-Philam’s Life Ready Plus — that offers both protection and savings benefits — could be right for you. It’s a unit-linked life insurance plan that you can get for as low as P2,000 a month. This makes it perfect for working professionals, family breadwinners, or those starting a family. And because it’s a unit-linked investment, it automatically allocates a portion of your monthly premium payments in investment funds.
Life Ready Plus offers coverage of up to 30 times your basic premium which gives you protection coverage while you perform staggered affordable payments during the life of the policy. There are also optional benefits that you can get together with the basic policy that will allow you to enhance your plan by getting extra coverage in the event of a critical illness, accident or disability, and hospitalization, for example. And it also includes Philam Vitality, a wellness program that give you points and rewards for taking active steps in knowing and improving your health.
With Life Ready Plus you can build your funds early, place additional premium and boost the savings component of the plan, while enjoying the benefits of life insurance. So, take away your anxiety about the future, and use your money to bring security and happiness to you and your loved ones.
For more information, you can visit the nearest BPI branch and ask to speak to a Bancassurance Sales Executive or click here to read more about Life Ready Plus.