Financial Independence Long Quiz #1

Financial Independence

Is not determined by how much money you earn, it is determined by how much wisely you manage the money you already have.

Financial Culture

Refers to the belief, traditions, values, and behaviors that influence how people earn, spend save, borrow, invest, and share money

Family First
Deserve Ko ‘To
Peer Pressure
Social Media Lifestyle
Bahala na
Utang na Loob
Fiesta Mentality

Types of traits:

Self Actualization
Self Esteem
Love and Belongingness
Safety and Security
Physiological Needs

What are the hierarchy of needs (in order: Top to Bottom)

Pay yourself first
24-hour rule
Automate your savings
Envelope method
Save with a purpose
No-spend challenge

Saving Strategies

May Kusa

Level 1; Superpowers: taong marunong mahiya, maalalahanin, maaasahan

Iron Mind

Level 2; Superpowers: madaling makalimot, early signs of amnesia

Walking Dedma

Level 3; Superpowers: lumalabo ang mata, humihina ang pandinig

Seen Rena

Level 4; Superpowers: puro seen kahit online naman, hindi nagrereply

#FeelingBlessed

Level 5; Superpowers: laging feeling blessed kahit madaming utang na ayaw bayaran: nagpapanggap lang

Block Widow

Level 6; Superpowers: hindi na mahagilap kapag singilan—hindi makita ang profile

Takas Mode

Level 7; Superpowers: mala-palos sa dulas, nagiging invisible at hindi na matagpuan

Pang-MMK

Level 8; Superpowers: magaling umiyak, nagpapanggap na inaapi at kawawa

Mala-Tigre

Level 9; Superpowers: naghahamon ng away, baranggayan, pag sinisingil

Budgeting and cutting expenses

Income > Expenses and not Expenses < Income

Debt Avalanche Method

Pay off debts with HIGHEST interest rates first

Debt snowball method

Paying off debts with the smallest amount first

Debt consolidation

Not paying debts using debts, you cant solve a permanent problem with a temporary solution

Negotiating with creditors

Face your debt, communicate properly

Windfall payments

Dont use money from extra incomes to buy wants, pay debts first

Increase income/allowance

Side hustling and applying for part-time jobs

Credit Card

A revolving line of credit provided by a bank. It allows you to purchase goods or services even if you don’t currently have cash.

Buy Now Pay Later (BNPL)

Makes products feel cheaper because you’re only paying a small amount today

Home Credit

Installments

Online Lending Apps

Provide fast cash with minimal requirements.

Maya
BanKo by BPI
Tonik
CIMB
OWN BANK
DiskarTech
Gotyme
MariBank
Gcash

High Yield Savings Account: