To help Pinoys avoid these fraudsters, Tan highlights three guidelines on how to spot a scam: Tan says the public should be wary of these individuals. Many con artists are using the internet to promote get-rich-quick schemes and cryptocurrency scams to prey on consumers' financial fears. To learn more about how to invest safely, you may check out the investor’s education and information website of the Securities and Exchange Commission (SEC).Īs more people migrate to online channels during the lockdowns, digital fraudsters are using the pandemic as an excuse to trick people out of their cash. “For the type of safe and legitimate investments, I would still go for the banks, time deposits, the premium bonds offered by the government with fixed and guaranteed interest such as the Pag-Ibig Fund’s MP2 program, or for private sector offerings like mutual funds, UITFs, stocks and property,” Tan explains. If you have money, this is a good time for you because cash is king. But when people are afraid, be greedy,” Warren Buffet says. If you are an investor, know that today is the best time to buy and spot the companies, products, or financial instruments you may invest in. It’s the best time since everything is down. Have a long-term plan – Once you have saved enough for an emergency fund, consider investing.Set aside as much as you can because this will be helpful in case you lose your job, your income slows down, or your business closes. Ideally, keep at least 6-12 months’ worth of living expenses. Save as much as you can – Stow away a significant portion of your income as an emergency fund.Look for opportunities in four vital industries: food, health, online, and delivery. Just like a table with four legs, having only one source of income makes you vulnerable.
Depending on your financial situation, you may need to create multiple sources of income.
Change your lifestyle – When income is lacking, people often resort to borrowing money, but this is the wrong approach.If your finances have taken a hit from the coronavirus pandemic, there is a need to take drastic steps to turn your financial situation around. Wealth and life coach Chinkee Tan understands the plight of Filipinos during this challenging time and has recently talked about easy to understand “Wais and Tipid Tips.” Here are some of his tips about budgeting and saving money during the ‘New Normal.’ In a climate of uncertainty and anxiety, one of the last things you want to worry about is finances.
Money is hard to come by these days, and many are wondering when the next paycheck will come. The lockdowns also stifled consumer demand, resulting in reduced pay, job loss, and overall financial distress for a significant part of the population. The long months of lockdowns led to the closure of businesses. The sudden outbreak of the COVID-19 pandemic caused a global health emergency and an economic crisis.
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