Last May 22, 2024, we, the core leaders of coach Lady Denily were called for a meeting.
We did not expect that aside from the meeting, there’s also financial literacy training and it was filled with so much learnings.
The key take away on the Financial literacy training was to not change lifestyle whenever our income is growing.
From the training, here’s what she said on the wallet income allocations:
Business (15%)
– If you are receiving a monthly income of say P85,500 ($1,500), you should allocate P12,825 ($225) to your side business.
Gone are the days na bumibili ng mga rolex to flex. We should not be flexing luxurious cars, signature bags etc.
Example of business, it could be in a form of bitcoin, real estate property, stocks or other investments.
Financial Freedom Pocket (10%)
– This portion of your money should be invested in long-term financial growth opportunities.
Daily Expenses (35% to 50%)
– Food, rental etc… If we can still lower this one, the better.
Wag mag-lifestyle change. Lifestyle change happens kapag marami nang passive income. Example, sa rental income na kukunin . LIfestyle change should come from passive income and not from active income.
Since other allocations are not completed, I’ll complete the remaining, which I also learn from other financial guru.
SAVINGS AND EMERGENCY FUND (10%)
– Set aside a portion of your income to cover for unexpected expenses. We can build an emergency fund that can cover 3-6 months worth of living expenses in the event that we are unable to earn income.
PLAY (5%)
Allocate a part of your income for play and leisure activities, including entertainment, hobbies, and non-essential purchases.
GIVING (10%)
This include tithes, donations to charity, gifts to loved ones, or other forms of generosity.
Here’s my key insights.
Achieving financial freedom requires a well-structured approach to managing your income. Allocating your money effectively can help you cover your needs, invest for the future, and ensure you’re continually educating yourself about financial management.
Here’s the video of Financial LIteracy Training
Video on Financial Literacy Training: Proper allocation of income by Coach Lady