Friday, March 8, 2019

"Tools of Financial Success for Families" Seminar by Karen Pacia

Money is always an important tool for survival. But many individuals or families fail to do financial planning because perhaps they don't know how and where to start or they don't know how to manage their finances. Entrepreneur and blogger Karen Pacia conducted a seminar last February 23 entitled, "Tools of Financial Success for Families" to help answer this. 

When income flows inconsistently, there lies our problem. The first step in dealing with irregular income is to create a monthly cash flow plan. Where should we get our income so we can have something to use for our expenses. How much do we really need each month versus how much money do we get?

Budgeting is also the key to save money. We can record the amount of income we expect in a given time and the expenses that are going out.

When we have the money, it's easy to just spend it. But do we really need the things we are eyeing on? If we really need something, we ask ourselves - "Can it wait?..." Expenses should be listed in order of priority. When we get the habit of having this kind of mindset, it would be a lot easier giving weight to each of our expenses, thereby we get to budget our money in the process, rather than having regrets later on.

Looking and living beyond, where do we find ourselves in? Karen Pacia pointed out that we need to not just live in the present but plan for our future. Where does our salary go and how much do we get to save? She mentioned that the way to make smarter choices is to invest our money so we have a constant flow of income, besides having our salary from work. 

This seminar provides the basic tools for families and individuals to help them openly discuss money matters and gain the critical life skills needed to make smart financial choices. Key content includes understanding wants versus needs, setting savings goals for different needs, planning for your future, investing, shopping wisely, and budget planning.

Attendees also had a chance to test a Financial Needs Analysis with licensed financial executives to help them understand what they really need and how they can address these needs depending on their budget or current situation.

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