Condo Tips: Beyond the Basics of Personal Financial Management

Oct 19, 2021

Money management, as many people think is only about budgeting, but it’s more than that. The way people behave with or without money shapes their future. Sometimes, the road to financial freedom can be expedited by how much money a person earns, but it all boils down to the most controllable thing. The hand deals with money all the time. It’s not the country’s economy, not the employer who can’t raise the wages, not the children who have the right to be provided for their needs.

As soon as people make peace with the fact that growing money is very much controllable, and no one should be blamed except the handler—people gain more control of the possibility of staying poor, getting poor, or getting rich. Take the educational attainment out of the equation in the meantime. People need to be armed by this knowledge as they are inspired by stories about rags to riches to fully realize that getting rich, in most cases, cannot happen by luck.

All forms of media like books, videos, online blogs already talk about the road to financial freedom. There is a plethora of information that can help people grow their money, including award-winning books, and life coaches that try to help change a person’s mindset from poor to creating a mental blueprint that makes creating wealth and abundance ingrained in their mind, and even DNA.

Beyond personal financial management, is a person’s ability to solve bigger problems, help more people, and combat conflicts in relationships and even perils to mental health. First, people must be educated on the basics to transcend beyond.

Personal financial management is about gaining full control of one’s financial situation, simply put, it’s about watching the spending, and saving money whenever an opportunity comes. Only two important things will be mentioned as basics:

Income and Cashflow Management

This can be down to knowing exactly the amount of money coming into one’s pocket hourly, daily, weekly, and monthly. One needs to think of the value of a cup of coffee from a café as equivalent to how many minutes or hours a person works. 

Now, who does that? With due diligence and patience, matched with the vision for a future that includes personal financial security until such time that one can handle business cash flow and budget for a family—anyone can. Free mobile applications are available for people who practice recording these details. It’s also easier now that computers are available to record these on an excel file.

Ensuring availability of liquid assets or savings

Common mistakes by people who are so focused on wealth creation is that little to none of their money is liquid. People who are considered ready to purchase a condo are usually confident that cash is readily available without having to liquefy properties they already bought for financial growth and security. Furthermore, liquidity of assets means that any priced possession that someone owns can be converted to cash without affecting its market price. Say a man recklessly gambled all his cash, and the only thing left of him is a car to pay off his debts, he should be able to sell it at a reasonable price in a short period without having to lower the price too much—which is highly unlikely, because a car depreciates the longer time one owns it.

Wise investors ensure the liquidity of funds for emergency purposes. Money placed in a bank’s time deposit is not so liquid moreover, a real estate property. Therefore, aiming for a lifestyle that includes condo living needs the help of real estate agents who can aid a person in formulating a decision in which property fits well with the budget.

These are basic, but new investors or people who are managing their finances for the first time struggle to do. Imagine not knowing these, and a person only focused on investing in highly volatile markets or even bought a lot of tangible properties without securing enough cash that can cover financial losses or unforeseen expenses like accidents or health. 

The strain comes when selling properties at very low prices to cushion the immediate financial needs. Not only will a person lose the cash needed, remember that the selling price in many cases is lower than the market price and worse—the buying price. 

Say that people already mastered the basics, and they are ready for the bigger moves, this will move up to pursuing bigger financial goals and ensuring stronger financial capability.

Helping others 

Once personal finance is all set, that’s the time a person is ready to help. It’s not selfless to help while one can, but not at the expense of sinking one’s boat.

Friends who trust their friends by lending money instead of referring them to apply for loans that will be declined are astute when it comes to their finances. They are incredibly helpful for having mastered the art of making and keeping money, at the same time, they are risking themselves of losses. That’s a different story. The point is, being a master of personal finance allows a person to help people in times of need.

Marriage and having children

Yes, love entails putting food on the table. And yes, love cannot buy happiness, but for a baby to stop crying, food, clothes, and a roof under his or her head are basic—which having money can provide. The dream of seeing grandchildren run by the beachside with a smoothie on your hand while watching means having provided your children the education and support to raise them with solid financial security.

Beyond marriage and grownup responsibilities, managing money very well is key to strong relationships. See some marriages fail because of lack of money when couples get so mad at each other for not being able to keep each other afloat, let alone having children. Take this as a challenge to doing great at providing for children’s needs to focus on other important things such as teaching them better manners, and skills, and maybe spending time with them especially during holidays.

Opening, growing a business and ensuring job security for people

This is now the reason that higher mastery towards money management constitutes bigger solutions to create. For example, an investor chose to invest in a property that is developed by a real estate company that has just started in the industry. Imagine that finances are poorly managed to the point that they chose retrenchment to save what’s left. 

The point is poor personal financial management needs to be corrected before someone can dream of bigger wealth creating strategies like building a business or bigger life goals and responsibilities such as having children or employing people who also need to fend for themselves.

This is relatively short, but people should get the idea. Personal financial management is a prerequisite of wealth creation. If it isn’t, then the richest basketball players, actors, and other billionaires would not have suddenly gotten broke. 

Personal financial management does not only grow the pocket, it also grows the mind in the process of practicing solutions and playing responsibly with all the numbers earned.

Invest your hard-earned money in an investment where opportunities are continuously coming. Invest in Vista Residences.

Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects with variety of units in Manila, Makati, Mandaluyong, Quezon City, Ortigas, BaguioCebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.   

At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.

Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property. There are different financing options available in purchasing your own condominium at Vista Residences.

In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.

For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.

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