CEBU, Philippines - As people earn more money, the opportunity for financial investment and monetary growth also becomes more affordable.
However, the lack of awareness on what financial instruments can really do to people's lives and their current financial situation is what usually holds them back from venturing.
Rahul Hora, chief agency officer of life insurer AXA Philippines, said people especially those who are earning enough should open up their minds and identify where they can put their money aside from spending.
Educating them on financial literacy is key, he stressed, saying this has become even more important as more people are generating disposable income.
"This is actually applicable to other things not just insurance investment," Hora said in a recent press interview. "When you buy or invest anything, you have to understand its relevance to you and why you need it."
Just selling financial products could not be enough and just, it is also necessary to upgrade the financial literacy comprehension among the Filipino people.
According to Hora, this can be a great business opportunity for Cebuanos to become financial advisors.
"It gives them the chance to tap into unlimited earning potential, be their own boss and work at their own time -- all these without having a huge investment," he explained.
Financial freedom comes in two aspects namely saving and protection which ordinary individuals should learn about, he advised.
People need to get into the discipline of saving to accumulate wealth and decide on the appropriate investment place where to let the money grow.
After having ensured enough monetary resources, then comes the value of considering protection.
Hora said: "While you're saving, you have to think of the possible circumstances in your life."
Critical illness could have an impact not just on the physical and emotional aspects but also on the financial condition of a person, he noted. (FREEMAN)