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GoryTonio

Advice needed: Financial and Investment Plans

3 posts in this topic

Hi Guys

I need some advice with my Financial and Investment Plans I'm currently 25 years old working on an IT Firm having a salary of ranges 50-60K per month. I have no savings as of now. I'm regular on this job. I'm currently on process of registering in COL Financial (Stock Market and would like to do a passive investment). I'll be quitting to vices and such, that's my plan from the start, that before 25 I'll do the splurge and start earning at 26 and up so by 30 I'm stable. Not married and no Children also no debt and also no credit card. Thinking of applying one but I held back. Now my parents are old senior citizen and my sister is well off already ( has a house and car). So the house I'm staying now with my parents will be mine as it's been discussed already. What I'm planning is getting a condo and put my money investment on it. The Prices of the condo i'm getting ranges from 2M-3M around Makati/Mandaluyong area.  Should I go for the condo or no? I should just start saving money? 

 

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i suggest you first start building up your savings. Set aside a certain percentage of your salary once you get it and put it in a savings account and don't touch it.  You may already have an idea of what your monthly expenses are, just deduct that plus a little extra for emergencies and unexpected expenses and put the rest in your savings.

Since you live with your parents and you're getting the house in the future i see no reason in getting a condo. investment wise, condos aren't that great since the market is already saturated. If you plan on leasing, it will take a long long time to get your money back.

So for me, build up your savings, once you're comfortable enough with it, you can allocate part of your future salary into an investment fund or get life insurance for your parents.

 

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