PinoyCPA.com - Community of Pinoy CPAs and Future Certified Public Accountants

OK Finance people, I need your stories and opinions on this. 

Ironically, many Accountants like us are not as we expect to be - expert in money matters.

I remember when I am starting in this career, I made a lot of money along the way.  However, as the paycheck rose, the expenses races on and sometimes even overtakes payday (sounds familiar?).  The result - broke.  Big mistake.  For 11 years in my career I have no clue that I am not applying what I am doing practically everyday in the office to my personal finances.

Life thought me a painful lesson at one point and made me realize about the value of thinking and planning about financial security for myself and my family.  Now, it is of utmost importance for me to have at least emergency cash in the bank that can support me in case of financial problems (like losing a job or a strike of major illness with a member of the family).  Aside from that, I also bought life insurance in case of any sad surprises in life.

But one of the most important decision I made was not to change my lifestyle when I became a CFO.  With higher salary, now I can buy so many things but I now have the strength to hold on to money unlike before where promotions equals shopping here and there.  Now every purchase has to make sense like in the office.  The downside is, I am so "kunat and barat na daw" but I don't mind that anymore.  I am through with being spendthrift.

Now I feel more secure than ever before hence I have to share my short story. I am still a work in progress and building up wealth slowly but the best thing about this is I am already conscious about financial incapacity and ignorance before.

I hope to hear from you folks as well so that the new accountants will know our story and not fall victim to the traps of financial ignorance and the rat race.

You, what are you doing to get financial security?  If you are financially secure already, we would love to hear from you all the more.

Please share tips, strategies and experiences with us.

Thanks guys.

Manny

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