As we go out of college and into the long queue that is the unemployment line and then the employment world, most of us don't really know the responsibility that we hold until, you know, you have a wife/husband, kids, retiring parents, electricity bills, water bills, healthcare for your own and family, life insurance, college for children, food, shelter, and other things that involves burning holes in your pockets.
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It becomes this if you burn it way too much.
So, basically, you have a lot of financial responsibilities to handle in the early stages of your employment life. Unless, of course you're filthy stinking rich. But even if you are, let's assess your financial responsibilities and wealth.
The picture up there is what we call the X-Curve Concept of Wealth and Responsibility. The Concept theorizes that as time goes by, a person's responsibilities generally decreases and wealth generally increases. And I'm sorry for boring and reminding you of your thesis by using the word "theorizes".
As we escaped the confines of college life (or a much earlier phase of your life if you didn't go to college) and into the unknown dwellings of unemployment, we don't really have the savings to counter our responsibilities. Yes, you have responsibilities even if you don't care or realize it. (Hint: Parent's retirement if they did not plan it because they don't have a clue about financially educating themselves, healthcare for your family, refer to the introduction above for more responsibilities)
Let's say for example your goal is 5 million pesos for your retirement in the future.
At Stage 1: You don't have any savings and a lot of responsibilities. Savings=0 Responsibilities=5M
At Stage 2: You have savings and also lessened responsibilities. Savings=2M Responsibilities=3M
At Stage 3: Your savings is close to your goal and your responsibilities are close to nil. Savings=3M Responsibilities=2M
At Stage 4: This is where you should be at. A lot of savings and no responsibilities. Savings=5M Responsibilities=0
Now, evaluate yourself, which stage are you in now?
If you're not in Stage 4, what are you doing to reach your goals?
With what you are doing, do you think you can reach your goals?
Do you know want to know if you can reach your goals with what you're doing?
You can answer the little questionnaire found below:
The picture up there is what we call the X-Curve Concept of Wealth and Responsibility. The Concept theorizes that as time goes by, a person's responsibilities generally decreases and wealth generally increases. And I'm sorry for boring and reminding you of your thesis by using the word "theorizes".
As we escaped the confines of college life (or a much earlier phase of your life if you didn't go to college) and into the unknown dwellings of unemployment, we don't really have the savings to counter our responsibilities. Yes, you have responsibilities even if you don't care or realize it. (Hint: Parent's retirement if they did not plan it because they don't have a clue about financially educating themselves, healthcare for your family, refer to the introduction above for more responsibilities)
Let's say for example your goal is 5 million pesos for your retirement in the future.
At Stage 1: You don't have any savings and a lot of responsibilities. Savings=0 Responsibilities=5M
At Stage 2: You have savings and also lessened responsibilities. Savings=2M Responsibilities=3M
At Stage 3: Your savings is close to your goal and your responsibilities are close to nil. Savings=3M Responsibilities=2M
At Stage 4: This is where you should be at. A lot of savings and no responsibilities. Savings=5M Responsibilities=0
Now, evaluate yourself, which stage are you in now?
If you're not in Stage 4, what are you doing to reach your goals?
With what you are doing, do you think you can reach your goals?
Do you know want to know if you can reach your goals with what you're doing?
You can answer the little questionnaire found below:
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