The admin behind the reddit handle r/UKPersonalFinance created a personal finance flowchart as an illustrative guide to financial planning in the UK setting. At a glance, the chart looks overwhelming but it is actually easy to follow. More importantly, r/UKPersonalFinance has a wiki as resource for further reading and guidance to tackle each step. If you've heard about DaveRamsey's baby steps, in comparison, there are a couple of variance but the over-all similarity is outstanding.
Why is this significant for me? In healthcare, we follow gazillions of protocols - from escalating deteriorating patients, to grading wound pressure sores, to determining compos mentis, to estimating post-surgical survival rate, to optimising patients with multiple co-morbidities, and so forth. These protocols, simplified into flowcharts work and allowed clinicians saved millions of lives. Similarly, I believe that the PF flowchart when used with intense focus, saves one from financial ruin.
Clearly, this is a "common sense" guide towards financial planning but it is a painful reality that a lot of Filipinos are trapped on the short burst of pleasure from consumerism and are fearful to hop on the bandwagon of investing because of preconceived ill-beliefs about it.
I am now on steps 5 and 6 which is a commendable milestone. But if I could go back in time, I would definitely punch my younger self in the stomach for wasting too much time indulging on wasteful activities instead of building wealth. Nevertheless, I finally found the light (lol) and I could only look back and be grateful for what I have now and about to achieve.
Is the chart helpful?
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