1.

Determine financial situations

 Loss of job opportunities /Unemployment of my parents

Due to the health crisis that our country is facing right now, loss of job
opportunities or unemployment increases and is unavoidable since it is
evident that most of the businesses and companies here in the Philippines
fail to survive and operate during the occurrence of COVID-19. Job loss
or unemployment can lead to life stresses since it is equivalent to losing
the fundamental source of income for the family's living expenses.
 Family Business Closure

Due to the shocking and devastating impact of COVID-19 on the world, we

didn't anticipate that human life will change for an instant. During this
pandemic, it is foreseeable that small and start-up businesses are more
 likely affected the most in terms of progression. Business owners, the
same as my parents, who started up our family business in the year 2019,
are at a crucial point since they will need a strategic plan on how to adjust,
adapt and survive to the current situation that we are experiencing up to
these days.
2. Develop financial goals

Priority Goal Type of Goals Duration Target Date

Mediu Establishing emergency funds for Short term 3 – 6 January
m my family Goal months 2022
As an adult, establishing our
emergency funds is one of the most
important financial goals that we
must obtain in the future. Since,
nowadays, we barely anticipate
what's going to happen in our life, it
is better to be secure and prepare
for the possible financial distress
that we might encounter in the
future.

High Home Renovation Intermediate 1-2 years January

Home remodeling is one of my top Goal 2023
priority after I graduated from college
and have a stable job. When I was
young, I remembered my parents
are always fascinated with fancy and
luxurious houses that they've
claimed to be their greatest dream to
accomplish. Since I love my parents
and our current home is already our
property, I want to fulfill their dreams
in life. That's why as I develop my
 financial goals, home renovation is
my top priority out of all my goals in
life.

High Securing Life insurance Long term goal Over 10 January

It is our duty as an adult, to prepare years 2023
and secure our life insurances since
this insurances will benefit not only
ourselves but our future
beneficiaries. Securing our life
insurance covers money that our
future beneficiaries might use for
paying off outstanding debts, tuition
fees, mortgages, and bills from our
credit. This insurance policy ensures
that after we pass away, our family
is financially secured.
High Starting up a business Intermediate 1 - 2 January
Since we've already established our goal years 2024
family business, I also want to start
up a business where I am the one
who runs and operates. Starting up
a business is crucial since it requires
a large amount of capital and highly
requires your full attention. Although
there's a high risk in putting up a
business, as long as you have the
right plans, approaches, and
resources, it will always reap the
rewards of success.

High Buying a house Long term goal 5 years January

After I finished renovating my 2025
 parent's home, I commit myself to
invest in purchasing my own home
since I believe that this builds not
only my living security but a lifetime
asset for my future family. Although
this shoulder big responsibility, there
are multiple benefits in purchasing
your own house, such as
establishing your equity, security,
more control over the progression of
your home, mortgage repayments as
a way of saving, etc. Thus,
purchasing your own house is one of
the best long-term investments to
have.

High Investing in real estate Long term goal Over 10 January

I believe that there are multiple years 2024
opportunities and benefits in
investing in real estate since this
considers a property generating
income. The same with, what my
parents are doing right now, we
invest before in real estate to
generate funds or money to provide
renting apartments and other
commercial leases. With our current
situation, I observed that this would
be one of the best financial goals to
obtain since the value of the land
properties continuously increasing
over time that would give higher
rates of return in the future
3. Identify alternative courses of action

Type of Goals Alternative Courses of Actions Target Date

Short term goal 1. Full time employment in a January 2022
high paying company
Intermediate goal 1. Full time employment in a January 2023
high paying company
2. Starting making an
investments

Long term goal 1. Full time employment in a January 2024

high paying company
2. Start making an
investments
3. Expanding our family
business

 Full time employment in a high paying company

In

achieving our financial goals, it is our duty and responsibility to seek stable
and high paying salary jobs. Since companies who offer a competitive
salary benefits the employee's financial stability and living expenses.
Looking for a secure job is the first step in achieving our set of goals in life
 as it is one of our fundamental tool in generating income to pay off the
costs needed in our financial goals.

 Start making an investments

After I

graduated and have a secure job, I plan to use a percent of my first

paycheck to start a long-term investment in the market because I believe
that there are multiple benefits if you start investing at a younger age. Yes,
there's a high risk in investment, but as long as you are keeping on track
of the trends and you know how to strategize and adapt to the flow, then
the investment wouldn't fail to give back high returns in the future.
 Expanding our family
business
Since
we've
already
 accumulated enough capital, I want to use this opportunity to expand our
family business and make branches in other locations in the Philippines.
Since I believe that branching out our business is equivalent to increasing
our sales and profit for our living expenses and costs to meet and obtain
our financial goals in life. Expansion of our business is also one of the
ways to reach more customers and to lessen external risk as we make an
influence in the industry.
4. Evaluate alternatives

Alternative Courses of Pros Cons

Actions
Full time employment in a 1. It will help you 1. Less leisure time
high paying company earn a regular with the family
income for your 2. Has no authority
finances. in changing
2. Acquires position/ job
professional 3. Might lose
experiences and flexibility
skills 4. Motivation
3. Insurance decreases in the
benefits covered long run
by your
company
4. Having a
secured
employment
Start making an 1. Quick and more 1. Higher risk and
investments profitable than other needs prolonged
savings period to access
2. Steady sources of funds
income from 2. It needs critical
dividend thinking to buy,
3. There's a high trade, and sell
potential to stocks in the market
 outperform others in 3. Subject to
the market. fluctuation
Expanding our family 1. Increases 1. Larger capital for
business resources, status, the operation
and reputation 2. Complex demands
2. Generates more from the customers
profit and sale 3. Business is harder
3. Larger impact on to control and
the society manage

5. Create and implement a financial action plan

Type of Alternative Step by Step Durat Estimat

Goals Courses of Procedure ion ed Cost
Actions
Short Term Full time Establishing emergency 1 year 300,000
Goals employment in a funds for my family
high paying 1. Secure a job
company 2. Estimate budget needed
3. Open a separate account
for emergency funds and
deposit
4. Boost your income and
cut off expenses
5. Monitor your budget
regularly
Intermediate 1. Full time Starting a business 1-10 3 Million
Goals employme 1. Create a business plan years
nt in a high 2. Estimate funds
paying 3. Check for the location of
company the business
2. Starting 4. Choose a structure and
making an name of the business
investment 5. Pass all the requirements
 s and apply for permits and
licenses for the business
Home Renovation
1. Build a structured plan
for home remodeling
2. Estimate project capital
3. Hire an architect,
engineers, and
contractors
4. Prepare a timeline for the
renovation
Long Term 1. Full time Securing Life insurances Over 4 Million
Goals employme 1. Choose a plan for your 10
nt in a high preferred life insurance years
paying 2. Calculate the budget
company needed for the plan
2. Start 3. Choose the length of
making an your life insurance policy
investment 4. Apply and fill out forms
s and application
3. Expanding Buying a house
our family 1. Prepare for your credit
business report and credit score
2. Calculate and save a
budget
3. Choose a credible lender
4. Get approval for loans
5. Choose a trustworthy
real estate agent
6. Start looking for a house

Investing in real estate

 1. Determine your financial
capabilities
2. Pick a real estate
strategy
3. Determine who will be
your target market
4. Create a strong team
5. Calculate and raise cash
for reserves and down
payment
6. Strategize and find
greater deals

6. Review and revise the financial plan

On the chart presented below, I had to revise the estimated cost of each
goal since I observed that the estimated cost I put on the chart above is not
realistic and reasonable for the following set of financial goals.

Type of Alternative Step by Step Durat Estimat

Goals Courses of Procedure ion ed Cost
Actions
Short Term Full time Establishing emergency 1 year 300,000
Goals employment in a funds for my family
high paying 6. Secure a job
company 7. Estimate budget needed
8. Open a separate account
for emergency funds and
deposit
9. Boost your income and
cut off expenses
10. Monitor your budget
regularly
Intermediate 3. Full time Starting a business 1-10 4 Million
Goals employme 6. Create a business plan years
 nt in a high 7. Estimate funds
paying 8. Check for the location of
company the business
4. Starting 9. Choose a structure and
making an name of the business
investment 10. Pass all the requirements
s and apply for permits and
licenses for the business
Home Renovation
5. Build a structured plan
for home remodeling
6. Estimate project capital
7. Hire an architect,
engineers, and
contractors
8. Prepare a timeline for the
renovation
Long Term 4. Full time Securing Life insurances Over 6 Million
Goals employme 5. Choose a plan for your 10
nt in a high preferred life insurance years
paying 6. Calculate the budget
company needed for the plan
5. Start 7. Choose the length of
making an your life insurance policy
investment 8. Apply and fill out forms
s and application
6. Expanding Buying a house
our family 7. Prepare for your credit
business report and credit score
8. Calculate and save a
budget
9. Choose a credible lender
10. Get approval for loans
 11. Choose a trustworthy
real estate agent
12. Start looking for a house
Investing in real estate
7. Determine your financial
capabilities
8. Pick a real estate
strategy
9. Determine who will be
your target market
10. Create a strong team
11. Calculate and raise cash
for reserves and down
payment
12. Strategize and find
greater deals