How to achieve financial stability in your 20s, as told by Sun Life financial advisors

Picture this: At the age of 20, you have graduated from college and have landed your first job after numerous applications. After a productive first few weeks at work, your eyes glimmer as you glimpse your first pay in your own bank account.

Excitement engulfs you, and you start to wonder how you will spend your first salary. Should I treat myself to a nice meal at that five-star restaurant I've been eyeing for years? Should I shop for things I never had as a teen? Should I plan that trip I've been dreaming of? The possibilities are endless.

It is normal to indulge once in a while. You deserve it! However, with the realities of inflation and unpredictable economic turns, financial literacy holds much more value than the money itself. And as you become savvy with your finances, you also begin a journey that is more fulfilling, because it will lead you to becoming truly financially independent. You will begin to think about your future and see how you can achieve even better things when you decide to set aside money rather than go off on a spending spree. Pretty soon, you can have your own place, you can get your own car, and you can easily pay the bills that come along with it, among other better possibilities.

Your 20s is the prime time to start saving money as such is the time when one is expected to be independent. As such, building that kind of habit at a young age puts you in a better position to achieve financial security in the future, veering away from a place of debt and being broke when one becomes older.

That is what financial advisors from Sun Life Philippines believe when it comes to financial management. As they offer a diverse range of insurance, wealth, and asset management solutions to their clients, the first and longest-standing life insurer in the country gives hope to everyone for a brighter future as they help them plan and manage their finances ahead.

Let these stories from inspiring Sun Life financial advisors Francis, Noel, and Rosanne encourage you to plan ahead for a better tomorrow as they talk about how they achieved financial security—and how you can too.

Start early

Rosanne Kaye Canta decided to fully focus on personal financial management after her sister gave birth and became a single mother.

“I promised myself that I would help her in the future,” she recalls. “And so, I named my sister and my niece as the beneficiaries of my first life insurance policy “Additionally, I set aside 10% of my wage every payday for savings.”

These financial moves helped Rosanne grow her money, prompting her to level up, specifically in the realm of stocks and investments.

“I started my first single premium insurance and also invested in mutual funds during the pandemic,” she says.

With proper financial management, Rosanne is able to secure her health and prepare for retirement even as she travels to her dream destinations.

Today, she strives to help others achieve the same as a Sun Life financial advisor. “I became aware of how essential it is to be financially secure and I wanted others, especially my friends and relatives, to understand it as well,” she explains. “Our goal is to assist clients and lead them to happier and healthier lives, making their future brighter than ever.”

Rosanne’s tip to those in their 20s is to start as soon as possible when it comes to personal financial management.

“The earlier you start investing or saving, the greater the potential return,” she advises. “We don't exactly know what the future holds, so start now while you're still healthy and young!”

Don’t be afraid to seek expert advice

For Francis Allan Samonte, his financial journey began when he became interested in automobiles, with the goal of buying his first car.

“I have always had a fascination with automobiles and making them look good, and I knew that in order for me to do that, I would need to manage my finances properly,” he recalls.

With this goal in mind, Francis started budgeting and closely looking at his expenditures. He listed down his expenses and saw unnecessary spending, which he soon cut out. His finances soon started growing and he proceeded to do bigger financial moves such as investing.

As a result, he was able to achieve more than just buying his first car. “I was able to treat my family and buy them their needs, as well as some wants. I was not only able to buy myself a car but was able to buy my wife one too,” he said.

Inspired by his financial success, he wanted other people to experience the same. This led him to become a financial advisor for Sun Life Philippines. He chose the company after seeing how his parents benefited from their Sun Life policies.

When asked why people need a financial advisor in their lives, he likened the role to people needing a doctor for their physical and mental health.

“Why do people need doctors? The answer to that is the same as having a financial advisor,” Francis explains. An advisor will guide you to be financially healthy, but at the end of the day, it will be up to you if you will obey the prescription or advice, or not.”

Maintain a healthy financial lifestyle

“My childhood depicted a clear picture of poverty.” This is how Noel dela Cruz remembers his childhood, which was defined by a lack of access to basic necessities as well as the lack of basic knowledge about managing resources.

His experiences led him to understand early on the need to practice sound financial management, more so when he became a working student.

“When I was in college, I provided tutoring services to students and sold items just to have my allowance for the day and help provide for my family’s needs,” he recounts. “This helped me identify which of our necessities demand immediate attention, and which ones can wait. Developing this discipline helps me even today. It has become natural for me to keep a keen eye on my personal finances.”

As Noel grew his finances, he was also able to help his family. To keep the momentum going, he began budgeting and setting up an emergency fund for unexpected expenses. He also got health and life insurance.

It was his own experiences that led Noel to become a Sun Life financial advisor. “Being a financial advisor allows me to provide not only for my family and personal needs but also to bridge the gap in achieving financial wellness and literacy for our countrymen,” he says.

Maintaining a healthy financial lifestyle is what Noel advises 20-somethings when it comes to financial management. It’s also important to improve one’s cash flow and have proper resource management.

“Let us start building those safety nets into our finances. Have proper emergency funds and protect your health and income,” he says. “And, lastly, find your most trusted financial advisor: your Partner for Life.”

As with everyone else who dreams of achieving a brighter future for themselves and their loved ones, these inspiring stories are concrete examples that with the right Partner for Life, you can make your dreams a reality. Are you ready to find your Partner for Life? Visit www.sunlife.co/TalkToAnAdvisor to learn more. If you are interested to become a Sun Life advisor, take the first step via now www.sunlife.co/BecomeAnAdvisor.

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Editor’s Note: BrandedUp is designed to provide you with insightful, inspiring and educational content created by PhilSTAR L!fe in collaboration with brands like Sun Life.