Donna Reyes

So here’s another client who has a term life insurance from another company. We explained to her the different types of life insurance policies — term and permanent (we offer all types). She was shocked to find out that she does not get back any of the premiums she paid on her term life policy.

Maybe her agent explained this to her, maybe not. It’s also possible that they discussed this but she needed to be reminded. And this is why an annual review is crucial. It’s an opportunity to review the features of the financial solutions they have and see if they continue to meet their needs.

Does your agent do an annual review with you? If not, I’d be happy to review what you have and make sure they continue to meet your needs.

“You will stop working one day. That isn’t a choice. Only a date. The question is whether anything keeps paying you after you do.”

October is designated as National Financial Planning Month, serving as an annual checkpoint to review your budget, reduce debt, and align your long-term wealth goals before the busy holiday season begins.

Here’s a checklist to help you build your financial house!

📅 Phase 1: Immediate Actions (This Week)
✅ Audit Expenses: Track past spending to cut non-essential subscriptions and luxury items.
• Review bank statements from the last 90 days.
• Cancel unused digital memberships or recurring delivery services.

✅ Automate Savings: Set up recurring transfers to build momentum without active thought.
• Direct a fixed dollar amount into a high-yield savings account on payday.
• Isolate funds before discretionary spending occurs.

🗓️ Phase 2: Mid-Term Optimization (This Month)
✅ Maximize Workplace Match: Capture the full employer contribution for your 401(k) or retirement account.
• Contribute at least enough to get 100% of the free employer match.
• Treat missed matching funds as an immediate loss of compensation.
✅ Establish Emergency Reserves: Keep 3 to 6 months of essential living expenses liquid.
• Target a baseline of $1,000 first if starting from scratch.
• Scale up gradually via your automated monthly transfers.

📌 Phase 3: Year-End Positioning (Before December)
✅ Review Tax Strategies: Prepare for charitable deductions or tax-loss harvesting before year-end.
• Inventory household items to sell or donate for deductible receipts.
• Consult a licensed financial professional to optimize final capital gains or retirement contributions.

⚠️: Many insurance agents and financial advisors do not take a holistic approach in serving their clients. Most focus only on certain aspects of personal finance. Work with a licensed financial professional who will educate you about basic financial concepts and offer you options. If you don’t know one, I can help you.

Today marks the first day of Filipino American History Month as established by the U.S. Congress in 2009 through House Resolution 780. FAHM honors the history, culture, and contributions of Filipino Americans.

Speaking of contributions, Filipino nurses make the largest group of foreign-trained nurses in the United States. Although they comprise only about 4% of registered nurses nationwide, they accounted for 25% to 31.5% of all COVID-19 deaths — the highest mortality rate — among the nursing workforce during the pandemic. Studies cite financial obligations and socio-economic pressures as significant factors.

Interestingly, the median household of Filipino Americans is approximately $104,000 to $115,000, placing them among the highest-earning ethnic groups in the United States.

What could be the possible explanation for the disconnect between these two statistics?

Please comment below. ⬇️

📸 Credit to Owner

I met a client who many years ago had signed up for a $500,000 25-year term life insurance policy. She said she purposely took out that specific number of years and amount of coverage to ensure that her youngest kid would be done with college and can live independently by the time the policy expires.

It makes sense, doesn’t it?

What does not make sense is why do I not hear a lot of similar stories from clients who inquire about life insurance options.

Unfortunately, most of the time, people would ask me for a quote and they expect me to just whip some numbers out as most life insurance agents would. It would be much easier for me to oblige, make money, and be done with it. But I need to make sure that my clients understand the numbers they ask for and the benefits of the life insurance policies I quote.

Ultimately, the type of life insurance policy (term or permanent) and the amount of coverage one gets will depend on the financial goal that is attached to it.

Talk to your agents about your life insurance needs. Work with an agent that can offer you all types of life insurance policies — ask about term and permanent (there are many types). If they can only offer you one or two options, they might not be able to offer you the best option for your situation.

If you don’t have that type of agent, I can help you.



Thank you, Local Market Shop & Save Algonquin, for having us and the opportunity to promote financial literacy!

Most people postpone getting life insurance because they mistakenly believe it is too expensive or think they do not need it yet.Research shows that around 70% of people know they need coverage long before they buy it, but various psychological and financial misconceptions get in the way.

No one ever regretted not buying insurance — whether that’s auto insurance, home, travel insurance or even equipment protection plan for their phone. But everyone who get into an accident, had flooding at their house, delayed or cancelled flights, and broken phone — regrets not having any, enough or proper coverage.

Unfortunately, when it comes to life insurance, regret is not going to help to recover from the loss. The consequence of not having proper protection is way more expensive than the life insurance premiums.

Talk to your life insurance agent today and make sure that:

1. Your life insurance policy is current.

AND

2. You know exactly what your policy covers.

If you don’t have an insurance agent, I can help you.



September is Life Insurance Awareness Month.

Thank you, Local Market Shop & Save Algonquin (formerly Butera)
for having us and supporting our financial literacy campaign!

Financial education is not an option. It’s a necessity.

We are grateful to have the opportunity to serve the community.

Build

We celebrate 4th of July as America’s Independence Day and today marks the 250th anniversary of the signing of the Declaration of Independence.

July 4th also celebrates Philippine-American Friendship Day, the day when the United States officially recognizes the independence of the Philippines from American colonial rule.

Along with celebrating our country’s independence, I wish everyone financial independence — because we’re not totally free until we are financially free.

Happy 4th, everybody!