MANILA, Philippines – Desk jobs aren’t for everyone. In fact, a survey released by Bentley University revealed that only 13% of milliennials want to climb the corporate ladder and become a CEO. A whopping 67% want to start their own business.
Forbes magazine is calling this demographic "the entrepreneur generation". Millennials value flexibility more than they do routine. At 77%, a good chunk of Generation Y believes that having flexible hours is vital for productivity.
But while having your own business or a flexible career offers liberties that a 40-hour workweek cannot, one of the drawbacks is the unpredictability of cash flow.
You’ll earn more money in some months than others. So while revenue on peak seasons is great, you’re always going to have to look forward, and offset expenses for the dreaded drought seasons. They could come in the form of a slow sales month, a pregnancy, or even an intentional non-working period, like a multiple-country backpacking vacation.
Millennials prioritize their own happiness and fulfillment, which is why they would prefer starting their own business. But even salaried employees deal with cash flow concerns. When life throws you a curveball – a health emergency, a loved one with a serious illness, or major home repairs that can no longer wait -- it can impact cash flow.
Let’s face it. Renting an apartment, paying mortgages, having a job, or settling monthly expenses – these are non-negotiables in the real world. But what can help make good lemonade from life's lemons is to prepare, and prepare well.
Start with your home.
Have you decided on having your own home? It's certainly a worthy investment, given the horrendous traffic in Metro Manila. Your home is where you can just be, and retreat from the world, but convenience is also vital. As such, the monthly amortization fees for your home are among the most important expenses you must first settle.
Once you’ve accounted for your home, you can use the balance to cover your other expenses and decide on your lifestyle thereafter. Getting your dream house can be a daunting affair. But now, millennials can enjoy programs that are tailor-fit to their needs. Decide on a home loan arrangement that works for you.
What kind of home loan program should you get?
Everyone fears not being able to meet their monthly dues. That is why getting a flexible program that can adapt to your specific lifestyle and needs is most welcome.
Most banks do not take this, or other unforeseen emergencies into consideration and demand fixed monthly amortization rates.
Luckily, Security Bank now offers a home loan program that is more flexible.
On hectic good months when you make extra cash, you can opt to pay more than your regular installment – up to 25% of your principal. You can offset future months’ payments based on how much more you paid that month. In fact, you can even pay enough to offset multiple months’ worth of payments. This way, you can secure payment for slow working months or periods that have high expenses, such as the Christmas holidays. It's always better to think ahead.
“The goal of Fantastic Elastic is to offer a home loan where the borrower has the flexibility to match his monthly amortization with his unique cashflow need,” says Daniel Dy, Security Bank’s Home Loan manager.
He continues, “No other bank allows one to underpay and overpay their mortgage whenever they want. In addition, most banks charge fees for overpaying their mortgage. We do not – provided you’re on Fantastic Elastic.”
So now, there is a home loan plan that caters to those who don’t have a steady income. Getting the ideal house, apartment, or condominium is made easier – all you need is a little foresight.
Are you eligible for a home loan?
Keeping up a comfortable and healthy lifestyle might seem difficult, but now home loaners don’t have to be scared of the monthly amortization.
Now that you know that there is a home loan plan for you, the next step is to consider whether you’re eligible to get one:
Are you at least 21 years old, and not older than 65 years old?
Are you a Filipino citizen or do you have a co-borrower who is?
Do you approximately earn at least P50,000 every month?
If you just answered yes to all those questions, then you’re eligible for a home loan!
Curious about how much you can afford? Give the home loan calculator a go, and get a sense of how much you need to pay for your dream home.
With the right plan, you can have peace of mind. So plan ahead with Fantastic Elastic and enjoy the freedom and flexibility you deserve.—Rappler.com
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