#Adulting101 has always been hard, even without a pandemic. In 2020, the universe has stepped it up a notch as it redefined what financial adulthood is. How can you tell if you’ve grown as a financially stable adult in these trying times? Let these signs help you.
Signs You're Reached Financial Adulthood
You have a stable job
COVID-19 not only took lives, it also took jobs away from hardworking people in the Philippines[1]. So if you’re one of the lucky ones who were able to keep their jobs this year, then you’re on the right track. Be thankful for it and keep working hard. If not, then don’t lose hope yet. Finding employment in the new normal may be hard, but it’s not impossible.
Read more: Top Online Jobs in the Philippines You Should Consider
You generate passive income
Stable job or not, it wouldn’t hurt to have a side hustle to complement your income. You have probably received invites from your social media friends to like and follow their latest ventures. What are you waiting for? Start your very own small business and earn more passive income. You can also provide services or rent out property if business isn’t your thing.
You know a thing or two about investments
Even if you don’t have an active investment yet, the fact that you are exploring your options is a great way to achieve financial adulthood. By now, you should know that starting an investment is not that expensive and that you have plenty of options to choose from. Hopefully, you’ll have more time to research and choose now that you’re stuck at home with everyone.
Read more: Complete Guide to Investing in Mutual Funds in the Philippines
_CTA_Banner.png?width=751&height=219&name=Singlife_Main_KV_(Sep_2023)_CTA_Banner.png)
You have an emergency fund
What’s the best thing to have during an unpredictable pandemic season? An emergency fund. It’s definitely a good sign of financial adulthood to have a rainy day fund for all types of emergencies. The good thing is that it’s not exclusive to medical emergencies. If ever you lose your job due to COVID-19, your emergency fund should help you bounce back. We listed here the importance of emergency fund.
Read more: Where to Put Your Emergency Fund: It’s Not as Complicated as You Think
You own a car
After reading the news about public transportation workers contracting COVID-19, now’s the best time to own a car. If you already do, then you’ve got more freedom to move around than most people. Public transportation isn’t really as convenient as it was before[2]. You’re definitely at the brink of financial adulthood if you have a vehicle registered under your name.
Read more: Your Ultimate Guide to Buying a Brand New Car in the Philippines
You have insurance
Insurance is probably the last thing on most people’s minds, but kudos to you if you’re still keeping up with your insurance payments. It takes financial foresight to see the value of insuring yourself or your property considering the current circumstances. Having a financial safety net always pays off in the long run. Good on you for adding it to your monthly responsibilities.
Read more: Everything You Need to Know About Non-Life Insurance in the Philippines
You have no outstanding debts
Remember when you used to worry about how you’re going to pay off your debts? If you successfully settled all of it this year, then congratulations on reaching financial adulthood! You will never be truly free unless you have cleared all of your debts. And in today’s stressful climate, you don’t need to be weighed down by unpaid loans and credit cards.
You give back to your family
It’s hard enough to sustain yourself in 2020, but the fact that you can help your family out during a pandemic means you’ve already reached financial adulthood. Giving back to the family that raised you into who you are today is a testament to your character and maturity. And it’s definitely something someone who reached financial adulthood would do.
Final Thoughts
Tick off two or three of these signs and you can certify yourself as a financially stable adult. The pandemic made #Adulting101 hard for everyone else, but as long as you keep the hustle, you’ll eventually get there. Now’s not the time to quit and feel sorry for yourself.
This article first appeared on The Manila Times.
Sources:
Back to Blog 
