Earlier this month, Focus talked with the new CEO of Manulife Cambodia to discuss how best to expect the unexpected (link to interview), and to protect what matters to you most. Justin Helferich shared some tips with us for young Cambodians on how to best manage their finances.
Three key pieces of advice from the Manulife Cambodia CEO to young Cambodians on how best to approach their financial management:
Protection first and then build your wealth: Ensure you are taking care of the people who depend on you, including yourself, financially. Put yourself and your loved ones first.
Savings: You should aim to have six months of savings, in case of emergencies. Try and put your money into investments or assets that can keep your money safe. In the case that your income is disrupted, you have something to then fall back on.
Investment: Invest money wisely and take calculated risks. You need to build on your wealth, while also looking to save for retirement. Things that you do early on, in terms of savings and investments, will pay for future purchases and comfortability.
But Helferich took time to also remind us that even as important as your finances are, so too is staying healthy. Health will be the primary thing for most Cambodian youths to pay attention to, said the CEO, with a balanced diet, adequate sleep and regular exercise all key. It’s time to keep one eye on your bank account and the other on what you eat.