Activity 2: Goals-Based Wealth Planning

Scenario: A high-net-worth couple who have been married for 10 years and are raising three children; the wife receives an inheritance from a late family member. The inheritance she receives alters her assets significantly, as she is the primary caretaker for the couples children, which makes the husband the primary income earner.

Suggest ways on how the couple will handle their new-found asset/wealth by presenting a financial plan that will focus on:

a. Personal goals

b. Family goals

c. Goals for the children

Activity 3: Read the story below

Dionie Reyes, a utility worker, became an overnight millionaire after winning the lotto in 2008. His total winnings P14 million.

"I told the bank manager, I will withdraw P1 million so that I can experience holding P1 million. And then issue me a check, I'll buy a Fortuner," Reyes added.

The next thing he bought was a house for his family worth P4 million. He spent the rest of his money on his vices: women and gambling.

"I'm always gambling." Of course, I'm in debt to pay, so it's for sale," Reyes said.

After losing his prize money, Reyes went to work as a utility man again. He admitted that he had learned his lesson the hard way and advised others always to be mindful of their actions because blessings and opportunities may not knock again on our doors.

1. What are the lessons you learned from the story?

2. If you are Dionie, what would you have done differently?

3. If you have Php 14M, make a simple financial plan and how you are going to spend the money