I realized that even if I have already blogged about a topic, TRC members (esp newbies) still keep asking the same questions over and over. And of course, there are some questions which I have repeatedly answered but didn’t blog about. So, here I am taking time to read all the common comments/questions via my blogs, emails & texts, and gathering for posting here for everyone to read anytime, anywhere.
QUESTION: Which is more practical, to join TRC where you need to pay monthly or just to open an account with COL Financial since anyway, COL has its own market analysis and it’s available for free on their website?
ANSWER: It really depends on your outlook. TRC is distinct and separate from COL. You invest with COL. We learn from TRC, but not just abt stocks, but abt spiritual growth and having an abundance mentality as well. Some people join TRC for the spiritual and emotional guidance it gives, not just abt stock investment, which is just a bonus. The power talks alone are worth more than thousands. You’re actually picking the brains of these great mentors like Bo Sanchez, Edward Lee, Dean Pax Lapid, among others. Aside from that, you get a great environment of like-minded individuals in our TRC Forum/Soical Site where members chat and gives tips abt getting truly rich, in the real sense of the word. Again, it really depends on how you look at your membership with TRC. Is it a waste of money or an investment for your spiritual, emotional and financial growth?
QUESTION: How can one start to invest when it’s so hard to come up with the initial investment of 5,000? Do you have a loan program for your members to help them start?
ANSWER: I think we have to start with changing our mindset. If we think it’s hard, then it’d really be hard. I started with just 1k each payday until such time as I had enough 5k to open an acct. Once I’ve started, it was easier to put in any extra amount I have. There were times when I had to ‘borrow’ my savings. But in time, I’ve increased my financial literacy and have finally understood how it works. Now, after only 2 years, I’ve got 6 COL accts and & Sunlife investments, for us and for each of our 5 kids. It was only 2 years ago that we were in dire financial need. But because I have decided to start, I’ve slowly changed my spending habits, deleted my negative beliefs about money, and have increased my financial and spiritual maturity. All with the help of Truly Rich Club (from all the materials they send us via email) as well as my loved ones who fully supported me in this endeavor.
QUESTIONS: Is the secondary account holder the beneficiary? Are the rights the same as the Principal’s? Same requirements, too? (What happens to our accounts when we die? Do we get to transfer ownership to our beneficiaries?)
ANSWER 1: The Secondary Acct holder is not your beneficiary; she is a co-principal. Meaning, both of you are owners of the acct. COL acct is so much just like bank accts. No beneficiary or heirs. If something happens to the principal acct holder, the acct is frozen and automatically forms part of the estate. The heirs would have to go through extra judicial proceedings to stake a claim.
ANSWER 2: Just like bank accounts, we don’t declare beneficiaries for our Stock Accounts with COL. They’re not insurance. When something happens to us, our accounts will form part of our estate and our heirs will have to go through the extrajudicial process to put claims thereon.
ANSWER 3: It’s just like ordinary bank accounts. It can’t be transferred. If the owner dies, the account will be frozen and will automatically form part of his estate. And the heirs would have to go through the extrajudicial process. They would have to pay the necessary taxes, produce the needed documents, etc. before they could claim the same.
QUESTION: Is opening a variable insurance a good decision? GTID vs. VUL
ANSWER: I believe that the answer to this question is subjective. We cannot generalize that VULs are no good. We must consider all factors: age, budget, lifestyle, health, gender, job, status, etc. Would a messenger with a meager income be able to afford stock investment? would that be wise if he’s middle aged, smoker, with a family to feed? These are several examples of questions one have to ask. That’s why there is a need to do a THOROUGH financial analysis before an Advisor can recommend a certain product. My group recently covered the staff of an org which was composed of mostly middle aged and seniors. We thoroughly explained all products in the market and gave them the options. Some opted to get COL Financial accounts while for others, it was not feasible given their conditions, particularly the ones who are already 65 & older. Also, the budget was below 1k/mo. With that budget, would the savings still reach up to millions?
I am a consumer myself. If I want to buy a certain product, I wouldn’t want a salesperson to be pushing his products. I would want an unbiased explanation of its features and benefits. And I would want to have a lot of options/choices so I could really make an intelligent decision.
I’m pretty sure that all Insurance products were created/designed for a certain target group. It’s more of aligning one’s needs with a specific product.