2021 - The 5 Major Financial Mistakes of Millennials

The Five Major
Financial Mistakes of
Millennials
DISCOVER THE 5 BIGGEST MISTAKES
THAT YOU’RE POSSIBLY DOING
and how you can avoid them

Copyright © 2020 Rennelyn Hubilla.
All rights reserved.
This book or any portion thereof may not be reproduced or
used in any manner without permission from the publisher;
except for the use of excerpts for book reviews and other
media-related materials as long as proper attribution is
made.
This book contains information that is general in nature.
The advice and strategies herein may not be suitable for
all kinds of situations. It does not take into account the
objectives, financial situation or needs of any particular
person. You need to consider your financial situation and
needs before making any decisions based on this
information.
Published by Financial Breakthrough
hello@financialbreakthroughph.com
Being financially stable is a dream of most people.
However, getting there can be overwhelming and
confusing especially if you don’t know where to start and
what are the steps you need to take to get there.
Hello!
I’m sure you have a big dream to achieve financial stability
someday and you’re willing to do what it takes to get
there. (That’s why you’re reading this now!)
Here’s how I can help you.
Hi, I’m Rennelyn. I guide individuals with their financial
decisions and help them achieve their financial goals. It’s
my passion to educate and share my knowledge, and it’s
my advocacy to spread financial literacy to as many
people as I can.
My goal is to empower you so you gain control of your

finances and equip you with proper financial
knowledge, so you can be financially prepared for the
future while enjoying the present.
F I N A N C I A L Breakthrough
I’m Rennelyn from Financial Breakthrough.
I was introduced to the world of investing almost 5 years
ago. I currently own a small business that I started in 2019
which I plan to grow and expand in the near future. I’m
also a Financial Advisor under NFG Global Team of PRU
Life UK.
I was once a struggling employee who had no savings, no
investment portfolio, and no idea how to handle her
finances wisely. Until I decided to equip myself and
develop a stronger understanding of how I can gain
financial stability and financial freedom.
♡
I’m now an entrepreneur by heart, with a passion to
educate, equip, and empower other people like you.
Being wise in handling our finances need not to be a
challenge. If you have the right set of skills and knowledge,
it will allow you to make informed and effective decisions
with all of your financial resources.
“Declaring breakthrough in your finances.”
Do these lines sound familiar?
“I’ve been working for years already pero wala pa din
akong savings.”
“I live from paycheck to paycheck. Kinukulang pa nga ako
sa budget minsan. Alam mo yung feeling pag petsa de
peligro na?”
“Naging habit ko ang umutang if may kailangan akong
bilhin.”
“Gusto ko sana mag invest kaso wala naman akong alam
tungkol dun.”
“Naubos na lahat ng savings ko. Nagkasakit kasi si mama,
kulang pa nga lahat ng naipon ko pampagamot nya.”
“Hindi ako marunong kung paano ba mag budget ng
maayos eh.”
I was once just like you

That’s why I understand exactly how you feel, because I
felt the same way too before. Believe me, I always make
poor financial decisions back then and suffered the
consequences of my poor decisions.
It's not yet too late

But then I realized na hindi pa naman huli ang lahat para
ayusin ko ang finances ko. It’s not yet too late para
maabot ko ang mga financial goals ko at mabigyan ng
maayos na buhay ang family ko.
I can do something to make things better from here on
moving forward.
What did I do?
Plain and simple, I started.
I started to educate myself financially and that’s

where I realized the value and benefits of being
financially literate.
Enjoying the present

Now, I consistently save for my financial goals. I have an
investment portfolio that helps me grow my money.
I'm confident that I'm making right and effective decisions
with my financial resources.
There's peace of mind knowing that I don’t have to work
until I get old just so I can pay for my bills.
I'm happy knowing I manage my finances well, without
depriving myself from buying the things I want.
I can enjoy the present while also preparing for a great
future ahead. Eventually, I will have more time for things
that are more important than money.
“Being rich is having money;

being wealthy is having time.”
MARGARET BONNANO
Welcome and thank you for downloading
this ebook! I'm very excited to see you
achieve your financial breakthrough
and help you along your journey.
MAKE SURE TO READ THE STORY ON THE NEXT PAGE!
Let me start with an interesting story from Robert
Kiyosaki’s book, Cashflow Quadrant.
If we track the life of an average educated person, the
financial script often goes like this:
The child goes to school, graduates, finds a job, and
soon has some money to spend. The young adult now
can afford to rent an apartment, buy electronics, new
clothes, some furniture, and, of course, a car. Soon the
bills begin to come in.
One day, the adult meets someone special and sparks
fly. They fall in love and get married. For a while, life is
blissful because two can live as cheaply as one. With
only one rent to pay, they can afford to set a few dollars
aside to buy the dream of all young couples—their own
home.
They find a house, pull their money out of savings and
use it for a down payment. Now they have a mortgage.
Because they have a new house, they need new
furnishings, so they find a furniture store that advertises
those magic words: “No money down. Easy monthly
payments.”
Life is wonderful, and they throw a party to have all their
friends over to see their new house, new car, new
furniture, and new toys. They’re already deeply in debt.
Then the first child arrives.
After dropping the child off at nursery school, this
average couple must now put their nose to the
grindstone and go to work. They become trapped by the
need for job security simply because, on average, they’re
less than three months away from financial bankruptcy.
These people will often say, “I can’t afford to quit.

I have bills to pay.”
THE FIVE MAJOR FINANCIAL
MISTAKES OF MILLENNIALS
Mistake #1
Not Saving Money

Ask people if they think saving money is important, and
most people will say “yes”. Ask them if they have savings,
and these same people will say “Wala eh.”
You know that saving money is important, but you’re not
doing anything to build your savings. It doesn't make
sense, right?
Bakit nga ba karamihan walang savings? Well, most
people will say “Sakto lang kasi sweldo ko para sa
pamilya namin.” Naiintindihan ko naman kung ito ang
dahilan. I have a PRO tip for you later when we discuss
Mistake #5.
But there are also people who are not able to save
simply because they don’t have enough self-discipline to
stick to their commitment na mag ipon, or they don’t
budget their money well. I know how frustrating it is to
be in that position, believe me.
Most people handle their finances this way:
Income - Expenses = Savings
When it actually should be like this:
Income - Savings = Expenses
A friendly advice: Pay yourself first, it makes a lot of
sense.
Start saving for your financial goals. Start saving for your
children’s education if you’re a young parent. Start
saving for the business na matagal mo nang gustong
simulan, start saving for that dream house or dream car.
Start building your savings as soon as you can, it pays off
in the long run. Sino ba ang gagamit ng savings na yan,
ikaw din naman diba? Or ang family mo, mga anak mo.
Don't delay further, now is the best time to start building
your savings. Unless you want to work for money for the
rest of your life.
Questions to ask myself:
How much of my income goes to my savings?
Do I have a budget plan and am I following my budget?
If not, what’s stopping me from budgeting properly?
What’s stopping me from saving money?
Actions I need to take:
Create a proper budget plan that fits me perfectly
based on my needs and priorities.
Determine what I want to save for (children’s education,
business capital, etc.)
Set an amount for my savings goal
Start my savings plan (the best time to start is now!)
and continue to save consistently
Mistake #2
Not Learning How to Invest

What is Investing? Investing is using your money as
capital to buy assets that can produce more money for
you in the future. It’s basically letting your money do the
work for you.
Sounds like a nice set up right? However, a lot of people
still don't realize the value of investing.
For those who want to invest but don't know how, good
news! It's not really difficult to start investing here in the
Philippines, and investing doesn’t necessarily require a
huge amount of capital to start.
One reason why many people choose not to invest, aside
from not having the knowledge, is the fear of losing their
capital. You see, investments don’t come without risk.
This is fairly understandable because obviously no one
wants to lose their hard earned money. But as Warren
Buffet said, "Risk comes from not knowing what you are
doing."
So a good practice is to educate yourself on the pros
and cons of each type. Also, carefully consider your
investment objectives and your risk appetite so you know
which investment instrument is the right fit for you.
Learning how investment works can provide a great
opportunity for you to grow your money, an opportunity
that most people are not willing to take.
And in most the time you invest is more

cases,
important than the money you spend. So start early

and start as soon as you're ready!
What’s stopping me from learning how to invest?
How will I overcome this obstacle?
What is the simple thing that I can do to start building
my investment portfolio?
Determine my investment objective
Identify my investor profile (how much risk am I willing
to take, either low risk, moderate, or high risk)
Invest time in learning so I become knowledgeable
about investments
Start investing as soon as I’m ready!
For a quick guide on the investment options here in the
Philippines, I have a helpful post here:
Financial Breakthrough Investment Guide
"Financial freedom is available to all those

who learn about it and work for it.”
ROBERT KIYOSAKI
Mistake #3
Not Preparing for Retirement

Finally, after decades of working, you decide to retire.
You can now stay in the comfort of your home, spend
more time with your family, travel to different places, or
have more time to do the things that you’re passionate
about.
That's nice, but here’s the problem: You didn’t prepare,
so you don’t have retirement funds!
Now what do you do?
Pagkasyahin ang SSS pension mo na Php 5,000 per
month
Magtrabaho na lang ulit kahit mahina na katawan mo
Ask your children to provide for you financially, na
most probably by this time ay meron na din sarili
nilang pamilya at mga anak na kailangan suportahan
How do you feel about these options?
Let me show you an illustration:
60 years old 70 years old
20 years old retires from average life
starts working work expectancy
Working Retirement
(40 years) (10 years)
Most Filipinos start working at the age of 20 years old
on average. The usual retirement age is 60 years old.
So that means 40 years of working to earn income.
The average life expectancy in the Philippines is 70
years old. So if nag retire ka at the age of 60, and you
live until age 70, that’s 10 years. Sa 10 years na yan,
kailangan mo pa din ba ng pang gastos? Of course!
You need money for your meals, for your maintenance
medicine, etc. Kasya ba ang SSS pension na
5,000/month? Hmm, I don’t think so.
Let me ask you, meron ka bang mga kakilala na hindi
napaghandaan ang retirement nila? What can you say
about their situation? Is it what you want too?
You see, this is what happens if you don’t prepare for
your retirement, it may become your longest
nightmare. But if nag handa ka, your retirement
becomes your longest holiday vacation. Or better yet,
you can retire earlier than 60 years old.
Prepare for your retirement if you

Friendly advice:
don’t want to spend the rest of your life working

for money. It's never too early to prepare for
retirement.
My
As for me, I don't plan on retiring at 60 years old.
goal is to retire by 40 years old, because why not?
I'm in my early 20's now and YES, I already started saving
for my retirement kasi nga I plan to retire early.
The quality of your life depends on the quality of
decisions that you make. Do something today that your
future self will thank you for. :)
When do I plan to retire?
How many years do I have left to prepare for my
retirement?
How much money do I currently have for my retirement
funds?
How much money do I want to have when I retire?
Take the retirement calculator to help me plan my
retirement funds, simply click here:
NFG Global Retirement Calculator
Start saving for a retirement plan so I can enjoy my
retirement years.
“A good financial plan is a road map that

shows us exactly how the choices we make
today will affect our future.”
ALEXA VON TOBEL
Mistake #4
Not Having an Insurance

Let me tell you a true-to-life story from one of my
friends:
Meron siyang pinsan na may kaya sa buhay. Nakatira sa
subdivision, maganda ang trabaho, at meron din ipon.
Until dumating yung time na nagkasakit yung pinsan niya,
na ospital, hanggang sa na comatose. And because of
this, naubos lahat ng savings ng family nila, kinailangan
din ibenta ung mga properties na meron sila. The
saddest part, hindi pa enough yung pera nila. Dumating
din sa point na nabaon sa utang yung family nila to pay
for hospital bills.
This is just one of the many similar stories I've heard
already. Ang sakit isipin na ang lahat ng pinaghirapan
mo ng ilang taon sa pagtatrabaho ay mawawala ng
ganun na lang. At hindi lang yung pinaghirapan mo,
pwede rin madamay yung savings ng family mo.
Many people fall into the debt trap when faced with
life's uncertainties. And then what’s next? You work
again (kung kaya mo pa magtrabaho) to pay off yung
mga naging utang mo. Paano kung hindi mo na kaya
magtrabaho?
I saw this post on facebook a few months ago (I forgot
"The average Filipino is just one hospital

who posted).
admission away from poverty."
A lot of people reacted “sad” and shared the post
because they can relate and because we know it's true.
True - to - Life Story

Let me share another story from someone dear to me:
May maayos na trabaho yung father niya which is the
breadwinner of their family. Mayroon din silang mga lupa
at properties sa province. At the age of early 40s, his
father got critically ill and eventually died. Now this
person that I know was still studying during that time. But
because of what happened, he had to stop going to
school and find a job to provide for their family. Binenta
na din nila mga lupa at properties na meron sila to make
ends meet.
Sadly, this person never got the chance to finish his
studies anymore, at hanggang ngayon ay nagtatrabaho
pa din siya.
You see, this is what happens when you don't find a way
to prepare for life’s uncertainties habang kaya mo pa.
Many people neglect the value and importance of
having an insurance policy. Little did they know that NOT
having one can cost them even more in the future.
"You can't buy life insurance when you need it because
you won't be able to get one anymore. You must get it at
the time when you don't need it yet, hoping that you
won't need it ever." -Nikki Jurado / NFG
Do I have enough savings to pay for emergencies or
life’s uncertainties?
If I’m a breadwinner, or a parent with dependents,
what will happen to my family if I pass away? Will my
children still be able to finish college?
If I got critically ill, who will be affected? How much
impact will this have on my family?
How much health insurance do I have and is it enough
to cover critical illnesses?
Start saving and/or investing part of my income for a
medical plan that will help me cover hospital bills if
ever I get critically ill or permanently disabled.
Make it my goal to ensure that my family will receive a
certain amount of money if ever I pass away, especially
if I'm a parent or breadwinner.
Take the critical illness calculator to assess if I’m
financially prepared for this life uncertainty.
NFG Global Criticall Illness Calculator
"It doesn't make sense to grow your wealth

if you have no plan of protecting it."
INVESTALK PH
Mistake #5
Not Looking for Ways

to Increase Cash Flow
Balikan natin yung nabanggit ko kanina. Bakit nga ba
karamihan walang savings? Most people will say “Sakto
lang kasi sweldo ko.”
It’s a common mistake to think that the only way to earn
income is by depending on your salary alone. I used to
think that way too, trust me.
"Ayoko mag business, wala akong alam dyan.”
“Hindi ko kailangan mag business, okay na ko dito sa
sweldo ko.”
“I’m not a salesperson, hindi ako magiging successful sa
field na yan.”
Hanggang magising ako sa isang masakit na
katotohanan: “If you don’t find a way to make money

while you sleep, you will work until you die.” -Warren
Buffet
It led me to this realization: Oo nga no, that makes A
I
LOT of sense. I definitely don't want to work until I die.
don't want to spend the rest of my life working for

money. What I want is to have more time for things
that are more important than money.
Cashflow Quadrant
From Robert Kiyosaki’s book Cashflow Quadrant, there
are actually different quadrants where a person can
generate income:
Businessman
Employee
Self Investor
Employed
Employees earn income from their salaries and trade their
time for money. Self-Employed people have more time
freedom, but they still need to work to earn. They trade
their skills and time for money too.
Businesspersons create more time for themselves and earn
from their busineses. Investors earn by making their money
work for them through investments.
Active and Passive Income
Active income is the money you earn when you “act” or do
something like being an employee, being a freelancer,
doing part-time jobs, etc.
Passive income is the money you earn even while you
sleep, while you travel, while you do the things that you
want to do.
One of the most powerful concepts out there is this:
You can make your money work for you and earn passive
income.
Impossible ba itong mangyari? Of course not. Mahirap
ba ung pagdadaan ko to make this happen? Yes. That’s
why only a few people experience passive income,
because only a few are willing to pay the price to make
it happen. The price of learning, building your system,
perfecting your craft, going out of your comfort zone,
etc.
On which of the four quadrants do I belong?
What can happen to me if I keep depending on my job
salary?
What possible consequences will I have to suffer if I can
no longer work?
How will it benefit me kung magkaroon ako ng
profitable business?
What will it mean for me and my family if I start to earn
passive income?
Make it my goal to have different sources of income.
Do not depend on salary alone.
Search for possible side hustles that fits me well or
freelance services that I can offer.
Find a way to use my skills and knowledge or my
passion to help me generate income.
Invest in myself by learning new money making skills.
Because the more I learn, the more I earn.
Summary
Mistake #1 Not Saving Money

Create a proper budget plan that fits me perfectly
based on my needs and priorities.
Determine what I want to save for (children’s education,
business capital, etc.)
Set an amount for my savings goal
Start my savings plan (the best time to start is now!)
and continue to save consistently
Mistake #2 Not Learning How to Invest
Determine my investment objective
Identify my investor profile (how much risk am I willing
to take, either low risk, moderate, or high risk)
Invest time in learning so I become knowledgeable
about investments
Start investing as soon as I’m ready!
For a quick guide on the investment options here in the
Philippines, I have a helpful post here:
Financial Breakthrough Investment Guide
Mistake #3 Not Preparing for Retirement
Take the retirement calculator to help me plan my
retirement funds, simply click here:
NFG Global Retirement Calculator
Start saving for a retirement plan so I can enjoy my
retirement years.
Mistake #4 Not Having an Insurance Policy
Start saving and/or investing part of my income for a
medical plan that will help me cover hospital bills if
ever I get critically ill or permanently disabled.
Make it my goal to ensure that my family will receive a
certain amount of money if ever I pass away, especially
if I'm a parent or breadwinner.
Take the critical illness calculator to assess if I’m
financially prepared for this life uncertainty.
NFG Global Criticall Illness Calculator
Mistake #5 Not Looking for Ways to Increase Cash Flow
Make it my goal to have different sources of income.
Do not depend on salary alone.
Search for possible side hustles that fits me well or
freelance services that I can offer.
Find a way to use my skills and knowledge or my
passion to help me generate income.
Invest in myself by learning new money making skills.
Because the more I learn, the more I earn.
Congratulations!
I’m confident you learned and realized a lot of things
from reading this book! I’ve put my heart and gave my
time in writing this simply because I want to educate and
equip people like you.
Achieving your desired lifestyle starts from realizing what
you need to work on, and knowing what are the things
you need to do to get there.
Now that you’ve learned and realized these things,
what’s next? “Knowledge without action is meaningless.”
The answer is pretty apply what you have

simple:
learned. All you have to do now is to take action.
“You see, the technical and fundamental skills are not
the most important parts of your success. The most
important ingredient in your success is, well, YOU.”
-Nikki Jurado / NFG
It’s never too late, all you have to do is to start.
I do want you to get started right away and take the

first step to achieving your Financial Breakthrough.
LET'S TALK ABOUT
Achieving Your Financial Goals
Free
1-ON-1 FINANCIAL
SESSION
Book your schedule easily using the link below:
BOOK MY SCHEDULE
In this session, you'll learn:
How to build a solid financial foundation
How to properly manage your finances
How to start your savings plan
Identify the best investment instruments that fits you well
How you can start preparing for your retirement
How to avail an insurance policy to protect your wealth
During our discussion, I will present financial products that will help
you achieve your goals but you're not obliged to buy from me, only if
you want to :)
BONUS
Receive a template that I personally use to budget my
finances
Help you set your S.M.A.R.T. goals
Get access to 2021 Savings Planner & Tracker Template
WHAT PEOPLE ARE SAYING
Sharing a few to inspire you.
Thank you so much Ms. Rennelyn sobrang comfortable
mong kausap at higit sa lahat thank you for educating
me, for sparing your time with me. Sobrang daming
kong nakuhang lesson on my investment, insurance
journey. Please continue inspiring others. Stay safe po
and may God bless you always.
Hi Ma'am Ren, I had a great time talking to you today.
I've learned so many things to be financially
equipped. Hopefully I can talk to you in the next
session to tell you that I am now financially stable. I
cannot make it without your help by imparting your
knowledge to me. Thank you so much Ma'am Ren.
Thank you so much sa free financial session nyo po.
Madami po akong natutunan at thank you po mas
nadagdagan yung confidence ko mag start na ulit.
Thank you so much Ms. Rennelyn. I learned a lot and
I’ll use my learnings to improve my financial status. I
hope you continue to spread your knowledge and
wish you more blessings to receive in the future!
Book your schedule easily using the link below:
BOOK MY SCHEDULE

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The Five Major

DISCOVER THE 5 BIGGEST MISTAKES

THAT YOU’RE POSSIBLY DOING

and how you can avoid them

All rights reserved.

This book or any portion thereof may not be reproduced or

used in any manner without permission from the publisher;

media-related materials as long as proper attribution is

This book contains information that is general in nature.

The advice and strategies herein may not be suitable for

all kinds of situations. It does not take into account the

objectives, financial situation or needs of any particular

person. You need to consider your financial situation and

needs before making any decisions based on this

Published by Financial Breakthrough

However, getting there can be overwhelming and

confusing especially if you don’t know where to start and

what are the steps you need to take to get there.

I’m sure you have a big dream to achieve financial stability

someday and you’re willing to do what it takes to get

there. (That’s why you’re reading this now!)

Here’s how I can help you.

Hi, I’m Rennelyn. I guide individuals with their financial

decisions and help them achieve their financial goals. It’s

my passion to educate and share my knowledge, and it’s

my advocacy to spread financial literacy to as many

My goal is to empower you so you gain control of your

I was introduced to the world of investing almost 5 years

ago. I currently own a small business that I started in 2019

which I plan to grow and expand in the near future. I’m

also a Financial Advisor under NFG Global Team of PRU

I was once a struggling employee who had no savings, no

investment portfolio, and no idea how to handle her

finances wisely. Until I decided to equip myself and

develop a stronger understanding of how I can gain

financial stability and financial freedom.

educate, equip, and empower other people like you.

Being wise in handling our finances need not to be a

challenge. If you have the right set of skills and knowledge,

it will allow you to make informed and effective decisions

with all of your financial resources.

“Declaring breakthrough in your finances.”

“I live from paycheck to paycheck. Kinukulang pa nga ako

sa budget minsan. Alam mo yung feeling pag petsa de

“Naging habit ko ang umutang if may kailangan akong

“Gusto ko sana mag invest kaso wala naman akong alam

“Naubos na lahat ng savings ko. Nagkasakit kasi si mama,

kulang pa nga lahat ng naipon ko pampagamot nya.”

“Hindi ako marunong kung paano ba mag budget ng

I was once just like you

poor financial decisions back then and suffered the

consequences of my poor decisions.

It's not yet too late

maabot ko ang mga financial goals ko at mabigyan ng

maayos na buhay ang family ko.

I can do something to make things better from here on

I started to educate myself financially and that’s

Enjoying the present

investment portfolio that helps me grow my money.

I'm confident that I'm making right and effective decisions

with my financial resources.

There's peace of mind knowing that I don’t have to work

until I get old just so I can pay for my bills.