Darrel Villapaz

Saving funds through a Savings account (300-500PHP every payday)
          
          Specified Weekly Budget (Schools and Work expenses)
          
          Holistic Health Funds (Medication and wellness theraphy) 
          
          
          Interest Driven Investment 
          
          Cultivating a Positive Credit Record
          
          Property Ownership Aspiration
          
          Enrolling to Retirement Planning
          
          
          FinMan Script
          
          At the start of the semester, I literally have zero knowledge when managing my finances and it is ironic to think given that I'm a student that has a major in financial management but don't get me wrong because on this field, we are still on the process of learning and glad to have the opportunity to undertake the subject of personal finance as it helps me a lot to allocate my finances effectively.
          
          Hence on this video, I will backtrack my progress by means of reflecting and revising my initial short and long term financial goals in life and ofcourse to appreciate and celebrate the shortlist of accomplishment on the list. 
          
          Initially, this are the short and long term goals that I've proposed during the first activity on this subject and it is obviously a broad goals and not specific enough. But on the latter part of this video, I will make some revisions and dicuss the my new short term and long term goal that will serves as a guide to continue to build a wealthy life moving forward but first let's take a look on what we have achieve on the said initial goals
          
          As we can see here, the first short term goal enlisted is 'start savings through a savings account' and guess what? I've manage to open a savings account but I failed to regulary put a funds on it lefting me a small saved amount and allotted most of budget to spendings as some legends say 'Deserve ko to'. *insert the gala and spendings clips*

Art. 1305 – Definition of Contracts
          	A contract is a meeting of the minds between 2 persons whereby one bind himself
          
          Distinguish of Obligation and Contracts
          -	Contract is one of the sources of obligation
          -	Obligation is the legal tie or relation itself that exists after a contract has been entered into
          -	Hence there can be no contract if there is no obligation. But an obligation may exist without a contract.
          -	All contracts are agreement 
          -	NOT all agreements are contracts
          Stages in the life of a contract
          1.	Preparation or conception (formation of agreement)
          2.	Perfection (negotiation point)
          3.	Consummation (the performance of the obligation)
          
          Classification of Contracts
          According to Perfection or formation:
          1.	Consensual – by consent
          2.	Real – perfected by delivery
          According to form 
          1.	Formal Solemn – require some particular form (a public document)
          According to Cause
          1.	Onerous – must involve interchange 
          2.	Gratuitous – obligation that is for free
          3.	Remunerative – a prestation given for a service previously rendered
          According to dependence to another contract
          1.	Principal – an independent contract
          2.	Accessory – can exist only as a consequence of, or in relation with, another prior contract (pledge, mortgage)
          3.	Preparatory – a preliminary step towards the celebration of another subsequent contract

Imporantance of state planning
          -	Marami kasing napapabalita ngayon katulad nung sa video na nagkakaroon ng mga alitan, awayan or worst Patayan. Uso rin yung laro sating mga Pilipino bukod sa ganda gandahan, pa-oa-an ay ang agawan ng lupa. But here, if you will construct a state planning, you are avoiding the strain in family relationship kasi ikaw na mismo ang nagassign o nag appoint ng mga mamanahin at kung sino magmamana so it will lessen the conflicts and dispute between the fam so love love lang
          -	Just to let you know guys na hindi madadala ang mga estate sa kabilang buhay, itoy mapupunta sa frozen state and meron siyang estate taxes so para maiwasan yung burden sa magmamana, gumawa ka ng estate planning kung paano babayaran ang mga taxes and ofcourse, magtalaga ng appointee para hind mafreeze yung estate mo leading to restriction of access to it.
          -	Lastly and most importantly is it will leave behind a good legacy beyond the context of financial assets. Syempre, estate can also include some values and principles na nakagawian nang ipasa sa family mo such as creating a scholarship program to support educational initiatives. So from there, you can leave your family at ease and with positive influence to your future generations.

Second Bullet
          Hindi lang limited ang estate planning sa taxes and deaths but it also give you the full access para mamanage mo nang mas maigi yung mga papamana mong assets. Hindi lang din nagtatapos yung capability mo as an owner na pumili ng papamanahan, It will give you the authority na magset ng condition or rules kung paaano mamamana yung asset at kung saan pwede lang gamitin yung asset. Say for example, mamamana lang ni Marlo ang ari-arian ko once na nakapagtapos siya ng college and other example is you have allotted a trust funds para sa mga apo mo. Ganon kapowerful ang estate planning kase it will allow you to select the heir of the assets, what asset will be distributed, when will it be distributed at how it will be used.
          Third Bullet
          Estate planning is not also limited to distribution of assets after death kase it will also allow you to preserve and manage the assets during your lifetime. Syempre ito rin will benefit the owner of the asset incase of incapacitation of the individual in terms of making decisions about the finances and properties. Speaking of finances, it will also ensure that debts, taxes and other financial obligations will be manage and settled para sa continuity ng life ng estate.

Ang estate planning ay kadalasang iniuugma sa kamatayan at buwis – dalawang tiyak na pangyayari sa mundong ito ayon kay Benjamin Franklin. Ito ay may kinalaman sa kamatayan, partikular na ang paghahanda para dito. At ito rin ay may kinalaman sa buwis, partikular na sa pagmamahal ng pasanin ng buwis sa mga tagapagmana. Marahil, ito ang pakikitungo sa dalawang ito – kamatayan at buwis, na nagpapahirap sa maraming tao na tanggapin ang konsepto ng estate planning. Ngunit ito rin ang katiyakan ng kamatayan, at kahit buwis, na nagiging pangangailangan ang estate planning 
          
          Ang estate planning ay isang proseso ng pagbuo ng plano kung paano pamamahagi ang yaman at ari-arian ng isang tao pagkatapos ng kanyang kamatayan. Isa itong estratehiya upang tiyakin na ang mga naiwan ay makakatanggap ng maayos na pamana at paraan ng pagmamahagi ng ari-arian. Bukod dito, isa rin itong paraan upang maibsan ang epekto ng buwis sa yaman na ipamana. Bagamat maaaring maging maselan ang paksa ng estate planning dahil ito'y konektado sa kamatayan, ito'y mahalaga para sa mga indibidwal at kanilang pamilya. Ang maayos na estate planning ay maaaring magdulot ng katahimikan at katiyakan sa oras ng pagdadalamhati ng mga iniwan. Ito ay nagbibigay daan sa maayos na pamamahagi ng ari-arian at maaaring magtaglay ng mga benepisyo tulad ng pagbabawas ng buwis na kailangang bayaran ng mga tagapagmana. Sa pangkalahatan, ang estate planning ay isang bahagi ng matalinong pagmamahal sa mga mahal sa buhay at sa sariling yaman.