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This maybe true before but not anymore today.

Life Insurance is really just for protection while building your target wealth so it doesn't grow much.

Real Estate also is risky these days. ...

actually I got this from a Financial Planner in the US -> Dave Ramsey :)

of course Bo Sanchez is very good too :)

I forgot 1 thing... pay off debts (if you have) :)

actually it depends on the amount of your 13th-month pay....

I suggest:
1.) Tithes (10%) to your church or favorite charity
2.) Set aside an emergency fund in the bank or money market account....