Basketball Finance: #GilasPilipinas #Puso

“Winning is like deodorant – when it comes up, a lot of things no longer stink.” - Doc Rivers, New Coach of LA Clippers

#LabanPilipinas!!!  Mabuhay ang Gilas Pilipinas!!!

I am just so happy and proud of our basketball team for winning the 2013 FIBA Asia silver medal and more importantly, for earning a slot to next year's FIBA World Cup.  It is indeed more fun (to play basketball) in the Philippines!

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My first love was really basketball!  I even dared and wrote in our grade school yearbook that I will be a "basketball superstar" when I grow up.  Although that didn't happen, I still have the love and passion for the game.

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Previously, I have published blogs about basketball and how it relates to my current advocacy, which is personal finance (please check them out!).  Now is a great time to resurrect the topic as my own way of paying tribute to our Gilas team.

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MVP, Coach Chot and the coaching staff.  For me, they are like the "pillars" of financial literacy in the Philippines who continue to promote and educate our kababayans about personal finance.  They are like RFP's Henry Ong, Randell Tiongson, and Efren Cruz, Governor Tetangco of BSP, and Francisco Colayco to name a few.

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#Puso.  We all have seen how our team fought bigger and taller teams but we fought back with our "bigger" hearts.  In personal finance, this relates to our "behavior" in terms of handling our finances.  As they say, financial planning is 80% behavior and only 20% skills/knowledge.

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Marcus Douthit and Japeth Aguilar.  These players are like stocks with high risk/high return. Douthit can give us high scores and rebounds but he's got a higher risk of injury, as well.  Japeth provides high-light reels and exciting slam dunks, but his defense (and protecting the paint) needs a little work.

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Marc Pingris and Gabe Norwood.  These guys are our defensive players.  In terms of personal finance, they are like life insurance.  They provide protection and financial security against untimely death (the shooters), disability (the slashers), accident (the uncontested shots) and critical illness (the easy lay-ups or dunks).  Personally, it would have been great to have Beau Belga in our team.

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Jayson Castro, LA Tenorio and Jimmy Alapag.  These point guards are simply all about speed, quickness and 3-point shots.  They are like pooled funds (i.e. mutual funds and UITF)  wherein if you don't know where to invest, just put the ball (your money) in their hands and bahala na sila dumiskarte.

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Ranidel Ocampo.  He can both score (inside and out), and he can defend.  Ranidel is like a Variable-Unit Linked (VUL) plan.  He is a 2-in-1 option, an investment (scorer) and a protection (defender) all in one.

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Jeff Chan, Larry Fonacier and Gary David.  Our 3-point specialists are like real estate or business investments.  They are capable of providing higher scores (higher returns) but you just have to be patient as to when they will explode!

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Jun Mar "The Kracken" Fajardo.  I believe he is the "future" of Gilas Pilipinas as he's got the height we desperately need.  We just need to give him more exposure and more scoring opportunities next time.  He is like our "emergency fund".  When Douthit got injured, "The Kracken" took over in managing Haddadi of Iran. 

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Finally, the whole process of managing and coaching the team with a specific goal of qualifying to the FIBA World Cup is like the "financial planning" process with the objective of achieving life goals to proper management of your finances.

Hope this helps.

Ge

Gerald “Ge” Cantor’s mission is to help Filipinos save and invest for their future while protecting themselves and their families for the present.  Ge is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant (CPA), a Certified Internal Auditor (CIA), a Son of Lourdes (LSM), and a La Sallian (Animo La Salle!).  Ge is proud to be an ex-OFW, a "career-shifter", an entrepreneur, a "frustrated" baller, and most importantly, a "proud" dad of Gia and Clarie. You may e-mail him at geccantor@hotmail.com, or contact him at 09177069333 or visit https://www.facebook.com/iPon.ph for more iPon tips. 

Be Like LeBron and Money Matters

"Success is a result of consistent practice of winning skills and actions. There is nothing miraculous about the process. There is no luck involved. Amateurs hope, professionals work." - Bill Russell (11-time NBA Champion)

Finally we have a champion and we can all go back to work! =)

Congratulations to the Miami Heat for the back-to-back championship. A victory of the Heat is always a triumph for Filipinos as represented by Fil-Am Coach Spo!

To the San Antonio Spurs, my full respect and admiration to your team!  To Tim Duncan, don't retire yet.  Please continue representing the "old guys" like us!  As they say, BASKETBALL NEVER STOPS!

After a thrilling NBA playoffs and finals series, I bet there will be a lot of people who will be "motivated" to play basketball again and start imitating their idols.  And the marketing people of all basketball-related consumer brands will pound you with all the advertising gimmicks to be a "WITNESS."  But, are these money wise?

Now everyone wants to be "like LeBron" and one way to be like King James is to have his shoes.  Price?  Based on Nike Park's page, The AirMax LeBron X Low is selling at Php 8,195.  LeBron's PS Elite is at a whopping price of Php 11,995.

Before "JUST DOING IT" and buying, we need to ask ourselves - is this a want or a need?  do I have a debt that I need to pay first? do I just save the money for "emergency" purposes?  do I start investing in the stock market or other "earning" assets, instead?  do I insure myself or my house first?  do I start saving for my children's future education as first priority?

I guess it all depends on your current financial situation. I have a millionaire friend who owns several businesses and he loves basketball.  One time he said, he will never buy a basketball shoes for more that Php 5,000.  And that is why he is rich!  

A long time ago, I thought that to be "like Mike" is to have the latest Air Jordan shoes.  Now, to be like Mike for me is to have the passion, persistence and focus to be the best you want to be (not just the shoes)!

Hope this helps.

Ge

Gerald “Ge” Cantor’s mission is to help Filipinos save and invest for their future while protecting themselves and their families for the present.  Ge is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant (CPA), a Certified Internal Auditor (CIA), a Son of Lourdes (LSM), and a La Sallian (Animo La Salle!).  Ge is proud to be an ex-OFW, a "career-shifter", an entrepreneur, a "frustrated" baller, and most importantly, a "proud" dad of Gia and Clarie. You may e-mail him at geccantor@hotmail.com, or contact him at 09177069333 or visit https://www.facebook.com/iPon.ph for more iPon tips.

Transforming the Financial Lives of our Filipino Children

I recently came across an online Time article about the big push for mandatory personal finance classes in U.S. schools.  Apparently, there has been global fight against financial illiteracy with nations like Australia and the U.K. having voted to make financial education mandatory to their school systems.

According to Mr. Richard Cordray, a director of the U.S. Consumer Financial Protection Bureau, “Young people today and future generations should not have to repeat the financial mistakes made by earlier generations.  This is why we support a plan to bring financial education into K-12 classrooms.”

 

Meanwhile, here in the Philippines, President Aquino just signed into a law the “K-to-12 Act” or the Enhanced Basic Education Act of 2013.  This adds three years to the country’s 10-year basic curriculum to make Filipino children at par with their peers in other countries.

Perhaps the next logical step is really to mandate for the inclusion of financial education in grades K-to-12.  Apparently, there is already a “Financial Literacy bill” that has been submitted in 2010 for approval by Congress.  Both the Bangko Sentral ng Pilipinas (BSP) and the Department of Education have also taken steps to teach schoolchildren about saving and investing.

 

During the Citi-FT Financial Educaton Summit 2012, BSP Governor Armando Tetangco Jr. was quoted that “While financial education may not immediately be considered a core function of a monetary authority or a supervisor of the banking system, it is actually quite intrinsically linked to our overarching goal and vision.  To us, financial education empowers people to manage their resources with prudence, instills the discipline of saving regularly, and safely grow their money.”

All of these are good news for the future our Filipino children.  However, we must not forget that children learn first about financial management and discipline (or none of it) in their own families.  Psychologists would say that “children would pay more attention to what an adult does than to what an adult merely says.” Thus, parents play a crucial role in developing the character and values of our Pinoy children, especially when it comes to handling money.

The Philippines is fast becoming the rising tiger of Asia.  With the expected surge of jobs and wealth in the country, we see Filipinos enjoying their new found purchasing power.  Sadly, this leads to the insatiable want for material goods, with the mindset of having more and having the best.

I’d like to quote Mr. Greg W. Huffman and his online article on “Materialism and its effect on culture:”

“Materialism feeds on weak parenting and children feed on weak parents. Children learn everything from their parents.  Raising children the right way is an invaluable way of helping them raise their parents' grandchildren the right way… A culture full of spoiled children extinguishes the fire of earning what we have. A culture full of spoiled children encourages laziness. A culture full of spoiled children breeds spoiled and irresponsible adults… The ability of parents to discuss with their children financial responsibility is paramount. Showing children reality and not "reality" television will benefit them and our culture.”

Hope this helps.

Ge

Gerald “Ge” Cantor’s mission is to help Filipinos save and invest for their future while protecting themselves and their families for the present.  Ge is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant (CPA), a Certified Internal Auditor (CIA), a Son of Lourdes (LSM), and a La Sallian (Animo La Salle!).  Ge is proud to be an ex-OFW, a "career-shifter", an entrepreneur, a baller, and most importantly, a "proud" dad of Gia and Clarie. You may e-mail him at geccantor@hotmail.com, or contact him at 09177069333 or visit https://www.facebook.com/iPon.ph for more of his iPon tips.            

 

SORRY, COMPANY POLICY EH!!!

"We employed all efforts just to make an appeal.  But the Vice Chancellor has decided.  She forced my daughter to file a leave of absence because we cannot afford to pay our loan on time.  Forgive me, Kristel, for I have failed you." - Christopher Tejada, father of the University of the Philippines freshman who killed herself, on his meeting with UP Manila Vice Chancellor for Academic Affairs Marie Josephine de Luna who merely reiterated the university's "no late payment" policy. 

It is just so sad to hear what happened to Kristel Tejada, a UP Manila student who committed suicide just because she cannot pay her tuition fees.  She and her family appealed to the school's officials only to be turned down because it's the school's policy!
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Both me and my wife went school searching today for our eldest, Gia, who will be in grade school next year.  My wife's first choice is Miriam College in Katipunan as she and most of her sisters and mom were graduates there.  We previously wrote an appeal letter to the Grade School Principal for Gia to be considered for Grade 1.  However the principal courteously explained that under the DECS Kto12 policies, my daughter is not yet qualified because she is 20 days younger/short than the required age of 5 years and 10 months.  She suggested that we talk with the Pre-School Principal for her opinion.  We went to the latter, and she had the same explanation and even showed us the DECS order about the age requirement.
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After Miriam, we went to St. Theresa's College in QC.  We submitted the requirements and filled up some forms and it took only about 15 minutes and Gia is now scheduled for assessment for Grade 1 level this April! EASY!!!
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To my daughter, Gia, in case you will be famous someday, please give special thanks to Miriam. =)
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Why are some institutions or businesses are just too strict with company "policies and procedures?"  Why are they "NOT OPEN" to listening to appeals and requests from their prospects, clients or the people they are suppose to serve?  Don't they know that they are affecting lives here?
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One time, I went to the Banco De Oro (BDO) branch in Congressional Avenue to deposit and update my kids' bank accounts.  In BDO, they instruct their clients to queue in two lines, one for "single transactions" and another for "multiple transactions".  Seeing that the line for "multiple transactions" was too long, I went to the "single transactions" line.  Although my transaction only took less than 5 minutes, the teller still reprimanded me and said that next time, I should go to the "multiple transactions" line.  From then on, they lost a loyal customer because of the "masungit na teller."  And for what, its all because of company policy and procedure!
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I can understand that policies and procedures are established by companies and institutions to help them achieve their overall objectives.  However, will it be better if there is room for a little bit of "sensitivity" and "consideration" especially if you are dealing with people?
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Anyway, just because of company "policies and procedures", some people are just narrow-minded or just too scared to go beyond their call of duty.  Maybe they are doing their company's a favor by just following rules to the letter.  However, just bear in mind the consequences and impact you may have in people's lives.
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Lastly, which "epitaph" do you prefer?  1. Here lies a person who is dedicated and loyal to his company and who followed all policies and procedures without fail; or 2.  Here lies a good person who always extends a helping hand and who truly listens and empathize with his customers.  Your choice.

Hope this helps.

Ge
Gerald Cantor is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant, a Certified Internal Auditor, a Son of Lourdes (LSM), and a La Sallian (Animo La Salle!).  Ge is proud to be an ex-OFW, a "career-shifter", an entrepreneur, a baller, and most importantly, a "proud" dad of Gia and Clarie. You may e-mail him at geccantor@hotmail.com or visit https://www.facebook.com/iPon.ph for more of his iPon tips.

 

2013 Year of the Water Snake Forecasts on Wealth

"Kill the SNAKE of doubt in your soul, crust the worms of fear in your heart and mountains will move out of your way." - Kate Seredy

Xin Nian Kuai Le! 新年快乐!!!  Happy New Year to our Chinese and Chinoy friends and colleagues!  
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I just came from my daughters' Chinese New Year program in school and I thought it will be great to link this event with money matters. 
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My only warning though, is that I am not a feng shui expert or a geomancer or an astrologer and I'm merely using some personal finance concepts and a little bit of common sense.  Although, I would say, I learned a little bit of the Chinese culture way back in college (ehem, enough said... this is not about reminiscing past relationships). =)   

Anyway, here are my forecasts on money matters: 
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"You will have lots of money this year...only if you start your iPon NOW!!!...and do it continuously and regularly"
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"It is bad luck to use credit cards... especially if you cannot pay the balance in full come due date."

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"Be careful in handling your expenses...especially if your income is not enough to cover them."
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"You will have money luck in 2013...especially if you learn how to budget, save and invest wisely." 
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"For the married people with children, you will have more peace of mind for your family this year...especially if you have adequate health and life insurance."
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Geomancer, Joseph Chau, warned that there will be plenty of typhoons and earthquakes this year, as well as car accidents.  So have you updated your home and car insurances too?

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"If you want more prosperity this year, make your money work harder for you and do not just leave them in savings accounts or time deposits for ages..."
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"For relationships to work, it will help if couples talk about money matters too and come up with a financial plan for their family's future.  Money problem is always one of the leading causes of separations and break-ups." 
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"To attract money, handle it with care and give back some to your community, charity or church."
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"Lastly, value more your faith, family, friendships, and health over money.  After all, what will you do with your wealth if your a sick snake who stood up for evil and is all alone."

"Now the serpent was more crafty than any other beast of the field that the Lord God had made. He said to the woman, “Did God actually say, ‘You shall not eat of any tree in the garden’?” And the woman said to the serpent, “We may eat of the fruit of the trees in the garden, but God said, ‘You shall not eat of the fruit of the tree that is in the midst of the garden, neither shall you touch it, lest you die.’” But the serpent said to the woman, “You will not surely die. For God knows that when you eat of it your eyes will be opened, and you will be like God, knowing good and evil.” ...  Genesis 3:1-24

Hope this helps.

Ge
 
Gerald Cantor is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant, a Certified Internal Auditor, a Son of Lourdes (LSM), and a La Sallian (Animo La Salle!).  Ge is proud to be an ex-OFW, a "career-shifter", an entrepreneur, a baller, and most importantly, a "proud" dad of Gia and Clarie. You may e-mail him at geccantor@hotmail.com or visit https://www.facebook.com/iPon.ph for more of his iPon tips.


 

Some Money Mistakes I Did as an OFW...

“When you find your path, you must not be afraid. You need to have sufficient courage to make mistakes. Disappointment, defeat, and despair are the tools God uses to show us the way.”
― Paulo Coelho, Brida 

Happy 2013 everyone!!!  I wish you a prosperous, peaceful and blessed new beginning!
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This year has been good to me so far.  I got the opportunity to be invited as a speaker about the basics of investing in UP Los Banos to Industrial Engineering students and faculty members.  It was indeed a great experience!  I can't express how grateful and honored am I to share my story and hopefully, inspire our young ones to start saving and investing.

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As they say, the best thing about growing is to commit your own mistakes and learn from them.  But I guess the hardest part is to humble oneself and admit that you made mistakes.  A braver thing to do is to tell people about your mistakes so that others will learn, that is, if they are willing to listen and believe.
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It's been more than 3 years now since I left my job in London and came back home.  I still am proud to be called an OFW.  Our "kababayans" abroad are really our modern day heroes.  As a result of all the sacrifices they continue to make, OFWs have contributed to the Philippines becoming as the "New Asian Tiger"!  

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I'm sure a lot of our OFWs have prosperous lives now due to their hard work and enhanced purchasing power.  However, there are still a lot who, although earning a lot, are still struggling with their family finances.  Maybe they are still committing the same "money" mistakes I did before.  Here are some of the "zillions" of money mistakes I made.  Happy learning!  =)
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I did not "iPon" (save).     
My 'financial' routine in London was I worked, I got paid every month, I paid my bills, I send money home, I spend, shop, charge my credit card, entertain myself, and spend some more.  Saving was not in my vocabulary. My financial equation that time was:  Expenses Less Income Equals Debt.  

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I did not buy "earning" assets.  
With an exchange rate of 100 Pesos to 1 British pound way back in 2004, I had "purchasing muscle power".  I felt I could buy anything.  I had the latest Nike basketball sneakers, the latest mobile phone, new "branded" clothes every month, etc.  But these are all consumer goods with almost no value after using a couple of times.  I did not know about buying "assets" that will earn me more money.  Investment tools such as stocks, mutual funds, variable unit linked insurance, unit investment trust funds were all "alien" to me.
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I accumulated "debt".  
My best friend in London was my NatWest credit card.  It was my 'life saver' everytime I was short of cash.  Buying was easy with my 'plastic' friend.  I remember when I was about to go home in 2009, I wanted to buy 'pasalubong' for my family and friends.  I said to myself, I'll just charge everything to my 'plastic pal' anyway, I was expecting my 'last salary' afterwards.
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I did not teach my family "how to fish".  
Every month, I would remit some funds to my family in Manila for their household expenses.  For me, its a way of 'giving back' especially to my parents.  I felt good everytime I send them money.  But I realized later that that was not enough.  I wish I was able to teach them how to budget, save and invest.  Anyway, it was 'my bad' as well.  I can't teach what I don't know!

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I did not study about "financial planning".  
I think this is one of the root causes of all my money mistakes.  Back then, my mindset was, I will get paid 'naman' every month so why bother and study about personal finance.  I felt like I'm "Superman on steroids" when it comes to spending but then again, I realized I was more of a "Dumb and Dumber" when in comes to savings and investments.

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Steve Jobs' said that "You can't connect the dots looking forward; you can only connect them looking backwards.  So you have to trust that the dots will somehow connect in your future.  You have to trust in something - your gut, destiny, life, kharma, whatever.  Because believing that the dots will connect down the road will give you the confidence to follow your heart even when it leads you off the well worn path; and that will make all the difference."
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From the leading global city of London, I am now fully settled back in Manila.  I am just excited with my new mission and purpose as a financial planning advocate!  I sincerely wish all my friends, family and "kababayans" that it is really "More Fun in the Philippines" when you have "iPon"!  (Check us out at https://www.facebook.com/iPon.ph)

"He who is faithful in a very little thing is faithful also in much; and he who is unrighteous in a very little thing is unrighteous also in much." - Luke 16:10

Hope this helps.

Ge
 
Gerald Cantor is a Financial Adviser of Pru Life UK (www.prulifeuk.com.ph), a Financial Planning Advocate of Personal Finance Advisers Philippines Corporation (www.personalfinance.ph), a Registered Financial Planner graduate (www.rfp.ph), a  Certified Public Accountant and a Certified Internal Auditor.  Ge is proud to be an ex-OFW, a "career-shifter", a baller, and most importantly, a "proud" dad of Gia (5yo) and Clarie (4yo).