― Paulo Coelho, Brida
Happy 2013 everyone!!! I wish you a prosperous, peaceful and blessed new beginning!
***
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.
***
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.
***
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"!
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! =)
***
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.
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.
***
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.
***
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!
***
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.
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."
***
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).
