Why I got hooked with financial planning? (Part 1)

If you’re given a choice between money and sex appeal, take the money. As you get older, the money will become  your sex appeal. – Katherine Hepburn


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Financial planning is defined as the process of determining whether and how an individual can meet life goals through the proper management of his or her financial resources.


The objective of financial planning is to ensure the right amount of money is available in the right hands at the right point in the future to achieve an individual's life goals.


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I've blogged about "Some Money Mistakes I did as an OFW" http://geraldcantor.blogspot.com/2013/01/some-money-mistakes-i-did-as-ofw.html,  and one of the root causes of my failings was my "ignorance" with regards to managing my finances. 


And of course, they don't formally teach about financial planning in school nor at home.
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Speaking of home, I belong to a typical working-class family.  Both of our parents were employed back then.  With three (3) kids studying in a private school for boys, I remember my parents working very hard, trying to make ends meet, and living from paycheck to paycheck.


At a certain point of my childhood, I distinctly recall that my dad had credit problems with a certain company named "Diners Club".


When my mom retired from government service in 2009, she got a lump sum amount for her retirement.  However, she was only familiar with the usual savings/time deposits in banks and a similar product from their savings & loans association.  So our dilemma before was where to put her "retirement" money?


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When I came back from London, I thought the "only" way to get rich was to get out of employment and get into business.  So I did, I got my food franchise  (I assumed that this was a "fail-proof" strategy since the business concept is tried and tested).


In less than a year, I accumulated more debt and my money-handling turned from poor to worst.  Back then my lifestyle was I was "spending like an OFW" but I was "earning like a minimum wage earner."
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My only "saving grace" back then was my first life insurance policy.  This was my one and only "savings" which I started when I was 26 years old.  When I needed funds for my business or for personal use, I relied on my policy for cash withdrawals or loans.


This despite my initial regrets and apprehensions on why I got a life insurance.
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Got this quote from supposedly Angelina Jolie:  "Without pain, there would be no suffering, without suffering we would never learn from our mistakes.  To make it right, pain and suffering is the key to all windows, without it, there is no way of life."
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From one mistake to another, from being ignorant, clueless and financially illiterate, my pain and suffering became unbearable...(to be continued)


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 visit https://www.facebook.com/iPon.ph for more iPon tips.