“The Philippines is going to be a force to be reckoned with…but while the Philippines is doing great, here’s the question I want to ask you-how are you doing?” – Suze Orman
Last night, I got the opportunity to listen to Suze Orman, a well known American personal finance personality. Suze’s bluntness is refreshing as we Filipinos tend to play on the safe side constantly thinking about how others would think of us. She is unapologetic about her success and her wealth but is not boastful – she is grounded in values that keep her real.
One thing greatly impressed me about Suze- SHE DID HER HOMEWORK. She researched not only about the Philippine capital markets and economy (which should be expected of a financial adviser crossing the ocean to deal financial advise to a local audience) but also about how Filipinos as a culture relate to money.
As an advocate of financial education, I greatly appreciated what Suze had to share and how it perfectly aligned with our own philosophies in Colayco Foundation.
Here are some of the highlights:
SO: As the Philippines continues to progress, you will be targeted! More and more businesses will be setting up shop in the Philippines. “They will have one thing in mind – they will tempt you to buy.”
SO: “You will never be powerful in life until you have power over your money.”
SO: “The goal of money is to make you feel safe and secure”
SO: When making any money decision, Suze says ask yourself how does it make you feel? If you feel afraid or are scared then don’t do it. If you feel powerless and that you always have to watch your money, then don’t do it.
SO: Suze says there are three obstacles that you face in dealing w/ money – FEAR – SHAME – ANGER. You have to “Stand in your TRUTH!” You are who you are because of all the good and bad in your life. “I am who I am today because of the poverty in my life.”
SO: If you have credit card debt and you want to get ahead financially…PAY OFF your credit card debt. No investment can guarantee you 30-40%! (FYI In a year, 30-45% interest is applied on money borrowed on credit card.)
If you have cc debt n u wna get ahead is to pay off ur credit c debt
No investment can guarantee u 30 to 40prcent
Debt s bondage
2 pots of money
- savings emergencies – don’t care abt the interest
- investd for future
— dnt knw what to invest in— index fund pse here — every single month
—- cost averaging.
This is your chance to build wealth for yourself – if you consistently invest in the index fund
Managed mutual fund — index fund will outperform a managed mf
Do the math — 20prcent down and 8 month emergency fund
– 20 year fixed payments
Stop buying dollars
If you want the phl to grow start investing n ur selvs
stay wth the peso
Support it wth what to do wth ur money
Gold is a very risky investment
Borrow to invest
People first then money then things.
I wanted to grw up valuing myself more than money,
My goal for all of u is to get more pleasure out of saving than spending
To ths day I still
But what I need more than what I can afford.
Gold is no longer serving as the hedge to etfs. Gld s always speculative – small portion no mre than 10prcent
Stop wanting this to move… Go wth smething that’s moving — that u miss opportunities
20s most impt investmnt yrs of ur life
Importance of time
100php invest month next 40 yrs
12prcent average ret age of 63 1mil pesos
Live below ur means but within ur needs.
Evvry thng u buy
If its a want go walk away
Don’t let ur friends entice u to do stupid things about money
I think its very dangerous for u to figure out now what you need in retirement. Where are u now?
MOM – greatest thng to do is to educate her on what it takes to run the household
Online courses you can understand
Trust yourself more than others
Until you feel safe n secure don’t invest
How to be a good financial adviser
- right vs easy
Just bcoz u will get a comission
Research on other products
— how it really works
Put peoples needs b4 ur own paycheck
Who u r s always more impt than what u hav
U define money not money define u