With people looking for ways to manage their debts and invest their hard-earned money in worthwhile places, you can always look to these financial advisors in the Philippines for advice. Learn important money lessons from the experts and take control of your finances.
Money Lessons from the Top Financial Advisors in the Philippines
From saving money, budgeting, and earning extra income to managing debts and achieving financial freedom, these financial advisors in the Philippines have lots of financial wisdom to share.
Quotes About Budgeting, Saving, and Money Goals
1. “Be open. Explore. Focus on ways of creating multiple income streams… one by one.”
- Omeng Tawid, financial blogger and speaker at Smart Pinoy Investor[1]
Everything is so expensive these days. Even if you have a stable income, there’s not a lot of money left after paying off the bills. Sometimes, you even have a negative balance. This is why you need a side hustle to create multiple income streams and help you meet your financial goals.
Aside from your monthly salary, you can also earn through profits from your small business, the interests of your savings accounts, or the dividends of your investments. If you have properties, you can also earn from rental income or capital gains. For the creatives, you can also earn from royalties or from the internet when you create and post your own content.
Read more: 15 Financial Quotes to Live By
2. “Every piso counts. When you have this sense of value to every piso that you earn, you become better at spending it.”
- Izza Glino, financial blogger at Savings Pinay[2]
These days, there aren’t a lot of things you can buy with your piso. But if every person in the world gave you a piso, you’ll easily be PHP 7 billion richer. In short, every piso is valuable.
3. “Don't think of saving as a chore.”
- Ameena Rey-Franc, financial blogger at The Thrifty Pinay[3]
Just think of it this way: The money you’re saving today is for your future self. It will benefit you and your loved ones many years from now, so be excited instead!
But it may feel tiresome sometimes, and you may not feel that motivated to save. Address this issue by automating your savings. This way, you won’t forget to transfer funds.
Stick to a budget and curb your unnecessary spending. Seeing that you’re on track with your savings goals will inspire you to keep going. And when saving starts to feel like a burden, just think about why you’re saving in the first place.
Read more: Filipino Financial Bloggers You Should Follow in 2021
Quotes About Spending and Debts
1. “Buy luxury only if you can afford to buy 10 pieces of it.”
- Rose Fres Fausto, behavioral economist, speaker, and writer at FQ Mom[4]
You work hard and provide for yourself and your loved ones. Of course, you’d want to reward yourself for your hard work. So you buy a designer bag or a luxury watch.
There’s nothing wrong with enjoying a few luxuries here and there. However, it becomes harmful to your finances when you buy these luxury items prematurely. Instead of buying it right away, why not delay the purchase until you have more buying power? When you can buy it without worrying about how you’re going to pay for it, buy two, or yes, even 10!
2. “Debt is something that robs a lot of people of hope. Simply put, debt puts a peso sign on how much of your future you spent in the past.”
- Randell Tiongson, personal finance author, speaker, and planner[5]
Having too much debt can really feel like a weight on your shoulders. Not only will it affect your financial standing and future prospects. But it can also cause a lot of emotional damage and mental stress.
WhiThere’s no peace of mind because you’re always on alert. You can block unregistered numbers all you want, but these collection agencies will be calling again the next day with a new number.
Hiding or throwing out your bills straight to the trash won’t make your debts go away, either. You can tell yourself that everyone has debts and that it’s normal. But if you don’t manage your debts right away, you may not have a lot of financial options left when you need money. You’ll feel like you’re no longer in control and that you’ll never get out of this financial bind.
3. “Get out of debt. The path towards financial freedom is a difficult one to walk on, and getting out of debt is one of the ways you can stay on it.”
- Marvin Germo, financial planner and consultant, resource speaker, and president of Stock Smarts Inc.
When you have too much debt, it affects not only your overall budget but your financial security as well. More often than not, debt repayments take up a huge chunk of your budget, leaving you with so little to spend on anything else.
Getting out of debt is easier said than done, but it’s not impossible. And the sooner you do it, the sooner you’ll reap the rewards of being debt-free.
When you’re debt-free, you can make the most of your income and spend it on yourself and the people who really matter. Moreover, you can stop worrying about how you’re going to pay for your debts and your living expenses.
Get rid of that dark cloud hanging above you. End the distressing cycle of earning just to pay for what you owe and work for your financial freedom.
Quotes About Investing
1. “The best time to invest was yesterday, the next best time is TODAY, and the worst time is tomorrow.”
- Randell Tiongson[6]
Everyone’s investing goals are different. Your short-term and long-term investments may be for the down payment for your home, for home renovations, for your child’s college fund, or for your own retirement.
But what you should take note of is the length of time, or the number of years, before you need to cash in on this investment. This is why it’s important to start investing early on.
Buy and hold for the long-term and take advantage of the long-term investment horizon. If you’re already paying for your home mortgage or your child’s tuition, it doesn’t mean it’s too late for you to invest. You can still invest in your retirement plan or in your future business.
2. “The best way to honor your income is to reinvest it.”
- Marvin Germo[7]
Did you just pay your bills and put away a portion of your income to your savings? Whatever amount is left should not go to checking out what’s in your online shopping cart. What you should do is reinvest it.
This is a challenge for many, especially when there are just so many lovely things to be bought online. But consider your needs, not your wants. Instead of buying that cute (but expensive) merch, top up your VUL insurance, or get an additional policy. You can also put it back in your small business to purchase equipment or supplies. If you put your money into worthwhile things, you’ll benefit from the payoff in the future.
Read more: There’s a New Card in Town: Why and How to Get a Robinsons Bank Pru Life Credit Card
3. “One of the causes of financial stress is not the lack of money but the lack of financial literacy.”
- Chinkee Tan, wealth Coach, motivational speaker, author, and radio and TV personality[8]
The older you get, the more financial responsibilities you have, and the more complex your financial decisions become. When you keep making bad financial choices, it will negatively impact your finances, resulting in financial stress. Remember The Professor of Money Heist made this as a way to recruit members to rob the Bank of Spain?
This is why it’s necessary to learn how to handle your money. Know the financial risks, so you can avoid making financial blunders and falling into debt. When you know the financial do’s and don’ts, you’ll also be prepared when a financial crisis happens.
Quotes About Financial Freedom
1. “Financial freedom means living a few years of your life like most people won't so you can live the rest of your life like most people can't.”
- Fitz Villafuerte, financial blogger, financial planner, and entrepreneur[9]
Surely you’ve heard “Kapag may isinuksok, may madudukot,” or “Kung may tiyaga, may nilaga,” and “Kapag may itinanim, may aanihin,” from your grandparents, and even from your own parents. That’s because these words are important and true, and they explain how delayed gratification works.
Don’t feel resentful if you need to make sacrifices today. Cutting back on a few luxuries now to boost your savings or emergency fund will give you a great payoff in the future. Would you rather splurge today and be broke when you’re old and grey? Or would you rather be debt-free and enjoy spending without worrying about how you’re going to pay for it?
2. “Money will make you happy only if you have learned how to be happy without money.”
- Bo Sanchez, entrepreneur, speaker, and author[10]
Some people keep forgetting that money is not the answer to everything. They build their world around it and let their decisions and choices be dictated by it. Sure, money can buy convenience and comfort. It can truly make life easy. Maybe this is what gives the illusion that having money means happiness, satisfaction, and success.
Meanwhile, there are people who are not rich and are struggling financially. Yet you know they’re happy, even if they can barely make ends meet.
In short, you can live a happy and meaningful life even without a lot of money. And you’ll learn to appreciate the value of money when you already know what it’s like to be without it.
Read more: Achieve Financial Success with These Tips from the Experts
Final Thoughts
What are the biggest lessons you’ve learned from these famous financial advisors? When you don’t know how to get out of a bad financial situation, it’s so easy to just give up. But reading these words from the top financial advisors in the Philippines will truly motivate you to correct your money mistakes and let go of bad financial habits.
These Filipino financial advisors are all in agreement―the sooner you take action, the sooner you'll hit your goals and achieve financial freedom.
Sources:
- [1] 8 Simple Ways to Multiply Your Income (Smart Pinoy Investor)
- [2] The 10 Most Important Lessons to Learn in Personal Finance (Savings Pinay)
- [3] 5 Excuses for not Saving and How to Overcome These (The Thrifty Pinay)
- [4] When is the Right Time to Buy Luxury? (Philstar, April 2021)
- [5] Relief from the Burden of Debt (Randell Tiongson)
- [6] Randell Tiongson Facebook page
- [7] Marvin Germo Facebook page
- [8] Biggest Money Mistakes People Often Make Series 4: LACK OF FINANCIAL EDUCATION (Chinkee Tan)
- [9] How I Got Out of the Rat Race To Achieve Time, Location, and Financial Freedom
- [10] Bo Sanchez on Twitter
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