Introduction to Personal Finance by Randell Tiongson

Lenddo celebrated its 1st year anniversary with wonderful guests from ECCP and the Lenddo Community. The highlight of the evening was a talk on an introduction to personal finance, conducted by renowned financial adviser Randell Tiongson, RFP.

Here are the important notes that were discussed during RandellTiongson’s talk.

Life changes involve money.

It is important to be prepared at all times because most of the decisions we make involve money. Getting married, having a baby, quitting a job, going in to retirement—all of these require funds. If we spend too much on temporary things, how then can we provide for things that really matter?

Filipinos have issues on financial planning.

While it is clear that everyone thinks about money, Filipinos make the road to riches seem even vaguer. As highlighted by Mr. Tiongson, Filipinos appear to always excuse themselves from thinking long term. Presently, the Philippines’ savings rates are amongst the lowest in the world and 1 out of 10 Pinoys prepare for retirement. Sadly, these are facts that affect and will affect each of us directly. Start preparing today; as we have been reminded, our spending habits today will affect us tomorrow.

Material things will not love you back.

We lust after the latest gadgets, and our hearts beat upon spotting the perfect pair of shoes. While these things may give us temporary happiness, these “will not love us back”, as Randell put it.

Change your behavior towards your finances.

It is said that balancing your finances requires 80% behavior and 20% skills. Skill is something that comes naturally while behavior is the way one reacts. So even if it is innate for you to save money, but you behave like a big spender all the time, you will not be able to plan your finances effectively. Keep in mind that until you change your behavior, you will never experience financial freedom.

Learn the most effective way to get rich.

Getting rich is really easy if you know how to spend less than what you have and invest the difference. And to experience a wealthy life, you must always have a financial objective. So before spending all your money, ask yourself one important question: “What is it that I really want?”

Maintain a healthy cash flow.

Stay on top of your finances by maintaining a healthy cash flow at all times. Know where you are, financially, and decide where you want to go. Above anything else, discipline helps you win the game.

Invest early. Invest wisely. Invest regularly.

The secret to a stress-free, wealthy life is investing. It’s never too early to invest now, and never too late to do it wisely. If you’re thinking long term, then do it regularly. You toil hard to earn money, why waste it on things that provide fleeting happiness?

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