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Jul 10, 2014 Guest
Whoa i like your e4babae4babae9ƒbde6œ‰e7š„e6œbae4bcšefbcŒe6Ÿ90e4ba›e4babae4b8bbe5Ša8e6”bee5bcƒe4ba† | Hello world ,...
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Featured Article

July 23, 2014

Figuring out what to say to a batch three decades my junior


Can you guess where I am in the photo of Batch 1985? First three correct answers win a prize. See mechanics at the end of the article.

Today I will talk before senior students at the Ateneo De Manila University in an event they’re hosting at the School of Social Sciences. This is where I graduated from decades ago. I will be the last speaker following the two who will talk about marketing yourself and working your way up to the top. I was asked to talk on life after work and work life balance.

 

So here I am trying to figure out what these kids would like to hear and what they should hear from me. And of course I have to do this in a quick fun way to make sure I don’t lose their attention before I even get to my punch lines.

 

I tried to imagine back in the 80s how I felt when I was a senior looking forward to graduation and somehow excited to “conquer the world.” But the more closely I tried to look back, the more I remember that my immediate concern at that time (4th year 1st semester) was how I would make my parents proud by giving them reserved seats – i.e. by graduating with honors. Excel had not been born yet, so I had to do manual computations. With two more semesters left, what were the minimum grades I could get from my remaining subjects? I don’t know if I have to be ashamed of this, but I think this was my pre-occupation then.

 

When I finally succeeded in giving my parents their reserved seats, I moved on to the next goal – to find a decent job with good training. Prior to graduation, we had mock interviews and real interviews from companies who visited the campus to do their recruitment. I also remember preparing copies of my resume together with my friends and we really walked along Ayala Avenue to drop our application forms.

 

I was hired by Far East Bank & Trust Co., one of the companies who visited our campus to recruit, as a Credit Analyst. I was officially employed on, what can you say, May 1, 1985 right smack on Labor Day. It was a good job because it was rich in training. Not every fresh graduate had the chance to interview CFOs, sometimes CEOs and business owners of companies we did credit studies on, and present recommendation to senior bank officers. But I must confess that on my first day of work I almost quit because my first assignment was to do the cashflow of a company. I hated balancing cashflows on those columnar yellow pads! We had to do them on the pads because we only had two computers (the ones with green screen). What an ancient person I am!

 

I clearly remember my starting salary at P2,000 per month! And that already had an itsy bitsy premium for being an honor graduate, another exhibit of my Jurassic generation. Of course, it was not the best paying job but somehow the mantra ”It’s not how much you earn but how much you save.” worked for me.

 

I remember just continuing my habit of saving from each cash inflow that I started back in kindergarten. Somehow, despite the low salary and not receiving additional allowance from my parents, I managed to continue the habit.  The saving part, I got from my parents’ simple way of living. But the investing part was acquired due to my early exposure to available investment instruments, and I’m thankful for that. I learned that within the bank there are several options to choose from depending on your needs.

 

This is why it’s misleading to say, “Don’t leave your money in the bank for it will only make the bank earn and not you!” Excuse me, it should be, “Don’t leave all your money in CASA (current account, savings account). And we hear a lot of financial gurus and agents say this. So the next time you hear them say this, correct them. There is a part of our money which should be in CASA (working capital fund or the equivalent of monthly expenses) and the rest you invest. Your emergency fund should be in short term easy to liquidate fixed income instruments like time deposit or money market placements. The rest – i.e. your dream fund, retirement fund, etc. should be invested in higher yielding instruments like bond, fixed income and equity instruments. You may also buy foreclosed assets, or fund your business through your friendly bank. Of course, you don’t forget your protection funds like life and medical insurance.

 

The problem is proper education on the use of each instrument to help fulfill our different goals. And the sad part is that some branch bank personnel are also ill-equipped to explain this to their customers. Sometimes, it may be a mere conflict of interest. They still want you to keep your money in CASA because it’s more profitable for them. So the only solution to this is to educate yourself – know your goals and understand the options and pick what’s most suitable for each goal.

 

 

The Challenge of this Generation

I believe that this generation of kids are more well equipped to map out their career and life goals. They have an incredible access to unlimited information at the click of their mouse. They have the ability to learn from the success stories (and also failures) of their predecessors from all over the world, but the challenge is in sifting through the information. They have more distractions and probably want everything right away. They spend a lot of time on their gadgets but despite the increased efficiencies, they still have the same number of hours in a day. In this era of instant gratification, they should remember that great achievements still need long gestations periods.

 

Patience is a big challenge. I’m a little challenged in this department as well but I’m alarmed to see a lot of kids jump from one job to another in short intervals. I don’t know if they’re able to figure out right away that there’s a mismatch or they’re just succumbing to sheer impatience.

 

The need for cash is also there, maybe more than...

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Can you guess where I am in the photo of Batch 1985? First three correct answers win a prize. See mechanics at the end of the article.

Today I will talk before senior students at the Ateneo De Manila University in an event they’re hosting at the School of Social Sciences. This is where I graduated from decades ago. I will be the last speaker following the two who will talk about marketing yourself and working your way up to the top. I was asked to talk on life after work and work life balance.

 

So here I am trying to figure out what these kids would like to hear and what they should hear from me. And of course I have to do this in a quick fun way to make sure I don’t lose their attention before I even get to my punch lines.

 

I tried to imagine back in the 80s how I felt when I was a senior looking forward to graduation and somehow excited to “conquer the world.” But the more closely I tried to look back, the more I remember that my immediate concern at that time (4th year 1st semester) was how I would make my parents proud by giving them reserved seats – i.e. by graduating with honors. Excel had not been born yet, so I had to do manual computations. With two more semesters left, what were the minimum grades I could get from my remaining subjects? I don’t know if I have to be ashamed of this, but I think this was my pre-occupation then.

 

When I finally succeeded in giving my parents their reserved seats, I moved on to the next goal – to find a decent job with good training. Prior to graduation, we had mock interviews and real interviews from companies who visited the campus to do their recruitment. I also remember preparing copies of my resume together with my friends and we really walked along Ayala Avenue to drop our application forms.

 

I was hired by Far East Bank & Trust Co., one of the companies who visited our campus to recruit, as a Credit Analyst. I was officially employed on, what can you say, May 1, 1985 right smack on Labor Day. It was a good job because it was rich in training. Not every fresh graduate had the chance to interview CFOs, sometimes CEOs and business owners of companies we did credit studies on, and present recommendation to senior bank officers. But I must confess that on my first day of work I almost quit because my first assignment was to do the cashflow of a company. I hated balancing cashflows on those columnar yellow pads! We had to do them on the pads because we only had two computers (the ones with green screen). What an ancient person I am!

 

I clearly remember my starting salary at P2,000 per month! And that already had an itsy bitsy premium for being an honor graduate, another exhibit of my Jurassic generation. Of course, it was not the best paying job but somehow the mantra ”It’s not how much you earn but how much you save.” worked for me.

 

I remember just continuing my habit of saving from each cash inflow that I started back in kindergarten. Somehow, despite the low salary and not receiving additional allowance from my parents, I managed to continue the habit.  The saving part, I got from my parents’ simple way of living. But the investing part was acquired due to my early exposure to available investment instruments, and I’m thankful for that. I learned that within the bank there are several options to choose from depending on your needs.

 

This is why it’s misleading to say, “Don’t leave your money in the bank for it will only make the bank earn and not you!” Excuse me, it should be, “Don’t leave all your money in CASA (current account, savings account). And we hear a lot of financial gurus and agents say this. So the next time you hear them say this, correct them. There is a part of our money which should be in CASA (working capital fund or the equivalent of monthly expenses) and the rest you invest. Your emergency fund should be in short term easy to liquidate fixed income instruments like time deposit or money market placements. The rest – i.e. your dream fund, retirement fund, etc. should be invested in higher yielding instruments like bond, fixed income and equity instruments. You may also buy foreclosed assets, or fund your business through your friendly bank. Of course, you don’t forget your protection funds like life and medical insurance.

 

The problem is proper education on the use of each instrument to help fulfill our different goals. And the sad part is that some branch bank personnel are also ill-equipped to explain this to their customers. Sometimes, it may be a mere conflict of interest. They still want you to keep your money in CASA because it’s more profitable for them. So the only solution to this is to educate yourself – know your goals and understand the options and pick what’s most suitable for each goal.

 

 

The Challenge of this Generation

I believe that this generation of kids are more well equipped to map out their career and life goals. They have an incredible access to unlimited information at the click of their mouse. They have the ability to learn from the success stories (and also failures) of their predecessors from all over the world, but the challenge is in sifting through the information. They have more distractions and probably want everything right away. They spend a lot of time on their gadgets but despite the increased efficiencies, they still have the same number of hours in a day. In this era of instant gratification, they should remember that great achievements still need long gestations periods.

 

Patience is a big challenge. I’m a little challenged in this department as well but I’m alarmed to see a lot of kids jump from one job to another in short intervals. I don’t know if they’re able to figure out right away that there’s a mismatch or they’re just succumbing to sheer impatience.

 

The need for cash is also there, maybe more than my need when I was in their age. Right now, they are able to compare what they have and what the rest of the world has. They see all these luxury goods paraded on Facebook and Instagram. They hear all the lovely vacations and overflowing parties of their friends (and even non friends) tweet about 24/7. And again, this is why it’s important for them to know how to handle money right from the start. If they have not been taught straight out of their diapers, then at least before they receive their first paycheck.

 

It’s an exciting milestone for them despite the challenges. I’m quite excited myself because our second son is also a senior right now. Come March 2015, our score would be two done, one last to go!

 

I figure, despite the gap of three decades between my batch in 1985 and this school year’s Class of 2015, the basic principles are still fundamentally the same. We figure out what our role is in this world, we set our goals, we strive hard, we succeed, we fail, we get off-track, we try again, we find meaning along the way. And our journey would be more enjoyable if money is not a big problem every step of the way.

 

Cheers to the graduating batch of 2015!

 

ANNOUNCEMENTS

 

Mini Contest: I will give a free autographed copy of The Retelling of The Richest Man in Babylon to the first three readers who will correctly spot me on the photo of Batch 1985! Please tweet your answer to https://twitter.com/TheFQMom. (My way of encouraging myself to use this platform I just signed up with!)

 

Cute Trivia: Remember my article last week entitled The Psychology of Pricing? I mentioned there that my husband ordered this charol shoes from Marikina. Well, he got the shoes yesterday, thank God the shop was not flooded. They look great! Very comparable to the Salvatore Ferragamo in the article photo. My son even said while holding one shoe, “Wow! this looks like a sleek brand new car!”

 

*********************************

 

(Rose Fres Fausto is the author of bestselling book Raising Pinoy Boys (download free book sample) and The Retelling of The Richest Man in Babylon (a story and activity book for kids from 1 to 92). Click this link to watch book trailer.

 

To read her other articles go to www.RaisingPinoyBoys.com or PhilStar.com Author Archive. Send your questions and comments via email to maryrose_fausto@yahoo.com or FQMomm@gmail.com.)

 

This article is also published in PhilStar.com.

 

Attribution: Batch 1985 photo from Aegis ’85 yearbook and photo from ryankanemagic.com put together by the author to help deliver the message of the article.


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YOUR QUESTIONS ANSWERED

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By Rose / Her Boys | The Community (Topic Thread)

By Rose / Her Boys

To Ask Rose or Her Boys a question go to the Ask Question Page.

Ghurl Vacaro Jul 18, 2013
Hi Ms. Rose, I read your articles in Philippine Star and I'm quite interested on your topics about financial literacy. I just turned 25 and currently working in Riyadh, I'd like to make my savings grow while I'm still young and single, can you give me advice on how or where is the wisest way to save or invest? Thanks a lot! God bless you!

Answered by Rose last Apr 23, 2014 / 02:41pm:

Hi Ghurl Vacaro. I hope you read my article that tackled your question. I'm happy to inform you that it received a lot of hits both in this website and PhilStar.com. It was also shared many times. This means that your question helped enlighten a lot of people. Here's the link: http://www.raisingpinoyboys.com/dashboard/showArticle/MTYy

Raymund Camat Nov 25, 2012
For the boys, will you also consider financial literacy as a quality that you will look for to your future gf/wife?

Answered by The Boys last Nov 30, 1999 / 12:00am:

It would be ideal if she were but it's not something we would really "require" so to speak because it's not very common. I guess as long as she's not too much of the "magastos" type because financial literacy is something that you could learn.

Guest Aug 30, 2011
Why the title "Raising Pinoy Boys?"? Its culture specific and middle class ideologue ..care to explain? thanks

Answered by Rose last Aug 31, 2011 / 09:33pm:

@Guest Aug 30, 2011. The title is Raising Pinoy Boys because it's a compilation of a mother raising her Pinoy sons. Yes it's culture specific and middle class because that's where I belong. In my over 2 decades of parenting I have always learned a lot from specific stories of book authors, parenting seminar speakers and even conversations with other parents and educators of boys. Thus, I thought it would be worthwhile to share my specific stories and those of the parents of the successful Pinoy men I featured in the book. Thank you very much for your question.

Guest Aug 10, 2011
Can we invite you to talk in our school during a parenting seminar?

Answered by Rose last Aug 10, 2011 / 09:19pm:

@Guest Aug 10, 2011 - Yes you may. I would be glad to. Just send me an email specifying your needs for the talk - the audience, the topic, etc. You may send your email to RaisingPinoyBoys@yahoo.com or through this website. Be sure to leave your name and email address. Thank you.

Guest May 15, 2011
du u know chris tiu?

Answered by Rose last May 27, 2011 / 11:39am:

I first heard of Chris Tiu when he became a UAAP basketball player of the Ateneo team. I learned about his other admirable traits later on and decided to include him in the book. Fortunately, his mom is a friend of my co-parent so I was able to interview her. He and his parents attended the book launch (see pics in a previous article on the book launch - Jan 2011).

The Community (Topic Thread)

To ask the Community a question go to Topics page. You have to be a Signed up member of the community to start a topic thread. ( Sign Up )

Christer-Nor Sayo - Negative effects of Money to my children... Feb 01, 2011
Are there any negative effects when we teach our children about money at an early age?
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Guest - I rekocn you are qui Nov 30, 1999
I rekocn you are quite dead on with that.
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Guest - That saves me. Thank Nov 30, 1999
That saves me. Thanks for being so seesnbli!
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