The Faustos on Financial Literacy in Families
Published: May 13, 2015 | Updated: July 23, 2021 | Posted by: Raiza Contawi | Lifestyle
If some Filipinos find the topic of personal finance intimidating and too serious of a subject, the Fausto family proved otherwise. The Family FQ Workshop by the Faustos, held on May 9, Saturday, at the SM Aura SMX Convention Center, was indeed made fun.
FQ Mom and author of The Retelling of Richest Man in Babylon, Rose Fres Fausto, reiterated the importance of focused parenting in raising the kids with high financial intelligence quotient or FQ. She had to give up her career in investment banking to take care of the kids full-time.
She and her husband, also the founding president of the Fund Managers Association of the Philippines, Marvin Fausto, made it clear that family and parenting should come first. The upbringing with abundant knowledge in money and core values was reflective on their three sons, Martin, Enrique, and Anton. The three boys supported the idea that high FQ starts in the family with a common goal – financial freedom.
Family Teamwork to Attain High FQ
Rose was the first to take the stage. She recalled the family’s humble beginnings and the journey they took, and still taking, to impart their expertise in investment and financial management to families for a stronger reinforcement.
More than just money matters, she shared life lessons and beliefs. “God’s will – is the intersection of our greatest passion and the world’s greatest need”, she said.
Shortly after her, the talented sons owned the floor with a dance number. They called in a few kids and adults to come up on stage and join the fun. The next thing you know, everyone was up on their feet learning the Fausto boys’ dance moves.
Martin further discussed the significance of core values in the family. One of his tips was to take an annual family goal setting trip to have each of the family member be on the same page when making plans and decisions.
Enrique, on the other hand, emphasized the relevance of investing in the stock market and why kids should start saving and investing at an early stage like what they did.
Anton highlighted the impact of habits in the equation. “Actions form your habits”, he said. True enough, if saving starts early in your life and becomes a habit, it can be a powerful thing.
The last to grasp the microphone was the head of the family, Marvin. He highlighted the Philippines being a demographic sweet spot and why now is the perfect time to invest.
Marvin’s answer as to why he retired early was, “I retired from a ‘dream job’ in order to pursue a ‘bigger dream!’” That bigger dream is to improve financial literacy in terms of diversifying one’s assets. He strongly believes that, “Investing is for everyone!”
The family shared a simple technique to building wealth called ABC:
A – adapt a system of saving
B – bring the money in the bank
C – create a passive income
A formula that’s easy enough to be followed by kids and the habit they’ve been practicing for years that brought them to where they are right now.
The Warm Remarks
A number of tweets were spotted shortly after the event, each expressing the amount of learning they’ve grasped:
Hundreds of parents, kids, young professionals, and even expats were among the participative audience. “It was great to see so many Filipinos with a desire to take control of their finances. The Faustos are inspirational role models and their skill is explaining complicated financial issues in a simple, relatable manner”, Josh Nedeljkovic, who recently moved here in the Philippines to join MoneyMax.ph, said. “Their energy is contagious! We look forward to the next event between MoneyMax.ph and the Faustos!”
From left: Martin Fausto, Enrique Fausto, Laurence Vicencio of BSP, Jennifer Villena of BSP, Jorrit Koop of MoneyMax.ph, Patrick Lynch of MoneyMax.ph, Rose Fres Fausto, Josh Nedeljkovic of MoneyMax.ph, Anton Fausto, and Benedict Carandang of MoneyMax.ph
MoneyMax.ph and the Fausto family aim to yield a comprehensive approach in financial literacy for the community.