How Do You Reach Your Financial Goals Through Investing?
Published: June 6, 2016 | Updated: July 23, 2021 | Posted by: Bea Bongat | Personal Finance
Last May 28, over 1,500 Filipinos gathered together to hear the country’s most influential thought leaders in finance and entrepreneurship talk about the ‘how-to’s and ‘why’s of wealth creation and building at Randell Tiongson’s iCON 2016.
Among the powerhouse lineup of speakers were Diwa C. Guinigundo, the Deputy Governor for the Monetary Stability Sector, Bangko Sentral ng Pilipinas, Valerie Pama, President of Sun Life Asset Management Company, Inc. (SLAMCI), and Rex Mendoza, Founder and Managing Director of Rampver Financials.
Each speaker brought and shared a lot of practical financial lessons that the attendees can use in their own financial journeys. Here are 14 investing tips from the speakers to help you reach your financial goals:
Randell Tiongson, RFP
Director, Registered Financial Planner Institute Philippines
“Investing is a marathon, not a 100-meter dash.”
Investing and wealth creation take time. Even the most successful businessmen labored to get to where they are today, and an overnight success is backed up by years of hard work and perseverance. You need to have a long-term mindset with a minimum of 5 or 7 years if you want to invest and make your money grow.
“In a volatile market, it’s always best to go back to your foundations.”
It’s normal for markets to go through up-and-down cycles. This is volatility. Go back to basics. This means improving your cash flow, eradicating debt, having an emergency fund, protecting yourself from risk through insurance, and investing for the future.
Marvin Germo, RFP
Best Selling Author, Stock Smarts book series
“The more assets you have, the more chances of winning.”
Markets follow up-and-down cycles. It’s important to diversify and accumulate more assets to protect yourself from the downturns through a mix of high-risk and low-risk instruments.
“Look for bright spots in the economy.”
These bright spots are OFW remittances, the BPO sector, and the consumption-driven habits of Filipinos. Pick stocks or investments related to them, such as real estate companies for OFWs and BPO employees, and retail and F&B industries for the consumption-driven habits of Filipinos.
President, Sun Life Asset Management Company, Inc. (SLAMCI)
“To avoid falling for scams, look for a BRIGHT partner.”
Think of the acronym BRIGHT to check if you will be putting your money in a legitimate investment. If someone approaches you, he is credible if the company he is representing has a Brick and mortar store and is Registered with the Securities and Exchange Commission (SEC), he or she has Integrity, is Grounded in reality, is Honest and Trustworthy.
“Grow your money in legitimate investments like mutual funds.”
Legitimate investments take time. They won’t give you double-digit returns in days or months, but you’re assured that your money is safe until you need to withdraw them. Legitimate investments include bonds, stocks, and mutual funds.
Diwa C. Guinigundo
Deputy Governor, Monetary Stability Sector, Bangko Sentral ng Pilipinas
“Save 10% of what you have for the future. Invest savings for multiplication.”
Move to wealth building so your savings can beat inflation after wealth creation. Put your savings in investments, be it bonds, stocks, index funds, real estate, or a business venture.
“Seek the advice of wise men.”
The advice that your mentors will provide will steer you in the right direction, so you can avoid mistakes you would’ve committed in their absence. No man is an island, and surrounding yourself with people who inspire, motivate, and guide you will bring you one step closer to your goal.
Jose Feron “Dodong” Cacanando
Owner, Moriah Farms Inc. and HA-Moriyah, Inc.
“Infrastructure is the most important and expensive part of business, but it cannot be bought; it has to be developed over time.”
You cannot rush success and wealth because it’s important to build the infrastructure first. You need to lay a good base if you are managing people. This could be mentoring your employees to become star performers and to grow your revenues or this could be investing in the tools and appliances you need for your business operations.
“Save in order to protect yourself from calamities. Save so that you can fund new opportunities.”
Savings aren’t only there to protect you from the bad times. Savings are also there to bring you closer to opportunities. Did you travel to a province and realized you could invent a product to help the locals? Did you travel overseas and found a product or business model you could bring back to your home country? If you have savings, you can use the money to develop your product and business model. That is how having savings can fund new opportunities.
President and CEO, Vcargo WorldWide
“Ang kalaban ng pera ay pero.”
Everything starts with having the right mindset when it comes to attaining wealth or achieving personal and professional successes. When it comes to your finances, your number one enemy is self-doubt, or ‘pero’. If you keep believing that you will never become rich or successful because of reasons x,y, and z, you will stay that way. Removing self-doubt can set you up for success.
“Anybody can have the mindset of an entrepreneur, but not everyone can be one.”
Having the right mindset is step one. The second step is execution. Everyone can dream of becoming rich and successful. A majority will continue to dream without doing anything while only a handful will continue to dream and start doing. It is important to take the necessary and actionable steps to achieve your goal.
Founder and Managing Director, Rampver Financials
“Have a dream. Have a deadline.”
Having clear goals will bring you one step closer to achieving them because now you have something to aim for. If your goal is to buy a sports car, you now know that you either have to save a large percent of your income or increase your income streams (or do both at the same time). You may get sidetracked from time to time so it’s important to have a deadline. Having a deadline gives you the clarity and motivation you need to stay focused on your goals.
“Wealth and abundance is a choice and decision. It is a commitment of faith and discipline.”
Achieving success and wealth is a conscious decision you have to make because everyone would be rich if it wasn’t. Work hard and smart to build wealth. Save and invest. No one will give you a handout on ‘how to be wealthy’ unless you ask and do your part. Stay committed to your financial choices.
Randell Tiongson’s iCON 2016 was a whole-day event filled with inspirational stories of starting a business and overcoming challenges. It opened the mindset of the attendees to the reality that success and wealth do not come easily. Inspirational snippets of the speakers’ lives were complemented with practical how-to’s to give the attendees the tools and action steps they need to follow the advice of the speakers.