Several queries have been sent to me and most of them ask for good investment ideas. At first, I thought that I was probably making a false representation of myself online kaya I disclaim, and I disclaim from time to time, that I am not a financial guru/advisor. Recently, I realized that it was not the case. They are asking me NOT because they think I’m an expert of some sort. They are asking me because they have no one else (or only a few) to talk to about money! And, I can totally relate! Because I am just like them. I don’t have much friends to whom I can talk about my financial status, money habits or investment choices. And, vice versa, none of my friends tell me about theirs.
We all talk about money. Let me correct myself. We all complain about money. It’s not enough, its diminishing value and how quick it’s gone. But, personal finance is considered taboo and an unpopular topic, right? We seldom hear people talk about their money habits, savings, and investments. And, for a good reason, I believe. For modesty and security, we really don’t want to divulge our finances, sometimes even to our friends. Also, we fear that if we impressed upon others that we’re in a good financial standing or that we have savings and investments, they might just have an idea of whom to borrow money from. Hehe. Sounds funny, I know, but, it is true! So, where can we safely get investment ideas?
Read up. At this digital age, there is a vast information available in the web. All you need to do is spot the most reliable online resources. Filter what you see/read. Be cautious in making decisions. And, practice due diligence before jumping into any actions involving money. Always check the websites you are visiting or the authors you choose to follow.
Join groups/forums. There is a lot you can learn from a group discussion. Yun nga lang, mas mahirap i-filter which information is relevant and true, kasi minsan may mga trolls. But, sometimes, you’ll get good ideas from them. I think it’s better if you join or attend conventions instead, the likes of The Feast by Bo Sanchez. At big group meetings such as that, you’ll meet many financially literate or interested people just like you. You’ll get ideas straight from people with real names and actual faces! You’ll get to expand your network too.
Your bank. Yes, the one where you maintain your savings/current accounts. Just go there, preferably at most off-peak hours and ask the account officer or the bank manager for investment options. I know you might get overwhelmed. So, this my top pick aside from time deposits, UITF, mutual funds and insurance. Ask if they are offering LONG TERM NEGOTIABLE CERTIFICATE OF DEPOSITS (LTNCD). They are relatively safe bank products with a higher yield than time deposits. Here’s a catch – not all bank branch personnel are aware of this since these are managed by the bank’s head office. Still, inform them you are interested, and they can just call you back once they have the details. Usually, the holding period is for five years with a yield of four to five percent. It varies.
Find a trusted mentor. There is just so much a reading material, a group/forum (where there is no real personal attachment), a bank manager who is replaced from time to time, can do for an investor. For me, there is no substitute for a good mentor. We all need one, pretty much about every aspect of our lives. A mentor who will not only guide us in our financial life but will also inspire us to achieve our goals and reach our dreams. It could be someone like your retired former boss who’s still living a good life. An uncle or auntie who’s financially stable on their own. A former professor or colleague with great entrepreneurial skills, thriving businesses, and streams of passive income. A mentor need not always be older than you but most of the times, it is that way since naturally, a person gets wiser with age and experience. If you don’t know any, maybe it is time to look for a trusted financial planner/advisor.
I hope that time will come when people can talk about their financial life/health, to inspire others, share ideas and stories, without the fear of being a target of criminals and pathological borrowers. That would be nicer and more productive instead of talking about other people, right? For now, let’s feel safe in #MoneyBliss of my humble blog. 🙂 Have a great weekend!