My thoughts about the recent Financial Literacy Seminar held at Ramada Hotel last two weeks ago.
First of all I must congratulate and thank the group that organized this seminar, particularly Benny Tadili, Kiel Erida, et al, as well as the sponsors. It was well-organized and has been very informative. I would have wanted more, but sitting for over 4 hours, well… it was rather long, but it wasn’t boring though.
I did not raise any question during the open forum because, as I said earlier, we had been there for well over 4 hours (from 7pm to past 11pm). I was already hungry, although snacks were provided during the break.
After listening to the nearly two-hour lecture of Investment Guru Mr. Francis Colayco, indeed the question that remains to be asked is “Where do we invest?”. Colayco extensively discussed his book (I forgot the title because I did not buy) and urged the OFWs to save… and save. I did not miss his point in saving 80/20, but it does seem to me that 80/20 too he was barking up the wrong tree. He was telling the over 200 OFWs who attended the seminar the importance, the virtues of saving, the benefits of which would be reaped 20 to 30 years thereafter!
What?! He was asking me to save and reap the benefits 20 to 30 years thereafter? I am now 55 (56 next month) years old and if I followed his advice I would have been 75 or 85 years (heaven forbid I am still alive by then), to see how my money grew! That’s why I said he was barking up the wrong tree – he should have lectured to the young ones back home who can digest the virtues of saving, and not to an audience of OFWs aged 40 and above, because most of these people, including myself were not interested to start saving the way he wanted us to do. He should be lecturing that to my daughter who’s 20 years old. I do not want to be lectured to start saving at this time, only to get the rewards 20 to 30 years from now. Kasabihan nga, live life and be merry for tomorrow you die! Ganun ba’yon? Aanhin ko ang savings ko when I can no longer enjoy the money saved kung 80 years old na ako?
80% of his discussion centered on the importance and techniques of saving and investing, which is, as he said, “there's nothing really new and original about the formula except that very few people are aware of what they should do.”
What I was waiting for him to say, and I’m sure most OFWs who attended the seminar wanted to know as well, was what to do with whatever money they have already saved or in hand. Many OFWs have done some savings already and whatever they already have and what to do with it is what interests them. The OFWs would like to hear the investment opportunities and not saving and spending tips. At our age this is not the time to be lectured about saving. This is the time to be lectured about what we can do on whatever meager resources we have, what we have so far saved – opportunities for investment and how to go about it.
I wanted to hear about the different investment schemes such as the various funds (forgive my ignorance) e.g. mutual funds, government bonds, etc., being offered by investment houses. I wanted to know those different types of funds - which ones are more or less safe, or which ones are risky. This was not tackled at length, but only when questions were asked during open forums. Thus, I left the seminar not more financially literate than I was before I attended.
However, prior to Colayco’s speech, there was the 10 to 15 minutes lecture by Armand Bengco about KsKSMP Cooperative which, to me, was more enlightening. It was a clear explanation and a more direct investment opportunity. I was more attentive to his presentation because it was a more or less concrete investment proposal, plain and simple, and easy to understand. If the purpose of the seminar is to get additional members to its KsKMP Coop, then it achieved its objective – I am going to apply for regular membership very soon!
First of all I must congratulate and thank the group that organized this seminar, particularly Benny Tadili, Kiel Erida, et al, as well as the sponsors. It was well-organized and has been very informative. I would have wanted more, but sitting for over 4 hours, well… it was rather long, but it wasn’t boring though.
I did not raise any question during the open forum because, as I said earlier, we had been there for well over 4 hours (from 7pm to past 11pm). I was already hungry, although snacks were provided during the break.
After listening to the nearly two-hour lecture of Investment Guru Mr. Francis Colayco, indeed the question that remains to be asked is “Where do we invest?”. Colayco extensively discussed his book (I forgot the title because I did not buy) and urged the OFWs to save… and save. I did not miss his point in saving 80/20, but it does seem to me that 80/20 too he was barking up the wrong tree. He was telling the over 200 OFWs who attended the seminar the importance, the virtues of saving, the benefits of which would be reaped 20 to 30 years thereafter!
What?! He was asking me to save and reap the benefits 20 to 30 years thereafter? I am now 55 (56 next month) years old and if I followed his advice I would have been 75 or 85 years (heaven forbid I am still alive by then), to see how my money grew! That’s why I said he was barking up the wrong tree – he should have lectured to the young ones back home who can digest the virtues of saving, and not to an audience of OFWs aged 40 and above, because most of these people, including myself were not interested to start saving the way he wanted us to do. He should be lecturing that to my daughter who’s 20 years old. I do not want to be lectured to start saving at this time, only to get the rewards 20 to 30 years from now. Kasabihan nga, live life and be merry for tomorrow you die! Ganun ba’yon? Aanhin ko ang savings ko when I can no longer enjoy the money saved kung 80 years old na ako?
80% of his discussion centered on the importance and techniques of saving and investing, which is, as he said, “there's nothing really new and original about the formula except that very few people are aware of what they should do.”
What I was waiting for him to say, and I’m sure most OFWs who attended the seminar wanted to know as well, was what to do with whatever money they have already saved or in hand. Many OFWs have done some savings already and whatever they already have and what to do with it is what interests them. The OFWs would like to hear the investment opportunities and not saving and spending tips. At our age this is not the time to be lectured about saving. This is the time to be lectured about what we can do on whatever meager resources we have, what we have so far saved – opportunities for investment and how to go about it.
I wanted to hear about the different investment schemes such as the various funds (forgive my ignorance) e.g. mutual funds, government bonds, etc., being offered by investment houses. I wanted to know those different types of funds - which ones are more or less safe, or which ones are risky. This was not tackled at length, but only when questions were asked during open forums. Thus, I left the seminar not more financially literate than I was before I attended.
However, prior to Colayco’s speech, there was the 10 to 15 minutes lecture by Armand Bengco about KsKSMP Cooperative which, to me, was more enlightening. It was a clear explanation and a more direct investment opportunity. I was more attentive to his presentation because it was a more or less concrete investment proposal, plain and simple, and easy to understand. If the purpose of the seminar is to get additional members to its KsKMP Coop, then it achieved its objective – I am going to apply for regular membership very soon!
Those who wish to join the coop please log-on at http://www.kskcoop.com or e-mail them kskcoop@colaycofundation.com .
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