I was privileged to be one of the invited guest in the press conference organized of Suze Orman, a two-time Emmy Award-winning television host, bestselling author and one of the World’s 100 Most Powerful Women, according to Forbes Magazine. I was glad to know that Suze Orman went to the Philippines for free because of her heart to see the Philippines succeed financially.
Here are some of my notes on her talk: Bold parts are her quotes and then I wrote down my comments.
Live below your means but within your needs. Don’t try to impress other people. Live frugally. Use the money that comes for investments rather than spending. When you have extra – don’t spend it – invest it.
Get as much joy out of saving as you do spending. This is something new that I learned. Most of the time our mindset as Filipinos are to spend. We wired ourselves to think that spending is fun and that saving is boring. If we start changing our mindset on savings and see how fun it is – in the future we will reap the benefit of our discipline.
OFW’s should be financially responsible. They make their own financial state. She was saddened by the fact that hard working Filipinos abroad who would sacrifice in their enjoyment would send their money to the Philippines to be used for parties, vices and by family members. Because they are not able to save money, they are not able to make it grow. In the long run, everybody loses.
Ask yourself, “When is helping hurting?” We are by nature givers especially those working overseas. Know the burden you need to carry – are you really responsible for your brother’s family or your niece’s tuition fee? Suze Orman believes in taking care of our parents but we need to brutally and honestly assess – are we responsible for our aunts, uncles, cousins, nephews and etc…
Thank you Bank of the Philippine Island for bringing Suze Orman to the Philippines.