Millennials are the most
technically savvy group of people in today’s digital age. Lucky them the once
we thought are impossible back in the 80s are now the usual thing that we
encounter and the way of life has drastically made a 360 degrees turnaround.
The Generation Y or millennials are
the people whose age range is 18 to 34 years old. These are the youth of today
who are out to conquer the corporate and business world with pure hunger for
success.
The generation of today interacts
differently from my Gen X era. They have total access to almost everything by
just ticking off some apps like- Messenger for communications, Uber for
commuting, Zomato for restaurant recommendations and Tinder for dating. These
apps are the game changer of how people are doing things today. Millennials has
a strong voice in the society and they demand speed, choices and affordability
that will flow with their hectic schedules.
When it comes to handling finances,
sadly millennials (not all but most of them) are the ones who act according to
impulse without realizing how their money attitude can impact their finances
and their future. Spending power in the form of credit cards is handed to them
like candies.
They thought they’ve got the money power where
everything is accessible under their fingertips, it is easy to spend and spend
without realizing that they are spending way too much than they can actually
afford.
My
Personal Story- Our Business Empire that Crumbled Like a Deck of Cards
I believe that there is a need for
me to share in brief my family’s journey through wealth that eventually led to
bankruptcy. My parents in the early 80s started a small business that has
become our bread and butter raising us four kids in comfortable living
conditions.
It is my mom who is the brainchild
of the businesses that we have back then. First venture was a rice grain store in
the market. Panay Island which eventually coexisted by a construction company
and a hardware store in Iloilo City, my mom literally has everything going on
with huge business investments. This situation may seem overwhelming to some
but mom is fearless when it comes to business. She managed to put up everything
by getting bank loans which were used to purchase construction equipment,
trucks, materials and tons of people to hire to keep our businesses going.
Everything looks good according to
my mom perspective and my older siblings are also reaping the rewards of our
businesses. But came the mid 90s when a storm hit hard the island of Panay, our
store, manufacturing site, trucks and other properties were destroyed by a
great flood. Force majeure played a trick on us and in other words my mom’s
business empire went down like a deck of cards.
With the losses, our family
businesses have nowhere to go but fall into bankruptcy. We were not able to
recover with huge money going down the drain.
What
went wrong in our particular situation?
I may not be the best person to
answer this since being the ‘bunso’ I had no say and I am just in the
background. But to be honest I can clearly say its mismanagement. My mom
impulsive attitude has led her to venture in various businesses all at the same
time. I hate to say this but she is quite hardheaded and would not listen to
any advice even from us her family. She tends to listen more to other people believing
that they mean well. I feel terrible spilling this out since she already passed
this life several years ago. (bless your soul nanay)
Could
financial crisis be prevented?
Yes. Bankruptcy and mismanaged
finances can be prevented if handled by professionals. Given the story of our
misfortune in business that guts and fearless disposition would get you nowhere
and we all learned this the hard way and it is quite too late to salvage what was
left of our business investments. If only my mom talked to expert financial
advisers- if only!
 | |
| At the recent "Embrace the Brighter Life" event where millennials are encourage to start investing for a Brighter Life and to secure Money For Life |
Why
would we need to seek expert advice from a professional financial adviser?
There are so many financial
consultants and experts around but sadly not all are competent in providing
honest expert advices. Some so called financial experts would lure you into
making investments in pyramid type of business where there is no ‘actual’
product involve. Probably you’ve heard this phrase ‘open minded ka ba?” a lot
of times before which is often used to lure someone in networking theme
business.
You see, in my case I saw the need
to seek expert financial advice after realizing how having none left my mom
with no option when things turned bad for our business. For sure, if my mom has
someone with expertise behind her back she will have options in terms of her
investments that could be her fallback.
Advantages
of having an expert financial advisor for the millennials
This is the time when millennials
are part of the majority of workforce and have been actively participating in
various business ventures. They have power in their hands in terms of
technology and finances given the fact that these young people are career
driven. For millennials, the opportunity to secure their hard earned money is within
reach and they should take advantage of this because:
- They would have clear assessment of their financial standings
- Millennials would be aware of their financial capability
- They will learn about their limitations as well as new opportunities on what and where to invest
- A financial expert can guide them to learn about budgeting, planning for short term savings and long term investments according to their capability
- They will develop the good habit of practical spending
- Millennials will have the ability to foresee the future of their earnings
- They will be given an opportunity to see various options for their investments and one good company to consider is Sun Life Financial Philippines
Sun Life Financial is a trustworthy
financial institution in the Philippines that has been around for than 120
years. With proven track record and professional financial experts they can
help and guide millennials towards their financial goals.
Another factor to consider is the
fact that Sun Life has interactive website wherein user can actually access
various investment options which is perfect for the millennials.
Learn more about financial planning
and your goals by visiting Sun Life official
website and follow Sun Life
on Facebook for updates. You can simply grab the opportunity to meet one of
their friendly and honest financial advisors through their portals. Remember, it
is best to start planning your finances early on to build a #BrighterLife and to secure #Money4Life!
Comments
Post a Comment