Look for Financial Mentors

Study anyone who’s great, and you’ll find that they apprenticed to a master or several masters. Therefore, if you want to achieve greatness… you must apprentice to a master.
— Robert Allen

Holding your baby in your hands is one of the sweetest delights known to mankind. Unless, of course, he starts peeing all over you. One day, as I hugged my baby and placed his face on my cheek (and as I directed his boy-part to point somewhere else just in case), I began to think of his education. He’ll be so bright, I imagined him taking up Molecular Biology, Journalism, Fine Arts and Law, all at the same time. So like good parents that we were, we bought him an educational plan for his grade school and high school education from a pre-need company.

With our eyes closed (wondering how in the world we would afford it), we signed up for a P9,000 a month payment plan for the next five years. It was steep, but we wanted to give him the best. So we did it.
During that time, I was already getting into small businesses. I failed in many of them (I’ll tell you more about that later), but one started earning. Each month, I kept its earnings.

After two years, I collected P200,000. Yipee!

Again, not knowing enough about money, I invested the P200,000 at the same pre-need company where I bought my educational plan, this time as a pension fund.

Fast forward a few years later. As we neared the end of our educational plan’s payments, we read a very disturbing article in the newspaper: Nine pre-need companies in the Philippines could no longer pay the
tuition fees of their plan holders.

Yikes.

Surely, ours wasn’t included, right?

Wrong. Ours was in the list.

To this day, that company is still fighting for its life. I invested P740,000 in that company and I may never see it again. Once upon a time, there were 92 pre-need companies in the Philippines.By the year 2005, there were 32 left.

These companies are only partly to blame for my financial loss. I lost my money because I lacked financial education. I didn’t research enough, and didn’t have financial mentors to guide me. For
years, financial experts were already sounding the alarm, warning people of the coming collapse. But I didn’t listen because I didn’t know who to listen to.

Today, I now have financial mentors that surround me. I don’t makebig investment decisions without their counsel. To find them, I had to pray for them, search for them, and invest time and energy to pursue the best. But once I found them, they powerfully blessed my financial life.

How do you find these mentors?

Look around for financially successful people.

I don’t care if your uncle has a PhD in Economics. If his own personal finances are in shambles, he’s not your financial mentor. I don’t care if your aunt gives you a business card that says she’s a financial advisor, if she has a lot of bad debts and doesn’t invest her own money, she’s not your financial mentor.

Swallow this hard pill: The proof of real financial wisdom is in the money.

Look for financial mentors. (bo)

 

To your success,

Eric Espejo

 

 

 

 

 

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