By Paul Michael Briones
When speaking to the average working Filipino about investments, they might mention life insurance, real estate or the current multi-level marketing scam. When talking about Crypto Currency, they don’t understand the fundamentals behind this nor do they realize the inherent risks in investing in Crypto. Perhaps the worst thing that we are all guilty of is our consumer mindset. With extra money we often go to the mall, or these days we go to Lazada or Shopee and buy the newest gadget on a zero percent 12-month credit payment. What is the underlying theme for all this?
The underlying theme is that Filipinos lack financial literacy. While a lot of us are quite up to date on new technology, politics and the newest K Drama, you will be hard pressed to find someone who can explain the debt trap that salary loans and credit cards can be if they are misused. While some people might want to become the next investment guru, people should take the time to educate themselves on the different assets and investments that we can make.
Funny enough, I learned a lot by following several YouTube channels. My favorite is Economics Explained and Chicken Genius Singapore. Watching a few YouTube videos on financial literacy and videos on the different investment assets would help you get a good framework.
In terms ofa websites, I like to read Investopedia. Other sources of information are, gasp, yes Reddit, where there are several investment sites where you can get advice and information from fellow investors. I guess the point is that while we may be lacking in literacy right now, that is something that can easily be fixed quickly and for free.
Spend an extra hour every day to focus on continuous learning, specifically increasing your understanding of investments and handling money. Let’s do ourselves a favor and upgrade our financial understanding. Our family and our economy will thank us for it.