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Financial Literacy

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Financial Literacy

  1. 1. Alexander B. Raquepo Chairperson – SACDECO National President – COOP-Natcco Partylist Chairperson – Ilocos Consolidated Cooperative Bank (ICCB) Vice President – Gender Equality Resource Center (GERC) Board of Trustee - MSCB Foundation Elecom Member – CLIMBS Education Comm. Member - NSCC
  2. 2. Financial Literacy 101 (How to become financially stable and independe nt)
  3. 3. Why Financial Literacy? • We need to be financially literate so that: • 1. We know how to manage our finances; • 2. We can control the use of money; • 3. We can increase our savings for financial stability; and • 4. We will know how and where to invest.
  4. 4. What is Financial Literacy? • Financial literacy is the ability to understand how money works: how someone makes, manages and invests it, and also expends it.(Kakayahan sa pag-intindi kung paano magkaroon, mag-ipon, gumasto at magpalago ng pera)
  5. 5. Why we have money problem? 1. No work, no income, no money; 2. Money problem can be the root of all other issues, domestic concerns and problems within the family; 3. We lack knowledge on how to manage our money and finances. If we have money, we simply spend it and more often, we don’t think what we’ll need for tomorrow; and 4. We don’t know how to invest.
  6. 6. What do we do then? WE NEED TO FINANCIALLY EMPOWER OURSELVES.
  7. 7. Some Tips To Empower Oneself 1. Identify which are the NEEDS and the WANTS. • Needs- something you have to have; • Wants- something you would like to have.
  8. 8. Some… • 2. Freedom from WANT. • - rationalize spending; • - money is not an end in itself but a means to an end; • - use money for wealth creation.
  9. 9. Some….. • 3. Get out of debt. • Live below your means; • Spend less and buy only your needs; • Don’t compare yourself to others; and • Don’t compete with your peers and neighbors.
  10. 10. Some….. 4. Prudent use of money. Income – Savings= Expenses
  11. 11. Some….. 5. Thriftiness and diligence • work hard and save; • don’t wait for grants; and • direct help does not solve the problem.
  12. 12. Some….. • 6. Get loans only if needed to: • start or expand business; • acquire additional assets; and • diversify investments
  13. 13. Some….. 7. Self help and financial independence. - earning your own keeps and budget; and - making your own cash flow
  14. 14. Some….. 8. Improve your physical and spiritual well- being. • health is wealth, its useless to work-earn- save-invest if you are not healthy; • feed your soul too and donate to charities
  15. 15. Some….. 9. Know your worth. - know your assets; - your assets (cash, receivables, real properties, house, jewelries, vehicles, etc.) - liabilities (loans, A/P, etc.) - TA-TL= Net Worth -How much I own – How much I owe = How much I’m Worth
  16. 16. What can our cooperatives do? • “Cooperatives are financial advisors and avenues in the PRUDENT and WISE use of money, to improve the moral and physical values of people and their will to act by themselves”.
  17. 17. Why do we need Money? 1. We need money to LIVE. 2. We need money to GROW.
  18. 18. Why do we need Money? 3. We need money to help others. 4. We need money to live harmoniously with others.
  19. 19. Why do we need Money? 5. We need money for the future.
  20. 20. How to Increase Your Wealth 1. Work hard (but watch for your health); 2. Spend less (buy only things that are necessary and are extremely needed, not want); 3. Start a personal savings program and discipline (money saved is money earned); and 4. Acquire financing or loans to start or expand business and for wealth creation (it takes money to make money).
  21. 21. How To Become Richer 1. Start fattening your wallet. - pay for yourself; - save 20% of your earnings; - spend only 80%; - one can’t be rich overnight, like a seed, it takes years to become a “big tree” 2. Control your expenditures. - make a budget, make a list; - limit your desires and wants; - stop betting on number games or don’t gamble - avoid vices; - avoid impulse buying; - if you intend to shop, go if “on sale”; and - buy only things that you need
  22. 22. How….. 3. Make your money multiply. - the money you saved is only a start; - make means to increase your income, money and savings; - invest into business; - save your money at credit unions 4. Guard your money from lost. - careful study is needed as to where to invest; - don’t be lured by easy money and big dividend schemes; - don’t just trust anybody, be curious and ask the advise of an expert
  23. 23. How….. 5. Own a house and lot. - it’s a lot better than renting; - make your lot productive 6. Ensure a future income. - have a retirement plan; - invest in coops; -invest in real estate, treasury bills; - save or invest for your retirement
  24. 24. 12 Great Tips on Financial Literacy by: Alexander B. Raquepo Cooperative Leader and Advocate 1. Invest in cooperatives - it brings in additional value to you as a person; - earnings are tax-free; and - participate in governance 2. Slowly build up your share capital (investment). Regular add-ons or top-ups are encouraged daily, weekly, monthly or every quarter.
  25. 25. 12 Tips….. • 3. Open savings accounts for your kids and every member of the family besides enrolling them as members of credit unions. • 4. Borrow or avail of loans strictly for productive and entrepreneurial purpose only.
  26. 26. 12 Tips….. • 5. Invest in various forms, types, windows, programs of your credit union • 6. Don’t spend more than you can earn. This is simple mathematics. You cant live and buy your wants on credit, it’s a dangerous set-up
  27. 27. 12 Tips….. 7. Sell unwanted, not used or idle properties, gadgets that you have. They might not be needed but might be needed by others. 8. Buy yourself an insurance. Its practical, advisable, non- debatable and helpful in times of needs.
  28. 28. 12 Tips….. 9. Make an inventory of your monies and investments, update it and make comparisons and analysis. Make a cash flow if necessary. 10. Try to live on interest (LOI). Spend your interest incomes and let the principal stay.
  29. 29. 12 Tips….. • 11. Donate and share to communities and church. They’re good luck charms. If you can do this, its an indicator that you are financially capable and independent. • 12. Do not gamble. If you must…don’t; if enticed…don’t; if pressured by peers…don’t, you envy your neighbor who won…don’t; etc.
  30. 30. The Six Laws of Wealth
  31. 31. Six Laws….. 1. Keep a part of all you earn. Save at least 20% of your income. 2. Put your savings to work for you. Invest it so that it will multiply.
  32. 32. Six Laws….. • 3. Avoid debt. • 4. Don’t speculate in get rich quick-schemes. Invest in a solid business that is long term.
  33. 33. Six Laws….. 5. Invest in yourself. Gain knowledge and skills to increase your earning power. 6. Safeguard your growing fortune with diversification and insurance.
  34. 34. 10 Saving Tips (From GMA-7 “Pinaka” Show) 1. Mag-enjoy ng libre 2. Magbaon
  35. 35. 10….. 3. Don’t go to malls. 4. Huwag gumastos pag di kailangan at iwan ang credit card sa bahay.
  36. 36. 10 5. Mag-invest (but one must investigate before investing) 6. Maging simple
  37. 37. 10….. 7. Magbayad on time (sa mga utang); unahin ang mga obligasyon 8. Magtimpi (discipline) at mag-ipon muna bago gumasto.
  38. 38. 10….. 9. Maglaan (set aside, reserve) 10. Maglista (budget, cash flow and cash on hand, etc.)
  39. 39. If you want to invite me: Alexander B. Raquepo Mobile Phone Number : 09194605322 Email Address: raquepobalex@yahoo.com

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