Preview: My day started with anxiety as the previous day was wrought with a big office issue about theft of money left inside the premises the night before. In the end, there’s no guilty party and no direct proof of misdemeanor–all told are based on speculation and doubt, whether reasonable or not. Being (culturally) Filipino, I’m non-confrontational–heck! That’s why text messaging is a boom industry in the third largest English-speaking country in the world! So, my route was “lessons learned” though now keeping a close eye at the existing workforce. But this is not my story here.

And so, I woke up after just two hours of sleep as I kept tossing and turning on bed trying to get through the day with sunshine and smiles regardless of the problems. After the last discussion about the previous day’s stark mishap, I trekked to Greenhills from Makati City. As a person raised in (Metro) Manila, I’ve always been a “South Boy” and would hardly travel North unless it was at Ortigas Center where the second business district of the metropolitan area is located. At a place where I rarely go, I always keep it in mind to get into the first available parking space and walk to look for the place I intend to go than drive myself insane going in circles trying to find the “best” parking slot.

Who is Randell Tiongson?

I saw Randell’s e-mails months ago by way of a school Yahoo Groups–either LSGH Manos or One La Salle. From there, I e-mailed him about a travel portal project and agreed to met at the Bonifacio High Street in The Fort. I explained my new project and invited him to participate. Randell was informal, quirky, extroverted, extemporaneous, smiling, happy and full of life. From then on, he became part of my Facebook network while keeping tabs on his www.income-tacts.com website which he manages together with other “Registered Financial Planners” in the Philippines. Randell is a public speaker and loves to conduct training sessions, and also writes for a few publications, including the Business Mirror newspaper and Money Sense magazine. Recently, he personally began blogging through www.randelltiongson.com with the help of Carlo Ople, an internet marketing guru who manages www.newmedia.com.ph and consults with corporations wanting to traverse the web but don’t really know how to.

Financial Planning Basics

Randell’s talk on financial planning was geared towards the individual and the family. When he began his presentation, I thought of many friends who should have been at the event to listen to Randell talk, people who were just starting their careers and new mothers and fathers. He repeated the phrase “financial freedom,” reiterating the Filipinos’ need to start getting out of the cultural rut that we’ve been taught, e.g. “When I retire, I expect my children to take care of me,” and become independently secure when retirement does happen. His talk on “credit cards” (the evils of…?) touched on my history as having always depended (and looked for more) credit so that I could buy more stuff I really didn’t need. Randell’s worst-case experience of helping a couple was to find out that the wife had accumulated 13 credit cards and, to Randell’s quip to himself: “I didn’t know there were that many credit card companies in the Philippines!”

Randell touched on many fine points of personal financial planning, including why spouses and families don’t discuss and plan the household’s finance and accounting. I know one family that does that every year but nothing really is implemented as most of the time, it’s the patriarch that dictates what’s going to be done, leaving the other spouse and siblings with nothing but to nod and agree–with eyes rolling up and noses neighing like horses.

Topics about risks, acumen of financial planning and retirement lent an interesting insight, agreeing that many Filipinos tend not to weigh risks and probable earning opportunities. A good formula that Randell shared about retirement is his 20/20 rule: if you are going retire in 20 years from now, you should have started planning for 20 years ago–wow!

The talk ended with a short Q&A session and a raffle of a gift certificate. Randell also gave away copies of back issues of the Money Sense magazine while GBX (the hip shoe brand) gave away T-shirts to everyone who attended. Food was catered by Quick Plate of Randell’s wife, Mia. I networked a bit while eating a hearty plate of sausages and pasta (yummy!), and was introduced to Edwin Ngo, President of 128 Dream Fountain Corporation that carries the GBX brand. I was happy to get inquisitive support from Edwin, Randell and Carlo on my still-in-the-beta-phase travel portal project called “Just Go Philippines.”

In Summary

Many of the things Randell touched on has one way or another crossed my life in theory or practice. However, our cultural weakness is that the typical Filipino is a poor planner and implementer. We plan extravagantly (impossible dream?), spend like the King of Saudi Arabia and die poor or in debt. “Consumer debt,” as Randell also mentioned, is more prevalent than “business debt,” the latter being that we borrow money to create more money.

The North American Filipino Community

I’ve dealt with the Filipino-American and Filipino-Canadian markets through many telemarketing and online projects, besides having lived a few years in Canada and traveling repeatedly in the few U.S. states where the Filipino population is large. I have only met a handful of Filipinos who run their own business; most continue to strive and look for one employment after another. Hardly anyone goes after entrepreneurship. But we love selling bits and pieces and earning, well, bits and pieces, too. I think we call that “paglalako,” similar to our liking for direct selling. Even some Filipino-Chinese have fallen into the “entitlement” trap of our past cultures, that if you study hard, you’ll get a good job, stick to that company forever and retire handsomely. Yeah, right. You think at these trying times the word “handsomely” is still aptly viable?

Ask Randell for Professional Counsel…

…and not just your drinking buddy or your Dad. For those who can afford to cough up a few thousands of Pesos for multiple sessions with Randell so he can help you properly and correctly plan your household or personal finance, especially for the young professionals and new families, I suggest you take the initiative to seek the counsel of someone like Randell so that life in your future and that of your family becomes less painful, more rewarding and simply enjoyable. As my moniker with my company, Workspresso, says: “Work the Way you Want.” That’s how I’ve been aiming to life the remaining decade of my business life–the way I want–of course, with more wealth and more blessings to share.

Kudos, Randell. I do hope there’s a repeat of your free talk so that I will make sure to pull those friends of mine to attend the next time around.