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!