Investing102: Enriching Financial Literacy

Ms Georgia Subido of OFSI talking about the importance of Mutual Funds as an investment instrument

What is Financial Literacy?

From the word itself, it simply means being knowledgeable enough about the importance of having good financial standing and the ways to achieve one's financial set goals and objectives.

But how can someone become Financially Literate?

The answer is simple. EDUCATION.

By education, I'm not saying that the person should be an Accountant, have a Business degree or even earn an MBA for that matter, though that would be a good advantage but at least have undergone basic financial literacy seminar/workshop/class to be aware of its importance. Learning can also be done through oneself by reading business related news and informative blogs that tackles financial awareness, through watching financial-related programs, listening to investment-centered podcasts and clearly the most common of all is by simply attending financial literacy seminars. Obviously this doesn't always come for free since there are operational expenses to be paid like the venue, speakers, materials, food etc. Unfortunately because of these factors these seminars would cost more than a thousand pesos. But even though that's the case, the valuable learnings would definitely come in handy, presented in a realistic manner easy to be understood by everyone and are of course priceless.
From my experience in attending financial literacy seminars, the speakers are always presented to be credible enough in the field wherein they not only discuss about the scope of their lecture in an understandable manner, talk about a couple of mind-wrecking business jargons, tips and tricks on how to grow one's investments and meet financial goals but as well as share their own personal financial experiences from which the attendees can relate to. Overall, this simply connects to the fact that experience is really a great teacher.

Mr Renz Leano, founder of OFSI, talking about the importance of being financially literate

So where can we attend Financial Literacy seminars?

Now that's a good question with a lot of answers. In the Philippines, there are a couple of financial literacy groups from Bo Sanchez's Truly Rich Club to IMG to Colayco Foundation. These groups sometimes cater to similar needs with different objectives but still present different strategies when it comes to investments, business and personal finance. IMG for one, since I'm a member myself, centers its mission on its 5 Pillars to Financial Freedom which in simple terms is all about building one's financial foundation one-by-one from having an emergency fund, to clearing one's debt, protecting one's self by having an insurance and so on. And of course, it should also be clearly noted that by participating in these organizations, one should pay a membership fee or regular contribution for that matter.

For someone living outside of the country, like me, the easiest and accessible way is through free webinars uploaded on youtube or other video platform websites, blogs and seasonal financial awareness programs offered by social groups in partnership with the Philippine Embassy to enlighten OFWs on how to manage their money.

Overseas Filipino Stocks Investors (OFSI) group based in Kuwait after attending a successful Stocks 101 learning session. Credit to the OFSI in house photographer.

Luckily, here in Kuwait, I was invited to be part of a recently established organization called the Overseas Filipino Stocks Investors (OFSI) which advocates to teach free financial literacy for all Filipinos focused on Stocks Investing. The group's main objective is not only to aid free financial guidance especially when it comes to stocks investment but as well as build awareness on the possibilities on how to achieve one's monetary set goals through this pecuniary instrument but also in order to help our country's economy through participating in the stock market. The group started small through like-minded friends which shares the same desire to be financially free and abundant. Through OFSI, its founder and main group members are hoping to encourage more kababayans to be financially literate by providing Basic Financial Literacy seminar specifically catered for OFWs since the people behind this cause are also OFWs themselves. Although I'm new in this field of financial learning, the road to financial freedom looks bright and really exciting!



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See my very first post about my journey towards financial freedom and abundance at Investing 101: The Basics of Financial Freedom