For someone who helps others build wealth for a living, Efren Ll. Cruz has developed a curious detachment from the glitter of money. The author of the best-selling book “Pwede Na: Pinoy Guide to Personal Finance” believes money is only a tool -- although a powerful one -- that handled well, should help more Filipinos inch closer to their dreams of financial independence.
Easier said than done. Cruz, however, has mastered the “done” part very well. He shares advice freely to members of his huge yahoogroup on personal finance, he designed a personal finance calculator that helps people manage their finances and made this available as a companion software for his book. He writes regularly for INQUIRER.net without remuneration.
That’s not to say that Cruz is “easy”. People consult with Cruz professionally for investment advice, trains the growing group of Registered Financial Planners in the country, being one of the pioneers in the financial planning industry in the Philippines. He set up Personal Finance Advisers Phils. Corp. in February 2006 to develop tailor-made personal finance solutions for Filipinos.
“There has to be a balance between making money and enjoying your life. I have seen a lot of Filipinos in the opposite sides of the spectrum – either living without a thought for the future or earning so much money but turning on the airconditioning based on a certain thermostat level,” Cruz said.
Cruz said becoming a miser is not the way to go. Nevertheless, the right knowledge about financial planning applied diligently in life is exactly what Filipinos need to build a life that does not revolve on living from paycheck to paycheck, he said.
This desire to educate people about financial literacy is what led MoneySmarts to approach Cruz about coaching a young volunteer, alias “Sheldon”, who sent an email of desperation when he got a wake-up call after reading this blog, and decided he needed to be sober amid the sudden rise in his income.
True to his word, Cruz agreed to work with Sheldon for one year, crunching the figures as well as carefully tutoring Sheldon in spending, saving, and investing, as part of his advocacy.
“This is along the lines of what I do and I jumped at the chance of helping other people learn from the financial planning process,” Cruz said.
Cruz also puts an emphasis on the need to promote ethical practice and professional advice in an industry that is still in its infancy – an important footnote in a country where Ponzi schemes and relationship selling is very common.
Cruz himself holds a designation as a Registered Financial Planner and a member of the Financial Planning Association in the United States. He graduated fourth in the University of the Philippines MBA Class 1986 and has over 20 years experience in the financial services industry. He also holds regular seminars on personal finance to a wide variety of audience.
His book, Pwede Na: The Pinoy Guide to Personal Finance became a bestseller two months after its launch and has sold 8,000 copies.
Cruz said his advocacy on financial literacy began when he was in the business of selling mutual funds and experienced a difficulty because people did not understand the need for saving and investing.
“I started writing then for BusinessWorld, and then gave a seminar on personal finance for DFNN and began writing the book. After that things just fell into place. It has become a very rewarding experience,” Cruz said.
hi... it was just yesterday that i started reading this blog and i already got hook.
i am very eager to save for the future but really don't know where and how to start.
my husband and i are dink (double income no kid) but still haven't save much. i track our expenses in an excel file, list our future expenses and incomes but still ends up with little or no savings at all in a certain pay period.
also, please advise the yahoogroup that we can join so we could learn more on handling our finances.
thanks!
How can I attend in one of your seminars on financial planning this July 2007?
I just bought the book. Me and my wife will start reading it tonight.
We will add this to the other forward steps that we have accomplished to better personal financing.
Hello. I tracked down my expenses b4 and it really came as a surprise that it was the little things (i.e. dining out) which made up a bulk of my expenses. Right now, our income is not consistent since we are not salaried employees. Im just wondering if you have a "formula" for people whose income falls under this scheme(i.e. businessmen, professionals). I'm still working on a proper way for us to save but it seems futile even if we hardly eat out anymore. Help please!
can we have your yahoogroup, we are willing to join to learn more on finacial literacy
we have a savings however we do not know how to start investing it.
The free personal finance discussion group is pwedenabook@yahoogroups.com with url http://finance.groups.yahoo.com/group/pwedenabook/
Dear Nash,
Sayang you missed the seminars, which were sponsored by Grepalife, that I gave at the Makro Exhibit last June 28, 29 and 30. Anyway, my next seminars are more for employee groups of corporations.
Regards,
Efren
Dear A Work In Progress,
There are really just two places to look at, your income and your expenses. But it would take more than short blogs to analyze and solve your problem.
Regards,
Efren
Would there be any institution who offers short courses or diploma courses regarding Business and Finance for graduates of non-business courses?
Dear Edzmaya.
The Registered Financial Planners Institute of the Philippines offers financial planning courses. It runs for 8 Saturdays (half days only) and costs P25,000.
Regards,
Efren
@ Efren,
I have read your book Pwede Na, and I personally think it's better suited for Filipinos than Rich Dad Poor Dad. Congratulations and keep up the good work!.
P.s. I lent the book to friend who later lent it to another and to another. it's making the round of everybody and we can't trace where it is now. :-)
Dear Starter Boy,
Salamat sa kind words. But you may want to buy another copy, for your collection, he, he.
Regards,
Efren
My wife and I started to read the book last night. I had to read it aloud to her, since we only have 1 copy.
In chapter 1, when we computed our financial net worth, it was a big eye-opener for us when we saw how deeply negative we are. We knew before that we were negative, but didn't realise how deeply it is.
But as Efren said in the book, we are now in a better position than someone who is not aware that his net worth is negative.
The 7th batch of RFP (Registered Finanical Planner) 8-wk education program starts this Sat., 8:00, at the Univ of Asia & the Pacific. Non-financial services people are also welcome.
hi sir efren, just want to know what's
included in the "The Registered Financial Planners Institute of the Philippines offers financial planning courses. It runs for 8 Saturdays (half days only) and costs P25,000."
in addition to jobongjoel's question,
what are the minimum requirements to attend the class and what is modules are included? where can we get a copy of these?
thanks!
Dear Jobongjoel,
The RFP course teaches you the in and outs of providing financial planning advice to others. You become an RFP when you pass the course requirements.
Regards,
Efren
Congratulations Peter! You and your wife have made the first step towards achieving financial freedom. Stay the course and you'll get there in no time.
Regards,
Efren
P.S. I liked the part of your post where you were reading my book out loud because you had only one copy. :-)
Mr. Efren Cruz,
I'll check out your book this payday ;-)
Thanks for sharing your thoughts in this blog.
I will also join your yahoogroup.
Cheers!
URL of RFPI
http://www.accountantexchange.com/rfp/index.aspx
we are Ofws for almost 30 years now and we are still keeping our save money in treasury, notes and time deposits. We took advic from our financial assistant at citibank but make us too worried about the ups and down of stocks so we move back to notes which is sure ball. Are we cowards in investing. Thanks
oops. erratum on my comment. sorry.
edit:
"what are the minimum requirements to attend the class and what are the modules included in the course? where can we get a copy of these (curriculum and requirements)?"
edzmaya,
may curriculum sa website check this out
http://www.accountantexchange.com/rfp/index.aspx?id=002
not sure though if that is the course but it is 8 modules = 8 saturdays.
omski,
thanks for the link. i visited it yesterday. :-)
Hmmm??? Well, actually, RFP's website is
www.rfp-philippines.com
Wondering why the site can be accessed through accountantexchange. Although i know the same people own the sites.
Hello Sir Efren,
I got curious in reading your blog here at inquirer. Regarding your book, I was unable to find copies of these here in Pampanga even if we have three branches of National Bookstores (SM Clark, SM City Pampanga and Nepo Mall Angeles City). So my option is go to Manila to purchase your book if time permits.
Currently, I am working two jobs as a licensed healthcare professional and a licensed Real Estate Broker but somehow I am looking for a much better career alternatives which is fruitful for me in helping other people and at the same time have the success in achieving that financial independence and freedom without going to abroad to work.
I have the plans of diversifying the money I have earned to other investments other than Real Estate through mutual funds and online stock brokerage companies listed in PSE.
Also, I am planning on taking that RFP course next year and possibly become a Registered Financial Planner specializing in Estate Planning / Tax Planning and at the same time running our realty firm in the province.
Do you have seminars in personal finance management? Or anything in previous months like in Grepalife?
I visited www.rfp-philippines.com and they look the same.
Anyway, I missed the 7th RFP program. When's the next one?
edzmaya--
yes it's the same site actually, only diff access.
U may inquire RFP secretariat ofc 6342204 re next sked. Look for Shirleen.
Oh, thanks for the number ma'am angie.