MONEY MAKEOVER: Money coach shares expertise with MoneySmarts readers

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.

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