Edric Mendoza, entrepreneur, registered financial planner (RFP), and former lead-anchor of ANC’s multi-awarded show “On the Money,” has worked with and talked to a lot of young professionals.
What he has observed is that most millennials face a lot of challenges when it comes to personal money management, and these challenges are pretty unique to the here and now, primarily because they have easy access to the internet.
“One challenge is focus, and another is discipline, meaning the ability to stick to a plan and follow-through into action,” Edric shares.
“Nowadays, they have access to so much information and are exposed to so many interests and pursuits — ones that were not available to me when I was their age — that sometimes they struggle to find what they should concentrate their efforts and their passion on,” he muses.
He himself is no stranger to this challenge. Having to juggle his family life, broadcast work, his business ventures, and his speaking engagements as a financial literacy advocate, focusing on the important things is something he does not take for granted.
“I’ve been able to distill everything that I’ve learned, all my personal life lessons, into five important concepts that I believe can help anyone find success in their financial and personal life,” he says. “And focus is definitely one of them,”
Here are Edric’s five fundamental shifts for success:
- Information. Learn to get the right information, the right knowledge, from the right people. Seek out or identify ‘giants’ — captains of industry who can be your role models. Look for a mentor — someone you can look up to and learn from.
- Focus. Learn to concentrate on what you can control — shift from a macro perspective to a personal perspective. This means focusing on the things that are within your sphere of control. For example, increase your personal financial literacy. Learn how to develop a healthy budget. Investigate anything before you invest in it — and if it’s too good to be true, it probably is. Lastly, invest in your core competence. If you’re good with your people skills, invest in that. If you’re good with numbers and concepts, hone those skills.
- Practice. Have the discipline to stick to your plan. Learn to shy away from ‘money vampires’—interest charges, fees, needless shopping (especially online, where it’s so easy). Automate your saving and investing—it’s so easy nowadays with apps and online banking.
- Purpose. Learn that money is not the end game. Find a higher purpose in what you and your finances can do that can and will positively impact your family, your community, and society in general.
- Action. Do something now — pull together your budget, open a mutual fund, save an amount regularly every month — what matters is you start today! Also, when it comes to action, you must learn to pay it forward. Act and do something to make other lives better.
Paying it forward
“The five fundamental shifts are actually a summary of my personal life lessons—lessons I learned in my 20s and 30s,” he reflects. “I wish that when I was much younger, someone taught me all that I know now about personal money management.”
He hopes that through his financial literacy advocacy, more millennials will be able to reach financial success. “Now, I’m paying it forward.”