In 2011, I and my then-fiancee embarked on a journey to improve our financial literacy. We started reading books and blogs on managing finances. After our marriage in 2012 and the arrival of our daughter in 2015, I understood the meaning of financial stewardship even more.
Stewardship is not easy because it is a daily grind which involves more than just buying a financial product. Yes, it includes tithing/giving; budgeting; building an emergency fund, protecting your income, and preparing early for retirement. But it also means refusing to spend on things that are not beneficial in the long run; and reminding myself daily that my time, money, and energy are gifts from God.
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We are not there yet. But we are enjoying the slow but steady process which involves a lot of patience and hard work. After all, success never comes in an instant. Most of what I am going to share in this website are based on my experiences and learnings about life, family, money, and time, and from trainings I had in the financial industry. I hope these would encourage and help you towards financial stewardship.
I believe that financial resources are from God. They are not mine. I am just a steward of what He gives (Matthew 25:14-30). But it is one thing to believe in financial stewardship and another to put it into practice. The practical side was challenging.
I was raised in a typical Filipino family with low financial literacy. There was no clear direction towards proper management and investment of money for both present and future needs. Of course, the basics were there: study hard, get a good job, work hard, save in the bank, contribute to SSS or GSIS, retire at 65, and live on government pension.
Unfortunately, even that very basic or “typical” track was hard to achieve. Receiving my first salary made me glad because I was no longer dependent on my parents for my daily expenses, and I could do what I want. But after a few days after payday, I had nothing left to save.
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I thought it was because my salary was small. Actually, it was my poor spending habits. I was spending more than 50% of my “quinsenas” (i.e. salary at the 15th of the month) and I would stretch the remaining amount just to survive until “katapusan” (i.e. salary at the end of the month). It was really habit-forming.
After several years of working, I still had no savings to provide my needs just in case I got sick or lost my job. Yet, I did not care. I was young, strong, and capable of earning money.
A New Beginning
There’s no adequate explanation for failure. Maybe I lacked courage, contacts, consistency, or capital. On the other hand, I think that my motivation had a huge role to play. I was driven by money. I was attracted to offers of being able to buy and drive an expensive car, visit exotic tourist spots, or build my dream house. These desires were out of focus. Gone was the view of working or investing in order to be a good steward of time and money.
Wrong Motives
One time, a friend approached me to offer a Life Insurance product. She told me to take advantage of my young age and single status because it would be very affordable. I could afford it with my salary and I did like the idea. But I told her that I don’t see it as a priority though would get it sometime in the future.
I had other plans in mind. I joined a networking scheme to earn money fast. Yes, that was my motive. Earn money fast. I joined maybe 6 or 7 networking products ranging from coffee, green tea, mangosteen juice, health products, to e-load, and multivitamins. There’s no way to calculate how much money I spent to be a member and recruit people.
I also tried putting up small businesses like offset printing, t-shirt printing, and a bakery. The rest is history. The networking ventures I joined are all gone now (the up lines broke up and started new networking schemes) and those businesses I tried failed. Looking back, there was huge loss of time, effort, and money.
Missed Opportunities
Hi, I'm Dennis A. Dawal, a financial advisor connected with the Philippines' leading insurance and investment company which has a bright yellow sun logo.
My mission is to promote financial literacy from the perspective that we are all stewards of resources God has entrusted to us. From this viewpoint, Filipinos can save and protect their income, invest and manage their money, and secure their assets for present and future use.
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Let me tell you my story.
Early Beginnings
My Credentials
I'm licensed by the Insurance Commission to sell insurance policies under the Philippines' leading insurance and investment company with the bright yellow sun logo. I'm also certified by the Securities and Exchange Commission to solicit shares of Mutual Funds.
