Is it wrong to be happy with money? Ex-insurance boss has the answer

ABS-CBN News

Posted at Jan 22 2018 11:39 AM

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MANILA - Since stepping down as president of Philam Life, Rex Mendoza has pursued his advocacy of educating Filipinos about money and making financial service more accessible to the poor.

Mendoza, who is now president of Rampver Financials, sat down with ANC's On the Money to discuss his new book, "Trailblazing Success," where he shares lessons from his life that will help readers become smarter when making money decisions.

Here are some personal finance tips from Mendoza's new book, the first installment in a two-part series:

START WITH A 'BIG WHY'

The "big why" is a person's goal that can change over time. For Mendoza, it started with proving himself to his parents.

Mendoza said he was not a "professional" in the sense that he did not pass a professional license exam. His father was a lawyer, his mother was an accountant while his brother and sister were both doctors.

"People in the past thought being a professional is one who passes a board exam, one who has a title. It's that aspiration for recognition within the family," he said.

BEING HAPPY WITH MONEY

It's not wrong to be happy with having money, said Mendoza, who owns a Ferrarri, but makes it a point to turn family dinners into a personal finance seminars.

"It's not wrong to be happy with having money. A good person can multiply that money, use it to improve the lives of many because that is his character," he said.

"A person who is bad personally becomes worse with money," he said.

IGNORE ADVERSITY

Many of the country's tycoons started poor so there's no reason for people to dream big, notwithstanding their present condition, said Mendoza.

Mendoza said people should focus on three things: finding their talent, finding a platform to display their abilities, and exerting enough effort.

For those who feel limited about their lack of education, Mendoza said: "Look at the taipans of this country. It's not a prerequisite for as long as people know what to do."

"You have seek that opportunity where your talent and calling becomes a career. That’s when a person becomes unstoppable when a career and a calling merge," he said.