How To Begin Building Your Financial Future



A lot of our issues with regards to money are behavioral in nature.

Reading a  ‘how to’ finance book or even attending a seminar is never a guarantee that it will put you on a path toward financial freedom.

It always starts with a decision and that decision is done on a daily basis.

When it comes to building wealth, you need to build a strong foundation on money management—that is the first step and the most important one you will need to take to build your financial future.

The next step is to get over your excuses.

Here are some excuses you should stop giving yourself and how you can overcome them:

  1. Excuse #1-“I don’t know where to start”

A simple online search will give you the exact information you need. A person can spend hours on the internet each day. Why not allot a little bit of it to become productive?

The solution: Simple searches such as ‘how to save my income’ or ’what is a good investment’ are great first steps. The internet is a place that seems to have an answer for everything. Are you planning to open a bank account to stash your savings? Use comparison websites, such as, to learn a little more about home loans before you settle for one.

  1. Excuse #2-“I’m busy”

We all have 24 hours a day, but some people seem to get more things done than others. It’s about prioritization.

When you say ‘I’m too busy to (insert activity)’, this means you’re not prioritizing that particular task.

The solution: To start, write down one financial goal you want to achieve per month. This can be tracking your expenses or saving X percent of salary. After, write down specific steps you can do to achieve that goal. Now that you’ve written the steps, it’s time to prioritize them.

  1. Excuse #3-“It’s difficult”

Doing what is right is usually difficult. A specific example is buying a new pair of shoes. It’s much easier to do that than to open a bank account. When you buy shoes, you have multiple payment options—cash, debit, or credit. When you open a bank account, you have to fill up and submit forms, IDs, and what have you. There’s no argument as to which one’s easier to do; however, what is easy isn’t always what’s right.

The solution: Start small so that the action doesn’t seem so burdensome. Do you want to save a percentage of your salary? Why not start with saving 5 percent first? 5 percent of an P18,000 salary is only P900. Do you want to start investing? Why not read 500-word blogs about it first? The more you get the hang of a particular action, the less difficult it becomes.

  1. Excuse #4-“I don’t have money for that yet”

This is definitely one of the most common reasons why people forego financial planning and management. There’s a misconception that it takes huge amounts of many to start wealth-building.

The solution: As mentioned earlier, start small and shift your priorities. You can open an investment account with P5,000 or P10,000. The amount doesn’t matter at the start; what matters is you take the first step. Couple that with a changed mindset—prioritize saving over spending. If you put saving first before spending, you’re going to be saying, “I don’t have money to spend.” That’s much better than saying, “I don’t have money to save.”

  1. Excuse #5-Y.O.L.O.

You only live once. So why save for the future and live a miserable present? However, you can find a balance. YOLO doesn’t mean you quit your job, travel the world, and figure it out along the way with no back-up plan. Why not travel and work at the same time? You can save your vacation leaves to travel or take part-time work in whichever country you’re in.

The solution: Find the balance between fun and practicality. This can be hiking during the weekend to explore the outdoors instead of spending it in the mall.

This can be having a potluck dinner with friends instead of dining in a restaurant with outrageous mark-ups.

The key is to find a balance. Be practical and have fun at the same time. Save for your future self without sacrificing your present. – Randell Tiongson


randell-tiongsonThe biggest investment conference is back, #iCon2017! Catch me and my friends, Marvin Germo, Rex Mendoza, Carlo Ople, David Leechiu and many others on May 27, 2017, at SMX Aura, Taguig City. For inquiries, send an e-mail to

Randell Tiongson is a Registered Financial Planner of RFP Philippines. He is one of the most sought after speakers in Personal Finance and Columnist of Philippine Daily Inquirer and Money Sense Magazine. He is an also a best-selling book author of Personal Finance Step-by-Step Guide and Everyday Moneyfesto.


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