Mompreneurs are a talented bunch. They not only have the talent to come up with genius ideas about new products and groundbreaking processes, they’re well versed in the language of business too. They know the importance of understanding the books in order to make their enterprises prosper. Rose Fres Fausto’s session at the Mompreneur Manila’s 3rd Mompreneur Summit was thus very welcome.
Rose started her career as a credit analyst at Far East Bank & Trust Company. She later moved on to work for the country’s top investment houses. Today, Rose is financial literacy advocate, conducting workshops and seminars to help raise the FQ of Filipinos. She is also a columnist at PhilStar.com and runs a couple of websites. She recently won the grand prize of the #SINAG Financial Literacy Digital Journalism Award for her online features.
At the 3rd Mompreneur Summit, Rose raised several points which could help participating mommy CEOs and aspiring mompreneurs increase their financial quotients (FQ). FQ is a measure of financial intelligence or how well one manages money.
Keep your books in order, always.
It’s easy to get lost in a sea of accounts receivable and payable. But keep in mind that if you can’t make heads and tails of your financial papers, then you won’t be able to fully realize the various plans that you have for your business. You won’t be able to prepare for contingencies or plan for growth if you don’t have intimate knowledge of your company’s finances.
Understand your own money values
How you view money has a direct and significant impact on how you run your business, and how you live your life, so it’s best to take pause and reflect on this issue. If you share the same money values as your spouse, then that’s definitely a plus!
Complement your active income with passive income
Here’s a good reminder from Rose: If you invest, you become partners with the taipans of the Philippines. Don’t let your money sleep on the bank. Make it work for you!
Delay gratification
We all have a gorgeous bag or beautiful pair of shoe that we must absolutely have. But if you could only buy one piece of it, you probably cannot afford it. Rose suggests that you buy luxury items only if you can afford to buy at least 10 pieces of it.
Make everyone in your family a habitual saver.
Rose encourages moms to actively pursue a saving lifestyle for their families. The equation should not be income less expense equals savings. It should be income less savings equals expense. Living within one’s means thus becomes acutely important.
Want to get your family in on the action? Well, Rose and her family has cooked up a most wonderful event happening on May 9, 2015 at the SMX Convention Center of SM Aura in Taguig City. The Family FQ Workshop by the Faustos gives a peek into how one family has managed to achieve their financial goals while staying true to their family values. Apart from Rose, her husband Marvin, who is founding president of the Fund Managers Association of the Philippines, and their sons Martin, Enrique, and Anton, will share their experiences on saving and investing.
For more information, click this link.