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Translator: Carlos Gómez Reviewer: Manlin Fang
Translator:
Carlos
Gómez
Reviewer:
Manlin
Fang
Hello everyone!
Hello
everyone
Today I come to tell you the story of Monica.
Today
I
come
to
tell
you
the
story
of
Monica
Monica was my mother.
Monica
was
my
mother
A courageous, hard-working, very cheerful, very friendly warrior and widow.
A
courageous
hard-working
very
cheerful
very
friendly
warrior
and
widow
At 42 years old, with four children behind her.
At
42
years
old
with
four
children
behind
her
And at that moment she had to do something that a lot of people do.
And
at
that
moment
she
had
to
do
something
that
a
lot
of
people
do
Basically working day and night, from sunrise to sunset.
Basically
working
day
and
night
from
sunrise
to
sunset
Especially, at that time,
Especially
at
that
time
at least one non-professional person
at
least
one
non-professional
person
where the breadwinner should be the man.
where
the
breadwinner
should
be
the
man
Then it was up to her to see what she had to do to maintain that lifestyle,
Then
it
was
up
to
her
to
see
what
she
had
to
do
to
maintain
that
lifestyle
to maintain a good education.
to
maintain
a
good
education
Keep what she thought was best for her family.
Keep
what
she
thought
was
best
for
her
family
And so she did.
And
so
she
did
Truly, she was a formidable woman.
Truly
she
was
a
formidable
woman
A warrior there in the mornings.
A
warrior
there
in
the
mornings
School van.
School
van
At that time they didn't ask you for so many documents,
At
that
time
they
didn't
ask
you
for
so
many
documents
so she did it with her own car.
so
she
did
it
with
her
own
car
Afterwards, noon, cafeteria; afternoon, flower shop.
Afterwards
noon
cafeteria;
afternoon
flower
shop
She would always rummaged to get the bread to the table.
She
would
always
rummaged
to
get
the
bread
to
the
table
But obviously that brings up some familiar themes.
But
obviously
that
brings
up
some
familiar
themes
Working from dawn to dusk means you see less of your family.
Working
from
dawn
to
dusk
means
you
see
less
of
your
family
That your children sometimes even get mad at you because you don't exist.
That
your
children
sometimes
even
get
mad
at
you
because
you
don't
exist
But there was nothing to do at that time.
But
there
was
nothing
to
do
at
that
time
She simply had to keep working.
She
simply
had
to
keep
working
And time sometimes brings news that is unfortunate,
And
time
sometimes
brings
news
that
is
unfortunate
which hopefully will happen to no one.
which
hopefully
will
happen
to
no
one
In this case, I remember perfectly well,
In
this
case
I
remember
perfectly
well
a very fateful moment for the family, when the house doorbell rings at night, at four
a
very
fateful
moment
for
the
family
when
the
house
doorbell
rings
at
night
at
four
in the morning and I wake up with my brother.
in
the
morning
and
I
wake
up
with
my
brother
Mysteriously we were awake way before.
Mysteriously
we
were
awake
way
before
Like something warned us. We went out. There’s an officer who says:
Like
something
warned
us
We
went
out
There’s
an
officer
who
says:
“Your brother Felipe had an accident”. And we looked at each other and said,
“Your
brother
Felipe
had
an
accident”
And
we
looked
at
each
other
and
said
“He’d had accidents before, what could have happen?”
“He’d
had
accidents
before
what
could
have
happen”
The accident was fatal and obviously no family expects that,
The
accident
was
fatal
and
obviously
no
family
expects
that
no mother expects that.
no
mother
expects
that
And it was really hard for us in general and for her too.
And
it
was
really
hard
for
us
in
general
and
for
her
too
But what's going on here?
But
what's
going
on
here
There wasn't much time to think.
There
wasn't
much
time
to
think
Funeral, obviously.
Funeral
obviously
And one would expect a mother to be able to take her time,
And
one
would
expect
a
mother
to
be
able
to
take
her
time
months, hopefully to digest this news.
months
hopefully
to
digest
this
news
But it turns out that work had to be done.
But
it
turns
out
that
work
had
to
be
done
It was time to be making money.
It
was
time
to
be
making
money
There was not a single saving along the way to be able to say:
There
was
not
a
single
saving
along
the
way
to
be
able
to
say:
“I stop to live this mourning”.
“I
stop
to
live
this
mourning”
She simply had to keep arriving late
She
simply
had
to
keep
arriving
late
because she had to keep bringing bread to the table.
because
she
had
to
keep
bringing
bread
to
the
table
And then I just started to realize, not at that time,
And
then
I
just
started
to
realize
not
at
that
time
today, recovering my memory
today
recovering
my
memory
and even writing the scripts to remind myself of this story
and
even
writing
the
scripts
to
remind
myself
of
this
story
that I understand much better what was being experienced,
that
I
understand
much
better
what
was
being
experienced
because at the time it was hard,
because
at
the
time
it
was
hard
how are you not with your family?
how
are
you
not
with
your
family
But today, I understand that without savings it’s not very possible,
But
today
I
understand
that
without
savings
it’s
not
very
possible
because that’s really something we’re going to be talking about this day.
because
that’s
really
something
we’re
going
to
be
talking
about
this
day
Saving gives you a certain freedom, that ability to take care of your pocket
Saving
gives
you
a
certain
freedom
that
ability
to
take
care
of
your
pocket
and have for difficult times or for moments of joy.
and
have
for
difficult
times
or
for
moments
of
joy
Holidays together.
Holidays
together
All of that is often given by a good financial education.
All
of
that
is
often
given
by
a
good
financial
education
But life goes on,
But
life
goes
on
she did the trick, got rid of the dirt, earned enough money
she
did
the
trick
got
rid
of
the
dirt
earned
enough
money
to have her remaining three children graduated, university professionals
to
have
her
remaining
three
children
graduated
university
professionals
with careers, that for her was succes.
with
careers
that
for
her
was
succes
I did my job, I'm very happy and the day came when,
I
did
my
job
I'm
very
happy
and
the
day
came
when
carrying certain diseases in her body, I don’t blame her.
carrying
certain
diseases
in
her
body
I
don’t
blame
her
Probably, the triggers of these diseases must have been
Probably
the
triggers
of
these
diseases
must
have
been
overwork, not having time to take care of herself,
overwork
not
having
time
to
take
care
of
herself
always producing and not time resting.
always
producing
and
not
time
resting
Parkinson's, diabetes are some of those diseases.
Parkinson's
diabetes
are
some
of
those
diseases
And she came to retire thinking that maybe she had some rest
And
she
came
to
retire
thinking
that
maybe
she
had
some
rest
and the pension was 300 USD.
and
the
pension
was
300
USD
Imagine that that didn’t even pay for the medications she had.
Imagine
that
that
didn’t
even
pay
for
the
medications
she
had
And that's not just a Chilean reality.
And
that's
not
just
a
Chilean
reality
I don't want to. And beware, I don't want this talk to be to make you feel bad.
I
don't
want
to
And
beware
I
don't
want
this
talk
to
be
to
make
you
feel
bad
Now comes the fun part.
Now
comes
the
fun
part
But in Chile, pensions on average are less than 250 USD for women.
But
in
Chile
pensions
on
average
are
less
than
250
USD
for
women
Even worse, in Mexico that one will say it is a larger country, less than 400 USD.
Even
worse
in
Mexico
that
one
will
say
it
is
a
larger
country
less
than
400
USD
The topic of our retirement is very powerful
The
topic
of
our
retirement
is
very
powerful
and seeing how we are taking care of that,
and
seeing
how
we
are
taking
care
of
that
because expecting something external is very complex.
because
expecting
something
external
is
very
complex
And what happens?
And
what
happens
The thing that happens here, at this moment, is a very rich conversation,
The
thing
that
happens
here
at
this
moment
is
a
very
rich
conversation
but one that I am ashamed to say.
but
one
that
I
am
ashamed
to
say
Monica, Mona, as many people told her, was already sick.
Monica
Mona
as
many
people
told
her
was
already
sick
Year 2020.
Year
2020
She lived at the expense of her children, and there’s nothing wrong with it.
She
lived
at
the
expense
of
her
children
and
there’s
nothing
wrong
with
it
You will say give back completely, but you never know, you never know,
You
will
say
give
back
completely
but
you
never
know
you
never
know
if your children may have other problems, another death.
if
your
children
may
have
other
problems
another
death
You don't feel good being kept and she didn't feel it.
You
don't
feel
good
being
kept
and
she
didn't
feel
it
She always told us.
She
always
told
us
In fact, she received our money
In
fact
she
received
our
money
and her desire was to spend it on buying gifts back.
and
her
desire
was
to
spend
it
on
buying
gifts
back
I swear I was angry that a gift came to me, still I said,
I
swear
I
was
angry
that
a
gift
came
to
me
still
I
said
“But it's for you.”
“But
it's
for
you”
But hey, there was that need of constant dedication
But
hey
there
was
that
need
of
constant
dedication
that was something that marked us a lot in the family.
that
was
something
that
marked
us
a
lot
in
the
family
And her youngest son, I, comes knocking on the door of the house and says,
And
her
youngest
son
I
comes
knocking
on
the
door
of
the
house
and
says
“Mom, I have a problem.”
“Mom
I
have
a
problem”
“Why if you’re a badass? You’re on TV, you’re successful.”
“Why
if
you’re
a
badass
You’re
on
TV
you’re
successful”
“I want to get married and I wanted to know if you had a ring lying around.”
“I
want
to
get
married
and
I
wanted
to
know
if
you
had
a
ring
lying
around”
“How come?”
“How
come”
“No, it's just that I'm broke.
“No
it's
just
that
I'm
broke
I mean, I don't have one. In fact, I have debts.
I
mean
I
don't
have
one
In
fact
I
have
debts
I don't know how you did it.”
I
don't
know
how
you
did
it”
And there a very nice door opened, a door that had never been opened,
And
there
a
very
nice
door
opened
a
door
that
had
never
been
opened
which was to start talking about money with my family
which
was
to
start
talking
about
money
with
my
family
or with my mother, at that time.
or
with
my
mother
at
that
time
And it was very powerful because this is not spoken anywhere,
And
it
was
very
powerful
because
this
is
not
spoken
anywhere
it is not spoken in schools, it is not spoken in universities, it is
it
is
not
spoken
in
schools
it
is
not
spoken
in
universities
it
is
not spoken in the family, at the table.
not
spoken
in
the
family
at
the
table
We never talk about money or at least how to save it, how to generate it.
We
never
talk
about
money
or
at
least
how
to
save
it
how
to
generate
it
We don't talk about growing money, we talk about spending it
We
don't
talk
about
growing
money
we
talk
about
spending
it
because that's what we talk about all the time.
because
that's
what
we
talk
about
all
the
time
“Hey, we're going to see the next movie.”
“Hey
we're
going
to
see
the
next
movie”
“Hey, how fun, we're going to have some snacks on the weekend.”
“Hey
how
fun
we're
going
to
have
some
snacks
on
the
weekend”
There is always time to spend that yes, yes, is indeed a topic.
There
is
always
time
to
spend
that
yes
yes
is
indeed
a
topic
How much is the neighbor’s car worth? All of this is interesting,
How
much
is
the
neighbor’s
car
worth
All
of
this
is
interesting
but not about saving.
but
not
about
saving
And I would tell you that those were the conversations,
And
I
would
tell
you
that
those
were
the
conversations
because then my mother,
because
then
my
mother
Mona, Monica, told me: “I always had options, I didn't realize it.
Mona
Monica
told
me:
“I
always
had
options
I
didn't
realize
it
Now I do it. I look at opportunities.
Now
I
do
it
I
look
at
opportunities
Do you remember, Francisco, the Nintendo 64
Do
you
remember
Francisco
the
Nintendo
64
that I bought for you when it first came out?”
that
I
bought
for
you
when
it
first
came
out”
And me: “Yes, yes, it was super fun”.
And
me:
“Yes
yes
it
was
super
fun”
“Did you really need it at the time?”
“Did
you
really
need
it
at
the
time”
No. I was really happy with the Super Nintendo because I had them all
No
I
was
really
happy
with
the
Super
Nintendo
because
I
had
them
all
Nintendo, Super, Nintendo, Gameboy, Gameboy Advance, Nintendo 64.
Nintendo
Super
Nintendo
Gameboy
Gameboy
Advance
Nintendo
64
I came to the GameCube because her wallet was no longer enough,
I
came
to
the
GameCube
because
her
wallet
was
no
longer
enough
but, really, believe me, that’s just one example of many
but
really
believe
me
that’s
just
one
example
of
many
that my quality of life would not have dropped to such a low standard
that
my
quality
of
life
would
not
have
dropped
to
such
a
low
standard
if I had stopped having the Nintendo 64.
if
I
had
stopped
having
the
Nintendo
64
But her retirement with significant security would have been much better.
But
her
retirement
with
significant
security
would
have
been
much
better
And this is where I want to get into the educational part.
And
this
is
where
I
want
to
get
into
the
educational
part
This is where I want to get into the investment world.
This
is
where
I
want
to
get
into
the
investment
world
That conversation and may she rest in peace, my mother endured until 2022.
That
conversation
and
may
she
rest
in
peace
my
mother
endured
until
2022
They were the nicest conversations I could have had,
They
were
the
nicest
conversations
I
could
have
had
probably about money, because I started talking about this topic.
probably
about
money
because
I
started
talking
about
this
topic
I began to fall in love with financial education in 2020.
I
began
to
fall
in
love
with
financial
education
in
2020
After that conversation, after that lack of budget for the ring.
After
that
conversation
after
that
lack
of
budget
for
the
ring
After several very stressful personal situations,
After
several
very
stressful
personal
situations
starting to talk about money opened all these educational doors for me.
starting
to
talk
about
money
opened
all
these
educational
doors
for
me
And now I’m going to introduce to you four pillars
And
now
I’m
going
to
introduce
to
you
four
pillars
that I believe are fundamental
that
I
believe
are
fundamental
to our financial well-being.
to
our
financial
well-being
Financial well-being is an invitation to be healthy with our struggles.
Financial
well-being
is
an
invitation
to
be
healthy
with
our
struggles
Believe me, it is very rich for me to be able to say today
Believe
me
it
is
very
rich
for
me
to
be
able
to
say
today
I have practically paid for the university of my son who is two years old.
I
have
practically
paid
for
the
university
of
my
son
who
is
two
years
old
It’s very nice to say that,
It’s
very
nice
to
say
that
to be reassured that it’s not going to be a financial stress in your minute
to
be
reassured
that
it’s
not
going
to
be
a
financial
stress
in
your
minute
or to think that I'm saving for my retirement with a small monthly amount,
or
to
think
that
I'm
saving
for
my
retirement
with
a
small
monthly
amount
but thanks to compound interest and discipline I'll
but
thanks
to
compound
interest
and
discipline
I'll
probably retire
probably
retire
with approximately seven times what my mother retired at least,
with
approximately
seven
times
what
my
mother
retired
at
least
for starting early, for dedicating myself a little to myself.
for
starting
early
for
dedicating
myself
a
little
to
myself
And the first pillar, always for me,
And
the
first
pillar
always
for
me
that happened to me because of that I talk about it first.
that
happened
to
me
because
of
that
I
talk
about
it
first
It's the budget.
It's
the
budget
It's doing our own scan, really realizing where I'm standing.
It's
doing
our
own
scan
really
realizing
where
I'm
standing
Let's see, because in my case
Let's
see
because
in
my
case
it was a master class on lack of education.
it
was
a
master
class
on
lack
of
education
Do this and say: this is already my income, I have an income.
Do
this
and
say:
this
is
already
my
income
I
have
an
income
Normally most of us have a salary, but sometimes we have more
Normally
most
of
us
have
a
salary
but
sometimes
we
have
more
and then the expenses come and you always count the big expenses,
and
then
the
expenses
come
and
you
always
count
the
big
expenses
the money I spend to my mom in this case, the rent.
the
money
I
spend
to
my
mom
in
this
case
the
rent
Wow, the bills.
Wow
the
bills
And suddenly coffee, coffee, coffee, coffee.
And
suddenly
coffee
coffee
coffee
coffee
Oh! What's going on here?
Oh
What's
going
on
here
Why is 10% of my salary going away on that item
Why
is
10
of
my
salary
going
away
on
that
item
that is quite changeable at least.
that
is
quite
changeable
at
least
And there's free coffee in the office.
And
there's
free
coffee
in
the
office
But good.
But
good
Budget.
Budget
Financial scanner.
Financial
scanner
Let's see how we are.
Let's
see
how
we
are
And there the nice thing is that paths are opening up for us,
And
there
the
nice
thing
is
that
paths
are
opening
up
for
us
because obviously there are different cases.
because
obviously
there
are
different
cases
There are some cases where you will say: “I have the possibility of saving.
There
are
some
cases
where
you
will
say:
“I
have
the
possibility
of
saving
There's that possibility in my budget.”
There's
that
possibility
in
my
budget”
Other cases that you will say: “I am on the edge, I live to the minimum.
Other
cases
that
you
will
say:
“I
am
on
the
edge
I
live
to
the
minimum
What you’re talking about is crazy. Coffee? I don’t drink coffee,
What
you’re
talking
about
is
crazy
Coffee
I
don’t
drink
coffee
what a expense.”
what
a
expense”
Well, and here comes the second pillar
Well
and
here
comes
the
second
pillar
very important that you should never forget,
very
important
that
you
should
never
forget
the one that Monica did best, because she didn't have a budget.
the
one
that
Monica
did
best
because
she
didn't
have
a
budget
Make money.
Make
money
Make money because you can’t live on savings.
Make
money
because
you
can’t
live
on
savings
There are times when savings are not enough.
There
are
times
when
savings
are
not
enough
Making money is extremely important,
Making
money
is
extremely
important
produce value, being more valuable.
produce
value
being
more
valuable
Sometimes you say: how do I earn more, how do I create more value to generate income?
Sometimes
you
say:
how
do
I
earn
more
how
do
I
create
more
value
to
generate
income
And I’m going to give you several examples.
And
I’m
going
to
give
you
several
examples
I’m really going to give you one, for my example you might say
I’m
really
going
to
give
you
one
for
my
example
you
might
say
“Francisco, who’s going to be an influencer?”
“Francisco
who’s
going
to
be
an
influencer”
Yes, but I can tell you about my babysitter.
Yes
but
I
can
tell
you
about
my
babysitter
My nanny for Hugo. No, not mine. I don’t need a babysitter.
My
nanny
for
Hugo
No
not
mine
I
don’t
need
a
babysitter
It has a value of 6 USD per hour, which for some is quite enough, for some few.
It
has
a
value
of
6
USD
per
hour
which
for
some
is
quite
enough
for
some
few
Imagine that you arrive with that speech.
Imagine
that
you
arrive
with
that
speech
“They already told me that I have to be valuable.”
“They
already
told
me
that
I
have
to
be
valuable”
“Francisco now I charge you 15 USD.”
“Francisco
now
I
charge
you
15
USD”
“Goodbye”. Another one.
“Goodbye”
Another
one
So one has to understand that sometimes
So
one
has
to
understand
that
sometimes
value is created by generating skills.
value
is
created
by
generating
skills
And that's when you can see, for example, why a general practitioner
And
that's
when
you
can
see
for
example
why
a
general
practitioner
earns a different salary than an ophthalmologist, for example.
earns
a
different
salary
than
an
ophthalmologist
for
example
Specialization, it takes time, years and you probably
Specialization
it
takes
time
years
and
you
probably
have to work longer during those years.
have
to
work
longer
during
those
years
Even if you want to be richer, so to speak, or more valuable per hour,
Even
if
you
want
to
be
richer
so
to
speak
or
more
valuable
per
hour
time will probably make your value per hour more valuable.
time
will
probably
make
your
value
per
hour
more
valuable
But my nanny had another tactic and she says:
But
my
nanny
had
another
tactic
and
she
says:
“Francisco, your son is going to have a birthday”.
“Francisco
your
son
is
going
to
have
a
birthday”
Yes, I got a fee by WhatsApp.
Yes
I
got
a
fee
by
WhatsApp
Face painting, birthday’s dance shows and start a series of lists.
Face
painting
birthday’s
dance
shows
and
start
a
series
of
lists
26 USD per hour, 30 USD per hour.
26
USD
per
hour
30
USD
per
hour
And I: “Oh, I just need entertainment.”
And
I:
“Oh
I
just
need
entertainment”
Same time, almost six times, almost five times more income,
Same
time
almost
six
times
almost
five
times
more
income
more value, with an example that I think anyone could understand.
more
value
with
an
example
that
I
think
anyone
could
understand
And here, so far so good.
And
here
so
far
so
good
We generate value.
We
generate
value
But what happens if everything you generate, as happened to Mona,
But
what
happens
if
everything
you
generate
as
happened
to
Mona
you spend it?
you
spend
it
It can be like a perfect excuse because I love my children, I want to make it up
It
can
be
like
a
perfect
excuse
because
I
love
my
children
I
want
to
make
it
up
Since I'm late I have to arrive with the Nintendo, with the album art,
Since
I'm
late
I
have
to
arrive
with
the
Nintendo
with
the
album
art
with the chocolates.
with
the
chocolates
Of course, I'm overweight.
Of
course
I'm
overweight
But hey, it was exciting to receive chocolates in the evening.
But
hey
it
was
exciting
to
receive
chocolates
in
the
evening
But second point.
But
second
point
The third super important pillar.
The
third
super
important
pillar
If I start making money, I have to take care of myself.
If
I
start
making
money
I
have
to
take
care
of
myself
And the third pillar is about savings.
And
the
third
pillar
is
about
savings
Real savings, guys, is freedom.
Real
savings
guys
is
freedom
It is essential.
It
is
essential
Saving allows you to have time for others.
Saving
allows
you
to
have
time
for
others
To have time for yourself.
To
have
time
for
yourself
And saving is nothing more than loving yourself, paying yourself first.
And
saving
is
nothing
more
than
loving
yourself
paying
yourself
first
That’s what you need to understand about savings.
That’s
what
you
need
to
understand
about
savings
And if we’re talking that we’re already making money, which is the first pillar,
And
if
we’re
talking
that
we’re
already
making
money
which
is
the
first
pillar
we probably can.
we
probably
can
Once we make money say: “Let’s see, I’m making so much,
Once
we
make
money
say:
“Let’s
see
I’m
making
so
much
I can save a little”. And how to make it easier?
I
can
save
a
little”
And
how
to
make
it
easier
Because sometimes you still say:
Because
sometimes
you
still
say:
“I’m doing all this effort, I deserve it.”
“I’m
doing
all
this
effort
I
deserve
it”
Let's set objectives, it becomes much easier and tangible objectives.
Let's
set
objectives
it
becomes
much
easier
and
tangible
objectives
For example, next year's vacation
For
example
next
year's
vacation
and I want it to be a nice vacation for my family.
and
I
want
it
to
be
a
nice
vacation
for
my
family
2,400 USD for any number that is divisible by 12.
2400
USD
for
any
number
that
is
divisible
by
12
200 USD per month. Perfect.
200
USD
per
month
Perfect
50 USD per week.
50
USD
per
week
If they bring it to more and more kids, it gets easier.
If
they
bring
it
to
more
and
more
kids
it
gets
easier
$7 a day, more or less.
7
a
day
more
or
less
There, probably when you’re in line at the mermaid’s coffee.
There
probably
when
you’re
in
line
at
the
mermaid’s
coffee
If you’re thinking like “Hey, this is my vacation”.
If
you’re
thinking
like
“Hey
this
is
my
vacation”
It's easier to save when you have specific goals.
It's
easier
to
save
when
you
have
specific
goals
My son's college is the same thing.
My
son's
college
is
the
same
thing
Paying 900 USD per month at a time when family stress may not allow it is
Paying
900
USD
per
month
at
a
time
when
family
stress
may
not
allow
it
is
not the same as paying 100 USD per month at 18 years of age today.
not
the
same
as
paying
100
USD
per
month
at
18
years
of
age
today
It's a lot simpler.
It's
a
lot
simpler
We move on to the last pillar because believe me that although I love to save
We
move
on
to
the
last
pillar
because
believe
me
that
although
I
love
to
save
and although I wish everyone here could save a lot.
and
although
I
wish
everyone
here
could
save
a
lot
With 10, 20, 30% it is already difficult to achieve, it will not be enough.
With
10
20
30
it
is
already
difficult
to
achieve
it
will
not
be
enough
Saving is never enough.
Saving
is
never
enough
Saving requires a very important tool called investment.
Saving
requires
a
very
important
tool
called
investment
And that's the fourth and final pillar: making our money grow.
And
that's
the
fourth
and
final
pillar:
making
our
money
grow
And it really is possible.
And
it
really
is
possible
From one dollar you can start investing.
From
one
dollar
you
can
start
investing
Obviously a dollar won't bring you wealth, but it's the habit, it's getting started.
Obviously
a
dollar
won't
bring
you
wealth
but
it's
the
habit
it's
getting
started
In different places, one can go to regulated institutions.
In
different
places
one
can
go
to
regulated
institutions
The banks in your city probably already have some investment instrument
The
banks
in
your
city
probably
already
have
some
investment
instrument
that at least protects you from inflation.
that
at
least
protects
you
from
inflation
In other words, at least you're not losing your capital, you're saving
In
other
words
at
least
you're
not
losing
your
capital
you're
saving
and gradually generating a little more
and
gradually
generating
a
little
more
and compound interest, mind you, it's wonderful.
and
compound
interest
mind
you
it's
wonderful
If you say and look for an investment instrument that gives you an average
If
you
say
and
look
for
an
investment
instrument
that
gives
you
an
average
of 10% per year.
of
10
per
year
With compound interest, what happens? that you, you earned in that year
With
compound
interest
what
happens
that
you
you
earned
in
that
year
from 100 to 110, instead of withdrawing your ten, simply reinvest it.
from
100
to
110
instead
of
withdrawing
your
ten
simply
reinvest
it
It's nothing more than that compound interest.
It's
nothing
more
than
that
compound
interest
And the magic is that it takes approximately seven years to double,
And
the
magic
is
that
it
takes
approximately
seven
years
to
double
because interest over interest is growing,
because
interest
over
interest
is
growing
just as banks charge you.
just
as
banks
charge
you
And one says, “Why did I pay for my house three times?”
And
one
says
“Why
did
I
pay
for
my
house
three
times”
Well, why didn't I save my house three times?
Well
why
didn't
I
save
my
house
three
times
It is possible.
It
is
possible
That’s what it finally gives us and what I want to invite all of you.
That’s
what
it
finally
gives
us
and
what
I
want
to
invite
all
of
you
Financial well-being, peace of mind.
Financial
well-being
peace
of
mind
Remember the steps or the pillars very well.
Remember
the
steps
or
the
pillars
very
well
Budget.
Budget
Let's understand ourselves where we stand.
Let's
understand
ourselves
where
we
stand
Generation. Never lose sight of the fact that you have to be valuable,
Generation
Never
lose
sight
of
the
fact
that
you
have
to
be
valuable
let’s make money,
let’s
make
money
let’s not be disgusted by it.
let’s
not
be
disgusted
by
it
Third, let's save, let's set a goal, no matter if it's 2%, 3%.
Third
let's
save
let's
set
a
goal
no
matter
if
it's
2
3
But let's get started.
But
let's
get
started
And fourth, let our money grow so that it will keep us later.
And
fourth
let
our
money
grow
so
that
it
will
keep
us
later
Thank you very much.
Thank
you
very
much
(Applause)
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