TEnacity_10172013

1

Colayco Foundation for Education Inc.

Table of Contents

Foreword2

TEN-acity......3

FJCs Guide to Purpose-Driven Investing......6

Its Called MINDSET...7

The Spiritual Aspects of Financial Planning.......10

Only P33 a Day...14

Financially Fit Even After Christmas............................................15

Get Rich Quick Schemes...........18

The Power of One.21

Ninong FJC Says.......................................23

2


FOREWORD

Colayco Foundation for Education (CFE) started in 2001 by Francisco J. Colayco, with Armand Q.

Bengco and Mary Elizabeth Bilgera in a room in his home. In the course of over ten years, our Team

has grown! We have given over 900 seminars and talks covering financial education. We are

regularly on TV with the following shows:

Pisobilities- Tuesday, 8:30 pm (Light TV 33)

Saturday, 6:00 am (GMA News TV)

Pisobilities @ the Business Portal- Tuesday, 11:00 am

Saturday, 11:00 am

Monday, 1:00 am

(Global News Network)

Pera Pera Lang Yan- Wednesday, 12:30 pm (RHTV)

Seminar School Plus- Saturday, 1:00 pm

We have also received tens of thousands of emails and text messages asking for clarification on

issues from different points of view. It is gratifying to know that we have improved our understanding

on how the average Filipino mind works in terms of learning personal financial literacy.

Born from these learnings, we are establishing One Wealthy Nation - an effort to move beyond

financial education and into financial empowerment by improving access to affordable financial

services and products from reputable financial institutions. We are also launching our very own

online learning platform - www.pisobilities.tv. This will be the channel for many more Filipinos in the

Philippines and abroad to learn about managing and growing their money.

Our books remain the most effective tool for motivating Filipinos to be wealthy. So far, we have

publications: Wealth Within Your Reach, Making Your Money Work, Money for Kids, Pera Palaguin

Workbook, Pisobilities: Gabay sa Buhay Pinansiyal, and Easy Money para sa Kababaihan. These publications have the basic tools needed to learn personal financial literacy. However, when an

answer to a specific question is needed, the answer lies in different sections of the books and a

quick answer is not always readily available.

In this e-book, we attempt to put together a few frequently asked questions and the quick answers to

those questions for convenience. Some of the answers are part of articles we have written for

various newspapers, magazines and websites through the years.

This e-book has a wealth of information to get you started with a guide to learn more and go deeper

into the possibilities open to reach your financial independence.

3


As will always happen, not all questions are asked and not all the answers can be complete because

each person is unique. Should you have any question, feel free to check on our website

www.colaycofoundation.com or www.franciscocolayco.com or write us at

[email protected] or text +639178537333.

Finally, our Chairman, Francisco J. Colayco, celebrated his birthday last October 10. On his behalf,

the CFE Team would like to offer this e-book to all who want to educate themselves on personal

money management. It is a fitting tribute to him in keeping with this personal advocacy that we all

share to make a difference in the financial life of all Filipinos.

MARY ANNE B. COLAYCO

PRESIDENT, COLAYCO FOUNDATION

FOR EDUCATION

4


TEN-ACITY Ten Years of Financial Empowerment

From a modest room inside his home, Francisco J. Colayco (FJC) started a simple project that would

eventually become the countrys leader in advancing personal financial empowerment.

In 2001, Mr. Colayco established the Colayco Foundation for Education (CFE) together with Armand

Q. Bengco (AQB) and Mary Elizabeth Bilgera. CFEs original thrust was to provide financial advisory services to schools.

One evening while FJC was driving, he was listening to a radio program about a woman selling

nutritional supplements. It inspired him to start a radio show that would empower listeners to reach

out for financial independence. Thus, in 2003, CFE refocused its efforts towards teaching financial

literacy to the income-earning Filipino.

FJCs desire to spread his advocacy resulted in his own radio program on RMN Manila called Usapang Kabuhayan where he noticed that most listeners were clueless regarding the basics of personal finance. Together with AQB, they would give appropriate financial advice to their listeners.

The program was a major hit that caught the attention of Michael Vincent Benares and Federico Tita Kerry Paragas Jr., hosts of the popular radio program, Philippines Tonight Show in Hong Kong. They helped the foundation to simulcast its advocacy through the show, so that OFWs in Hong Kong could also tune in and listen. The effort was a stunning success that OFW listeners urged CFE to

conduct a personal finance seminar in Hong Kong.

In 2003, CFE conducted its first paid personal finance seminar at Caritas Center in Hong Kong. FJC

recalls that they were surprised to see the crowd of OFWs lining up for a HK$ 150 ticket, two hours before the show. The seminar went on for hours and hours. Yet, everyone was so engrossed that

hardly anyone stood up as they listened to FJC and Tita Kerry providing comic relief on the side. Due to the monumental success of the event, CFE decided to conduct personal finance seminars

every other month!

Despite having a strong following of OFWs in Hong Kong, FJC felt that he still needed to reach a wider audience to spread the significance of financial literacy to more people. Thus, he released his

first book entitled, Wealth Within Your Reach. Aside from being a compilation of personal finance

materials used in seminars, it was FJCs personal gift to OFWs who were the first ones to support his advocacy. The book became a bestseller very quickly. It garnered the prestigious National Book

Award in the Economics Category. FJC, inspired by the success of Wealth Within Your Reach, eventually released the sequel, Making Your Money Work, the following year. Making your Money Work was also nominated for the National Book Award.

CFEs presence became more evident as FJC and the CFE team were invited to appear in various television and radio shows to talk about personal finance. Soon, many companies and organizations

started calling CFE to conduct personal finance seminars for their employees, constituents, and

members.

With the passing of time, CFE grew in strength and numbers. From print, it extended its reach to

other forms of media. It published more of FJCs books, produced four television shows (one of which was multi-awarded), created two websites for the public, and others.

5


Today, CFE continues its advocacy of financial empowerment. By providing personal finance

seminars and utilizing the ever expanding power of media, it educates income-earning Filipinos to

unlock the hidden power of their piso- their Pisobilities! Hopefully, every Filipino will bind together

their own Pisobilities to help create a One Wealthy Nation- wealthy not only in money but in heart,

mind, and spirit!

6


7


THE POWER OF MINDSET

Its called Mindset!

The advice I give are really for people who are earning some money. This is my chosen advocacy. It

is what I know best so I choose to share this.

However, we can only share what we have. Otherwise, we will not be sharing anything worthwhile.

This is where I come from. We need to teach everyone about the need to earn, save, make your

savings grow and share the savings they have grown with others.

I teach that as long as we are earning some regular income, we can save. The savings may be

minimal but if we have the discipline and determination, we can aspire for greater savings over time.

After all, we have so many examples of people who rose from almost nothing into very successful

people.

It is natural that we want to be able to give the best food, shelter, clothing and everything that our

family needs. If we have nothing anyway, it is tempting to give your family a moment of joy and

forget about tomorrow. But we should not spend or give without thinking of tomorrow. It is an

obligation not only to provide but also to leave something for tomorrow. I am not telling you to worry, I

am asking you to plan. Bahala na is the worst mindset to live by!

But how do we teach people who are so poor that they cannot even buy food for their children? Such

cases are very complex and there are people who choose to help in working on advocacies related to

this. Let me just say that for those who do not have enough, they still have their intellect and will.

Money and all things material are mere creation from ideas. For as long as we are alive, we can

think and create good things for us, provided we have the right mindset and the will to improve our

lives.

Perhaps, if you cannot do it for yourself, at least do it for your children. If you are not able to do it in

your lifetime, there is a good chance that your children can, if you bring them up correctly with the

right VALUES! Teach them to Command money and not money commanding you! It is not just a

matter of money, it is an attitude and mindset inculcated in the children.

8


I think that the parents or guardians of such children who eventually succeed taught them good

VALUES from the time they were small. Values most important are respect, honesty, integrity,

resourcefulness, sincerity, discipline, determination, decisiveness and others. If my child were to

reply to me in a manner like one of the comments I received: wag mo akong pakialaman...buti sana

kung sobra o sapat ang kinikita pero hindi eh salat na salat pa para sa sikmura., I think I would

consider myself a failure in teaching my child many of the said virtues.

It is possible to rise out of poverty like so many have and the common denominator is the MINDSET

or ATTITUDE.

This story about elephants is a very good example of how sometimes, we get caught up in our

present so that we are not able to break out and do something better for ourselves.

As my friend was passing the elephants, he suddenly stopped, confused by the fact that these huge

creatures were being held by only a rope tied to their legs. It was obvious that the elephants could, at

anytime, break away from the ropes they were tied to but for some reason, they did not. My friend

saw a trainer nearby and asked why these beautiful, magnificent animals just stood there and made

no attempt to get away.

Well, he said, when they were very young and much smaller we use the same size rope to tie them

and at that age, its enough to hold them. As they grow up, they are conditioned to believe they

cannot break away. They believe the rope can still hold them, so they never try to break free. My

friend was amazed. These animals could at any time break free from their bonds but because they

believed they couldnt, they were stuck right where they were. The powerful and gigantic creatures

have limited their abilities and their potential by the limitations of its past.

Like the elephants, how many of us go through life holding onto a belief that we cannot do

something, simply because we failed at it once before? How many of us refuse to attempt

something new and challenging because of our so-called MINDSET?

Your attempt might fail, but never fail to make an attemptand choose not to accept the false

boundaries and limitations created by the past!

9


This kind of mindset is what happens when are repeatedly told that we cannot do something

because we are too poor. If instead, we repeatedly show and tell ourselves and our children that we

can be better than we are, then, we can break them out of this mindset.

10


THE SPIRITUAL ASPECTS OF FINANCIAL

PLANNING

One of our team members at the Colayco Foundation, Arthur Ladaga wrote an article for my blog. It

is a good article for your reflection.

We are often asked a lot of questions. Most of it has to do with the best investment option. Theres

nothing really wrong with the question. With all different kinds out there its hard to choose the right

one. Each has its strengths and weaknesses. Different people also have different preferences. What

is it that really helps in choosing the best one? The answer is simply first and foremost, to know

ones financial objective.

Your financial objectives revolve around three things: Purpose, Target, and Time. Purpose is the

reason why you are investing in the first place. Target is your desired amount to reach. And lastly,

time is the period you have to achieve your target. Knowing your financial objective helps in

choosing the best instrument around because each instrument is unique

And yet when most people are asked about their financial objectives, most people cannot give a

straight answer. Some people reply I want to be rich. Theres nothing wrong with it but its still not

well defined. Others are absolutely clueless, as if staring at an imaginary wall. And there are those

who get upset and say I dont have one! I just want to have more money!

Time and time again we emphasize the need to know of ones financial objectives. Its usefulness

knows no bounds. The most successful individuals are those who know their goals by heart. They can

even say it while theyre sleeping. And yet at the heart of proper financial planning lies a spiritual

essence that many ought to discover. Religious or not, you must realize that money is also a spiritual

matter that needs to be dealt with. Knowing the spiritual aspects of financial planning will enable you

to realize its importance in a more profound sense.

11


Separation from Money

When we do financial planning, we are actually separating ourselves from money. Most people will

find this absurd. I want to have more money. Are you telling me that I shouldnt want it? To separate

yourself from money simply means not desiring money for its own sake!

Some of you may recall the quote the love of money is the root of all evils (1 Tim 6:10, New

American Bible). Money itself is not evil if you read the verse carefully: For the love of money is the

root of all evils, and some people in their desire for it have strayed from the faith and have pierced

themselves with many pains. The real evil is to desire money for itself that one forgets the most

essential things in life. One writer cleverly summarizes it this way: What is essential is invisible to

the eye.

When you do financial planning, you are telling yourself not to seek money for itself. Seeking money

for its sake can corrupt the human soul. How many important relationships have ended because of

the distorted desire for money? How many people are miserable despite having lots of money? Self-

mastery is an important trait to have when dealing with money. Money is a powerful ally to wealth

but it can distort you when not properly handled.

Purpose-Driven Money

The second spiritual aspect of financial planning is to make your money purpose-driven. Once you

have self-mastery over your need of money, it should be clear why you need it. You may need it to

buy a house for your family. You may need it to finance your childrens education. Or you may need it

to give more to the less fortunate. Any attempt to a financial endeavor without a clear purpose for

your money can be likened to blind spending!

Money with a clear and noble purpose can help achieve the ultimate end of human life. Humanity

only has one particular calling: to live an authentic life in accordance with the divine will. You can find

this at the beginning pages of the Bible:

God created man in his image; in the divine image he created him; male and female he created them. God

blessed them, saying: "Be fertile and multiply; fill the earth and subdue it. Have dominion over the fish of the

sea, the birds of the air, and all the living things that move on the earth. (Gen. 1:27-28)

12


To be fertile and multiply not only implies an increase in physical number. Being created in the

image and likeness of God, you are expected to live up to it. You must continuously develop yourself

to live up to your first true calling. This is what it means to be fertile and multiply! When you do

financial planning, you make your money help you become a well-rounded person in many aspects:

financially, emotionally, spiritually, and others. The same expectation applies when you use your

money to help the people around you, particularly your loved ones and your community.

The Impermanence and Giftedness of Money

Lastly, financial planning reminds you of moneys impermanence and giftedness. Like everything

else in this world, money lasts temporarily. You cannot take it to the grave with you. It will eventually

decay regardless of what kind of physical protection it has.

Nevertheless, money is also a gift. It may be a man-made invention used to purchase goods or

services, but it is essential in daily living. People need it to buy their needs and wants. In addition,

many people have difficulty earning money. The fact that you are able to obtain money legitimately

(whether through active or passive income) makes you realize the importance of it in your life. You

are given opportunities to earn and grow it so that you can utilize it better. This is the essence of

moneys giftedness!

Saint Ignatius of Loyola, the founder of the Jesuits, gives a wonderful insight regarding the giftedness

of all created things:

All the things in this world are gifts of God, presented to us so that we can know God more easily and make a

return of love more readily. As a result, we appreciate and use all these gifts of God insofar as they help us

develop as loving persons. But if any of these gifts become the center of our lives, they displace God and so

hinder our growth toward our goal. (Ignatian Spirituality Institute)

Financial planning helps you value your money in a proper way. Because money is not permanent,

its important to know precisely how it should be used. It must never be treated as your god (Matt.

6:24)! At the same time, you become obligated to grow it. You are responsible to grow your God-given

gifts (Matt. 25:14-30, Luke 19:12-28, NAB) to live authentically. Money, at its innermost essence, is

God-given! You are given legitimate opportunities to earn and grow it. Having a feasible financial plan

helps and keeps you responsible over your money!

13


To See With New Eyes

Planning is a vital aspect in any endeavor that you take. It is not just about making everything clear

and specific. It also involves continuously reminding yourself of the most important aspects of life.

This is what financial planning does. It may seem to be a dull and boring process, but the challenge

is to look at it with new eyes! Theres much more to financial planning than what meets the eye. In

knowing its spiritual aspects, you empower yourself further to reach your true wealth!

14


15


FINANCIALLY FIT EVEN AFTER CHRISTMAS

It is already a Ber month. What better way to explain Active and Passive Income in relation to our

most celebrated holidaysChristmas.

It never ceases to amaze me how we all splurge for the Christmas Season as if everything would end

after Christmas and New Years Day. There is nothing wrong with giving. In fact, it is one of the

noblest things to do especially when we give to those who have much less without expecting

anything in return. Just remember that you cannot share money that you do not have! Your first

financial obligation is to yourself. You have to plan and prepare for your own future.

Let us remember what Christmas really is: the birthday of Jesus Christ who was born in a manger. All

the consumerism of Christmas is man-made. We can be happy and share but let us remember that

life will continue and we will have to prepare for our future while we still have the means.

Those who like the work that they do are very happy because their work gives them fulfillment.

However, let us never forget that, we all work because we want to be financially independent. It is

wonderful to give, spend and make merry but just make sure you only use your active income.

There are two kinds of income: Active Income and Passive Income.

Active income is the income you earn by working. This is your salary, overtime, commissions or

sideline. This is the income that you do not get unless you actually work. As they say, no work, no

pay. You must set aside 20% of your active income. Half of the 20% or 10% should be used to pay

for term insurance, medical insurance, sharing, and other such necessities. The other half or 10%

should be saved in cash. As you accumulate at least Php 5,000 cash, you can purchase mutual

funds or treasury bills to earn more than the savings account interest and higher than the inflation

rate.

Passive income is the income you earn from your savings. This is interest earned, rental from

properties, commissions from your downlines in case of legitimate networking. The income will come

to you whether you work or not. Passive income is the key to your lifetime wealth. Start now and

16


make sure you save and invest regularly. Of course, you also deserve to give yourself something

extra for the season. Do it, spend some for your Christmas holiday enjoyment. Just dont overdo it.

Where to Spend Active Income and Passive Income

Active income is to be used only for everyday expenses and for savings and investments. Do not use

your active income for Christmas parties and splurges.

Another way of finding ways to spreading good cheer and sharing during Christmas is to cut down on

your everyday expenses during the months or weeks before Christmas. If you have not done so

during the past months or weeks, you will just have to reduce your Christmas expenses this year and

make up for it next year. You can start cutting down on your daily expenses starting January so that

you can spread more cheer for Christmas. This means setting aside more than 20% for savings to be

able to share more during Christmas and for that matter any other holidays you want to celebrate

(including birthdays and others).

Passive Income

Strictly speaking, it is only passive income that you can use for your gift giving and parties during the

Christmas season as well. However, you have to remember that if you use some of your passive

income instead of rolling it over or reinvesting it to earn more income, you will have to find a way to

replace it so that you can still meet your Net Worth Goal for your retirement.

Christmas Bonus

Of course, many of us receive Christmas bonuses. Bonus is active income because you will not get a

Christmas bonus if you are not working. Please make sure you budget your bonus mostly for savings

and a reasonable portion to support some increases in your December expenses. DO NOT SPEND

ALL OF YOUR BONUS FOR ENTERTAINMENT OR GIFT GIVING! SHARE BUT SHARE ALSO WITH

YOURSELF BY DEPOSITING TO YOUR SAVINGS ACCOUNT. DO NOT FORGET THE 80/20 RULE. PAY

YOURSELF THE 20% OF YOUR BONUS. THIS IS YOUR OBLIGATION TO ALLOT SOMETHING FOR

YOURSELF IN THE FUTURE, YOUR FUTURE!

17


GET RICH QUICK SCHEMES

Borrowed from Mac Andersons The Nature of Success, Mr. Anderson talks about a lesson he

learned from a friends grandmother. Mac was having such a rough week and his friend shared with

him what his grandmother told him to always remember: Inch by inch, life's a cinch. Yard by yard,

life is hard.

Mac took the line to heart and took out a piece of paper and listed all the things he had to do in the

next three days. As he finished each task, he crossed it out from the list. Three days later, he

crossed out the last task left on the list. He felt great!

As Mac explains, Success doesn't come cascading like Niagara Falls; it comes one drop at a time

through short-term, realistic goals. If you believe you can do something (the goals are realistic),

you're likely to be highly motivated. If, however, you think you can't (because the goals are

unrealistic) your motivation level falls greatly

The same principle applies in each ones personal financial life. I keep emphasizing the same

principle as explained in Making Your Money Work. THE QUICKEST WAY TO GET RICH QUICK IS TO

GET RICH SLOW.

Unfortunately, more people prefer to get rich the easy way and as fast as possible. They want to

enjoy the money they believe they will be getting very quickly. This is why scams continue to

proliferate and fool so many people.

Scams give promises of bigger than normal income every month or even every day, in some cases. It

is so easy to want to believe when the first thought that should come to mind is if the promise is

even realistic. If it is not, then why even be motivated to believe in it.. This is when the next part of

the scam comes in. They give the names of people who have already invested and are already

receiving the returns. When you check with these people if the claim is true and they so confirm, the

inevitable follows. You end up investing and sad to say, the Get Rick Quick becomes Lose

Everything.

In some cases, at the start, the money does come in as expected. As the money comes in though, it

is almost automatic that the money is spent in frivolous WANTS. After all, more money is expected to

come in regularly so why not enjoy. Some scams last for years and at the end of it all, the scammer

18


tells the investor that the investor got his money back anyway through the regular interest paid. That

is true but it has all been spent. At the end, the Investment is all gone and even the WANTS

purchased are no longer important.

In a real investment with realistic long-term goals, the returns come in, reinvested (compounding

principle) and kept intact. At the end of the period, both the investment and the earnings are kept

safe.

There are an extraordinary number of emails from different countries claiming that they have come

into a lot of money and need help in investing. Or they can provide opportunities for investment.

They start asking for information about your finances and maybe ask just a little amount just to show

that what they say is real. Thats when the problem begins. They make you feel so important and

you might feel you have nothing to lose. You shouldnt even bother to read these emails because

they are a waste of precious time.

A growing number of our OFWs and their families back in the Philippines are using more emails to

communicate with each other. As they use their emails, opportunists manage to get their email

addresses and start sending them these fraudulent emails. And not knowing any better, they start

giving information that they should not be sending to people they do not even know. Or, if they send

it to people they know, this personal information could be intercepted through cyberspace and/or

eventually forwarded without their knowledge to other people who use it for inviting them to their

scam proposals.

The moment those who invent scams know they have some money, they become an easy target for

them. They know that OFWs are prime targets for scams. They are away because they want to make

money and the faster they can make money, the faster they can return home to their family. I cannot

seem to reach enough people to tell them to STOP THINKING OF GETTING RICH QUICK! THE BEST

WAY TO GET RICH FAST IS TO GET RICH SLOW!

You have to think of a long-term period of 20-30-40 years even. That is why the younger you start,

the more chances you have to grow your money. But as they say, youth is wasted on the young. The

young never believe that they will grow old until they wake up one day and they cant believe they

wasted all those years.

19


Another important reminder: WHEN IT IS TOO GOOD TO BE TRUE, IT IS PROBABLY NOT TRUE! For

example, 6% per month is the interest offered by some Nigerians! Six percent per month is

equivalent to 72% per year! It is very difficult to earn this amount on any investment except perhaps

in the stock market on a very risky investment.

20


THE POWER OF ONE

Are you familiar with the concept of "cooperatives?" How many of you are members of a cooperative

in your barangay or community? Why did you join a cooperative? What are the benefits you enjoy

from it?

Friends, the concept behind a cooperative is quite simple there is strength in numbers. This is

what we call the Power of One. The Power of One will change a lot of lives for the better. This change

will come from many people if they unite together to create a force that can withstand storms The

Power of One.

The Power of One is simply unstoppable. Storms cannot affect it and I firmly believe that this is the

strongest and most resilient foundation to grow our business.

Look into the option of banding together into cooperatives and the like.

1. Statistics indicate that no more than 15% of individuals who dare become entrepreneurs

succeed. Why do most entrepreneurs fail?

They lacked business/management skills

Miscalculated the working capital requirements and unable to raise correct financing

when they needed it

Seriously mismanaged the operations

Did not see the value of competent staff or consulting advisors in the areas of marketing,

production, technology, legal aspects, personnel and leadership

2. Advantages of organizing into a cooperative or joining an existing legitimate cooperative. If

you pool your resources in capital, talent and market reach, you will be able to form a

formidable investment that can provide you with:

More high yield investment and business opportunities

Greater probability for no-capital-loss of each members contribution

Greater ability to provide each member with the mechanism to convert his equity to cash

in case of any urgent need

Greater chances to earn higher and more consistent income

21


Better access to the best professional management

Assured financing for venture development and implementation

Greater assurance for sustained success

To prevent your new business from failing, join cooperatives or other groups like savings and loan

associations. These aim to help you expand your abilities and give you many opportunities to grow

your capital.

The Power of One can lead to changes for the benefit of the many. These changes come from the

many but only if the many can come together to form that which is invincible, the Power of One.

Saving together provides better benefits. If you are interested to learn about the KsK Service &

Multipurpose Cooperative, check out www.kskcoop.com or write to [email protected].

22


23


THANK YOU!

We are quite blessed that our small foundation has weathered all storms for the past 10 years.

When you look at businesses that have lasted for way longer, some over 100 years, they have the

3Ds: Discipline, Determination, and Decisiveness. They certainly started small because its rare for a business to start big. I always say that its hard going into business. According to surveys, only 15% of new businesses succeed. Those that succeeded have the 3Ds. People who want to break free from the chains of poverty need all these three.

Why Discipline? Because this ensures that you will do what you need to do every day without

ceasing. Its not right that, for one day, you do something well and forget it during the next!

Day by day, minute by minute, do what you need to do so that youll familiarize yourself with what you need to know. Dont tire of it, even if it is repetitive. Never allow short cuts in work. This will lead to a decrease in the quality of your work or service.

Why Determination? Because determination gives you the drive to do something you want, whatever

happens. Somehow, you will get whatever it is in your mind.

Why Decisiveness? Because if youre good and clear in evaluating, you can easily decide on what you want to do. Opportunities will not wait for you. You need to be decisive on what you have studied on.

Congratulations to all of you readers! Pagapalain sana tayo lagi ng Diyos!

FRANCISCO J. COLAYCO

24


25


26


27


28


29


TENacity: 10 Years of Financial Empowerment

Copyright 2013 Colayco Foundation for Education Inc.

Attribution-Non Commercial-NoDerivs 3.0 Unported

All rights reserved

No part of this e-book may be reproduced in any form or any means without

the written permission of the author and the publisher.

Colayco Foundation for Education

Unit 807 Citystate Center, 709 Shaw Boulevard, Pasig City

Telephone nos.: 637-3731/637-3741, +639178537333 Telefax: 637-3731

[email protected] www.colaycofoundation.com

The information in this e-book is taken from the authors personal experiences and various sources. Specific economic

information such as interest rates, inflation rates, and foreign exchange rates are based on information available at the

time when the book was being written.

While every effort has been made to provide complete and updates information herein, the author cannot and does not

guarantee its accuracy and completeness.

Documents

TEnacity_10172013