He makes no money to speak of, and at the moment, is unemployed, and yet, his net worth is trifling, he is 25 year old Rico Santos. Like most everyone who comes from a comfortable middle class family, he went to exclusive elementary and high schools. The son of a Doctor, (and coming from a family of Doctors,) Rico has no interest in medicine, he recently graduated with a degree in Computer Science from a well known University.
For now, Rico has not yet decided what to do with his life, whether to work in a call centre, or an IT company, here and abroad, or maybe if he changes his mind, take up nursing as a second course(like most people he knows). But still...it’s up to him. Either way, Rico Santos has the enviable freedom to choose his path, and for the moment he has chosen to postpone his quest for the bankable variety of wealth, to pursue his passion: Surfing, A sport he took up, a few years back as a student, while on vacation in Siargao Island with his friends one summer.
Before he plans to pursue his career, he and a group of friends, plan to surf the waves of the remote islands of Batanes, and the Spratleys. Santos figures he probably will be needing around, P30, 000.00 for those trips, and he doesn’t know how to raise the money, but he has the earning potential, and with the oceans before him and wind offshore, Santos is very well fixed already.
You might be wondering how a guy like that gets to be the world’s richest and most successful person. Before I proceed to explain why, let me first introduce who Rico Santos really is. If you are between, 21-30 years old, single (no dependents), healthy, with no liabilities (walang utang) and possessing a college degree, then “YOU ARE RICO SANTOS”. that’s because you are rich in assets of another kind. You have youth, health, confidence, and a top notch education-a wealth of what economist call human capital, the kind of person Human Resource Managers look for. In addition, your obligations are nil and your options are virtually limitless, a status in life, money can neither buy nor preserve.
If wealth can be defined as independence, opportunity, and the amount of control someone has over his/her own life-and many would argue that those attributes are essential to a sense of well-being-then you, (the Rico Santos’ of the world) are the richest and most successful person today. The bad news is, you will never be much richer than you are now, your options will inevitably narrow, your responsibilities (both: personal and professional) will mount with time, and with it comes, financial liabilities: bills, loans, mortgages, tuition fees.etc. As you age, you use up human capital the way an old machine loses its productivity. Not to mention, that your single most important asset-your health” will start to deteriorate (unless you do something about it of course) only financial Capital, and more of it, can pay the obligations that grow out of work and family and accumulate as one matures.
Financially speaking, your financial capital value (assets both, solid and liquid) should increase, as your human capital value decreases. While it is “assumed” that your income will increase as you grow older, such won’t be the case when you retire. So one of the best options for you now would be to start your financial planning-on building financial wealth. So as I said earlier, your options are still open, question is-what are you going to do about it?
*The name Rico Santos is purely the product of my imagination, any reference to an actual Rico Santos is purely coincidental and unintentional
References and Links
www.pinoysmartsaver.com
www.colaycofoundation.com
www.business.inquirer.net/money/personalfinance
www.rfp-philippines.com
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