Palacio de los Concejos

Transcription

  As usual on Thursdays we talk about financial education with our guest, to whom I welcome, Juan Diego Gómez Thank you Nacho But first I have to make a pause and talk about the breaking news, the visit of the Chinese prime minister to America with Barack Obama, we see a Senator trying to establish a law and saying ¨I´m sorry Prime Minister, Stop, you need to take your Chinese Economy and lift it up ¨ but the prime minister comes with a ¨gift ¨, with sort of a big blank check, bringing a lot of money…. Could you explain what is going on there? What happens is that, the Chinese Government is the principal U.S. bonus holder in the world, so when there are pressures to China to reevaluate their currency, because they artificially low their prices themselves, the Chinese Government say ¨hold your horses, Do not put a big pressure on us because remember that we are the ones who finance your fiscal deficit¨. So there are pressures, I had the opportunity to see Hu Jintao and Barack Obama´s press conference and the implicit pressures that Obama push onto The Chinese prime minister saying that they need to devaluate their currency but he is very skillful… But as far as I understand Juan Diego, and this is a political issue which I don´t know if you are the right person to discuss it, but I understand is the U.S Congress who is the one making big efforts to have this new law, I´m not pretty sure about the Senator´s name, but Obama knows they can´t put a big pressure, so the U.S. is on the horns of a dilemma. Yes and is not easy to have this law out, while China is asked to reevaluate their currency so the U.S. can export more things for them, the United States needs money and sources and China is the one providing those sources as the principal U.S. bonus buyer in the world But I was listening to the news last night and they said that Obama’s hands were like tight up, let´s take the Boeing Company for example. The U.S needs to keep selling planes to China. In the short term, if China continues with this direction what could it happen? I don´t think this would go deeper Nacho, in fact China has been increasing their international reserves Did you see the number last year? They got 450 thousand millions of dollars more. Yeah but they cannot lose the goose that lays the golden eggs which means to sell a cheap product fed by a weak currency. Yes Juan but the deal is: the U.S. situation is getting worse, they have financial problems but The Chinese, I mean they got 450 thousand millions of dollars; they could buy Colombia If they wanted. There you can see the important of a growing nation, One thing was to negotiate with China before and now, nowadays they have a more important roll, not only as a bonus buyers but also their international business relationship with the rest of the world so they can say, be careful with us. Yeah that´s why I think today´s topic, financial habits, is perfect for today because we are seeing the U.S. no with poor people´s financial habits but Rich financial habits and that´s the topic you are bringing today But you know what? The crisis has taught America to slow down a little to keep their head down? To keep their head down, to go less and less with debts, be smarter when spending, because the U.S. through history has had a tendency of spending Thanks God is like this, what would it be to us (Colombians) if it weren´t. and many other countries But I wanted to talk about this basically because the financial habits draw the path in a person´s economy and you can see it for example on the recently vacation time, many people at the end of the year begin promising to themselves that they will have better financial habits next year, but those would be only useless words if they don´t change their habits, it´s not worth it just wanting to change if what you read, what you study are all just the same, for me there is no difference between a poor person and a person who wants to be rich but he or she doesn’t do anything to achieve it. And that´s why we wanted to talk about this today. Why would you say that most of the people do not want to be rich? I´m going to give you some examples Nacho, I have become a big fan of twitter; I think it´s a very powerful tool to progress, financially speaking. But I have been surprised about many things, what can you infer from this: Fonseca, a good Colombian singer has 3 times more the number of fans that Robert Kiyosaki does. I´m talking about a legend in the financial education field. And Fonseca also has 2 times the number of fans that Alvaro Uribe, former Colombian president does even though he has appeared during 8 years in national television. Let me give you another example, Monica Fonseca, a regular TV host, kind of pretty, she has more twitter fans that Warren Buffett yeah, but that could have an answer … Just wait and you can express your opinion. We are talking about a legend, Warren Buffett, and even more users than Pimco, the biggest bonus holder in the world. Now, do you understand why most of the people seem not to want to get rich? And all this with all the respect that Fonseca deserves. But our habits are too poor in order to financially progress. I said that this might have an answer because long time ago you gave me an answer about this that I found very coherent and it is that everything we know was founded at our education in the school, we never get financial education at school , you get maybe math classes which are not enough , ou may learn many things but economy so since you don´t have your brain prepared for it when you see financial things you assume that it´s too difficult and you wouldn´t get it so people go to the easy things, things they can understand. I agree with your comment so I can say that most of the people are contradictory when trying to make a financial progress, people want to improve their economy, and they want to increase their money but how? If their time, their habits are wrongly used. Juan maybe we are used to get what we call ¨easy money¨ we inherit this unfortunately from the drug dealers time when easy money was made, and also people might thing that since we live in this fertile soil you throw a stone and a big tree will instantly grow, we don´t think that we should have some reserves for the hard times like Europeans do. You are saying very clever thoughts that I agree with but I´m still very concerned, I receive hundreds of mails from people who watch this show and I´m still very concerned. Let me tell you something that you are making me aware of, we are not seeing beyond the end of our noses, I mean, schools now, being aware of the smartphones massification should not ban them but used them or teach the youth how to use them properly, to know about the stock market, the down jones and other things but we are using the technology of the silly things such as chatting among friends or watching the life of Sofia Vergara but not the important stuff. Yes Nacho and the ones who use smart phones properly end up financially progressing Obviously But it´s the minority. Yesterday we had an online chat with my partners at InvertirMejor.com and we agreed that we have to be in that minority, for example: 10 per cent of the world´s population earn the 90 per cent of the world´s income and you cannot be part of that minority if you are doing that most of the people do, therefore that´s why it is important the financial habits you might have. To wrap it up so we can continue with your questions… Yes because I have plenty it has caught my attention to see people with not good income, with 2 or maybe 3 books ready to be read on vacation but none of them about financial education, If I need money I have to try to find out how to get it , what habits can I get to increase my income. I´m not trying to imply that everything has to be about financial education, I love biographies and literature, but we are contradictory sometimes. I want to give you another example. By change I was reading an article about the lottery in Colombia called ¨baloto¨ they have done probably a little more than five thousands draws and I would say that many people in Colombia have bought half of it, and many times, they prefer to ¨throw¨ money in a raffle than taking those savings and invest it in everything that you have mentioned. If they would´ve saved that money they could´ve started something bit with it. Absolutely Nacho. I think that no smart person should buy lottery, When you do it you are not trusting your own knowledge, The person is leaving to the change what the knowledge should be doing of them. you got me thinking, me and the audience. When you buy lottery you got a shot in a million of chances yeah, chances to win are very low. But with the money you spent on the lottery, you have way more chance to make it bigger with other sources based on financial education. Yeah but most of the people underestimate they money, the money used to buy lottery may look too little for people. Take the fireworks for example here in Antioquia, which I am against at by the way, and they spent 50 dollars in fireworks and I think to myself, there goes maybe 30 chances to invest in Canacol Energy. Juan, are people wasting their time? Yes Nacho, I believe so, I thing that poverty is the result of an amount of wasted hours, when our habits are not helping the project that we are trying to reach that means that we are not using our time properly. We have soup opera´s experts, and they are not watching only one but many and I´m sure that the more soup operas you see the less money you can make. And those people can even say that the bank´s interest rates are low and it´s the banks fault but it is not, People who go every three months to renew their CDT´s at their banks are the ones to blames since they only get 3 percent annually: If more people would avoid doing that banks will have no option than change their mentality and increase that rate to have the money and continue lending it. I would say that the media (tv radio and newspapers) have part of the blame even though I would like to take our show out of that since we have learned so much from you. But please tell our audience, is that hard to invest in the stock market? Every time it gets easier and easier Do I have to go to an office? Do I have to ask for a ticket? Do I have to wait for somebody to help me out? I´m convinced that ghosts scare more being far than being close. I started investing online 10 years ago and I´m sorry I didn´t start before and every time it´s easier, the thing is that people come up with excuses every day such as ¨I wasn´t born with money ¨ . I think it´s very important the willpower to succeed. But can I invest over the phone? Of course Let´s say I´m a regular worker, I have a job in a factory and one month I get let´s say 250 dollars or maybe 500, Perhaps because I decided not waste that money in fireworks and I want to Invest in the stock market, Is it as simple as that? I have done through the phone Or do you just go during the night and withdraw money from your saving account and buy some stocks and hope that works? I´m glad you ask that Nacho because there are many people that say: ¨Computers are very difficult for me , in spite of that I want to invest ¨ and I tell them : there are many companies right now with a Spanish operator that will be with you during the whole process until you buy your stocks. But most of people do not know that consequently they think that invest is not an faceable option for them, We can thing then that people are just ignoring things when it comes down to money Yes absolutely and by ignoring that, what people normally do is get rid of the money. Why do banks see their income get bigger and bigger? Because the way people save money in our country and even though banks might not accept this, they are very pleased with those saving habits. If people had more information about how to invest they would not take their money to the bank but they would invest in other clever choices. Yes and that ok, the thing is that I have seen many campaigns about financial education done by the banks themselves, what´s your opinion about it? I cannot trust them; I respect what they do, apparently their intension is good but I cannot trust them because I wonder if the bank will tell all the truth to the people. For example will the banks tell people: ¨Do not save money with us, there are more ways to make money¨ , ¨do not ask for a loan because you will mortgage your future for 15 years with us¨… I really don´t think so. his week there is a fair that I would love to be part of it is in New York and It´s Called CES , the most important technological fair in the world I would say, and I´ve seen how the computer is out now, the one we have in our houses. Now the tendency is a really thin TV that you can put any place and it seems that you can even talk to the TV and ask it : ¨Connect me to internet ¨and It will happen. This demonstrates that technology is closer every day, maybe a year from now those TV will be here in Colombia, you can run the TV with a remote and see the stock market, your e-mail , you will be able to transfer money from your bank even if you are in bed. that´s right, and everything is going to the point in which we would have everything in just a phone, the smartphones are also used to invest online Yes and it can be done in Spanish, you can watch a movie while you invest your money using that TV, companies are there, Ecopetrol, Falabella, everything in just one place. So I ask you dear audience, have you thought about this? Nacho, Plato once said that the biggest victory is to conquer yourself, If a person that is not used to work with technology is willing to break down those barriers and start using it, that person will discover a whole worlds that´s in front. The future problem in the world´s income distribution will be based on who works with technology and who doesn´t. Today, there are two options to pay your bills, go to the bank and wait long lines or pay them online. I´m sure the first option will be gone soon… so what is it going to be for you? To wrap it up, people do not be afraid, with just 500 dollars you can start building up an extra income that if you know how to handle it correctly you can make it grow super soon. Am I right? There are stocks in the market that are giving the 20, the 40, and even 60 per year. Nacho if you know how to handle little things you are ready to handle big things; the world would not give you a lot of money if you don´t know what to do with 500 dollars , but if you do know that to do with that amount of money, I am sure you will see the big picture and you´ll be ready to work with larger budgets. Warren Buffet started with only 100 dollars, people tend to think the richest men in the world were born that way And know Mr. Buffet is looking of ways to give away half of his money Yeah that simple, although I am a fan of Carlos Slim me too, we have to create productive companies and no existentialists ones. What has happened with the dollar lately? 1840 Colombian pesos per dollar at the moment of recording this interview, people are worried about China situation, ironically because they have grown more than what it was expected. 10.3 % in the last year but everything as its consequence, since they are growing so fast maybe the Chinese government will increase the interest rates due to the pressure and they experience a deceleration in their economy and that means that they will no longer buy things from other countries like ours and that also means the stock markets will go down. I said it on my twitter account today that we shouldn’t be that worried because if they are increasing their interest rates is because their economy is stronger and they are trying to keep longer the time of their expansion. Juan Diego, next Monday you will start your next seminar that´s right Nacho, next Monday we will start with our first online seminar called Investments for non-experts from Monday January 24th until Thursday 27th in the afternoon from 6 pm until 10 pm, with the same topics that the one in February, which are Currencies, stocks and commodities; People will have online support, they will receive their certificate, they can also ask questions , we have successfully done it several times so I´m asking everybody to check out my website www.invertirmejor.com and take that seminar , the first of the year . Remember that the computer has to give you an income and it cannot be the most expensive vase in the house. Take that opportunity, you are investing too little and you will have lots of options in the future to make more money , so go to Juan Diego´s seminars and get those questions answered, you will also lose the fear which is the first step . DO not waste your time in fire works Or seeing the money going to the bank or watching soap operas hehehehe, Juan Diego, we´ll see you next week and we will be right back.