For all the social media frenzy about Nico Bolzico, little has been said about his achievements in the business world. Armed with a math and economics degree from the Universidad de San Andres in Buenos Aires, this stunner also has two master's degree under his belt: Global Finance and Capital Markets and Global Banking. Nico is also General Manager of the LM10 Corporation, a company focused on agricultural development.
With all these accomplishments under his belt, Nico has been tapped by Philam Life to be the Financial Health ambassador for its 'Live Better' Program, a wellness campaign dedicated to encouraging Filipinos to work towards their overall betterment. We sat down with Nico to get the lowdown on how to manage your finances better.
Control your spending. Mindless expenses aren’t going to get you where you need to go financially. You need a plan, and tracking your spending is one way to create that plan. "Knowing what you spend is very important," says Nico. "You have to understand how much your cost of living is," he adds, saying that mapping out your expenses will help you allocate your money better.
Diversify your investments. Nico says you forfeit more by keeping your money in the bank. "You're losing purchasing power... That money will buy less things in a year than today." Nico's advice? "Look for investments where you can generate a good return without taking a huge risk."
But don't go overboard. While it is not good to keep all your eggs in one basket, having them all over the place can also be difficult to manage. Streamlining your investments allows you to pay careful attention to their performance."Keep your focus, don't try to do too many things at the same time," advises Nico. "You will end up not doing any of them very well."
Look for mentors. Recognizing your limitations and seeking guidance can be the best thing for you. "Surround yourself with smart people," says Nico. "Talk to people you can learn from." He also takes the opportunity to learn from the people he encounters. "If you see a businessman, ask him to sit down for a chat; learn how he does things."
Liquidity matters. You need a cash reserve for emergencies, a safety net for you and your family. A person may be rich in terms of investments, but he or she may end up in trouble if they are unable to convert those investments into cash. "You do not want to be caught in a situation where you need cash but you cannot liquidate any of your investments," warns Nico. "Or perhaps you can liquidate them but it will be costly. Make sure you understand the duration and mechanics of your investment."
Strike a balance. This key ingredient is pivotal for a brighter future. "There are more ways to be rich," Nico shares. "You can be rich in terms of money and you can be rich in terms of life." Do not underestimate how much maintaining balance contributes to living life successfully and productively, as Nico is quick to point out. "You need to work hard but you also need to have some fun. When you balance everything that you do, you will be happier. Your mind will be clearer, your decisions will be better. This will trigger a domino effect that will definitely make you richer in more ways than one."
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Photographs from Instagram.com/nicobolzico and Philam Life