Asking Better Questions Can Help Shape Your Financial Future

Gusto nating lahat ng financial security but the way to get there gets clouded by not asking better questions. Natural lang na maghanap ng sagot but focusing on the wrong ones can negatively affect your finances. The questions we ask ourselves can shape our financial future and lead us to success.

One thing we have to keep in mind is that asking detailed questions means that you have a deeper understanding of a complex topic. Pinapakita nito ang iyong understanding, interest, at higit sa lahat, ang iyong mga priorities.

Value Vs Price

Warren Buffet once said, “Price is what you pay, value is what you get.” To expound on this, The Curiosity Vine explained that price is a knowable quantity. Understanding the value if the services/goods that we paid for is the real challenge.

To apply the aforementioned in our daily lives, you shouldn’t stop at asking how much a product or service is. Dapat ay i-consider mo din kung ano ang makukuha sa pagbili or pagbayad nito. Halimbawa, you are being charged 35,000PHP para sa isang mobile phone na gusto mong bilihin. Sa halagang ibabayad mo (price), itanong mo sa sarili kung ano ang makukuha mo in the long run kapag binili mo ang mobile phone na ito (value).

• Will it include a warranty or meron ba itong libreng replacement of parts in the next 2 years?
• Matutuwa ka ba sa mga current features ng mobile phone at sa mga software upgrades na makukuha mo>
• Durable or matibay ba ang brand at model ng mobile phone na bibilhin mo sa halagang hinihingi sayo?

Quality Over Quantity

It’s quite easy to fall into the trap of buying cheaper products or services; ngunit, worth it ba ang pagtitipid na ginagawa mo kung madaling masira or hindi tama ang kalidad ng mga ‘to? Halimbawa, ang isang (1) de kalidad at branded padlock ay katumbas ng presyo ng limang (5) mumurahing padlocks. In this example, you won’t need to replace the more expensive and branded padlock dahil meron itong manufacturer guarantee na hindi ito masisira agad-agad; samantalang, walang ganitong guarantee yung limang (5) cheap and generic padlocks na madaling masira.

Asking Better Questions

Thinking of the value and quality of the products and services we pay for in real life will allow us to ask better questions and make better financial decisions. Below are some real-life examples.

• “What is you interest rate?” vs “What are all your fees?”

• There are financial entities who offer low interest rates pero hindi sinasabi ang maraming or mahal na extraneous fees (banking fees, transaction fees, processing fees, etc.).

• “Kaya ko ba ‘tong bilhin?” vs “Kailangan ko ba ‘tong bilhin?”

• The first question focuses on whether you have the money to buy something while the second questions goes beyond that. The second, better question makes you think of the future and if purchasing the said product/service is necessary in the first place.

1. “What is the minimum payment for my debt?” vs “What is the quickest and most efficient way to pay off my debt?”
   1. Instead of settling to pay for the minimum amount that needs to be paid, you inquire about the fastest way to pay for your debt. Kung may utang ka, ask yourself both of those questions and see how different your mindset will be afterwards.
2. “Ano ang presyo ng Brand A at Brand B?” vs “Mas matibay ba ang Brand A kesa sa Brand B?”
   1. Ibahin natin ang tanong kapag pumipili tayo sa pagitan ng dalawang product or service. Which of the two will give you more ‘bang for your buck’?

In conclusion, asking better questions can help enlighten you and change your perspective. It allows you to make informed financial decisions and will help you reach your financial goals.