(Have you attended a “deceptive” personal finance seminar? Share your experiences with us but please refrain from naming names to avoid controversies and disputes.)

Today, there are many individuals or groups who teach personal money management to the general public. Pinoy Smart Savers Learning Center is advising all those who are interested in the subject to be cautious in attending seminars, orientation and short talks on personal finance because you could end up parting with your hard-earned money.

There are some groups that supposedly offer free seminars/orientations that in reality are just marketing tactics in disguise and you will be “sweet talked” or “pressured” into investing tens of thousands of pesos in some business or investment. You cannot expect an objective discussion of personal money management in these “seminars” because it will focus more on the concepts that will make the products or services they are selling become more attractive.

It’s easy to spot a “deceptive” seminar. The speakers in these seminars make explicit or implicit endorsement of specific products or services and some would discredit well-established investments that are already widely available in the market. In short, they will decide for you which investment products or services are good for you. Sometimes you are even “pushed” to borrow money so you can put it in the investments they are marketing and all in the name of leveraging.

An objective personal finance seminar will show you different options and discuss its advantages and disadvantages so you can make an informed and wise decision. A real seminar will offer specific tips and strategies and not general and vague principles. It will not purposely keep you hanging so that you will be forced to attend additional seminars and sessions. The focus of a genuine personal finance seminar is on how to handle money and not the merits of a specific investment product or service. (The latter would be a promotional/marketing activity, not a seminar.)

Real teachers of personal finance encourage participants to continue learning by seeking out additional information because there’s no individual or group that has all the answers. Real teachers will advise participants to take time to study carefully an investment and consult professionals outside of their group before deciding to invest their money.

The next time personal finance seminars are offered (free or for a small fee) go ahead and attend because you will learn something from it – either what to do or what not to do. But don’t fall easily for investment opportunities that will be offered especially if it means investing tens or hundreds of thousands. If the investment offered “looks” attractive, examine it closely, take time to see it from all angles, consider all the advantages and disadvantages and do not let anybody rush you into making a decision; ask around before making up your mind.

Before you attend a seminar, ask the organizer bluntly if they will be selling or marketing an investment product or service. If they say no and yet they still aggressively promote or sell something during the seminar, you now have every reason to run out of the room when they do.

Posted: January 19, 2009
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