It’s Never Too Late To Manage Your Money

“Financial planning never hurts,” with this phrase Juan José Salas Méndez, Academic Director of Personal Finance at Banco Invex, began his conference within the framework of the National Financial Education Week 2020.

Salas Méndez explained that sometimes, many people throughout their lives do not undertake the task of researching more on the subject, which represents a high cost to learn to manage their money on time.

“This represents problems in the sense that you do not have time to achieve all your goals; What happens when you don’t have proper planning? By not keeping records, not being organized, you may be missing various events that would be more favorable to have lived at the age you are now and not postpone them, “he said.

For the manager of Banco Invex, the cost of not learning to handle money has an important impact on the quality of life, so it is important that clear financial goals are established from an early age.

“The quality of life implies making very clear, very specific decisions with situations of greater slack,” he added.

To err is a natural characteristic of the human being, and although it is often difficult to recognize it, it is an important step to begin to have a better management of your money, for this reason Juan José Salas added that, if you do not recognize or accumulate those errors that harm your finances they will have an irreparable impact in the long term.

“When people who do not recognize the problems, that is, do not identify them, and let them happen, it can become serious emergencies in the heritage of people,” he said.

He added that many occasions pretexts are interposed to recognize those errors that make the management of their money not the most optimal.

“Financial crises, debt, the quality of life that a person leads, is not something that catches you overnight, but is a series of events that occur throughout life, it is like the same stress: you do not reach a maximum level of stress when we talk about money because it arose from one moment to another, but it is a series of events that have already been developed in anticipation, “he emphasized.

According to Salas Méndez, another element that also prevents people from setting long-term financial goals is that talking about money is still taboo in Mexico, which reduces the ability of people to achieve their financial goals.

“Considering the value of money in time is complicated for many people, because they do not see it from a simple, simple, entertaining or everyday perspective; even the talks on financial education and money are almost taboo for Mexican families, ”he explained.

According to the Academic Director of Personal Finance at Banco Invex, on average, Mexicans start saving steadily after the age of 32, which becomes an element that can complicate their long-term plans and goals.

“We are saving too late, we should be saving from high school or college. We must not delay in time saving decisions, because the younger you are, the easier it will be; you can save less an amount that does not get in the way, but then it starts to buy you time, you are older and you have to put more money in and it will get in the way of your plans, “he declared.