WBW 35: Clarity of Mind, Clarity of Vision. What is Your End Game? with Francisco Colayco

In this day and age, the mindset is often said to be focused on a day to day basis, in both personal and professional sides of our lives. However, this should not always be the case. There are times when having a good understanding of oneself and one’s vision or end game is crucial to becoming successful in life. As the saying in the well known G.I. JOE series goes, “Knowing is half the battle.”, the same principles applies in succeeding in life. In this episode, Francisco J. Colayco shares his words of wisdom and experience with us, as to how knowing your end game, and having the proper mindset will assure your success in life!

Who is Francisco J. Colayco?

Francisco J. Colayco, Ph.D., is an entrepreneur, a venture developer and a financial advisor.  He is the Chairman of Colayco Foundation for Education, Inc. Other than advisory services to business and professional organization and individuals, he takes the lead in educating the general working class, OFWs and students on how to manage their personal finances.

His advocacy is further exemplified in the books he has written “Wealth Within Your Reach. Pera Mo, Palaguin Mo!”, “Making Your Money Work. Pera Mo, Palaguin Mo! 2”, “Pera Palaguin Workbook”, “Money for Kids. Pera Mo, Palaguin Mo! A Parent/Teacher’s Guide to Financial Literacy for Kids”

He is also the Chairman and Founder of KSK Service & Multi-Purpose Cooperative, an investment cooperative that caters to our Overseas Filipino Workers and their families.

Francisco Colayco’s over 40 years experience covers service contracting in the Middle East, manufacturing, trading, construction, shipbuilding, management consulting, banking and financial services.  He was conferred a Doctorate in Humanities Honoris Causa by the National University.  He holds degrees in AB Economics and Masters in Business Management from the Ateneo de Manila University.

Show notes:

What do you consider your greatest failure / challenge / disappointment?

• Failure is just a passing event
• If you have the right mindset, there are no such things as failures, only setbacks
• Failure is a tool to improve, to learn from it and move forward
• Having said that, his greatest disappointment would be his first attempt to go on his own at the age of 40
• After being a professional manager for 20 years, he was heading an international conglomerate at that time, he decided to go on his own
• He thought he had the world’s most perfect project study. He was going into a business he knew for 20 years, he was partnering with two foreign markets, with two foreign investors who were providing their markets, and they had 7 signed contracts. He was really counting his family. He told his family this is it. He put all of his savings (except those for his personal family savings).
• And NONE of the seven contracts materialized. They had already invested capital, they pirated the best minds in the industry, and in the end, none of the contracts materialized
• Lesson was very clear, that until its in your pocket, its not there. But he managed to move forward with that. The did not lose money. They eventually closed the business when the industry picture was no longer viable.

What do you consider your greatest success?

• His greatest success is his family.
• In the end, everything is personal.
• Business, investment, money, or lack of it – these are just characteristics of one’s life.
• In the end, success is measured by “Did you achieve what you want?”
• Same thing with money and business. First is, it must be purpose driven.  Everything has to have a purpose. Like when you want to invest, you have to know how much, when you need it and why. Then the roadmap to reach that becomes clear.
• The problem with most of us, there is no clarify of thought. That’s why we fail. The goal is not clear.
• When the goal is not clear, the timing is not clear, the road map is just hula hula or guesswork.
• That’s why his thesis is, if you don’t have the right mindset, no matter how brilliant you are, you are not going to succeed. That is the essence of success, whether it be entrepreneurship, whether its doing something professionally or just living a life.
• Everything must be based on a goal, a timing and a willingness to execute. Not to be afraid to fail. Failure is going to happen to us – all of us without exception.

What do you think is the most important characteristic in becoming successful?

• Clarity of thought which is based on clarity of vision or your end game. What is your end game.
• And that will vary from person to person. Everyone has their own vision or end game.
• But the clarity of how we define that end game is already 50% of your solution, 50% of your roadmap.
• When you know the roadmap and you know the risks, you can mitigate those risks and more or less assure your success.

How do you propose knowing your end game?

• It’s basically a question of being your own man and knowing exactly what you want. Most of us don’t think of ourselves. Most of us don’t think of our future. We live from day to day.
• Our mindset is a mindset of lifestyle, whereas the mindset should be a purpose driven mindset. It’s an end game focus.
• It’s an obligation to build wealth. Why? First we must have before we can share - because we can’t share what we don’t have.  That alone is the first mindset.
• Being wealthy is relative. Wealth is not measured by money.  Wealth is measured by what you think you need. That is the essence of wealth. It all boils down from that.

"The Board" message:

Building wealth is an obligation. The good news is, it’s within our reach!

Want to be part of the Filipino financial literacy revolution?

Visit OneWealthyNation.com :)