WHEN I was 25, I was a grad student at the University of Wisconsin (UW) in Madison, Wisconsin, USA. I was doing my Master’s in Public Policy, with concentration in Development Economics, as a Central Bank and UW scholar.
I took that opportunity and privilege of being sent abroad to study, seriously. So I worked hard. And the hours I put in paid off; I was chosen “most outstanding student” by the Center for Development of the university at the end of my program.
The time I spent in Wisconsin was in a way formative. It allowed me to get a different perspective on life. Being away from your comfort zone, from family, from things that are familiar…speeds up your growing up, if I may say so.
If you have ever been to Madison, Wisconsin, you will know that Madison and Manila are polar opposites. Madison can have harsh winters, while Manila has floods. Madison is essentially a university town, and seat of government, while Manila—well, what can I say? I don’t think the population of Madison was even 200,000 at the time. So you can imagine the amount of adjustment I had to make as a grad student. Add to this the fact that the cost of phone calls to family was prohibitive. Recall, rotary phones? The e-mail was still at a nascent stage…and pretty limited in coverage. Mark Zuckerberg was not even conceived at the time, so there wasn’t much of social media to speak of.
When you are away from accountability, it is very easy to lose focus. I learned as a grad student that to succeed, you need self-motivation…but that must be balanced by sound distraction. What do I mean?
While my motivation came from the “privilege” of being sent on scholarship, the distraction came from learning to unwind during the weekend. To help me “detox,” I would normally go out with friends to have a drink at the end of the week. Every now and then, we would go to cities outside of Madison, like Chicago, about an hour or so by car, to buy Filipino food. We also went skiing during winter.
As I think about it now, balance is pretty much the thread that runs through my life—I study hard, but I relax. I work hard, but I also find time to unwind and enjoy.
You asked me what I would advise my 25-year-old self, if I met him. I think I would advise him to keep the right balance. Be forward-looking, but remember the lessons from the past. Be mindful of those around you, but know that there is One who is above you.
Part of balance is being prepared for change. While you may be doing certain things really well now, you must be conscious that there may come a time when developments will allow you to do those same things better, or you may no longer need to do those things at all! So my advice, which is part of balance, is look out for advances in technology and take advantage of what they offer.
Another piece of advice I would like to share with my 25-year-old self is this—it is never too early to prepare for your financial future. Your financial future begins now…. I will tell him that it is important to have a working budget that helps you list down your sources of income and gives you the discipline to allocate your income to your expenses in a way that will allow you to eventually achieve the lifestyle you would like without getting yourself in deep debt. Compounding, reinvestment, choices—these are words I will teach my 25-year-old self. A rule that will work is to determine how much you need or like to save to achieve a certain income stream by a certain age…. Deduct this value from your income, and what is left is what you should learn to live with now. If that amount is a bit tight, then this may mean that you would need to find other sources of income…. Keep the dream, find ways to make adjustments.
25 year olds of today are privileged to have financial information at their fingertips through technology. Sometimes, too much technology. This is why part of the BSP’s Economic and Financial Learning Program is geared toward reaching out to millennials.
Is there anything I would change about my life when I was 25? Maybe, with the wisdom of hindsight, I would say, perhaps the balance could have been tilted toward a little bit more fun. This is the challenge of finding the balance that I speak of—as one ages, where that fulcrum lies may change.
It’s the same about central banking. It is a balancing act. How much to ease. How much to tighten. How much to let go. How much to rein in.
Balance is a difficult concept to define. Finding balance is not as simple as putting the fulcrum of the see-saw at the center. As I am learning now, finding “balance” is a lifelong challenge.
I am grateful that I have my family. Because they—especially my wife, Elma—help me keep my balance. They remind me everyday, that I may be governor of the BSP, but at home, I am husband and father…now grandfather. Being home is what brings balance to my life.
You asked me my favorite memory from my 20s? I would have to say, the time I learned about this new employee in the Central Bank. She was, as I was told, quite a looker… and smart…and not a pushover. So, I was told, she was perfect for me. As you can imagine, mahirap dumiskarte from overseas—wala pa ngang text, Facebook or Instagram nuon…. So, when I returned from the US, I looked her up…and she must have also been told about me. So my favorite memory? When I first actually met her face to face. Unforgettable.
This is something else I will advise my 25-year-old self…. You must know how to find The One… and when you find her, you should be smart not to let her go.
• As e-mailed to our BSP reporter Bianca Cuaresma hours before Tetangco’s flight to Peru for the Group of 24, International Monetary Fund and World Bank meetings.
2 comments
Ayos! Im inspired because I am 25 also. Balance, that is what I need.
A good life that should be lived long. Stay healthy! Thanks for serving the country to the best of your ability That is exceptional in government.