https://youtu.be/nnkxs5CEhAk
“Someone who, due to health issues, needs to gain or lose weight won’t achieve their goal simply by stepping on a scale. However, that is a first step that will help them reach their goal. The same is true for financial health. There are several steps we can take to improve it,” said financial coach Rodrigo Álvarez at the conference “The Future of Your Finances.”
During the event, a group of experts offered advice on how to make the most of your finances and manage your expenses and accounts more securely, in order to improve your financial well-being.
The conference, which was organized by Equifax for Clearing de Informes, took place at the Pocitos Campus of Universidad ORT Uruguay.
Speakers included Mario Arrua, an attorney who leads Equifax’s legal and regulatory team in 11 countries across Central and South America, Carmen Sánchez—who holds a master’s degree in Governance, Political Management, and Public Policy and is currently president of the National Development Agency—, Rodrigo Álvarez—host of the Neurona Financiera podcast—, and Certified Public Accountant Mauro Aliskevich—a professor at ORT and CEO of Fumaya S.A.—.
Know your goals
“To start with, it’s essential that we keep track of how much we spend. That will help us become more aware of how to manage our finances better. If we want to use money as a tool, we have to master it, and the way to master it is to know where it goes,” said Álvarez.
He also mentioned that it’s important to be clear about our life goals and what we want to achieve with our money. “What do I truly long for? What makes me happy? What values guide me?”
When people ask him for advice and ask what they should invest in, he always emphasizes that it’s necessary to define what the person’s life is all about and what they hope to achieve, so that they can determine the most effective way to manage their money. “If we don’t know where we want to go, it’s impossible to get there.”
The role of the credit bureau
Arrua spoke about the role of credit bureaus in the market. He stated that, in general, this concept is viewed negatively. “This is because we were unable to explain what it is and what it does.”
“At Equifax, our goal is to help people tell their stories and enable them to share their information with potential lenders.”
He gave the example of someone who wants to buy the refrigerator of their dreams but doesn't have enough money to do so and needs to take out a loan.
“In principle, there’s no way for you to let the lender know that you’re going to pay on time. In this case, the credit bureau’s role is to act as an arbitrator—an independent entity that will help tell your story in an objective, organized, and transparent manner,” he explained.
He added: “The bureau gathers information from various sources, organizes it, and presents it to lenders. It does not decide who to grant credit to, nor should it manipulate the information it has.”
Arrua pointed out that it is extremely important to keep your credit history up to date, as it is the tool you have at your disposal to access credit. “It’s similar to a resume in the workplace. Your credit history compiles the loans you’ve taken out in the past and reflects your payment behavior.”
Decision-Making and Financial Literacy
Aliskevich emphasized the importance of prioritizing how to spend the money. “You won’t have enough money to do everything you want. Part of financial literacy is about making decisions.”
He said that, when he was a teenager, his family gave him an allowance. At one point, he set his heart on a pair of jeans from a certain brand so he could go out that weekend. His mother told him she wasn’t going to buy them for him, but if he really wanted them, he could use his allowance. So, he was faced with a decision: if he bought the jeans, he wouldn’t have money left to go out, and vice versa. That kind of experience teaches you how to manage money from an early age.
Today, Aliskevich is a father and finds himself in many situations he never imagined he would face before becoming one. Beforehand, he didn’t know what fatherhood would be like, and while it’s an experience that can’t be fully conveyed to others, he would have liked to have known more about what it entails beforehand. “Unlike fatherhood, which is very personal and hard to convey, there are many general principles in finance that can indeed be learned. Financial education helps you avoid certain mistakes and try to prevent problems early on.”
The entrepreneurial ecosystem
Sánchez spoke about the importance of taking things “one step at a time” and planning the launch of new ventures.
“Before launching a business, we need to research the market, seek advice on the various financing options available, and plan carefully. I think it’s important to start small,” said Sánchez. “For example, if I’m a designer, I don’t necessarily have to start by opening a store in a shopping mall. I can start by selling to friends and family, use social media, and only then open a physical store.”
“Fortunately, a network of institutions working on these issues has taken root in our country,” he said, concluding: “The truth is that in recent years, Uruguay has been building and strengthening an entrepreneurial ecosystem that means people today have much more support when they decide to start a business.”