Every time Joffre Enrico Dominguez, a Registered Financial Planner, holds a financial literacy workshop, he already knows what one of the first questions will be.
“Sir, okay ba ang crypto?”
It’s a question he hears in barangay halls, company training rooms, and even military camps. And while it’s not a bad question, Dominguez believes there’s a better one to ask first: “Do I actually understand what I’m putting my money into?”
“If you don’t know what the investment is, don’t invest in it,” he told Financial Adviser PH. “Financial literacy must come first—before insurance, before crypto, before anything.”
The problem with skipping the basics
Dominguez has seen it time and time again: people diving into products they barely understand—because of a promo, a peer recommendation, or fear of missing out.
“I’ve met folks with five insurance policies but no emergency fund,” he said. “Or people investing in crypto without knowing how it works, simply because someone on Facebook said it’s the future.”
He explained to Financial Adviser PH that this behavior stems from a product-first mindset—a tendency to focus on solutions instead of building a foundation.
Why understanding must come before action
For Dominguez, real financial empowerment doesn’t begin with a product. It begins with knowledge.
“Financial literacy isn’t just knowing the terms—it’s understanding the risks, the time horizon, and how your decisions fit into your life,” he said.
He shared an example of a participant who wanted to invest in mutual funds but was struggling with debt and living paycheck to paycheck. “I told her, ‘Let’s fix the basics first—then we invest.’”
What financial literacy actually looks like
Dominguez told Financial Adviser PH that financial education isn’t about memorizing technical terms or building complex portfolios. It’s about mastering the fundamentals:
How to save before spending
How to build an emergency fund
How to set goals that match your values
How to spot red flags in “too good to be true” offers
Only when those are in place, he says, should anyone move on to products like crypto, insurance, or stocks.
“Products don’t change lives. Literacy does.”
Dominguez is careful not to discredit financial tools—they’re useful and necessary. But without proper knowledge, they can backfire.
“You wouldn’t build a house without a foundation,” he said. “So why would you build your finances on hype instead of understanding?”
That’s why he keeps his focus on financial education first—whether he’s speaking to working moms, factory workers, or uniformed personnel.
“You don’t need to be an expert,” he said. “You just need to understand enough to ask the right questions.”
The trust factor: Why people need to learn before they believe
In a world full of influencers and viral investment trends, Dominguez believes that trust must come from knowledge, not charisma.
“When you understand your money, no one can pressure you into a bad decision,” he told Financial Adviser PH. “That’s the real power of financial literacy.”
Before you sign that insurance policy or buy your first crypto token, ask yourself: Do I understand this—or am I just following the crowd?
Because in finance, what you don’t know can hurt you—and what you do know can set you free.
