LIST: 5 timeless money lessons from Francis Kong and Eric Dee

If you dive deep into TikTok and Instagram Reels, you'll find a barrage of advice that deceptively suggests the road to financial success is straight and simple.

Challenging this notion, the eighth episode of the Generations podcast features two distinguished figures—motivational speaker Francis Kong and restaurateur Eric Dee—who offer their timeless lessons on money, life, and achieving sustainable success.

Here are five things we learned from them:

Get 'budoled' on experiences; be smart when spending on material things

In an era of "budol culture" and retail therapy, Dee, the COO of Foodee Global Concepts, advocates for a shift in spending priorities. He said that instead of spending on material things, invest in experiences like traveling.

"Kung mabubudol lang kayo, get budoled on experiences—at least something that you can learn [from]" he said. "Don't be too materialistic dahil wala namang mapapala 'yan."

"I think traveling and exploring [have] been very beneficial for me. So I look at it as more, not as spending but as an investment," Dee said.

Dee shared that he tries to teach his three kids how not to be materialistic and that "not everything comes into their laps."

He added, "What I teach them is that 'Eventually, you're going to realize that it's not the material things that stay, it's those moments that you create or the moments in time where you do unforgettable things."

Kong, meanwhile, introduces the concept of "value shopping," which means understanding the difference between price and value.

"If there is a mindset in money management I teach it is to understand the difference between price and value," he said. "So if you buy something that's very expensive, that doesn't necessarily mean it's bad. If it can last you for 20 years and even appreciate in value like certain watches... that's a good buy.

There are no life hacks to financial success

Dismissing the promises of instant financial success, Kong cautions against "fake gurus and TikTokers" who mislead audiences.

"I would warn my audiences that it's not as easy as they think or they (some online experts) make it appear to be," Kong shared.

Dee could attest to this, saying that "It's hard to decipher the real from the fakes."

"I've had personal experiences with these so-called gurus that ended up being scammers," he said.

Kong pointed out what digital financial gurus often skip, zeroing in on the difference between being rich and achieving actual wealth.

"There's a difference between being rich and being wealthy. And so most of these people are teaching... they teach you to be rich. They don't teach you to be wealthy."

Beyond material possessions, he said wealth includes "a very healthy relationship with God and with each other in the family," "having health," and "protecting our integrity."

Save for a rainy day

Both entrepreneurs agreed on the importance of debt-free living and the need to "save for a rainy day." 

"The most liberating feeling right now is I don't have a single set of debt," Kong shared. "Secondly, we've kept and stored a little bit of money for emergencies. My wife had a stroke last year, and every day, trust me, money is like water flowing out from a river into the sea every single day."

For practical savings, Dee suggests a manageable start: "If you can save at least 10% of what you're making, that would be good enough to set aside… I don't think it's big enough, but at least it's a start. I think saving also is understanding the needs and wants. Do you need it versus do you want it only?"

Kong, meanwhile, provided a structured approach to budgeting through the 50-30-20 rule.

"50% of your income, you've got to spend that on your food and your transport and all those other necessities. 30% of your income now could be spread out into certain things (value shopping)… 20% you will keep, invest, save, and then give."

Importantly, he said that the "give" aspect of the 20% reinforces a stewardship mindset.

"You'll be amazed when you learn how to bless others and you learn how to give. It psychologically and spiritually helps you understand that we are stewards of the money that's given to us. And it's not something for us to use to ourselves, but we're gonna be channels of blessings to other people," Kong shared.

Don't be afraid of failure

In life, we often set ourselves timelines and goals, but what we don't realize is that it's okay to fail sometimes, as these experiences can actually help us grow. Dee offers a lesson on dealing with setbacks, saying that it's okay to "fail at an early age."

"I think how you react to failure would define your success," he said. "If you know how to fail and then stand back up again, that's more important… I learned how to fail at an early age, and that made me stronger than weaker."

Kong added to this, emphasizing the often-overlooked skill of emotional intelligence. He advised the younger generation to "learn how to manage [their] moods and emotions."

"They have to learn how to develop perseverance and mastery over their moods and emotions. If they do, the whole world is their opportunity," he said, adding that the best life skill is to "build their competence to be able to create more wealth in the future."

Invest in yourself, increase your means

While achieving financial security in the current economy feels almost impossible, it can be more than just by simply saving. One also has to invest in one's earning potential.

"I'm always against debt. For me, I think work within your means," Dee said.

Kong further expounded on the Dee's idea by arguing that the goal should also be to increase the means.

"We have aspirations, we have dreams, but you've got to make sure that your income does not catch up with your nepo baby lifestyle," he said, explaining what 'managed elevation' is.

"As you elevate in your income, you manage it and make sure you don't go beyond it," Kong said.

Kong ultimately explained that the true measure of financial security is "a lifelong investment in your capability to make more."

"Financial security simply means the ability to still convert what you have invested in your education, experience, insights, network, and collaboration with everything else. It enables you to be productive not because you have to but because you want," Kong explained.

(Watch the eighth episode of Generations below.)

The Generations Podcast is now available on Spotify and YouTube, executive produced by Sheila Paras of PhilSTAR L!fe and Roby Alampay of PumaPodcast. Listen to its eighth episode with Boomer Francis Kong — entrepreneur, author, and motivational speaker — and Xennial Eric Dee, COO of FooDee Global Concepts, for a multigenerational conversation on money mindsets. From Gen Z’s retail therapy or “budol” spending habits and the pressure of keeping up online to their rising entrepreneurial spirit, they explore how discipline, values, and perspective shape financial security across generations.

Learn more about why is it so hard for Gen Z to save money in this Generations column.