Top Chinoy entrepreneurs share their best money advice, from personal finance to business

Kevin Uy, 19: 'Every decision you make comes with a price'

Kevin Gabby Uy, 19, started offering high quality used cars in 2020 through BK Garage. The car dealership has a wide selection of vehicles—from vintage and sports cars to trucks and commercial rides to even luxury cars.

He started getting into business at 11. Instead of buying whatever he wanted from the ang paos he got from his family members, he decided to use the money to invest in a small video game business with his classmates as his customers. Four years later, he focused on reselling shoes using his previous earnings and started making six figures at 15. Now, he leads BK Garage and makes real estate investments at 19.

"I started my business at a very young age, and the disrespect and skepticism I faced were constant. It wasn’t just the challenge of doing business that was hard—it was dealing with the negativity and questioning why people treated me as if I was too young or too inexperienced to succeed,” he said in an interview with PhilSTAR L!fe. “But my mentor once told me something that changed my perspective: ‘Age is just a matter of mind over matter.’ Business isn’t about who’s the oldest; it’s about who’s willing to take the most hits and keep pushing forward.”

According to Uy, the wisdom, values, and lessons that his family imparted to him have not only influenced the ways he approaches business, but have also served as the foundation of his success.

Here are his best pieces of advice on money and business.

Recognize the immense value of reputation and credibility above all else. "This is a key principle in our family's approach to business and money. Beyond making money, doing business is about building trust, nurturing relationships, gaining experience, acquiring wisdom, and expanding your exposure. By prioritizing these foundational elements, success will naturally follow. Money can be regained, but a lost reputation is hard, if not impossible, to recover."

Every decision you make comes with a price. "The youth today are incredibly smart, but many lack patience. They expect to become successful overnight. Building my business didn’t happen in a year; it took years of failure, disappointments, being laughed at, and countless setbacks. Some of you want success but are quick to give up at the first sign of difficulty. Every decision you make comes with a price, and that’s how you gain wisdom and knowledge. It takes one solid foundation to propel you forward, so take the time to build it right."

Focus on your own lane. "It's not about proving something to others. Along the way, you will encounter people who will try to tear you down, but don’t let that shake your confidence. Stay focused on your own journey. The vision you have was given to you for a reason, so trust in it. Keep pushing forward, and I’ll see you on the other side."

Avin Ong, 32: 'Being tough on yourself is loving yourself'

Avin Ong is the founder and CEO of Fredley Group of Companies, which handles popular food brands such as Macao Imperial Tea, Nabe Izakaya Hotpot, Mitasu Yakiniku, New York Fries and Dips, Liang Crispy Roll, and Kenangan Coffee, among others.

The entrepreneur, now 32, didn't have much growing up. He helped assemble hangers in Caloocan every day after school and sold fruit shakes at the wet market every summer to help his family make ends meet. After spending years working for Deutsche Bank, he quit his job and started his own empire at 23.

Ong leads by example, making sure he knows how everything works in his business. "I used to be the dishwasher, cashier, server, all of that. Why? Because you also need to understand the pain points, the challenges in the tasks of your people. You need to know how to do their job yourself, so that when you delegate and expect them to do it well, they would understand you better," he told L!fe.

Here are his other money and business tips.

Do things scared. "Generally, when you make business moves or when you start something, it’s really scary. Some just give up because of fear, some don’t even start at all because of fear. It’s okay to be scared because it’s part of taking risks when it comes to business, but make sure you take action."

Find the right mentor. "In order for you to make good decisions, it would be nice to have a mentor who can give you advice and guide you, and a core group that would be with you through ups and downs especially when you’re tired and exhausted."

Practice tough love. "Being tough on yourself is loving yourself. This goes for doing business and handling money. We live in a world full of distractions so it’s important that you focus on your goals, know your priorities, stay focused so you can get things done."

Kim Lato, 36: 'Know the 80/20 rule'

When Kim Lato, 36, started Kimstore in 2006, she only had one dream: to be the "Amazon of electronics in the Philippines."

She was in college then, and simply sold camera equipment and accessories to buyers via the now-defunct online platform Multiply. Now, Kimstore is a big e-commerce business that offers a myriad of tech products—from smartphones and laptops to gaming consoles and beyond.

While Lato grew up in a family of entrepreneurs, she established her tech brand with her own savings.

"Naka-ipon ako seven years ahead, before Lazada and Shopee grew. We were first on Multiply, and then we launched our own website, and then we used Facebook as a tool to promote our innovation products," she said in an interview with L!fe. "I was ahead of the game. It's a blessing."

Here are some money and business advice from Lato.

Always track your spending. "If you’re comfortable with an app or an Excel sheet, go ahead. Whether its for business or personal finances, always know where your money is going. This helps you identify areas to cut back or invest in."

Know the 80/20 rule. "If you have money, invest in growth wisely. Don’t just spend to make your money grow fast. You need to check first kung para sayo talaga itong opportunity na ito. Know your numbers and then for example, if for this product, maganda yung kita mo, tayaan mo doon. Hindi mo naman kailangan mag-diversify so much. Know the 80/20 rule—kung saan ka nage-gain, kung saan ka nagpo-profit, doon mo itaya 'yung pera mo. "

Make sure your investments align with your values and long-term goals. "There's no problem with investing in a car or a condo as long as it's a long-term goal. It's up to us how we reward ourselves."

Eric Dee, 40: 'Learn to delay gratification'

Eric Thomas Dee is the COO of Foodee Global Concepts that handles Llao-Llao, Mesa, Hawker Chan, Tim Ho Wan, and other much-loved brands in the country. The company was founded by his father, Enrico "Rikki" Dee three decades ago.

"I literally gew up in a restaurant. Barkada ko 'yung mga waiter doon, my mom was running the cashier, my dad din, waiter doon. As long as I can walk, I remember being in a restaurant already," he recalled with L!fe. "My dad really showed us work ethic. We felt that work was a part of life, so it wasn't a shock na mag-work and it was a fast transition for us to love the business."

Dee tried a "rainbow of things," as he put it, but he always found himself in the food and beverage industry. "I tried being a waiter for Jollibee and McDonalds, I did investment banking, and door-to-door sales, but I'd always end up in F&B. I felt comfortable in a restaurant. it set on so early to me na ito na gusto kong gawin."

Now, Foodee Global Concepts has over 180 restaurants nationwide, serving more than 100,000 customers per day.

Here are some of Dee's best business and money advice.

There is power in delayed gratification. "I grew up from a very typical Filipino-Chinese family, and delayed gratification is my dad's kind of thing. My parents never spoiled us. We were given things at the right times. My dad always says, 'Always be prudent and frugal.' As we approach mid-life, pwede na mag-enjoy ng konti, splurge a little bit."

Always save for a rainy day. "The emergency funds are never touched. Always have that. On rainy days, make sure there’s something you can pull out."

Focus on needs over wants. "Before buying something, ask yourself, 'Do I need it or do I want it?' Sometimes, we just like the feeling of looking at the product. Before, I would buy everything and bubuksan ko na lang and hindi ko naman gagamitin. Then I realized gusto ko lang pala 'yung feeling na nagbubukas ng items, so I would watch unboxing videos para makatipid."

Jacqe Yuengtian-Gutierrez, 40: 'Unutilized funds are missed opportunities'

Jacqe Yuengtian-Gutierrez, 40, started out in Unilever, where she worked for 10 years handling brands related to beauty. It was where she realized her love for brand-building, innovating, and filling gaps in the industry through different products and campaigns.

Equipped with the learnings she got from the company, she eventually decided to quit her full-time job to build her own brands—starting from Happy Skin in 2013, which has become one of the leading brands in local cosmetics of today. It was followed by BLK Cosmetics that focuses on "uncomplicated beauty" through versatile makeup, and Seoul White Korea that offers whitening skincare products.

Her best piece of money and business advice? "Always make sure your cash is working for you. Avoid letting it sit idle, as unutilized funds are missed opportunities. Either reinvest it strategically to grow your business or place it in high-yield investments to maximize returns," she told L!fe.

Donnie Tantoco, 57: 'Don't underinvest'

Bienvenido “Donnie” Tantoco III is the president of Rustan Commercial Corporation under the Rustan Group of Companies, which was founded by Bienvenido Tantoco Sr. and Gliceria Rustia-Tantoco in 1952. It's now one of the premier destinations in the country when it comes to upscale and luxury retail, offering quality items from prestigious brands.

The 57-year-old business leader recently founded Joel's Place, where customers can enjoy meals, specialty groceries, as well as imported and local gourmet food products.

Here are his tips for those who are looking to start their own business someday.

Innovation is great, but don't overdo it. "Some startups launch new concepts that have a steep learning curve for the team, and are also so innovative that it will take time for the market to understand and choose to invest their time, money, and energy in your brand, offer, and unique value proposition."

Don't underinvest. "Many entrepreneurs have great ideas but they underinvest and don’t allocate enough cash for two things. The first is capital expenditures that you need to be on-vision and on-brand. They value engineer and cost reduce so much that in the end, the concept gets watered down so much, it’s no longer distinctive. Second is the working capital you need which might be 12 months plus, to learn to educate and get your concept to cash flow in self-sustaining condition."

Try to have your cash resources in place from day one. "This will enable your team to focus on nurturing your business which is already a lot of pressure, and not on dealing with the cash crunch that is part and parcel of doing anything new in business."

Francis Kong, 69: 'Don't move the lifestyle goalpost'

Francis Kong was in different industries before venturing into his own businesses and empowering aspiring entrepreneurs through public speaking.

After his college graduation, he worked for a cement company but realized he wasn't where he wanted to be after almost two years. He entered the world of fashion and worked for a jeans manufacturing firm, where he took on different roles in sales and marketing before becoming its general manager. 

Kong started his own garments company, offering jeans, jackets, shirts, and shorts, at 30. It ran for 17 years.

He is now the president of Success Options Inc. that provides "specialized inspirational content in the business, work, and life," and the director of Inspire Leadership Consultancy that trains leaders and supervisors to manage their teams better.

His personal money advice? Do not move the lifestyle goalpost. "Most people adjust their lifestyles, and the money comes in, and that can be disastrous. We have all heard the cliche, 'You need to live within your means,' but it is a very restrictive mindset. What we need to know is how to increase our means without entering into a lavish and expensive lifestyle, moving the goalpost," he told L!fe.

Kong has this advice for those who are hoping to start their own business someday: "Know specifically what your business is and how it serves customers' needs. Extend service and build customer loyalty by providing extra value-added services that delight them. Then, think about how to grow and innovate. Customers' demands keep on changing and businesses need to be relevant and ready to provide for their added demands—this is where you need to move your goalpost."