Appears in the March-April issue of Moneysense Magazine

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Richard Poon and All That Jazz: The surprising story of the country’s most popular crooner

By Randell Tiongson, RFP

Everything about Richard Poon is a bit of a paradox. He is young but sings old standards. For the MTV and MYX generation, the music of Frank Sinatra and Tony Bennett would be the last thing you would think would appeal to the market. Yet, not only did Richard dominate the big band jazz genre, he made it hip and popular in the country again.

Richard is perhaps today’s most popular crooner who has cemented his own niche in the Philippine musical scene. Undoubtedly, when you think about the big band jazz sound, his name is an instant recall.  Richard describes his music as “Fresh, Old School,” as his repertoire consists of highly-energized, inspiring takes of the standards. Just like the American singer-songwriters Harry Connick, Jr. and Michael Bublé, Richard has given the old jazz standards a fresh, contemporary sound.

Richard Poon has gone a long way in his craft. Breaking into the music industry in January 2008, he is now a certified-Platinum recording artist and the 2010 Aliw Award’s Best Male Concert Performer. His debut solo album “I’ll Take Care Of You”(MCA Music) soared to Gold and Platinum status and continues to be one of the country’s top selling records today. His sophomore album “For You” also turned Gold. He has been a mainstay in the popular Sunday variety show ASAP and has packed concert venues here and abroad.

Sometime ago, Richard wowed a huge crowd for his solo concert and he sang a couple of hauntingly melodic tunes with the international musical icon, Lea Salonga. It is not every day that a performer would fill up a huge concert hall in the Philippines with that brand of music but he did just that.

But Richard is not an overnight star.

A simple start

Here’s another paradox: Richard is Chinese and as a performer, he’s always in dapper suits, so you would think he was born with the proverbial silver spoon in his mouth. Born and raised in the Philippines, Richard did not exactly live a life of luxury. Certainly, his parents were relatively well off. His mother was a big star in Taiwan (which explains his musical genes) and his Cantonese father is a Hong Kong-based chef and restaurateur who owns the famous Mr. Poon restaurant.

But believe it or not, at one season in his life, Richard was actually broke and his future seemed so bleak. He shares that after graduating from De La Salle University, he began his professional career working for his father. Richard narrates, “My work was not easy as it involved being in the kitchen all the time. I would be there to open the restaurant, labor at the kitchen all day, and be the last person to leave as I needed to close the operations.”

While he loved working in the kitchen, Richard longed to do something else and working for his father created a very tense environment which he found to be more and more difficult to deal with. After six years working at Mr. Poon restaurant, Richard turned from a steady job with modest pay and all the comforts associated with working for the family business. For the first time, Richard felt how it was to fend for himself, devoid of the trappings of a middle-class Filipino-Chinese lifestyle afforded to him.

Broke and in debt

Fortunately, Richard knew early on that he needed to save for a rainy day. At that time, he has already accumulated modest savings – about P200,000 – from his income from the family restaurant, by practicing a simple yet powerful discipline – never spend more than what you earn and save as much as you can.

Richard says he admires his paternal grandfather who worked for a Chinese pharmaceutical company. He was guided by his grandfather’s simplicity in lifestyle and distaste for being flashy. The Poon patriarch was a good role model for the young Richard who consistently espoused having a very low profile despite his good income. Richard shares, “Up to his dying age, my grandfather was always financially independent and was even able to be generous to his children towards the later years of his life.”

Now on his own, Richard was ready to set out to find his place in the sun, but a medical condition drained him physically and financially, wiping out whatever savings he was able to build and even got into debt. He says, “I eventually landed a job managing a restaurant, a skill I have learned to master but the work did not pay much and could not even meet my basic needs.” With no savings, a miniscule income, Richard experienced severe financial challenges.

From growing up in a Filipino-Chinese middle-class environment and being educated in exclusive schools, Richard experienced the harsh difficulties of life – working with a low salary, taking public transportation, and the like. He also found himself in debt.

Yet, despite his situation, he was very faithful to his debtors and faithful in his tithing (giving to his church). He was always in constant communication with his debtors and paid them whatever amount he can set aside. “It did not matter to me if it was only P500 every time I pay but I believe in honoring my obligations despite the difficulties I was experiencing,” he explains.

Yet he did not let his dire situation stop his aspirations. He persevered despite how ominous his foreseeable future seemed at that time. Needing to make more money, Richard was always looking for opportunities to earn better income and he was not deterred to try things he was not accustomed to. At a certain point, he got into multi-level marketing, which allowed him to increase his income, although it was not as significant as he wanted. His exposure to the network marketing industry, however brief, helped rekindle his entrepreneurial spirit.

Richard never seemed bitter about his past despite the emotional and financial pain it caused him then. He insists, “It was a very good learning experience for me and it help me build up my character. In fact, the unfortunate experiences he had to endure were necessary to prepare me and mold me into the person I am today.”

A place in the sun

All throughout his journey that has taken him to the restaurant and network marketing industries, Richard continued to have a burning passion for something that has always been part of his life – music. He became a member of the acoustic band U-Turn, which exposed him to a market unaware of how talented he really is. He narrates that his journey as a musician was just as challenging as his restaurant profession was. “We were playing in small venues and earning as low as P1,000 per night despite performing for three hours or more,” he shares. Still, Richard considers all these as blessings and training for what was to come. After a few years, the band disbanded, which left Richard in a crossroads once more. As he was trying to form a new band, his best friend (and current manager) Erickson Raymundo prevailed upon him to go solo and take a different route – a big band jazz singer. Unsure of this path and not too confident of his abilities to go solo, Richard nevertheless embarked on his biggest challenge to date – and the rest is history.

Through all of these, Richard prevailed because he understood that everything that happens in his life has a purpose even if it was difficult for him to comprehend it at times. Now a successful singer-songwriter, Richard earns income beyond what he thought he could ever earn. Did this surge in financial security change his character? Not at all. Richard still espouses the same ideals and principles he clings to in the past. He continues to be low-profile in an environment embroiled in luxury. He still saves diligently and avoids unnecessary spending even if he can well afford it.

Richard is always mindful about the changes in his lifestyle and he is happy about it. One would think that the very popular crooner would parade himself in an expensive SUV right? Not Richard – he drives a modest car that is neither old nor new but dependable. Does he want to have a nice Mercedes, for instance? Sure he does, he says. But Richard is not about to squander his hard-earned money on unnecessary luxuries. His experiences taught him too well that he must be financially responsible all the time. Will he want to have a nice big house in the future? “Yes I do, but that will come when I am really ready and have properly prepared for such,” he explains.

His advice to young people: “Be faithful in paying what you owe, in saving, in living below your means, in tithing, in giving. In anything you do, be faithful.” Undoubtedly, these are words of wisdom from a man who has prevailed upon challenges and is now experiencing unprecedented success.

Sharing my last column for the Business Mirror. It has been a great 3+ year writing for the RFP Personal Finance Column but its time to let the younger and more talented writers take the helm. When we step aside, the next generation levels up and takes over!

Randell T.

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I AM pondering a topic to write as this is the last time I will be writing in this column to give way to newer and more talented personal finance writers; then I realize that I should write on something close to my heart, family finance. The issue of family finance is always an interesting one to discuss. In all my engagements, I get the most fun discussing issues that revolve around family finance. Given a choice, I’d prefer discussing and writing about family finance issues as against the stock market, macroeconomics, fixed income securities and the like.

The topic on family vacations is always a tricky one to discuss. You will see that personal finance books and speakers/writers look at family vacation expenses with much disdain and its budget would be one of the first things that get axed whenever one is in a difficult financial situation. There are many families that do spend a big part of their budgets on vacations and when left unchecked, it can wreak havoc on one’s finances. I once counseled a couple who wanted to increase their savings and investment fund but found it difficult considering both had substantial incomes. Upon closely looking at their cash flow, I immediately saw the reason for the shortfall—very expensive family vacations. In such extreme cases, I do agree that family vacations should be placed under scrutiny.

However, worldly pressures always prevail upon our senses and we often equate cost with quality and we find ourselves stressed for taking family vacations and therefore have a negative feeling towards it. It is sad when we would look at family vacations as obligatory activities rather than opportunities to further strengthen the bonds of the family.

In reality, vacations are perfect opportunities for parents to really bond with their children, and spouse to spouse and sibling to sibling. My fondest memories growing up are those trips I took with my family. My wife, kids and I often reminisce about our vacations. Family vacations are actually excellent investments we make. These are opportune moments to better learn about each other and create memories that will forever be etched in our hearts. We should invest on memories.

Are family vacations an excuse to be financially irresponsible? Nope. Cost does not equate to quality. You can be in a posh island resort or in a nice city in Europe but it doesn’t mean that you are forging bonds with your children if you are distant, pre-occupied and refuse to focus on your family. Likewise, you can just be in the outskirts of Manila swimming in a small pool and devoid of luxuries but you can have a grand time because you know what your priorities are. Here’s a tip: prepare, plan and save for family vacations properly. Be prudent, watch out for promos or try to scour for friends or family who can help you get good deals or even use their facilities for free.

My family and I just spent five glorious days in Palawan, something we never thought we can experience, let alone afford (an unbelievable blessing from the Lord). Thanks to airline promos, I was able to get a booking late last year for a flight for the whole family and spent a fraction of what you would normally spend on fares. I really love how Cebu Pacific comes out with promos; you just need to plan ahead of time and be quick in getting a booking. We were also blessed to get a very good deal for our accommodations at the beautiful Marina Gardens (www.mgelnido.com) in El Nido, Palawan. The owners were very accommodating and very compassionate towards families wanting to spend time together that they gave us really good deals and even helped arrange our transfers and a breath-taking island hopping around El Nido.

When I was updating my Twitter that we were in El Nido, people were amazed since they always associate El Nido as posh and expensive—not so. There are two resorts in El Nido that are very exclusive and very expensive but the other resorts are really inexpensive despite being just as nice, like Marina Gardens.

Yes, our recent family vacation cost a bit more than our usual ones but my wife and I believe in putting money where it counts most, into our relationships. Proper planning, bargain-hunting and creativity allowed us to have a great time and yet not break our piggy banks.

Here’s a thought, spending some money to have better relations with my family will save me more money in the end – we probably will not have to buy the affection of our kids when they are older by buying them more expensive items just to please them. We spend money where it counts, and when it counts the most.

This is Randell Tiongson, signing off.

Posting a column I wrote for Moneysense Magazine.

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Beyond a mission, a cause

As I write this column, 2010 is about to end. 2010 is an eventful year indeed: a new President that ushered a new hope for the country’s future; a stronger and more stable Peso; a fantastic upswing in the Stock Market , accelerating in a rate we have not seen in a long time; and many more – both good and bad.

On a personal note, I am about to end a full 2 years since I have gone independent and not be affiliated with any financial services institution in my 22 years of professional life. My affiliations today have been limited to the Registered Financial Planner Institute Philippines (RFP) – an organization dedicated to the education of financial planners; and my church – Victory. Both affiliations have been largely influential in my professional, personal, and spiritual growth.

In 2010, I found myself doing more advocacies – speaking and teaching in small and large crowds from North Luzon down to Southern Mindanao and even out of the country. Venues has likewise been diverse, from corporate offices, to convention centers, hotel function rooms, university classrooms, churches and even in tables in fast food restaurants. Programs were varied: financial planning, investing, and entrepreneurship, among others. I also found myself working with the youth teaching them personal finance through a program called Blue Chip which we organized last summer and I was invited to volunteer to handle a class on entrepreneurship for a group of hybrid home school students. This year also gave me amazing opportunities collaborating with wonderful individuals that really inspire me like Cito Beltran, Francis Kong, Chinkee Tan, Paulo Tibig, Carlo Ople, Miriam Quiambao, Donita Rose and Eric Villarama, among others.

All these because I believe in a cause: the financial education of the Pinoys.  We all know that the biggest problem of the country is poverty. I used to think that the reason poverty is such a problem in the country was economic in nature; we lacked capital, poor distribution of wealth, undesirable macroeconomic foundations and the like. Then as I got a little older, I thought that our problems were political in nature; poor governance, dynasties, poor delivery of basic services and hostile environment for business. While the two factors I mentioned contribute substantially to the mess we are in, I began to see and accept that our problems are also social in nature. When I saw the way many handle their finances (myself included) and the way the nation saves (one of the lowest in Asia) one will see the root cause of our poverty issue. To make things worse, so many Filipinos are stricken by a poverty mindset that keeps them in bondage.

Such a herculean task should be made a cause by many. While there have been more and more advocates of financial education, we are drowned by the sheer numbers coupled by our limited exposure. The solution? We need to look at this as more than a vision and beyond a mission. We should embrace this as a cause. The Bible is full of encouragement and holds many answers to our questions, and yes – even our financial questions. We must be encouraged that even if this cause is a near impossible one, we just need to build on it, one advocate at a time.

Then he said to his disciples, “The harvest is plentiful but the workers are few. – Matthew 9:37, NIV.