Looking back at what happened to me years ago, I asked myself, “Why a lot of Filipinos are still broke?” I started to list down possible things that may have contributed to Filipinos being broke and here’s my list:
They never save for the rainy days.
Because Filipinos are fun loving people, they have the tendency to think of fun first rather than a temporary bother of savings. “Ubos-ubos-byaya” that’s what the old people used to say about splurging just because you want to have fun. I’m not saying that we should not have fun; what I’m saying is that there are many ways to enjoy with your family without spending a lot of money.
They try to help a lot of people.
Filipinos are basically “maawain” and so when they pity someone in need they will give in to helping without thinking about their own family’s need first. We have to understand our priorities. Do not give if you have nothing left for yourself.
They would give in to family’s need.
What I meant here is your mama, papa, kuya, bunso (I’m not talking about your own family). We do this because we feel obliged to send money to them every month and never save some for our self. Again, I’m not saying that you should not send money to them, but you have to always make sure that you first have enough for your family. Also, if you keep on sending money to your siblings or supporting a family member who is not a good steward of his or her money, then you are a fool.
As I said, we are fun loving people. As Filipinos find ways to have fun, fun become a vice. You see the poor smoke, drink and gamble more than those who knows how to handle money. Try to add up all your expenses when you buy cigarettes plus your possible expense when you finally have cancer because of that? Not good right?
These are just a few list of reasons why Filipinos are still broke. But in general, our problem is our mindset. We have a wrong concept on money. We see money as a means to buy and spend instead of a means to reach our financial goals in life; yet we want to live in a big house with a nice car but we do not want to take that temporary pain of saving for the rainy days.
Admittedly, I was like this. I spent all my money and never save some for myself. Then because of a good financial standing, I was given the chance to get a credit card which I used to keep up with my splurging. It was a nightmare and I’m glad I survived it and that that’s all in the past!
I will be teaching the things I’ve learned from my own experience in my PERSONAL FINANCIAL MANAGEMENT WORKSHOP. In this workshop I will show you how simple things as BUDGETING, PAYING OFF DEBT, and BUILDING FINANCIAL WEALTH are easy things to do when we change our way of thinking.
In the end, what matters is the attitude, dude!