Being happy amidst life's struggles is one of the trademarks of Filipinos. Life in our country is hard but delighting. Resilience is one peculiarity we can be proud of. This is the reason why most OFWs still wanted to retire in the Philippines because there is no place like home.
Living in a rich country like Singapore makes me dream for my fellow Filipinos. What if the cheerful Filipino lives in a such a well-developed country as this? Children enjoy a well-structured playground for recreation. Senior citizens gather in a place where they can exercise using the especially-designed equipment. Streets are safe even during wee hours. Everybody has a place to live in.
Then maybe, Filipinos are the luckiest people on Earth. If that happens, we have the brightest outlook coupled with the convenience in life.
But we often think, we cannot always have the best of both worlds. We're left with two options. Either, we are ‘just happy’ or ‘just wealthy’.
Do you agree, Kabayan? If you do, then read on. I think you have one of the warning signs most Filipinos possess. Why are we still struggling with money? It is time to change your money mindset.
1.You blame the government for your poverty.
We have the right reasons to blame the government why we have a poor country but please not our OWN FINANCIAL STATUS. The president and the government are responsible for the country but not in each and every one of us. Instead of playing the blame game, why not take responsibility for your success. Your financial status solely depends on your disposition.
2. You think MONEY IS EVIL.
We are all working for money to put food on the table. Does it make us evil for working for it? Mostly in teleseryes on TV, the rich are always the bad guys. They can do many things with their money. I think it’s high time we stop watching our lives as teleseryes. Money is just an instrument. Being good or bad depends on the person. Money can be an instrument to create goodness.
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Abundance mindset gives importance to creating goodness.
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3. You believe that having a big house and a car will make you rich.
You’re envious of the woman next door who’s driving a car and lives in a big house. That doesn’t make them rich, at all. Donald Trump once said to a homeless man “That guy has higher net worth than I am.” The game of wealth is all about NET WORTH. Your neighbour might have a lot of assets (cars, house, gadgets etc) but do you know their liabilities (debts)? Chances are, you might be richer than them for having a POSITIVE NET WORTH. You can sleep soundly at night because you are not thinking of how to pay millions of debts. The point here is don’t acquire stuff your neighbours have to make you look rich. Instead, find ways to make you REALLY rich.
4. You are afraid of the word “Investment”.
We can’t blame Filipinos for having this kind of fear. We are all working hard and we are scared to lose this hard-earned money. The risk of investment doesn’t come from the investment itself but from not knowing how to invest. Do you think your retirement money is safer in the bank? Think again. Inflation is eating up your money. Prices of commodities are growing every year. Your bank’s interest of less than 1% can’t keep up with it. But the time you retire, your retirement savings can only sustain for a year. The wise thing to do is not to avoid risk but manage risk through financial literacy.
5. Working abroad will make you rich.
OFWs spend more than 10 years working abroad only to retire broke. Unless they learn how money works, they will never get rich no matter how big their paychecks are. Most of them acquire assets like house, cars, and gadgets hoping to make life better but never prepared for retirement. They compromised time away from family, energy, and health only to go home broke.
6. You did not finish school, so you will never be rich.
Not having a good education is never a reason to be poor all your life. Tell it John Gokongwei, the owner of Cebu Pacific, Sun Cellular and other giant business in the country. He did not finish college but strive to pursue his dreams for the family. Everybody has a chance to succeed. What’s inside you matters. Are you willing to fight for your dreams? Sure there will be obstacles but if we are persistent enough, we’ll surely get what we deserve.
7. Your Credit Card is maxed out but it’s still ok.
Acquiring a knee-deep debt is not fatal. But what’s maybe fatal is not having peace of mind. Sleepless nights due to overthinking might take its toll on your health. You may not know it but it is slowly killing you. If you are an OFW, you maxed out credit card may cause you to spend more than 10 years abroad. That’s what happened to me and my husband. You might check our Truly Rich Club Story here. We have wasted our 10 years by not knowing how to manage our finances. The reason why you are still living paycheck to paycheck is that MAXED OUT CREDIT CARDS. Compound interest makes rich people richer through investment, the same way how it makes poor people poorer by charging it to your debt.
“Compound interest is the eighth wonder of the world.
He who understands it, earns it ... he who doesn't ... pays it.”
-Albert Einstein
8. You don’t know what is Emergency Fund.
Now, you will. This is your shield to unforeseen misfortunes like accidents, sudden job loss, and other unexpected events. Such emergencies are costly. No matter how diligent you are in saving, these uncertainties cripple your finances. Having a well-established emergency fund will protect your investments. Sleep-well-at-night funds probably tell you exactly what it is for.
P.S.
If you are willing to be guided by Bo Sanchez himself through TRC, just email me at mindfulspender@gmail.com directly after signing up here Truly Rich Club so I can give you my e-book entitled "The 6-Step Guide to Win in the Philippine Stock Market". It is a quick guide to help you start your journey in the stock market.
