Last Updated on January 18, 2018 by Marie Bautista
Happy First Day of 2018!
Did you all have fun this New Year’s Eve?
We stayed home, watched fireworks at midnight, drank hot cocoa (because I live in the coldest city in this tropical country, hello). We stayed home, but did some fireworks at midnight and made hot cocoa and hung out.
And while watching the fireworks, I got an epiphany.
(O.A. lang ano haha)
Why are Filipinos Tamad When It Comes To Investing and Saving?
Take a look at this statistics:
“9 out of 10 Filipinos have little or no savings to leave to their loved ones when they die;
Out of 100 Filipinos who get sick, 95 sacrifice their savings and 53 borrow money from others;
Out of 10 children who enter elementary school, only 1 graduates from college;
Out of 100 Filipinos aged 65, 45 depend on relatives and 30 depend on charity”
This is a grim picture of the financial status of Filipinos and I was personally a witness to one situation.
What if you fall ill and you have nothing?
My cousin who is a single mom got diagnosed with Stage 3C Breast Cancer.
Before she was diagnosed, she ignored her breast lump, and instead took some alternative herbal medicines that other people promised would work. In addition, she also consulted quack doctors.
And when she had to take her 6-cycle chemo, we (her cousins and relatives) had to pledge to sponsor her chemo.
She was done with her last chemo in November, thankfully, and it made me wonder.
What if nobody pitched in?
Most Filipinos do not actively make ways to secure themselves financially.
Only a few save seriously.
And a fewer number invest seriously.
Not Enough Money.
One of the main reasons why Filipinos do not invest is because they “do not have enough money”.
How do we solve this problem?
Amazingly, Filipinos claim “wala akong pera”, but they have money to buy the latest iPhone!
Instead of buying the latest iPhone, why don’t we make ipon?
Look for investment instruments that has an affordable initial investment. Train yourself to spot the good bargains.
I personally am a member of the TRULY RICH CLUB.
The Truly Rich Club is the brainchild financial advocacy of missionary millionaire, Bro. Bo Sanchez. Here, he generously shares the strategies he mastered in Stock Market Investing and equips you to apply them wisely.
Honestly, I couldn’t believe it when I saw for myself how my finances grew!
I want to pay it forward by making others feel blessed too.
That’s why I invite you to be part of the Club as well.
To learn more, and get a copy of a FREE eBOOK – MY MAID INVESTS IN THE STOCK MARKET, check it out here.
O.K., back to regular programming (but do check the club out!)
The Big Brother Mentality
Most Filipinos don’t invest because we rely on a “Big Brother” to take care of our financial needs.
The “Big Brother” can be the government, our employer or even our parents. Some Filipinos rely on the Social Security System when they retire. But with the meager retirement benefits we can get from SSS, most are forced to work after retirement age just to have something to get by.
It is not bad to have a Big Brother to rely on. But that should not stop us from taking the reins in securing our own financial well-being. We should view the Big Brother as a Plan C. Not our Plan A or B.
Filipinos are fond of procrastinating. We continually delay planning for the future thinking that we are still young and we have enough time. Think of the time value of money. The earlier you save and invest, the bigger your money can grow through the help of compounding. A P50,000 invested today will be worth more in 20 years than P50,000 invested a year after.
To a great future,
P.S. Plunging into investing without the proper knowledge can be dangerous. Maybe, you need a little handholding – which we do at Truly Rich Club. Join us now!