Each one of us has a set of traits that are unique from others. Oftentimes, these traits are passed on from generation to generation while others may be acquired due to experience or changes in lifestyle. Still, there are traits that are common to many – even if you are not related to one another.
While Filipinos are known to be resilient and always looking at the brighter side of things, there are traits that might explain why many are still unaware of what investment is or the concept of savings.
What are these traits that could hamper our success as a nation? These are:
Way Too Many Celebrations
Almost everything is celebrated in the Philippines – birthday, anniversary, graduation, baptism, wedding, grandparents day, national siblings day, and the list goes on. While these occasions warrant a celebration, the problem with Filipinos is that we celebrate too much. Many are willing to throw money just to have that party that will make everyone wish that it is theirs.
Mind you, there’s nothing wrong with celebrating important milestones. But do you really need those fireworks or feed 300 people? We think not.
Admit it. You have the habit of procrastinating or doing things later instead of working on it now. You often say, “Mamaya na” because who doesn’t want to catch some sleep or check what’s happening to your family on Facebook?
You may not notice it, but this habit extends to how you deal with your finances. You might say “mamaya na” when you need to pay the bills, open a savings account, or even start an investment. This could compromise your financial future and by the time you decide to say yes to any one of your financial goals, it’s already late.
“Nahihiya Ako” Habit
Philippines is a conservative country, which explains why despite the modern age, many still look down on those who wear skimpy outfit or had several partners prior to marriage. Instead of being open, many people prefer to keep things to themselves.
Sadly, this extends to anything financial. Instead of asking questions about things you don’t understand such as how the stock market works or what is the difference between UITF and mutual fund, you decided to be quiet. Even if you want to know about time deposit or treasury bonds, you don’t want to ask out of fear of being labeled.
This is not a proper mindset. There’s nothing wrong with asking questions, especially on those you are not familiar with. Despite tons of information available online, there’s nothing wrong with asking an expert.
Extended Family Mentality
Unlike foreigners, Filipinos are very close to family. This is a good habit but sometimes, this closeness extends to extended relatives.
What’s wrong with that? Nothing – until all of your savings or hard-earned money is shared to your extended family. Since you are working overseas, you feel obligated to let them borrow money or even put something for them on the balikbayan box.
It’s okay to share, but you need to set boundaries. You’re not a walking ATM and every money sent is a product of hard work. Leave something for yourself and your family since this is your priority.
“Pahiram Naman Dyan”
When you want something, how do you pay for it? Ideally, you save up for it until you have sufficient amount to pay for the item. Unfortunately, many would love to borrow money just to buy what they want.
Stop this habit. It’s okay to borrow especially for necessary purchases that will cost you hundreds of thousands. If you don’t really need it yet, then make it a habit to save up for it. At least you don’t know anything to anyone.
Do you possess any of these habits? Don’t worry. It’s not too late to kick them off.