Many of us blame the government for the poor economy in the country. But while it could be one of the factors, there are other very important reasons why many Filipinos will never be rich. According to economists, financial experts, and sociologists, these reasons are not related to the government.
Reality bites. Even the richest countries in the world have jobless individuals and poor families. No matter how will the president be in 2016, there will always be corruption and poverty will continue to rise. But if only Filipinos will think about it, here are the top 10 reasons why many of them will die poor:
#10 Many Filipinos depend on the government alone
Yes, the responsibility of the government is to provide the basic needs of its citizens. But if Filipinos will always depend on it alone and will not act, they will have a miserable life. Many poor families have tons of children but they cannot feed them. They know their financial situation but they ignore it. Instead of helping the government, they are adding the problem. Then, they love to criticize the sitting president, regardless who he is.
#9 Many Filipinos think that Metro Manila always offers great opportunities
Yes, Metro Manila offers great opportunities. But this is not always the case. Decades ago, many people from other places tried their luck in Manila and became successful. But if you will compare the situation then and now, traffic in EDSA is getting worst everyday and flood is instant even on summer season. Many people from provinces have a huge land but they don’t have the patience to cultivate it.
#8 Many Filipinos spend more money for their wants, not their needs
Many Filipinos spend their money just to buy the latest version of smartphone even if they don’t really need it. They tend to enter into salary loan or use their credit cards so they can be “in” in the society and in social media. A year later, a new version will come out and they will buy again. Obviously, Apple and other gadget manufacturers will get richer and the poor buyers will get poorer.
#7 Many Filipinos think that rich people are greedy
As part of the so-called crab mentality culture, many Filipinos think that some people get rich because they are greedy. Although of course, there are some greedy rich Filipinos, but there are those who became rich because of their skills, hard work, and patience. Some OFWs get rich because they studied a business carefully before entering it. They saved money and did not depend on their earnings as OFWs.
#6 Many Filipinos spend excessive money on traditions
Although this usually applies to people in the provinces, many Filipinos in big cities also love to spend big money in feasts, weddings, and christening, even if they cannot afford it. Many of them run to pawnshops, and 5-6 (high interest debt) just to follow the tradition. They are afraid that their neighbors and rich relatives might mock them if they fail to spend excessive money for these events.
#5 Many Filipinos are obsessed with “get rich quick” schemes
The news about pyramid scams never grows old, but many Filipinos never learn, especially OFWs. They invest their hard-earned money in MLM (Multi-Level Marketing) businesses without doing a thorough research first. Many MLM members think that the business is legitimate because they are earning from their investment. They don’t realize that there’s no such thing as “get rich quick.”
#4 Many Filipinos think that being an OFW is a long term solution
Many parents push their child to study a course just because they heard that it is highly in-demand abroad. While it’s true that many OFWs earn good money, it’s not really a long-term solution to solve poverty. There are many sad stories of OFWs who once made good money but ended up being poor. It’s because they didn’t have a career here in the Philippines and failed to prepare for their retirement.
#3 Many Filipinos lack education in money management
Entertainment gossips, corruption and crime are usually the headlines in the news, and many poor Filipinos love to read them. Here in the Philippines, only a few news articles and local TV programs teach people how to handle their money. We have heard of Filipino lotto winners who became millionaires but became poor again. Every Filipino should be properly educated in terms of money management.
#2 Many Filipinos think selling is not a good way to be rich
“Nagtitinda lang po.” (I’m just a seller.) Unfortunately, many Filipinos don’t realize that everybody is a buyer, but not everybody can be a seller. You can never hear someone who got rich from being an employee alone. On the other hand, many rich people started as simple sellers and still are sellers. Selling offers never ending opportunities and starters don’t really need to have a huge capital.
#1 Many Filipinos hate or are scared of investment
Many Filipinos think that investment is only for the rich, so they are scared of it. Some of them even hate doing it because the returns might take long, or they hate learning how to invest. Many poor people are afraid of entering in mutual funds and Forex because they think it’s only for professionals. Only a few Filipinos realize that they only need P5,000 to P8,000 before they can invest in the stock market.
Yes, the performance of the government somehow affects the decision of investors. But based on the analysis of financial experts, the proper circulation of money is what makes the economy grow. If poor people continue to support pirated items, only the illegitimate sellers will gain profit. Being rich is being a smart spender, and not just about saving money. So stop the blame game and change your mindset. Now is the time to plan and act on how to be a good entrepreneur and investor.
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