We will never be progressive and be financially secure if we continue to spend more than what we earn and if we regularly purchase all of life’s glamour (which doesn’t bear any monetary fruit in the future) on credit / by installment, or at the expense of other people’s labor, sacrifice and effort.
We used to blame our perpetual poverty to the government, to our family and to anyone else instead of ourselves. I’ve seen and experienced enough of our indiscretion where we Filipinos, including OFWs, are splurging cash like mad on doodads just as soon as there’s money in our hands. Yes, I agree that the corruption of our leaders had lead to our financial woes, however, it doesn’t necessarily mean they are the only ones to blame.
Given our situation, we should instead save a larger portion of our income for the future or better yet, acquire cash generating assets that’ll increase our net worth and provide steady flow of income in the years ahead.
The choices and expenditures of our yesteryears are now the reality in which we happily enjoy, or sorrowfully toil. Thus, if we are still living in constant financial struggle, that is largely because of us and definitely not by anyone else!
Of course, we need comfort and little luxuries for ourselves and as well for our families, but we should buy them sparingly, to avoid putting ourselves, and our family who depends on us, in great jeopardy. Spending all our hard earned money on leisure and deliberately disregarding our financial needs for tomorrow will be our bitter regret later on.
It’s your Life.
It’s your Decision.
So if you got cash-strapped, don’t ever annoy other people for personal loans, or “Utang” in vernacular, just to save you from the mess that you, yourself, have done but instead:
- Courageously face your problems;
- Negotiate humbly with your creditors to pay them little by little and
- Force yourself to change your spending habits.
For the rest of us, don’t easily give-in on the requests of our friends, officemates, church-mates, relatives or anyone who always borrow cash just to get by. Based by my experience, these kind of people hardly learn their lesson if we keep on paying the bills that they should be paying.
While some of these charlatans live a stress-free life, you are unfairly working hard and bearing an uncomfortable lifestyle just to save more dough. That is why you really have to say “No” to them, just as they deserve it and let them experience these life-changing failures, so they’ll be better in handling their personal finance.
Let the change begins with us.
The Philippines is now experiencing a beautiful, modern renaissance but we still need to continue working hard for our nation to be truly progressive. Together, our land will bloom once again, just as it was before.
Mabuhay ang Pilipinas!