Well honestly speaking, I personally had that "Pinoy Money Habit" that Krista Garcia written on her 5 ‘Pinoy’ money habits to break published on rappler.com website. That article was all about the Personal Finance of a Typical Filipino.
Here are the following issues that I guess the best way to discuss in detail.
1. The ’Okay na yan’ or 'Pwede na yan' habitWe Filipinos are often caught on this issue that on most things that we do, we used to say "Okay na yan 'tol" or "Pwede na yan 'dre"; an assumption that the job is already done. Alright I admit, I also do that habit, but not all the time or should I say in some time constrained situations.
My corporate experience as an employee of Multi-National Companies, I understand and gained the value of quality and outstanding performance. Yes, in getting things done is not just getting it done, it has to be perfect as possible with no flaws, specially if safety is concerned. My Engineering background in the Industry taught me how to achieve the highest quality of product as possible.
If we do have a target in achieving a high standard product or service, Quality comes first.
Why should we settle for an "okay na 'yan" attitude when we can have the best option?
And in a Financial perspective, why should we be satisfied on achieving our minimum Savings Goal when we can actually aim for a much higher and profitable money making venture?
In my own opinion, we should explore ourselves on how we can take risk and understand how money works. And that is what I am doing now. This is the main reason why I quit my regular Job and focused myself to establish my own business because I aim not for a secure Daily Job but for a Financial Freedom in the future.
2. The ‘Pakikisama’ Technique and the Magic word ‘Libre!’
Question, is it really necessary to eat out for every single milestone and make that unscheduled trip to the ATM just to put on a good face?
Well anyway, our cultural predisposition to get along with everyone or the "pakikisama" syndrome are situations most Filipinos find it hard to refuse. Specially when a relative or a close friend needs financial help. And sometimes that "pakikisama" technique is another way to gain friends and access good relationship with people whom you call local peers.
In short, we end up shelling out our own money and sometimes personal savings because we cant simply refuse and say “no.”
Now that I am managing my own business, there may be occasions that I apply this method for a purpose. In a positive point of view, that "pakikisama" and "libre" is a business tool that I could use to do transactions.
3. The 'Mañana' or 'Mamaya na' habit
In a Financial perspective, this is describe as the lack of preparation for the future. Most Filipinos including myself sets aside SAVINGS to the last option as salaries are received. Despite of numerous Financial advice saying that INCOME minus SAVINGS equals EXPENSES we used to do it reversely, this is SPENDING is our first priority.
Majority of Filipinos don't SAVE. We are a victim of Shopping Spree where our attention keeps on looking for SALE... SALE... and SALE...
We don't save for our Retirement. Instead, parents spend all their money to their children, believing that when they get old, the favor will be returned to them. But in reality, that doesn't turned out as expected. What did happened is that Parents even on their retirement age, they still used to sustain their children's financial needs, and that includes their grand children. The same burden that their own parents imposed on them. It becomes a vicious cycle.
So if you ask for the best and practical advice about accumulating wealth? The best step is to start early and don't wait for tomorrow. Start SAVING now and look for opportunities to generate an income by investing small amount in a given time. What you can do today is essential for your future's success.
4. The 'Hiya' factorIn terms of Finances, we Filipinos used to avoid talking about it openly. Otherwise you are wealthy enough to talk about it. We don't discuss our financial desire maybe because we are too humble by default. Perhaps, on our childhood years – in the classroom, as a student, we are afraid to raise questions about money, because first of all, money is not being taught in school. If teachers may have been good about money and wealth management, perhaps they might stop teaching and managed their own business instead.
And we have this mentality, if someone talks about money, about how he generates income, we tend to look at it as "mayabang" (boastful). We used to play safe, that is why we missed a lot on the opportunity to learn more about money.
Talking about wealth is not that common among Filipinos, because we love to talk about gossips among celebrities and other peoples lives. We don't pay a lot of attention in personality development, trainings and seminars about money because we tend to be "nahihiya" in a way that we avoid to be part of the group.
Personally, I always ask Financial Advice from people who already exist in business, I Love meeting successful people because I want to learn how they accumulated wealth. I attend business and entrepreneurship conventions to keep myself updated with the latest Trend and the economy.
Lastly, I am not the right person to be asked for an advice about money because even now I am still learning about it. Little by little, I am applying those learnings to my personal life, to my career and to my business. I always find ways to develop my Financial Intelligence. I network with people whom I believe could share their personal experiences, establish my Linkages among Local Enterprise and Government Institutions, improve my Personal Connections among peers. A sort of building my own network, a workplace where I could Play and become Financially Free.