A lot of people is treating saving as something that is optional. This is the major reason why only 1% of the population has the capacity to become financially free despite the struggles they experience daily. The common mistake Filipinos have is allocating their income first in the expenses then if there is an excess, that’s the only time that it will go to their savings account. This has become part of the culture and if you come to think of it, the idea is totally twisted. Expenses are unavoidable, yes, but you can always minimize spending if you have goals related to saving and investing. Instead of using this formula Income – Expenses = Savings, why don’t you switch to Income – Savings = Expenses? As early as now, don’t let yourself get the habit of prioritizing your expenses first. If you do this, here’s what will happen if you don’t save.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.
Stock Smarts Singapore — May 18 & 19, 2019
Investment Conference 2019 – May 25, 2019
Stock Smarts Manila — June 15, 16, 22, 23, & 29, 2019
Stock Smarts Iloilo – July 6 & 7, 2019
Stock Smarts Cagayan De Oro – July 20 & 21, 2019
Stock Smarts Hong Kong – August 11, 2019
Stock Smarts UAE – August 30 – September 3, 2019
Stock Smarts Qatar — October 3 – 6, 2019
Stock Smarts Taiwan – November 2, 2019
This is not only applicable to people who have a family. If you are single and working, you should have this vision as early as today. If you don’t make a habit of saving every time you get your pay from your employer, you won’t have anything to sustain those who rely on you. Worst, if you become a parent, your children will experience the same financial struggle because you were not able to save up assets they can inherit from you. If you don’t change your mindset about saving now, your children will get that thinking too. What your children see in your actions will reflect theirs in the future.
Saving and investing are the most effective ways so you can expedite your retirement. If you don’t save, you will work until the age of 65 and the possibility that you will only be able to rely on your SSS pension is high. If you don’t save and you let your money go to your expenses, you will not have something to reap in the future. As what they always say it—you reap what you sow. So better start building up your funds now so by the time you reach the age of your retirement or you want to quit your job already, you can rely on your savings and investment aside from your pension.
Most of our OFWs are working for their families back here in the Philippines. As a breadwinner, you will be obliged to give money to your family and support them financially as long as you can. But what if you are not saving and you don’t have extra money for emergencies and other miscellaneous expenses? Do you think you can survive? Do you think you will still be able to give them what they need the most? With savings, you can set aside extra money for yourself and for them. Don’t let your expenses lead to serious financial struggles in the future!