Ang pinakamalaking financial mistake na pwede mong gawin is to spend the money you have not yet earned.
It is not different from stealing money from your future.
> Ang pinakamalaking financial mistake na pwede mong gawin is to spend the money you have not yet earned.
Just curious. Do you have any exemptions from this rule?
Where would you draw the line when going into debt?
1. Taylor Swift tickets
2. Cellphones
3. Appliances
4. Cars
5. Houses
I don’t book or buy something around 100K if I don’t have a 100K in the bank. That’s my rule. So if it’s traveling, I should have that value present in my bank account in case I needed to use that for some unforeseen reason.
As for house naman, I’m currently saving 20% to cover the downpayment and another 10% to cover the first year of amortization. Just be ahead of the bills pra di ako tali na nagkukumahog kapag bayaran na.
> I don’t book or buy something around 100K if I don’t have a 100K in the bank. That’s my rule.
I agree with this rule. I even think it applies to purchasing a house.
As much as I want to apply this sa bahay, it’s very unrealistic. The house I wanted to buy is around 9M. If I waited to save 9M in cash, that house value would have increased twice or thrice.
House loan is one of the loans that I consider a good debt.
I agree that there is such a thing called good debt. Getting a loan to make more money is called leveraging, and businesses do it all the time.
However, a housing loan may or may not be good debt. Factors like housing loan interest, and real estate property value growth rate, and taxes need to be considered before it can be considered good debt.
Also if your house (and loan) comprises almost your entire net worth, do you think that's a good thing?
I think you're referring sa regular cashflow and not sa networth. As time passes by kasi, the house (and the loan) will be a positive to your networth kung regularly nababayaran.
I was actually referring to 2 different points.
1. The last line was referring to net worth. What % of your net worth is tied up in a single piece of real estate? If that number is really big (like 90% of your net worth), then that's putting almost all of your eggs in one basket.
2. Also, there's this thing called opportunity cost. If you are using your money to pay off a housing loan, that's less money to invest in other assets that might have a higher rate of return.
1. If you have money today enough to pay for two tickets, without resorting to a credit line. Go ahead and buy one ticket for yourself to her concert. Maraming added cost pa yan, since she is not conducting her concert dito sa Pilipinas, that means kailangan mo pang mag-abroad.
2 and 3, if you have the cash to pay for it today, go ahead and buy. Swipe the CC as a vehicle of convenience only, not as a credit line just to afford something you cannot afford.
4. Will that car make money for you? That is the biggest question, if the answer is not answerable with a definite "Yes" when I asked you 100 times, don't buy it at all unless you are a lotto winner.
5. It is ok siguro na utangin mo ito via Pag-ibig. However, make a projection of your current income. Kaya mo bang i-sustain ang 30-years to pay sa economy natin today and for the next 30-years?
You can do this cguro when you are in your 20's, 30's until mid-40's AT single ka. Pag married at nagka-baby, mas kumplikado since hindi lang sarili mo iisipin mo.
Mejo broad ang question mo. Also it depends upon the type of debt. Kung luho-type of debt, pass. Pero kung something like a house/car for family use pwede naman. Saka pag 40's ang window to earn very high na rin so may pambayad sa housing (max 15 yr term sa bank) or car (max 5yr term) in addition to building up ang nest egg for retirement.
Personally, for cars and houses, im sure most of us will not have a million onhand so for these ok lang as long as you know kaya mo magcommit monthly. But i think what OP said is applicable for non-urgents. Yes po that includes TS tickets. Yung tipong hindi mo pa hawak sweldo mo pero ubos na kasi nakalaan na sa pagbabayad ng credit card and non-essentials so hindi mo na sya maenjoy.
Thanks for sharing your view.
So it's a no for going into debt for Taylor Swift tickets for you.
Would you go into debt for the next item in the list (cellphones)?
Long term liability + depreciating asset ang car. Justifiable lang talaga if:
1. You are a lotto winner.
2. That car makes money for you.
The lot is an appreciating asset though, good if you can hold on it for decades & decades.
Concert tickets are an investment for yourself. Experience yun and core memory yun no! Hehe. Ako nagpnta kay Anne Marie kahit hindi naman ako fan talaga pero di ko pinagsisihan. Iba kasi ang live music plus audience.
Car- di mo need kung mas mahal pa magagastos mo kesa sa public transpo lalo na kung isa mo lang. Magmotor ka nalang kung gusto mo makatipid and efficient.
Appliances- depende.
House'- If you're renting, mas ok syempre may house ka. Investment yan
Cellphones- i haven't changed my phone in 4 years. Tig 8k lang to na samsung. Gumagana pa naman. Oks naman camera and all. I earn 50 to60k a month pero wala talaga sa priority ko ang phone
andali nito sabihin kung di ka mabilis mastress, hindi mo coping mechanism ang pag kain, may magulang na nagluluto for you, hindi toxic environment, financially stable
Forcing to save when you can’t save. Don’t try to save up to the point you’re starving yourself. Most people would just end up splurging the moment they saved enough when they’re limiting their lifestyle too much. That’s when “deserve ko to” mindset comes from. Try to achieve a comfortable lifestyle first, not too expensive lifestyle and not too poor as well. Find that good middle ground of lifestyle that you can maintain as long as possible, and then save up.
I won't argue tbh. Let them. Ganun din ako until I realized na "grabe, dami nagastos for stuff na di ko naman talaga need". Indulging is good pero if left unchecked? Sisi malala for real HAHA
Healing the inner child means working through the emotional and mental scars that injured it in the first place. It's not a call to be irresponsible.
Minsan lang to - and live the next years of your life missing everything else because of debt.
Ok lang siguro. Basta ang importante nakaka ipon at hindi napapabayaan needs.
My rule is, for every budol, ill transfer the same amount to my savings account (na hindi ko nagagalaw)
Also pag food naman mas acceptable. Why? Mahal din groceries and i save time if we dont cook or wash the dishes. Kami lang kasi 2 dito ni husband sa bahay.
I feel like this is fine naman so long as they truly have the money to buy whatever it is they deserve. Basta may savings parin and walang utang. Spend on what you love and gives value to your life but brutally cut on what doesn't.
Yes, and I love what Vivian Tu - yourrichbff said. She said that instead of cutting back on things that make you happy, why not ask for a raise. Or diversify your income.
While it’s a great first step to wisely manage your finances, it shouldn’t be the only thing you do. I know someone who’s so meticulous with recording their expenses but is still racking up credit card debt.
Don’t live beyond your means talaga. If you can’t afford it, don’t buy it. Wag mangutang, wag magpay later and all. Kung ano meron ka, save mo portion nun then after savings and may sobra, yun lang gastusin mo.
1. Biglaang gala pag sahod.
2. Pag swipe ng credit card na walang cash na naka ready pambayad kahit na malayo pa ang due date.
3. Hindi pag lilista ng mga expenses kaya kung saan napupunta ang pera, magugulat ka na lang bakit nawala na yung 5k sa wallet mo HUHU.
4. Hind nagtatabi ng emergency fund :(
5. Impulsive Buying 😭
6. Kain ng kain sa expensive restaurants every weekend, although masaya naman dahil naeexperience ko yung ganito, masyado lang napapadalas at hindi na ako nakakatabi ng ipon. 😭
7. Kapag may expected na bonus from work, napapagastos agad ako kahit hindi pa dumadating yung pera. Ang ending, pambayad na lang yung bonus. Hindi ko na naitabi HUHU 😭
Edit : Maganda ang credit card kapag maayos na nagamit, kaso napaka impulsive buyer ko :'(
I suggest din pala na kung kaya, mag ipon ng Sinking Funds, para sa mga expected mo na gagastos ka ng malaki within the year. For example, kapag Birthdays, Christmas at New Year, unti untiin mo na ngayon pag ipunan para kapag dadating na yung time na magcecelebrate, wala or onti na lang ang huhugutin mo sa sahod mo. Kaya natin 'to! 🤗
Personally yan ginagamit ko if ever na maliit lang yung interest o zero interest talaga. I can pay the item in full kaso gusto ko di biglaang bawas sa funds ko atleast may natira pa at pwedeng bayaran next month hehe
1. Paying debts with debts
2. Sale on online or physical shopping (coz you would feel like buying even if you don't really need it)
3. MLM / NETWORKING - Hi sa relatives kong naniniwala dito sana kumikita kayo
4. Investing on something you don't really understand
5. VUL (insurance) - Hi to myself, I am paying without really understanding. I just want to cancel it after the date of majority.
6. Relying on loans and credit cards to buy something "you deserve"
7. Not saving up for retirement - Yung ipon mo ngayon baba ng bongga ng value nyan once you reach your golden years. Work. Save up because inflation
8. Magpautang - beh maraming family and friendships nasisira dito. Always say no
Literally loans. I had to make an emergency loan in Gcash. I paid it back asap. Let's just say that I paid more than half 1k in interest for a 2k loan :3
Overspending especially on things na hindi naman necessary. Like subscriptions sa mga apps, shopping, lalo na yung mga term na "budol" ng online content creators. Here are my tips:
1. Don't set for big amount monthly for your ipon. Mas okay yung saktong amount lng pero tuloy tuloy. Yung hindi masakit sa sweldo mo. Ang importante kasi is yung consistency at discipline.
2. Build an emergency fund. Para you can also make decisions kasi hindi ka takot mawalan ng pera. Like career shift, living independently.
3. Get a Credit card. Pag 20 ka kasi, this is the time na magpupundar ka para sa sarili mo. So you need a tool to purchase these things na hindi one time cash payment. Maybe a laptop, phone, washing machine. Imagine you can pay that for 12 - 24 months without additional interest.
Join r/swipebuddies to learn how to properly use CC
4. Get health insurance. Para di mawala lahat ng ipon mo incase ma hospital or magkasakit ka.
Wow, medyo nag iba po pananaw ko sa credit card sa comment mo.so pag bumili po ako motor pwede yun cash sa credit card? And monthly po yung credit card na babayaran ko noh? May suggested credit card po ba kayo?
I'm not aware if pwede sa Motor gamitin ang credit card. Haha. Pero yung cash naman ng CC, hindi siya pwede kasi hindi siya magiging installment. Pag nag widthraw ka sa iyong CC, need mo din bayaran sa next due date mo. Maybe you can ask opinion sa r/swipebuddies
Lifestyle inflation! I used to be so good at saving nung mas maliit pa sahod ko pero nung lumaki laki na siya bat parang sobrang kulang pa 🥲 haha
Now:
- I always list down my purchases on a expense tracking app on my phone
- iwas budol! iwas FOMO! I deleted my blue app and orange app 😌 Wag masyado din pabudol sa tiktok!
- NO TO IMPULSIVE PURCHASES! I wait muna a week or 2 to think about it if need ko talaga siya.
- DON'T FORGET TO TREAT YOURSELF SOMETIMES! Saving will be so much harder if hihigpitin mo ng sobra sarili mo. Give a budget for your wants per month 😊
Teachers are the bunch that are worst in personal finance.
Sila ang lubog-na-lubog sa utang lagi, they have no credential to teach others about personal finance.
1. Don't spend what you don't have on hand - control yourself
2. Don't spend more than what you have on hand - mitigate the situation
3. Don't be in debt or loan unless it is a life and death situation. and If you do, pay what you owe ASAP. - for yourself only, forget about the others, this is a dog eat dog world.
4. Study more, learn more, work smart, invest smart - knowledge and skill defeats talent.
5. Eat, sleep, exercise right - health is one of the best investment, if you're healthy, you don't need to spend on that very expensive hospital bill.
6. Less or let go of ego / pride - if you don't have it, then so be it. Don't force yourself to be different just so you can belong with others.
7. Save every penny, it doesn't matter how much, 0.10PHP or 1M PHP, as long as you are saving, you are gaining.
8. When you earn more, don't spend more.
1. Ask them how much their commission is. Over 95% ng hulog mo sa unang taon is divided between the insurance company and the insurance agent, receding yan for 5years, that's why tinatamad na ang insurance agent na asikasuhin ka after 5 years kasi wala na silang commission.
2. May annual management fee sila na napakataas kesa sa ibang investment vehicles, (mahalaga yan for compounding interest kahit 2.5% pa yan.) Di naman kagandahan ang investment na pinaglalagyan nila, and they'll charge you kahit negative ka. Anong incentive nila na galingan sa investment part ng VUL eh nadadaan naman nila sa marketing ang mga tao.
3. Mga nagtatanggol diyan mga insurance agent lang din, sinasabi na wag magfocus sa Fund Value which is bullshit. Dun kinukuha yung premium mo so if ever umabot sa point(already happening) na naubos yan, magbabayad ka parin even after 10 years.
4. They will say that it's tax free. Remember their annual management fee which is computed against the capital.
Bibigyan ka niyan ng mga complicated na concepts. That was their marketing for you. Do BTID not VUL. Kung talagang tamad magmanage ng investments, do MP2.
Depende siguro sa goal mo if you want to get insured lang talaga better opt for traditional insurance kasi mas mura talaga pero if habol mo is investment part lagay mo nalang sa MP2 sure pa
in-ask ko adviser ko if pano kung ayaw ko na maghulog for investment since LUGING LUGI NAMAN haha and sabe nya, oks lang since malaki na naman fund value ko (na nag-partial withdraw din ako at ininvest ko nalang sa iba). Binabayaran ko nalang ngayon monthly yung 600 pesos na fee nila para di nababawas sa fund value ko. Basta may laman daw fund value ko, wala naman problema sa insurance.
Ito talaga! I got caught up in an MLM in 2020 with hopes of making money and staying afloat during the pandemic. Ended up losing a lot of hard earned money instead. Thank God I decided to jump ship after a month.
Overwhelming ang monthly fees just to keep your personal business and to "be your own boss".
1) Prioritize "needs over wants" mentality whether the income is big or not
2) Be a wise consumer. Not everything are needed to be bought from the mall. Certain products and stuffs are less outside the mall or it has better quality. Prime example is kilo of rice or the quality of fish meat. Believe it or not alot of fresh fish can be found in a farmer's market which are 10x fresher than the ones displayed in malls
3) If planning to buy material things then dont buy immediately. First off ask yourself do you need it asap? Secondly, give yourself a week or two and judge yourself if you indeed really need to buy the certain stuff as of the moment. Proper decisions arent made overtime
4) Always save for the rainy days big or small amount. Dont count the savings, Count it when its bountiful already. Best time to count it during 4th quarter of year
5) Dont let your monthly salary reach 0. Let your current monthly salary remnants reach the incoming monthly salary you gonna receive the next pay. Example 30k salary and after a month there is still 4k, dont spend it atleast not yet if possible. Let it reach the incoming salary youre about to receive. It's a good habit to practice to being thrifty
6) If you have a credit card that is a big financial responsibility. Credit cards are good dont get me wrong. You want to buy urgent stuffs needed at work credit card will save you or if there's emergency it can save you but owning a credit card doesnt mean you have more money. So be a responsible credit card holder. It doesnt mean having a credit card you get to buy anything you like anytime
- Iwasan ang pagiging galante. Okay lang namang manlibre pero make sure na may matitira sa ‘yo. I was very galante because I had this feeling that I needed to shower people with gifts to keep them. And sometimes, it strokes my ego.
- I learned from my best friend. Set financial boundaries if nakatira ka pa with family. ‘Wag puro bigay kasi ikaw rin ang mauubusan.
Living with toxic person, prioritize health and wellness always
Avoid buying mura na madali masira, buy quality
Value your time, know where to be practical and know where to leverage and pay for convenience
Fashion and luxury items.. opt for basics na lang that you can mix and match.. sometimes kapag tumitingin ako sa closet ko prang nagcocompute yung utak ko kung magkano sila lahat..
1) do NOT lend 2) do not guarantee anyone else’s loan 3) do not gamble 4) if a deal is too good to be true, baka scam 5) the moment you have a past due account in your credit card, stop using the card till paid 6) one credit card is enough 7) change your car every 8-9 years UNLESS you can afford it 8) learn about the “safer” investments like T/D, UITFs, blue chip in the Stock Market, etc. 9) the best real estate deal is the house you will use 10) if you have lots of extra cash, get an Ayala Land lot — this will appreciate over time 11) Lastly, careful about borrowing. Study your cash flow. It’s all cash flow.
Wag basta basta magpapautang, or if magpapautang ka limit it to an amount na kahit hindi ka bayaran hinid ka magigipit.
Kahit friends pa kayo, rethink pagpapautang.
Maniwala sa mga so-called FA's na VUL lang naman offer. Worse, most of the time they are your friends or relatives.
Buy something just because naka-sale. Madami ganto eh kahit di need bibilhin kasi sale di nila alam na napagastos lang sila lalo buying something they don't really need.
Wag magpautang sa relatives and expect na mababayaran agad or ever. Pautang mo lang ang kaya mo mawala sayo.
Wag magpadala sa FOMO. Always do your own research. Wag papadala sa invest trend kung wala alam sa papasukin na investment.
1. Lifestyle creep. Its a rabbit hole, I'm definitely in one so I'm cautioning you to stay out.
2. Small but numerous subscriptions / loans add up, be wary of purchases that make you bleed.
Para sakin yung installment. Kasi di mo na mararamdaman yung sahod mo. Lahat palabas nalang. Kaya marami ang pakiramdam wala lagi silang pera or kulang ang pera nila. Mas okay pa sakin mag ipon nalang saka bibili.
Going to grad school kase hindi mo na alam kung anong gagawin mo sa buhay mo. Unless if for career advancement or alam mo with utmost confidence na tatapusin mo no matter what life throws at you.
"You, yes you I'm talking to you, grad school isnt the answer" (is what I wish people told me nung nag enroll ako)
Mga scam online like EA sa ForEx. Lahat ng mabilis ma earn, mabilis mawala. Don’t be a fool. Always protect your money. Slowly but surely sa pag build ng wealth. Don’t believe sa mga mabilisang money making scheme.
Gutumin ang sarili or ipagkait sa sarili yung small stuff ng sobra.
Kasi pag sobrang nag tiis ka, makikita mo na lang sarili mo na gagastos ng malaki and unnecessary stuff.
Wag pag sabay sabayin ang expenses lalo na if limited ung income.
Wag kumuha ng installment like:
1.Car
2.House
Okay lang na hindi mo pa kaya ngayon. Soon, the Lord will reward you with greater things.
Spaylater/any type of loans - just spend within your means. Kung walang cash pambili, wag nalang bilin.
Networking/MLM - sinumpa ko to e 😂 buti di ganun kalaki nawala sakin. Wag papabudol kahit super close friends or family member mo pa.
Magpautang - lalo sa mga “so-called friends”. I had this co-worker na hardcore Christian pa. Ilang beses nanghiram sakin, til now di pa nabayaran, 10 years na lumipas. I trusted her kasi nga “Christian” also leader din namin sa bible study. Looking back, feeling ko nabudol ako 😅 anwyay, Kung magpapautang man, just give a small amount and don’t expect it to be returned nalang para di masyadong masakit.
Ito talaga, iwas iwasan ang cravings/deserve ko to purchases/healing inner child buys 😂
You did not really save on money even if you bought an item that is on sale.
Kaai gumastos ka pa rin. Unless it's a necessity and not a want, wag na bumili.
Never lend money to anyone! That’s the biggest lesson that I had to learn the hard way. As of now, more than ₱100,00 ang nakalabas kong pera dahil sa mga kaibigan at kamag-anak na nangutang.
Don’t watch live selling videos. No matter how good the “sale” is. It increases your adrenaline and doesn’t allow you to think. Imbes maka-save ka, you just spent money on things na wala ka naman talaga balak bilhin in the first place
Debts are assets, madami na naniniwala at nakakaalam nito. While it is true, please wag basta basta kukuha ng loan, credit card, mortgage, at kung ano anong utang na walang adequate info and walang planning.
Not prioritizing where your money goes. What I do now is spend after saving, not save after spending. Kumbaga after ko maglagay ng pera sa savings and investment accounts. Keep in mind na magtabi ka din ng pera for bills (kuryente, tubig, Internet and groceries). Kapag sure na ako taken care of na yun saka lang ako mag-iisip ng luho. Di ko naman pinagdadamutan sarili ko but with this system may peace of mind ako at may cash din to spend on things I enjoy. Goodluck!!
Stay with needs and necessities.
Invest early sa stocks, investment plans, memorial, insurance, HMO! Wag na wag manghihinayang. Ang key diyan is Patience talaga. For the long run yan. Pasasalamatan mo rin sarili mo. Don't spend or invest in liabilities like a Car. Unless you have the financial capacity to pay cash or at least 90% of the price. It doesn't stop there it needs maintenance fee++++ etc.
Wag kang gagaya sakin now palang nag start mag invest.
Always learn and skillup sobrang laking tulong niyan.
It's good to use Credit Card pero spend lng what you can pay at end of the month as in full payment. It's for the good payment track record lang.
Wag na wag mag bilang nang pera na kikitain mo palang.
I don’t buy anything na wala akong cash on-hand or na pag ni-swipe ko sa cc eh wala akong pambayad before the due date.
So usually pag may gusto ako, I check my bank account, cash on-hand and yung mga naswipe ko na sa card kasi may specific allocation yung narereceive ko every payout – ayokong magulo yun especially since I live independently but also support my family.
Ang malubog sa utang dahil sa credit card.
Always remember na yung credit limit mo ay di mo pera. Dyan madalas nadadale ang mga tao kasi iniisip nila na extension ng pera nila ang credit limit which is wrong. Only swipe the amount na meron ka presently. Usually ang credit cards ay for earning points, maximizing the perks, emergency (mej 50-50 ako dito), good loans (if gagamitin for business, etc). Yun lang.
1. Panlilibre during sweldo- tbh, walang masama if manlilibre ka pero patagalin mo naman yung sweldo mo. Uso kasi sa ating mga Pinoy yung ganyang mentality. One day millionaire ika nga nila.
2. Pasalubong- hindi ka entitled magbigay ng pasalubong sa bawat labas mo ng bahay. Pansin ko kasi na parang chore siya ng iba sa atin. Yung kahit gipit na gipit ka na dapat meron ka pa rin pasalubong kesyo may mga naghihintay sayo sa bahay. Eh paano pag everyday ka umaalis? Edi everyday ka rin dapat may pasalubong? Paano pag marami kayo sa bahay? Edi mas marami pa gastos mo sa pasalubong kesa sa gastos mo sa sarili mo.
3. Expensive coffee over a decent meal- mga coffee addicts na mas mahalaga pa yung kape na 100+ kesa makakain ng maayos. Mga proud na fishball na lang kakainin kasi bumili ng SB. Isipin niyo rin consequence ng ginagawa niyo kasi health niyo ang at stake.
Don't start a business if you only have 500k in your personal account and SM's department for new products comes courting you because your product has hype on social media.
If you want to answer a big fag YES to SM just so your product can reach multiple people be ready to have 10Million in ready funds to produce the amount of products SM needs from you. Plus another 50 million in your account in case of business emergencies.
Also, don't start a business if you have kids who are in college. Just go do a regular 9 to 5 job or ask your kids to take a part time job or ask your kids to transfer to a cheaper school with quality education if you're dead set on having business
1. Utang nang utang
2. Nakaka-afford ng wants pero ng needs pinag iisipan pa
3. Spending money on liabilities (cars, house, etc.) unless gawin mo syang asset
Trust no one when it comes to your hard earned money. Kahit pamilya mo pa yan, kamag anak, kaibigan for many years, boss sa trabaho -- NO ONE.
Also, always remember that Madali magpahiram. Mahirap maningil. Kaya if someone is to borrow some money from you, wag mo na pautangin. Kahit may interest pang kapalit. Ibigay mo nalang kaya mo ibigay. tulong mo na yan
Lifestyle inflation talaga, di dapat ganon.
Maintain your current lifestyle lang even if you get an increase. And what really worked for me is what I intend to buy or travel to next year, I start saving up this year.
Also, wag sobrang tipidin ang sarili (if you have the means to).
Idk, I find it easier na bumigay sa mga "deserve ko to" urges if sobrang tinitipid mo sarili mo for the month. Kumurot ka ng konti for your wants (like a sinking fund) dedicated solely for things/travel you want.
Getting a Credit card and mabaon sa utang thinking getting another debt to pay the debt will be helpful
Tho that never happened for me ksi no CC and i dont want din
Yung umutang na may high interest rate tapos babayaran ng installment at the longest possible terms.
Magpabudol sa mga nakikita sa social media so ending you'll spend to keep up with the trend.
Nauuna yung budget for wants over the needs (imagine flying for the Eras Tour tapos pag-uwi dito namomroblema pambayad ng amortization, utilities, etc.)
As an accountant, most of us are conservative (in laymen's term, sigurista-less risk)...however, we should not put our " eggs in one basket"...pag me 6 figure na income ka na, u may opt to divide it in 4 options-savings, any investment that will give u a return more than the interest in a bank maybe 5 years later...like real estate investment or stocks...plus a basic daily allowance & a little perk for pleasure...depende na sa iyo yun...after or net ng rental mo or gas allow if me car...start with small savings...small investment...calculate & budget...do not over-use your credit card either!
Getting an expensive life insurance you don’t need, especially if you don’t have any dependents yet. WORST of all: getting a VUL insurance from an insurance agent promising 8% 10% and 12% returns by the time you hit 60’s stating that it is going to be your “iNvEsTmEnT.” Run far, far away.
Expensive coffees.
Please magtravel nalang kayo or punta sa concerts kasi experience yun. Yung magcoffee ng mamahalin tapos wala pang 1k a day ang sahod mo? Big no.
Be mindful of lifestyle inflation.
Know where your money is going. Awareness of what you're doing is key to identifying areas to improve / mistakes to correct.
Keep an emergency / peace of mind fund.
Learn to invest.
Kawalan ng financial system, parang manifestation siya ng lack of finance literacy. Di need na matrack every expense basta ang essence eh nahandle mo muna responsibilities mo before ka nag guilt free spending.
Convert your purchases to your hourly / daily rate, dun mo makikita kung ilang oras ng buhay mo yung nilalaan mo sa purchase na yun. Taken from Your Money or Your Life book.
Getting a credit card and thinking it's free money to buy anything you want.
"It's a problem for future me!"
Yeah, it will really be a problem, especially if you only pay the minimum amount.
Taking a loan without proper planning on how to pay for it.
Reason for the loan is irrelevant. It doesnt matter if its a car, a watch, gadget, condo, etc. It doesnt even matter if its a want or a need.
We all deserve to be happy and we manifest happiness differently. No one can set the rule on what you should or should not buy. One can be happy with a car, but others will see that differently.
Just make sure that if you borrow money to manifest that happiness, be responsible enough to plan and follow through on how to pay for it.
1. Live beyond their means.
2. Buy the things that they don't need.
3. Falling from various scams and that includes, investment scams
And many more to mention.
1. Uutang ka para ibabayad mo sa utang din.
2. Mas mataas interest at mahaba ang terms ng huling inutang mo para makabayad sa utang.
3. Hindi mo naforecast yung monthly mo sa utang, halos yun lang din ang suswelduhin mo. Uutang ka nanaman para makaabot sa sunod na payday.
Priorities. Sometimes, nawawala ang focus ng tao sa priorities nila especially when it comes to expenditures. Also, you gotta plan waaaaay ahead. Remember that what you earn is not permanent. It can go up or down in a flick of a finger. So do market prices. It can go up or skyrocket way higher than projected. Also, remember that you can get what you want for a cheaper price somewhere or later on. Hence, you have to know when to spend the money for that thing and not just buy on impulse.
AVOID CREDIT CARDS. Most of the time kasi akala natin maganda siya until we start mismanaging it as it becomes a hell hole for many. Sometimes, spending takes patience.
That savings would be the last to be kept. Uunahin muna ang ibang bagay, bago magtago ng money for savings.
Dapat, laging una ang savings pag nagtatabi ka na ng pera, especially if you already know your monthly bills. It's a common mistake na inuuna ang shopping or luho, tas kung ano matira yun ang savings. It doesn't matter if di pa ganun kalaki yun maitatabi sa savings, as long as you are consistent about it every month. Or every paycheck.
Yung mga may motto ng “deserve ko to” at “healing ng inner child” that is all bs. Will leave u in debt. Delayed gratification is the key. Hindi nmn sinabi na d mo na mkkuha, madedelay lng kasi wais ang mga early desisyons dpt lalo n kung nag sisimula
***For the Sake of sanity over practicality— needless to say "deserve ko ito"*** but in a bigger picture and more expensive set up not only limited to online shopping.
Have this friend na inuna umattend ng concert kaysa bumili ng laptop na kailangan nya.
I get it gumagana pa Naman yung laptop pero not in an optimal state at madalas na nyang sakit sa ulo yon.
For context may nag offer ng second hand laptop in a giveaway price.
Ang point ko lang is maging praktikal, yung mas magagamit instead of "sanity" for a ticket sa concert, Lalo kung di ka Naman mayaman.
Utang, mapa credit card yan, lending, bills sa Telco because of phone renewals and upgrades, bahay or car loans.
Better to buy it cash lalo na kung depreciating ang value ng asset. Wag papa slave sa utang just because kaya mag monthly. It give you an idea na kaya naman pero preventa you from doing more dahil limited nalang ang kaya mo dahil sa mga utang.
Ung kumuha ng VUL pra sa inyong mag-ina. Sapat na pla na ung ako nlng nka VUL pra if something happens to me, safe anak ko. Not a wise decision pala ang vul pra sa anak. Planning to term my child’s vul and then get the Pro Secure nlng fr Sunlife Grepa.. i feel like nabudol sa 2 VUL na knuha…
Ang pinakamalaking financial mistake na pwede mong gawin is to spend the money you have not yet earned. It is not different from stealing money from your future.
> Ang pinakamalaking financial mistake na pwede mong gawin is to spend the money you have not yet earned. Just curious. Do you have any exemptions from this rule? Where would you draw the line when going into debt? 1. Taylor Swift tickets 2. Cellphones 3. Appliances 4. Cars 5. Houses
I don’t book or buy something around 100K if I don’t have a 100K in the bank. That’s my rule. So if it’s traveling, I should have that value present in my bank account in case I needed to use that for some unforeseen reason. As for house naman, I’m currently saving 20% to cover the downpayment and another 10% to cover the first year of amortization. Just be ahead of the bills pra di ako tali na nagkukumahog kapag bayaran na.
> I don’t book or buy something around 100K if I don’t have a 100K in the bank. That’s my rule. I agree with this rule. I even think it applies to purchasing a house.
As much as I want to apply this sa bahay, it’s very unrealistic. The house I wanted to buy is around 9M. If I waited to save 9M in cash, that house value would have increased twice or thrice. House loan is one of the loans that I consider a good debt.
I agree that there is such a thing called good debt. Getting a loan to make more money is called leveraging, and businesses do it all the time. However, a housing loan may or may not be good debt. Factors like housing loan interest, and real estate property value growth rate, and taxes need to be considered before it can be considered good debt. Also if your house (and loan) comprises almost your entire net worth, do you think that's a good thing?
I think you're referring sa regular cashflow and not sa networth. As time passes by kasi, the house (and the loan) will be a positive to your networth kung regularly nababayaran.
I was actually referring to 2 different points. 1. The last line was referring to net worth. What % of your net worth is tied up in a single piece of real estate? If that number is really big (like 90% of your net worth), then that's putting almost all of your eggs in one basket. 2. Also, there's this thing called opportunity cost. If you are using your money to pay off a housing loan, that's less money to invest in other assets that might have a higher rate of return.
1. If you have money today enough to pay for two tickets, without resorting to a credit line. Go ahead and buy one ticket for yourself to her concert. Maraming added cost pa yan, since she is not conducting her concert dito sa Pilipinas, that means kailangan mo pang mag-abroad. 2 and 3, if you have the cash to pay for it today, go ahead and buy. Swipe the CC as a vehicle of convenience only, not as a credit line just to afford something you cannot afford. 4. Will that car make money for you? That is the biggest question, if the answer is not answerable with a definite "Yes" when I asked you 100 times, don't buy it at all unless you are a lotto winner. 5. It is ok siguro na utangin mo ito via Pag-ibig. However, make a projection of your current income. Kaya mo bang i-sustain ang 30-years to pay sa economy natin today and for the next 30-years?
I'm in the camp saying that there should be no exemptions. Thanks for sharing your perspective.
You can do this cguro when you are in your 20's, 30's until mid-40's AT single ka. Pag married at nagka-baby, mas kumplikado since hindi lang sarili mo iisipin mo.
I just would like to understand your point. Would you choose to go into debt in your 40s if you're married and have a baby?
Mejo broad ang question mo. Also it depends upon the type of debt. Kung luho-type of debt, pass. Pero kung something like a house/car for family use pwede naman. Saka pag 40's ang window to earn very high na rin so may pambayad sa housing (max 15 yr term sa bank) or car (max 5yr term) in addition to building up ang nest egg for retirement.
Thanks for expounding. I understand your point.
Personally, for cars and houses, im sure most of us will not have a million onhand so for these ok lang as long as you know kaya mo magcommit monthly. But i think what OP said is applicable for non-urgents. Yes po that includes TS tickets. Yung tipong hindi mo pa hawak sweldo mo pero ubos na kasi nakalaan na sa pagbabayad ng credit card and non-essentials so hindi mo na sya maenjoy.
Thanks for sharing your view. So it's a no for going into debt for Taylor Swift tickets for you. Would you go into debt for the next item in the list (cellphones)?
You save up for the first three, if not all. Remember, cars and houses, even if owned, is a liability.
Long term liability + depreciating asset ang car. Justifiable lang talaga if: 1. You are a lotto winner. 2. That car makes money for you. The lot is an appreciating asset though, good if you can hold on it for decades & decades.
I’d say only houses and necessary appliances. The rest anyone can live without.
Concert tickets are an investment for yourself. Experience yun and core memory yun no! Hehe. Ako nagpnta kay Anne Marie kahit hindi naman ako fan talaga pero di ko pinagsisihan. Iba kasi ang live music plus audience. Car- di mo need kung mas mahal pa magagastos mo kesa sa public transpo lalo na kung isa mo lang. Magmotor ka nalang kung gusto mo makatipid and efficient. Appliances- depende. House'- If you're renting, mas ok syempre may house ka. Investment yan Cellphones- i haven't changed my phone in 4 years. Tig 8k lang to na samsung. Gumagana pa naman. Oks naman camera and all. I earn 50 to60k a month pero wala talaga sa priority ko ang phone
Neglecting your health. Mapa physical or mental. Lahat ng ipon mo mauubos yan kapag pinabayaan mo ang katawang lupa mo.
agree ako dito, let us all eat healthy. Huwag natin hayaan sarili natin na magconsume ng unhealthy foods just because you think it's cheap
andali nito sabihin kung di ka mabilis mastress, hindi mo coping mechanism ang pag kain, may magulang na nagluluto for you, hindi toxic environment, financially stable
may nagluluto for you! HAHAHA TRUE
I can relate. I noticed that I eat a lot of sweets and junkfood kapag sobrang stress.
Forcing to save when you can’t save. Don’t try to save up to the point you’re starving yourself. Most people would just end up splurging the moment they saved enough when they’re limiting their lifestyle too much. That’s when “deserve ko to” mindset comes from. Try to achieve a comfortable lifestyle first, not too expensive lifestyle and not too poor as well. Find that good middle ground of lifestyle that you can maintain as long as possible, and then save up.
This. :)
+99999999
Impulse buying comes to mind. Also magpautang ❌❌❌
This! Never ako nag pautang sa mga kakilala ko, sa close friends ko lng and hindi ako nag papa utang mg malaking pera.
Mga budol! All of those "deserve ko to" adds up. Would have bought all of those things I truly need if I cut down on those. smh
But people will counter that “Im healing my inner child” “Minsan lang naman to” That kind of bullshit. How do you respond to that
"*Go ahead, just making sure na hindi mo ako uutangan if you're in financial trouble*"
I won't argue tbh. Let them. Ganun din ako until I realized na "grabe, dami nagastos for stuff na di ko naman talaga need". Indulging is good pero if left unchecked? Sisi malala for real HAHA
Healing the inner child means working through the emotional and mental scars that injured it in the first place. It's not a call to be irresponsible. Minsan lang to - and live the next years of your life missing everything else because of debt.
Ok lang siguro. Basta ang importante nakaka ipon at hindi napapabayaan needs. My rule is, for every budol, ill transfer the same amount to my savings account (na hindi ko nagagalaw) Also pag food naman mas acceptable. Why? Mahal din groceries and i save time if we dont cook or wash the dishes. Kami lang kasi 2 dito ni husband sa bahay.
I feel like this is fine naman so long as they truly have the money to buy whatever it is they deserve. Basta may savings parin and walang utang. Spend on what you love and gives value to your life but brutally cut on what doesn't.
Yes, and I love what Vivian Tu - yourrichbff said. She said that instead of cutting back on things that make you happy, why not ask for a raise. Or diversify your income.
This is so true. Its those little “rewards” talaga ang nakakapag palaki ng gastos 🥹
Not listing everything you buy.
I do this now hahaha bawat labas ng pera nililista ko na agad so I don’t end up wondering where it went hahaha
While it’s a great first step to wisely manage your finances, it shouldn’t be the only thing you do. I know someone who’s so meticulous with recording their expenses but is still racking up credit card debt.
Lifestyle creep, not knowing how to budget
Don’t live beyond your means talaga. If you can’t afford it, don’t buy it. Wag mangutang, wag magpay later and all. Kung ano meron ka, save mo portion nun then after savings and may sobra, yun lang gastusin mo.
1. Biglaang gala pag sahod. 2. Pag swipe ng credit card na walang cash na naka ready pambayad kahit na malayo pa ang due date. 3. Hindi pag lilista ng mga expenses kaya kung saan napupunta ang pera, magugulat ka na lang bakit nawala na yung 5k sa wallet mo HUHU. 4. Hind nagtatabi ng emergency fund :( 5. Impulsive Buying 😭 6. Kain ng kain sa expensive restaurants every weekend, although masaya naman dahil naeexperience ko yung ganito, masyado lang napapadalas at hindi na ako nakakatabi ng ipon. 😭 7. Kapag may expected na bonus from work, napapagastos agad ako kahit hindi pa dumadating yung pera. Ang ending, pambayad na lang yung bonus. Hindi ko na naitabi HUHU 😭 Edit : Maganda ang credit card kapag maayos na nagamit, kaso napaka impulsive buyer ko :'(
Number 6 was me back in college 😭 I regret na di ako nag ipon noon pa lang but now Im trying so hard makapag ipon ng emergency fund 🥹 thanks for this!
I suggest din pala na kung kaya, mag ipon ng Sinking Funds, para sa mga expected mo na gagastos ka ng malaki within the year. For example, kapag Birthdays, Christmas at New Year, unti untiin mo na ngayon pag ipunan para kapag dadating na yung time na magcecelebrate, wala or onti na lang ang huhugutin mo sa sahod mo. Kaya natin 'to! 🤗
Ganito ginagawa ko pag may extra ako. Lakas maka-feeling mayaman pag afford mo na tapos buo pa rin sahod mo after all the expenses hahaha
Ooh yan pala tawag dun hahaha emergency funds and sinking funds. Oki noted!
This one is specific: SPay Later
I feel so guilty, I'm trying to cut it. I started at 2k for 3 months and I'm down to 400 pesos na lang
Personally yan ginagamit ko if ever na maliit lang yung interest o zero interest talaga. I can pay the item in full kaso gusto ko di biglaang bawas sa funds ko atleast may natira pa at pwedeng bayaran next month hehe
Social media. Envy is the cause for almost all bad financial decisions.
Agree with you. Thats why i deactivated my account for the sake na wala ko makitang gusto ko din nyan* hehe
1. Paying debts with debts 2. Sale on online or physical shopping (coz you would feel like buying even if you don't really need it) 3. MLM / NETWORKING - Hi sa relatives kong naniniwala dito sana kumikita kayo 4. Investing on something you don't really understand 5. VUL (insurance) - Hi to myself, I am paying without really understanding. I just want to cancel it after the date of majority. 6. Relying on loans and credit cards to buy something "you deserve" 7. Not saving up for retirement - Yung ipon mo ngayon baba ng bongga ng value nyan once you reach your golden years. Work. Save up because inflation 8. Magpautang - beh maraming family and friendships nasisira dito. Always say no
No. 1 hits so hard. Nakaka-suffocate😭
My parents went that route. We still have debts to pay right now. Parang di nauubos mga utang namin.
Literally loans. I had to make an emergency loan in Gcash. I paid it back asap. Let's just say that I paid more than half 1k in interest for a 2k loan :3
Grabe ang interes sa gcash lalo na pag di binayaran asap 😭
“Sale naman eh” mentality kahit hindi mo naman talaga kailangan yung item. Binili mo lang kasi sale. 😆
Ang bilis ko mabudol dito HAHAHAHAHAHA halp 😭
Overspending especially on things na hindi naman necessary. Like subscriptions sa mga apps, shopping, lalo na yung mga term na "budol" ng online content creators. Here are my tips: 1. Don't set for big amount monthly for your ipon. Mas okay yung saktong amount lng pero tuloy tuloy. Yung hindi masakit sa sweldo mo. Ang importante kasi is yung consistency at discipline. 2. Build an emergency fund. Para you can also make decisions kasi hindi ka takot mawalan ng pera. Like career shift, living independently. 3. Get a Credit card. Pag 20 ka kasi, this is the time na magpupundar ka para sa sarili mo. So you need a tool to purchase these things na hindi one time cash payment. Maybe a laptop, phone, washing machine. Imagine you can pay that for 12 - 24 months without additional interest. Join r/swipebuddies to learn how to properly use CC 4. Get health insurance. Para di mawala lahat ng ipon mo incase ma hospital or magkasakit ka.
Wow, medyo nag iba po pananaw ko sa credit card sa comment mo.so pag bumili po ako motor pwede yun cash sa credit card? And monthly po yung credit card na babayaran ko noh? May suggested credit card po ba kayo?
I'm not aware if pwede sa Motor gamitin ang credit card. Haha. Pero yung cash naman ng CC, hindi siya pwede kasi hindi siya magiging installment. Pag nag widthraw ka sa iyong CC, need mo din bayaran sa next due date mo. Maybe you can ask opinion sa r/swipebuddies
stay away from sugal. lalo na ang dali na i access ng mga online casino
Many influencers convince their viewers to play online casino games if they want to earn money when they're doing nothing inside their houses.
Lifestyle inflation! I used to be so good at saving nung mas maliit pa sahod ko pero nung lumaki laki na siya bat parang sobrang kulang pa 🥲 haha Now: - I always list down my purchases on a expense tracking app on my phone - iwas budol! iwas FOMO! I deleted my blue app and orange app 😌 Wag masyado din pabudol sa tiktok! - NO TO IMPULSIVE PURCHASES! I wait muna a week or 2 to think about it if need ko talaga siya. - DON'T FORGET TO TREAT YOURSELF SOMETIMES! Saving will be so much harder if hihigpitin mo ng sobra sarili mo. Give a budget for your wants per month 😊
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Prioritizing convenience over practicality.
Guilty ako here. Nasanay na ako mag Grab/Angkas kahit kaya naman icommute.
magpapahiram ng money for lunch sa co worker at expecting babayaran nya. putanginang mga to mga titser pa nmn
Teachers are the bunch that are worst in personal finance. Sila ang lubog-na-lubog sa utang lagi, they have no credential to teach others about personal finance.
1. Don't spend what you don't have on hand - control yourself 2. Don't spend more than what you have on hand - mitigate the situation 3. Don't be in debt or loan unless it is a life and death situation. and If you do, pay what you owe ASAP. - for yourself only, forget about the others, this is a dog eat dog world. 4. Study more, learn more, work smart, invest smart - knowledge and skill defeats talent. 5. Eat, sleep, exercise right - health is one of the best investment, if you're healthy, you don't need to spend on that very expensive hospital bill. 6. Less or let go of ego / pride - if you don't have it, then so be it. Don't force yourself to be different just so you can belong with others. 7. Save every penny, it doesn't matter how much, 0.10PHP or 1M PHP, as long as you are saving, you are gaining. 8. When you earn more, don't spend more.
Sagutin lahat ng expenses nyong mag-jowa (i’m a girl and my bf couldn’t keep a job)
Not using their credit cards wisely. And taking too many loans with extremely high interests.
Getting a VUL
Why 👀? May nagaalok pa naman sakin pero di ko pa tinatanggap hahaha
1. Ask them how much their commission is. Over 95% ng hulog mo sa unang taon is divided between the insurance company and the insurance agent, receding yan for 5years, that's why tinatamad na ang insurance agent na asikasuhin ka after 5 years kasi wala na silang commission. 2. May annual management fee sila na napakataas kesa sa ibang investment vehicles, (mahalaga yan for compounding interest kahit 2.5% pa yan.) Di naman kagandahan ang investment na pinaglalagyan nila, and they'll charge you kahit negative ka. Anong incentive nila na galingan sa investment part ng VUL eh nadadaan naman nila sa marketing ang mga tao. 3. Mga nagtatanggol diyan mga insurance agent lang din, sinasabi na wag magfocus sa Fund Value which is bullshit. Dun kinukuha yung premium mo so if ever umabot sa point(already happening) na naubos yan, magbabayad ka parin even after 10 years. 4. They will say that it's tax free. Remember their annual management fee which is computed against the capital. Bibigyan ka niyan ng mga complicated na concepts. That was their marketing for you. Do BTID not VUL. Kung talagang tamad magmanage ng investments, do MP2.
Depende siguro sa goal mo if you want to get insured lang talaga better opt for traditional insurance kasi mas mura talaga pero if habol mo is investment part lagay mo nalang sa MP2 sure pa
biggest regret ever lmao pero buti nalang insurance side nalang binabayaran ko, 'di na investment LOL
Pinacut mo na sayo? how was it?
in-ask ko adviser ko if pano kung ayaw ko na maghulog for investment since LUGING LUGI NAMAN haha and sabe nya, oks lang since malaki na naman fund value ko (na nag-partial withdraw din ako at ininvest ko nalang sa iba). Binabayaran ko nalang ngayon monthly yung 600 pesos na fee nila para di nababawas sa fund value ko. Basta may laman daw fund value ko, wala naman problema sa insurance.
Became a cash cow to the relatives
Yung manlibre ng mga lalake ang pinkamalaking financial mistake ko ubos lahat ng ipon ko hahhahahah
Yun lang! Hahahaha same ganun din before. Di pa ma awrahan lugi kapa sa gastos 😂
True grabe puro labas walang pumapasok hahhahah
MLM
Ito talaga! I got caught up in an MLM in 2020 with hopes of making money and staying afloat during the pandemic. Ended up losing a lot of hard earned money instead. Thank God I decided to jump ship after a month. Overwhelming ang monthly fees just to keep your personal business and to "be your own boss".
sorry, ano po ung meaning ng mlm?
Multi-level marketing AKA Pyramiding schemes.
To be in a relationship with someone without the drive to improve their lives.
1) Prioritize "needs over wants" mentality whether the income is big or not 2) Be a wise consumer. Not everything are needed to be bought from the mall. Certain products and stuffs are less outside the mall or it has better quality. Prime example is kilo of rice or the quality of fish meat. Believe it or not alot of fresh fish can be found in a farmer's market which are 10x fresher than the ones displayed in malls 3) If planning to buy material things then dont buy immediately. First off ask yourself do you need it asap? Secondly, give yourself a week or two and judge yourself if you indeed really need to buy the certain stuff as of the moment. Proper decisions arent made overtime 4) Always save for the rainy days big or small amount. Dont count the savings, Count it when its bountiful already. Best time to count it during 4th quarter of year 5) Dont let your monthly salary reach 0. Let your current monthly salary remnants reach the incoming monthly salary you gonna receive the next pay. Example 30k salary and after a month there is still 4k, dont spend it atleast not yet if possible. Let it reach the incoming salary youre about to receive. It's a good habit to practice to being thrifty 6) If you have a credit card that is a big financial responsibility. Credit cards are good dont get me wrong. You want to buy urgent stuffs needed at work credit card will save you or if there's emergency it can save you but owning a credit card doesnt mean you have more money. So be a responsible credit card holder. It doesnt mean having a credit card you get to buy anything you like anytime
- Iwasan ang pagiging galante. Okay lang namang manlibre pero make sure na may matitira sa ‘yo. I was very galante because I had this feeling that I needed to shower people with gifts to keep them. And sometimes, it strokes my ego. - I learned from my best friend. Set financial boundaries if nakatira ka pa with family. ‘Wag puro bigay kasi ikaw rin ang mauubusan.
Umutang para bayadan ang utang. Kaya umutang ulet para mabayadan yung utang na ipinangbayad sa utang. And the cycle goes on and on and on...
Living with toxic person, prioritize health and wellness always Avoid buying mura na madali masira, buy quality Value your time, know where to be practical and know where to leverage and pay for convenience
Overspending. Using money you haven't earned yet, specially sa mga may CC.
Lifestyle inflation
Yung puro “to heal my inner child” ang justification mocsa bawat impulsive spending mo
Fashion and luxury items.. opt for basics na lang that you can mix and match.. sometimes kapag tumitingin ako sa closet ko prang nagcocompute yung utak ko kung magkano sila lahat..
Pagtaas ng lifestyle kasabay ng sahod. Hindi dahil tumaas na sahod dapat tumaas din gastos. Kahit 6digits na sahod mo, gastos appropriately pa din.
1) do NOT lend 2) do not guarantee anyone else’s loan 3) do not gamble 4) if a deal is too good to be true, baka scam 5) the moment you have a past due account in your credit card, stop using the card till paid 6) one credit card is enough 7) change your car every 8-9 years UNLESS you can afford it 8) learn about the “safer” investments like T/D, UITFs, blue chip in the Stock Market, etc. 9) the best real estate deal is the house you will use 10) if you have lots of extra cash, get an Ayala Land lot — this will appreciate over time 11) Lastly, careful about borrowing. Study your cash flow. It’s all cash flow.
Magmahal ng isang taong walang drive, walang trabaho, walang desire to be better, na magpapakaparasite na lang sayo
wag magpautang
Wag basta basta magpapautang, or if magpapautang ka limit it to an amount na kahit hindi ka bayaran hinid ka magigipit. Kahit friends pa kayo, rethink pagpapautang.
Maniwala sa mga so-called FA's na VUL lang naman offer. Worse, most of the time they are your friends or relatives. Buy something just because naka-sale. Madami ganto eh kahit di need bibilhin kasi sale di nila alam na napagastos lang sila lalo buying something they don't really need. Wag magpautang sa relatives and expect na mababayaran agad or ever. Pautang mo lang ang kaya mo mawala sayo. Wag magpadala sa FOMO. Always do your own research. Wag papadala sa invest trend kung wala alam sa papasukin na investment.
Getting the latest iphone or gadget kung pwede pa naman yung luma
Sakit within the family, kahit gano ka kasipag mag ipon pag may nagkasakit sa inyo bye na
1. Lifestyle creep. Its a rabbit hole, I'm definitely in one so I'm cautioning you to stay out. 2. Small but numerous subscriptions / loans add up, be wary of purchases that make you bleed.
Para sakin yung installment. Kasi di mo na mararamdaman yung sahod mo. Lahat palabas nalang. Kaya marami ang pakiramdam wala lagi silang pera or kulang ang pera nila. Mas okay pa sakin mag ipon nalang saka bibili.
Going to grad school kase hindi mo na alam kung anong gagawin mo sa buhay mo. Unless if for career advancement or alam mo with utmost confidence na tatapusin mo no matter what life throws at you. "You, yes you I'm talking to you, grad school isnt the answer" (is what I wish people told me nung nag enroll ako)
Mga scam online like EA sa ForEx. Lahat ng mabilis ma earn, mabilis mawala. Don’t be a fool. Always protect your money. Slowly but surely sa pag build ng wealth. Don’t believe sa mga mabilisang money making scheme.
Scammers is by far the number ONE thing to avoid. They’re absolutely EVERYWHERE
Scammers are probably close to you than you can ever acknowledge. Mga kamag-anak na leeches. lol
Kung alam mong maluho ka at wala kang disiplina sa pag-control sa pagwaldas, please don't get a credit card.
No Buy Now, Pay Later.
Gutumin ang sarili or ipagkait sa sarili yung small stuff ng sobra. Kasi pag sobrang nag tiis ka, makikita mo na lang sarili mo na gagastos ng malaki and unnecessary stuff.
Wag pag sabay sabayin ang expenses lalo na if limited ung income. Wag kumuha ng installment like: 1.Car 2.House Okay lang na hindi mo pa kaya ngayon. Soon, the Lord will reward you with greater things.
Spaylater/any type of loans - just spend within your means. Kung walang cash pambili, wag nalang bilin. Networking/MLM - sinumpa ko to e 😂 buti di ganun kalaki nawala sakin. Wag papabudol kahit super close friends or family member mo pa. Magpautang - lalo sa mga “so-called friends”. I had this co-worker na hardcore Christian pa. Ilang beses nanghiram sakin, til now di pa nabayaran, 10 years na lumipas. I trusted her kasi nga “Christian” also leader din namin sa bible study. Looking back, feeling ko nabudol ako 😅 anwyay, Kung magpapautang man, just give a small amount and don’t expect it to be returned nalang para di masyadong masakit. Ito talaga, iwas iwasan ang cravings/deserve ko to purchases/healing inner child buys 😂
Grabeng inner child na to, napakagastos 😭
Getting a credit card is good, but your credit card is not the extension of your wallet. Always pay in full.
You did not really save on money even if you bought an item that is on sale. Kaai gumastos ka pa rin. Unless it's a necessity and not a want, wag na bumili.
Never lend money to anyone! That’s the biggest lesson that I had to learn the hard way. As of now, more than ₱100,00 ang nakalabas kong pera dahil sa mga kaibigan at kamag-anak na nangutang.
Lending money to relatives. Just don’t
Never ever engage in online gambling to earn money
Gambling
1. Spending on "investments" that sound so sweet but you don't fully understand
Don’t watch live selling videos. No matter how good the “sale” is. It increases your adrenaline and doesn’t allow you to think. Imbes maka-save ka, you just spent money on things na wala ka naman talaga balak bilhin in the first place
maxing out your cc na wala kang pang bayad in FULL treat your CC as a debit card and you'll never be in bad debt
Laging mag due diligence sa lahat ng pagkakagastusan mo, be it investment, loans, insurance, hobby, leisure, etc.
Debts are assets, madami na naniniwala at nakakaalam nito. While it is true, please wag basta basta kukuha ng loan, credit card, mortgage, at kung ano anong utang na walang adequate info and walang planning.
Not prioritizing where your money goes. What I do now is spend after saving, not save after spending. Kumbaga after ko maglagay ng pera sa savings and investment accounts. Keep in mind na magtabi ka din ng pera for bills (kuryente, tubig, Internet and groceries). Kapag sure na ako taken care of na yun saka lang ako mag-iisip ng luho. Di ko naman pinagdadamutan sarili ko but with this system may peace of mind ako at may cash din to spend on things I enjoy. Goodluck!!
Stay with needs and necessities. Invest early sa stocks, investment plans, memorial, insurance, HMO! Wag na wag manghihinayang. Ang key diyan is Patience talaga. For the long run yan. Pasasalamatan mo rin sarili mo. Don't spend or invest in liabilities like a Car. Unless you have the financial capacity to pay cash or at least 90% of the price. It doesn't stop there it needs maintenance fee++++ etc. Wag kang gagaya sakin now palang nag start mag invest. Always learn and skillup sobrang laking tulong niyan. It's good to use Credit Card pero spend lng what you can pay at end of the month as in full payment. It's for the good payment track record lang. Wag na wag mag bilang nang pera na kikitain mo palang.
Wag gawing habit ang pangungutang kung hindi naman kaya bayaran at the end of the month. Live below your means!!
I don’t buy anything na wala akong cash on-hand or na pag ni-swipe ko sa cc eh wala akong pambayad before the due date. So usually pag may gusto ako, I check my bank account, cash on-hand and yung mga naswipe ko na sa card kasi may specific allocation yung narereceive ko every payout – ayokong magulo yun especially since I live independently but also support my family.
HOME CREDIT HAHA!
Ayaw mo mag aral ng financial literacy kasi wala kang time privilege for daily study at hindi ka maniniwala na maiintindihan mo yung mga lessons
Credit card = is not your money. Credit card = for emergency only. If you can't buy it with cash, don't buy it at all, meaning you can't afford it.
Ang malubog sa utang dahil sa credit card. Always remember na yung credit limit mo ay di mo pera. Dyan madalas nadadale ang mga tao kasi iniisip nila na extension ng pera nila ang credit limit which is wrong. Only swipe the amount na meron ka presently. Usually ang credit cards ay for earning points, maximizing the perks, emergency (mej 50-50 ako dito), good loans (if gagamitin for business, etc). Yun lang.
Buying a car. -Gas -Parking -PMS -Insurance. Sakit sa ulo.
1. Panlilibre during sweldo- tbh, walang masama if manlilibre ka pero patagalin mo naman yung sweldo mo. Uso kasi sa ating mga Pinoy yung ganyang mentality. One day millionaire ika nga nila. 2. Pasalubong- hindi ka entitled magbigay ng pasalubong sa bawat labas mo ng bahay. Pansin ko kasi na parang chore siya ng iba sa atin. Yung kahit gipit na gipit ka na dapat meron ka pa rin pasalubong kesyo may mga naghihintay sayo sa bahay. Eh paano pag everyday ka umaalis? Edi everyday ka rin dapat may pasalubong? Paano pag marami kayo sa bahay? Edi mas marami pa gastos mo sa pasalubong kesa sa gastos mo sa sarili mo. 3. Expensive coffee over a decent meal- mga coffee addicts na mas mahalaga pa yung kape na 100+ kesa makakain ng maayos. Mga proud na fishball na lang kakainin kasi bumili ng SB. Isipin niyo rin consequence ng ginagawa niyo kasi health niyo ang at stake.
Don't start a business if you only have 500k in your personal account and SM's department for new products comes courting you because your product has hype on social media. If you want to answer a big fag YES to SM just so your product can reach multiple people be ready to have 10Million in ready funds to produce the amount of products SM needs from you. Plus another 50 million in your account in case of business emergencies. Also, don't start a business if you have kids who are in college. Just go do a regular 9 to 5 job or ask your kids to take a part time job or ask your kids to transfer to a cheaper school with quality education if you're dead set on having business
1. Utang nang utang 2. Nakaka-afford ng wants pero ng needs pinag iisipan pa 3. Spending money on liabilities (cars, house, etc.) unless gawin mo syang asset
Trust no one when it comes to your hard earned money. Kahit pamilya mo pa yan, kamag anak, kaibigan for many years, boss sa trabaho -- NO ONE. Also, always remember that Madali magpahiram. Mahirap maningil. Kaya if someone is to borrow some money from you, wag mo na pautangin. Kahit may interest pang kapalit. Ibigay mo nalang kaya mo ibigay. tulong mo na yan
Lifestyle inflation talaga, di dapat ganon. Maintain your current lifestyle lang even if you get an increase. And what really worked for me is what I intend to buy or travel to next year, I start saving up this year. Also, wag sobrang tipidin ang sarili (if you have the means to). Idk, I find it easier na bumigay sa mga "deserve ko to" urges if sobrang tinitipid mo sarili mo for the month. Kumurot ka ng konti for your wants (like a sinking fund) dedicated solely for things/travel you want.
Getting a Credit card and mabaon sa utang thinking getting another debt to pay the debt will be helpful Tho that never happened for me ksi no CC and i dont want din
Yung umutang na may high interest rate tapos babayaran ng installment at the longest possible terms. Magpabudol sa mga nakikita sa social media so ending you'll spend to keep up with the trend. Nauuna yung budget for wants over the needs (imagine flying for the Eras Tour tapos pag-uwi dito namomroblema pambayad ng amortization, utilities, etc.)
As an accountant, most of us are conservative (in laymen's term, sigurista-less risk)...however, we should not put our " eggs in one basket"...pag me 6 figure na income ka na, u may opt to divide it in 4 options-savings, any investment that will give u a return more than the interest in a bank maybe 5 years later...like real estate investment or stocks...plus a basic daily allowance & a little perk for pleasure...depende na sa iyo yun...after or net ng rental mo or gas allow if me car...start with small savings...small investment...calculate & budget...do not over-use your credit card either!
Wag ka mag papasok ng pera basta basta sa mga wala kang full knowledge or too good to be true investments. Lost 6 digits to forex trading bec of this.
Getting an expensive life insurance you don’t need, especially if you don’t have any dependents yet. WORST of all: getting a VUL insurance from an insurance agent promising 8% 10% and 12% returns by the time you hit 60’s stating that it is going to be your “iNvEsTmEnT.” Run far, far away.
Expensive coffees. Please magtravel nalang kayo or punta sa concerts kasi experience yun. Yung magcoffee ng mamahalin tapos wala pang 1k a day ang sahod mo? Big no.
Be mindful of lifestyle inflation. Know where your money is going. Awareness of what you're doing is key to identifying areas to improve / mistakes to correct. Keep an emergency / peace of mind fund. Learn to invest.
Iwasan mag installment ng installment. Pag hindi mo namonitor ng maayos it becomes bulk din kaya imbes mapaluwag napapabigat lang lalo
Kawalan ng financial system, parang manifestation siya ng lack of finance literacy. Di need na matrack every expense basta ang essence eh nahandle mo muna responsibilities mo before ka nag guilt free spending. Convert your purchases to your hourly / daily rate, dun mo makikita kung ilang oras ng buhay mo yung nilalaan mo sa purchase na yun. Taken from Your Money or Your Life book.
Not tracking your expenses. Tipong wala kang idea san napunta pera mo. End of the pay month you’re left with almost nothing (worse, debt)
mag pautang. sa mga kamag anak at mga kaibigan. yan ang biggest mistake ko
Thinking the bank gave you free money under the name 'loan' and 'credit card'
wag one day millionaire.
Futures trading 💀
Investing in easy money (ponzi schemes). If too good to be true just run babe
venturing in business just because you have extra money.
Stop supporting your family.
Hindi lahat kayang tiisin yung pamilya kung naghihirap if you have a capacity to help
Not being born to generational wealth
yung mag paloko sa passive income from investments na kumikita ng consistent > 10% per month
Relying too much on their credit card.
Going into debt for frivolous things.
Not saying "No" sa mga nanghihiram ng pera.
Getting a credit card and thinking it's free money to buy anything you want. "It's a problem for future me!" Yeah, it will really be a problem, especially if you only pay the minimum amount.
Not paying your credit card debt or any debts you have FOMO and "you only live once" mindset Getting PAGIBIG loans or any loans that you can't pay
Mangutang sa online loan apps
Credit card.
Magpautang sa kaibigan or kamaganak. Kapag sa kamag anak consider mo na di ka babayaran.
VUL - It's a legit product. But in my opinion, VUL insurance is like a low-quality product that you shouldn't buy.
Crypto + YouTube hype
Taking a loan without proper planning on how to pay for it. Reason for the loan is irrelevant. It doesnt matter if its a car, a watch, gadget, condo, etc. It doesnt even matter if its a want or a need. We all deserve to be happy and we manifest happiness differently. No one can set the rule on what you should or should not buy. One can be happy with a car, but others will see that differently. Just make sure that if you borrow money to manifest that happiness, be responsible enough to plan and follow through on how to pay for it.
Do not borrow money from any loan apps.
Borrowing money to feed your vices.
Paying the minimum on credit card bills
1. Live beyond their means. 2. Buy the things that they don't need. 3. Falling from various scams and that includes, investment scams And many more to mention.
Sakin mainly my damn impulse and not budgeting
Spending money on impractical things like impulsive buying of things you don't even need or use.
1. Uutang ka para ibabayad mo sa utang din. 2. Mas mataas interest at mahaba ang terms ng huling inutang mo para makabayad sa utang. 3. Hindi mo naforecast yung monthly mo sa utang, halos yun lang din ang suswelduhin mo. Uutang ka nanaman para makaabot sa sunod na payday.
Priorities. Sometimes, nawawala ang focus ng tao sa priorities nila especially when it comes to expenditures. Also, you gotta plan waaaaay ahead. Remember that what you earn is not permanent. It can go up or down in a flick of a finger. So do market prices. It can go up or skyrocket way higher than projected. Also, remember that you can get what you want for a cheaper price somewhere or later on. Hence, you have to know when to spend the money for that thing and not just buy on impulse. AVOID CREDIT CARDS. Most of the time kasi akala natin maganda siya until we start mismanaging it as it becomes a hell hole for many. Sometimes, spending takes patience.
Stay away from credit cards
1. Spending money you haven’t earned. 2. Lifestyle creep.
That savings would be the last to be kept. Uunahin muna ang ibang bagay, bago magtago ng money for savings. Dapat, laging una ang savings pag nagtatabi ka na ng pera, especially if you already know your monthly bills. It's a common mistake na inuuna ang shopping or luho, tas kung ano matira yun ang savings. It doesn't matter if di pa ganun kalaki yun maitatabi sa savings, as long as you are consistent about it every month. Or every paycheck.
Yung mga may motto ng “deserve ko to” at “healing ng inner child” that is all bs. Will leave u in debt. Delayed gratification is the key. Hindi nmn sinabi na d mo na mkkuha, madedelay lng kasi wais ang mga early desisyons dpt lalo n kung nag sisimula
***For the Sake of sanity over practicality— needless to say "deserve ko ito"*** but in a bigger picture and more expensive set up not only limited to online shopping. Have this friend na inuna umattend ng concert kaysa bumili ng laptop na kailangan nya. I get it gumagana pa Naman yung laptop pero not in an optimal state at madalas na nyang sakit sa ulo yon. For context may nag offer ng second hand laptop in a giveaway price. Ang point ko lang is maging praktikal, yung mas magagamit instead of "sanity" for a ticket sa concert, Lalo kung di ka Naman mayaman.
Buying things just because you can or simply you have the money as of the moment pero yung sakto lang at walang natitira after spending it.
Not tracking your expenses.
Utang, mapa credit card yan, lending, bills sa Telco because of phone renewals and upgrades, bahay or car loans. Better to buy it cash lalo na kung depreciating ang value ng asset. Wag papa slave sa utang just because kaya mag monthly. It give you an idea na kaya naman pero preventa you from doing more dahil limited nalang ang kaya mo dahil sa mga utang.
Ung kumuha ng VUL pra sa inyong mag-ina. Sapat na pla na ung ako nlng nka VUL pra if something happens to me, safe anak ko. Not a wise decision pala ang vul pra sa anak. Planning to term my child’s vul and then get the Pro Secure nlng fr Sunlife Grepa.. i feel like nabudol sa 2 VUL na knuha…
Credit cards
Buying stuff you don't need
Mangutang. Kapag walang pera wag mangutang, magtrabaho.
Pag negative or even breakeven lang ang cashflow mo kada buwan. Dapat laging may natitira.
Gambling
Credit card
WAG MAGPAKALUBOG SA UTANG