How Do You Determine The Rich?

Today I have returned the collateral of my friend’s credit – a PlayStation Portable. I was able to lend her some money last month since her cousin needed emergency money that time with a small interest. While waiting for her, I got hungry and went to the nearest fast food restaurant I can see – Jollibee. As I eat my lunch, which is Beef and Mushroom meal, a question crossed my mind – “to what social class does people who ate in a fast food restaurant belong?” [impt text="Social Class of Filipinos"] According to a blog post from Pinoy Money Talk, in 2010, you can classify the social class of Filipinos by the following categories: Rich people (the upper class) are indeed a rarity, with rich families numbering only 20,000 or 0.1% of the total 17.4 million families in the country earns average of P199,927 a month. The middle class, on the other hand, earns an average of P36,934 per month. The low income class earns an average of P9,061 per month. [panel-image src=""] [impt text="Who are the rich ones?"] Going back to the fast-food restaurant, there were employees, students, couples, friends, etc eating at that moment. Who among them belong to the upper and middle class and who came from the low income class? From one perspective you can say that those who are well-dressed belong from the upper part of the society and those who wear ragged jeans and shirts belong to the not-so-upper class.Most of us believe in this concept – having branded clothes represents richness. But, according to some books and articles I’ve read, the real rich people doesn’t even find wearing luxurious clothing as necessity. They seldom wear branded shirts and jeans and dress. You won’t even recognize that you’re already looking at a multi-millionaire. On the other hand, those people who wear expensive brands are often those people who belong to the low income class. The bad thing is – they sometimes use credit to buy luxury. They thought that buying such things can give them the right to say that they are living in convenience. Not limited to their clothing but also in the cars, gadgets and even the lifestyle that they have.[divider] So, next time you see a luxury car or expensive bags, or the latest gadgets or the overpriced branded shirts and jeans, ask this first: “Is he/she rich or just feeling-rich?”

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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