Why most Filipinos do not get rich?

There goes your money. But hey, it's only few days after payday and yet you are almost out of cash again. Most of us have already paid our utility bills - electricity, water, internet connection and postpaid plans and our credit card bills. And I believe this goes to almost every employees like me and might be one of the reasons why only a few Filipino get out of the rat race. Personally I believe that it is more of Psychological reasons why Filipinos do not get rich. Most of us have low financial literacy and a lot have different perspective on what's the real purpose of money and why it is important to know how to manage it properly. I have compiled some answers on why most of our kababayan do not get rich. This is a summarized version of a thread from PinoyExchange.com found here. Here are some personally picked reasons on 'Why most Filipinos do not get rich' 1. Because of too much debt 2. Because of the tendency to spend more when you earn more 3. Because of vices such as gambling and alcoholism 4. Mentality of Saving = getting wealthy 5. Lack of income 6. Poor spending habits 7. Lack of patience 8. Hopelessness 9. Low financial IQ 10. No investments or even savings 11. Too much starbucks 12. Mismanaged finances 13. Having an attitude of 'one day millioaire' 14. Too afraid to take actions 15. Low aspiration 16. Tendency to rely on OFW relatives 17. Too much love of new gadgets 18. 'Short term gain but long term loss' mindset 19. We don't dig information 20. The habit of 'Pleasure now, pain later' 21. Most do not want to be rich 22. Because we consider ourselves poor 23. Too many credit cards but no invesments 24. Excessive spending on vacations

Mark Hugh Neri

Read more posts by this author.

Subscribe to Money Gizmo

Get the latest posts delivered right to your inbox.

or subscribe via RSS with Feedly!