Why do you think a lot for Filipinos do not become wealthy? Is it just because their income is not enough and they can’t find other way to earn money? Is it just because they cannot find legitimate investments? Is it just because their families depend too much from them financially?
For discussion purposes, we will use the definition of wealth as: valuable economic resources that can be measured in terms of either real goods or money value.
Use the slider below to find out more about the reasons why a lot of Filipinos do not become wealthy and some tips how to overcome them.
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1. Wealth Never Occurred to Them
a. They have never known anyone in the family who is wealthy.
b. There’s no one in their social circle and role models who is wealthy.
c. They grew as a mature person who have never associated with people who are wealthy.
2. They Never Decide to be Wealthy
a. They never decide to do the “first step” to be wealthy
b. They do not commit to plan and try something different to be wealthy
c. They think they will be ok like anyone else in the family
3. They Keep Delaying
a. They always have reasons to procrastinate
b. Procrastination will push all their target date into the indefinite future
c. They always put off their dreams until it’s too late
4. They are Unable to Delay Gratification
a. They buy things on impulse
b. They have irresistible temptation to spend all their money
c. They are not bothered spending money even if it is borrowed or on credit to buy things they don’t even need
5. They Lack Time Perspective
a. They don’t know where they are now financially
b. They don’t know how much they need for the future, like for their dream house or retirement
c. They think that they have more than enough time to prepare for their future
Note: This is a contextualized version of Brian Tracy’s 5 Reasons Why Most Don’t Become Wealthy, December 2011