Back in 2004, Christian Tongol won P82 million in the lottery. Just six years later, though, it seems that his luck has run out--and so has his money, reports Spot.PH. Though, upon winning, the Pampanga resident was able to buy multiple properties and cars and set up several business ventures, a series of unfortunate events have left him strapped for cash. Now, Tongol reports that his family's earnings don't always cover their daily needs.It's nice to dream about what you would do if you won the lottery, but while such an event changes lives, this doesn't always mean that the winners are set for life, as Tongol's example proves.
What happened here? Of course, it's easy to say that money is often spent unwisely when it comes too quickly or easily, but the truth is that this is not a trait reserved only for prizewinners. Check out our list of 5 common money mistakes made by Pinoys and see if you're guilty of committing these. Read on for tips on nipping your excessive spending in the bud.
1. UTANG NA LOOB
This uniquely Pinoy trait is a basically good attribute. It means acknowledging and being grateful for all the help you've received on your way to success, but in excess, it can hold you down. Let's say a friend helped you get out by lending you some money when you were in need of some cash and you paid him/her back as soon as you were able to. Leave it at that and move on. You don't automatically become responsible for paying for every meal or movie when you go out.
2. CARPE DIEM
Seizing the day too often can give your bank account a major heart attack. Sure it's good to live in the now and take advantage of sales when they happen, but if your love for a bargain takes precedence over the necessity of saving, you just might be left stranded when a rainy day comes. Stop thinking that the deal is "just too good to pass up," most of the time you should do just that.
3. PAKITANG-GILAS MENTALITY
It's easy to fall into the trap of having to own the latest and newest so you can impress people into thinking that you've made it. But the thing about thinking that way is that you constantly have to top your last big-ticket purchase with the next one. Remember, you don't have to show off. It's better to invest your money into something that will earn more money than spending it in one big go.
4. YABANG
As they say, pride goeth before a fall, and this applies to money as it does to other things in life. Refusing to admit that you can't afford something for fear of losing face in front of company is about the worst thing you can do when you're trying to build your savings. This can cause people to throw money into an unprofitable venture or area of their lives rather than cutting their losses in favor of personal economy.
5. TULONG SA KAPWA
Another normally good Pinoy trait that, when done in excess, will do you in. Helping others is a wonderful thing, and that feeling you get inside really does give you a glow that can't be faked. But giving to the point of financial exhaustion isn't just bad for your finances, it's crazy! Give back, but make sure that you don't give more than you can afford to, and when strapped for cash, you can give back in ways that are more meaningful than just giving handouts--by donating your time and efforts to a worthy cause.
Having disposable income is a luxury, but having money to burn is no excuse to spend it all in one go. Pace yourself, and try to rein in the spending monster that just begs to be let loose the moment you set foot in a mall. Moderation is the key to everything; give yourself a treat here and there, but remember to save.
(Photo courtesy of Flickr Creative Commons)
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