Frugality: the Filipino-Chinese Secret

By: Charles Amoroso

In my life I had always admired Filipino-Chinese because they live in SIMPLICITY no wonder they are part of the upper 5 % of the population who controls about 95% of the wealth in the Philippines. If you observed them they are very THRIFTY and do not indulge themselves in new cell phones, new cars and new clothes and does even eat in fancy restaurants.

Just to illustrate my point: one owner of a bank where I work uses a second hand car (Mercedes Benz 90’s model) I was stunned by what I saw but it’s not new to me, way back in College I had this professor who wore a faded jeans a simple white shirt who doesn’t look rich in anyway but believe me he is filthy rich he owns many businesses (lotto outlet, OTB, restaurants, water stations, apartments and a mining company) mind you he prefer to ride a jeepney considering he owns 3 ford explorer.

Many of these Filipino-Chinese are not rich when they came to the Philippines, the reason they came to our country is to escape poverty in China. After 50 years look at them now, they are ICONS of the next generations; they are the shakers and movers of the Philippine economy.

If there is one secret of there success it is FRUGALITY they live below there means and INVEST there money in Investment vehicles and other Investment Opportunities that will make there money work for them. In layman’s term they BUY ASSETS not LIABILITIES.

Actually it’s not new to most people that if you want to be RICH you must accumulate ASSETS and dispose of your LIABILITIES but unfortunately most people do the opposite but if you ask them what do you want to become? Most of them will answer I want to be RICH! But how can someone who spends everything before they even get a paycheck be rich?? I pity those people because they are just DAYDREAMING.

I’m not saying those things to insult those people but to AWAKEN them to REALITY that you must be FRUGAL and LEARN to INVEST your money in order to ACCOMPLISH what you want to BECOME.