“Nothing beats paying yourself first, saving money consistently every month, living simply, getting out of debt even if it means no new clothes for a year, and burning the midnight oil learning about bonds, warrants and stocks, among others”

I like this line.

Great advise. You just said in one paragraph the real secret to becoming financially free. Our country needs to start living consciously and learn more about personal finance.

I hope to read more articles like this here. Thanks!

that’s true. always use the time-tested way to protect your future…save.

I agree with nina, that paragraph summarizes everything we need to do during such financially challenging times.

I hate scammers and those multi-level marketers who force their business on you. To earn a lot of money you either have to invest your own money, time, or both. “Get rich quick” schemes only makes scammers rich, not you.

the old proven way is king! too many people are looking for a shortcut

Unfortunately, while saving is indeed the path to financial discipline and a precursor to financial security, formalized financial education is seriously lacking at all levels.
Furthermore, the country’s antiquated investment laws and subpar financial service industry infrastructure and product offerings compound the situation.

Unfortunately, the unabated and rapidly rising global recessionary and inflationary pressures will only exacerbate the localized issues.
God Bless us all.

i think it’s a mistaken belief that you can get rich just by saving (your money in a bank that is)… you have to be making a lot of money from your job to save enough when you retire… inflation always beats bank interest rates… save and while you’re at it study how to invest what you are saving and when you have enough money put it in your investment of choice…

Our school children should be taught the virtue of saving at an early age. But with most of our public, or even private, school teachers discussing with each other how and where they can borrow money next, what will the students learn.

Just like any “good” task at hand, there’s a big difference between knowing whats right, and doing what’s necessary. The former is a requisite of the latter, but is useless without the action. Many people knew these are tough times and the only way is to live frugally inorder to survive. But only one out of ten Filipinos actually do that!

I hate scammers but I can only blame myself if I fell on to their schemes. Ignorance is not an excuse!

YES! The groceries are feeding on our financial desperation! shocked to see the prices go up just a week or so after our last visit…esp the cooking oil which is a basic commodity ..can DTI put a control on the basic items? dami dami coconut sa atin pati cooking oil ang mahal! eh, puro may gisa pa naman ang luto ng Pinoy…

@omski, i agree about the groceries i was thinking the same thing after a trip to Landmark the other night. If government were to compute inflation for Landmark and SM, I wonder what the figure would be like.