5 Common Financial Mistakes of Filipinos Part 1

Image by Alexa from Pixabay

When I asked my Facebook friends what they want me to write about, two of the seven who commented mentioned financial literacy. I’ve been meaning to write about this important topic but I kept delaying since I feel like I’m not qualified for it.

I don’t have insurance or hefty savings. I don’t have investments in real estate, stocks, or crypto. So I will not be writing about any of those. Instead, I will be writing based on my observations of myself and other Filipinos.

Here are five possible reasons why we’re not reaching our financial goals:

1. Not talking enough about money

Talking about money almost seems like a taboo, it’s not something widely discussed at home, school, or social gatherings. This is hurting us since money is an important aspect of our lives. Talking about it will give us learning opportunities on how to manage and handle our finances.

2. Getting into bad debts

Don’t borrow money for something that will be dormant. This is one of my grandmother’s teachings to me. She said the very first time she loaned money was for a water pump for her farm. She needed the money for business, not pleasure. Her wisdom is similar to the teachings of modern financial coaches saying that debts…