Browsing the internet, I was shocked to learn that half of the money in the Philippines is in the hands of a very few.
According to CNN Philippines that last 2014, the income of the Top 50 Richest Filipinos is $8.45 billion. That’s equivalent of 51% of entire Philippine GDP growth. In other words, half of the money in the Philippines is indeed in the hands of 50 people.
Here’s the statistics according to ABS-CBN News Channel (ANC) show “On The Money” for 60 year old Filipinos:
- 63% has no saving and no money at all. They will be dependent with their family until they die.
- 27% will be dead
- 5% of them will continue to work
- 4% will be financially independent who can spend out their retirement fund to live out
- 1% will be wealthy
It means that only 5% are truly financially rich. Most of the 104 million Filipinos will be living in day to day earnings.
Looking back to the Top 50 people in list of richest Filipinos, they have one thing in common – they all have businesses. Unlike most of us, these people know how to handle money. They know how to take risk. They take actions in every opportunity that comes before them.
But how can we start our own business just like these rich people? The most common perception is that starting a business requires millions of pesos to get started in a franchising business like putting up Mc Donalds, Jolibee, etc. We did not realize early in life that there is something we can do other than shooting at the big capital at once. There is no elevator for success, only stair that you have to step one at a time to move up.
Very few of us thought that the process to earn more income is by growing ourselves. We haven’t thought about the idea that the money received by a person is in proportion of the value he can bring to the market. Let me explain briefly. A good example is that two childhood friends went to the same school from elementary to college. They earned the same degree, started to work in the same company, but the first one is earning twice as much as the second person. Why? It’s the value that the other person brings to the company that made him earn more than the pay of his friend.
We also did not think that we can make our money grow into substantial amount if we put it to work for us by investing in a business or financial instruments. With the knowledge and experience we acquire from doing this simple thing to make our money grow, we can move to bigger opportunities, thus, making us financially free.
Most of us spend more money than that we earn from our jobs. Very few of us follow the philosophy of the rich to “pay yourself first.” Paying yourself first means that you have to save money for your business or investment before the expenses of your household.
Most of us did not thought about running a part time business that we can work with during our free time like evenings, weekends and holidays. We tend to spend those precious time to non-productive activities rather than to invest it for our future. The time we spend for our part time business can bring change to our lifestyle.
I myself realized these things too late. I thought that I can catch up later on in my life to earn more. I never thought that starting early is the best move to make. The earlier you get started to creating your financial freedom, the earlier you will enjoy the benefits of your sacrifices.
So how can I get out of poverty? Rather than becoming one of the 63% Filipinos who will reach 60 years old to be dependent on their children to live, I started building my retirement fund where my first goal is to reach my first million pesos this year. The two reasons why we are able to have money to invest are by making sure the we pay ourselves first, and by adding a part time online business where most of the earnings will be put to our retirement fund.
I’d be happy to share the idea how I do these two things to you. I promise to share you an idea where you can acquire knowledge how to start a part time online business. The information you can learn may change the direction of you life. That is, if you take action.
Kaya kung talagang interested to know how I am doing my financial recovery and get out of poverty, puntahan mo na itong link na ito para ma-download mo ang free e-book ko na How To Become Millionaire Doing Part Time Business.
Here’s to your success!