In this time of crisis

My kumare and I have been exchanging thoughts and rants these past days over what’s going on in our economy right now. In the company she works with they were asked to take 2 days forced leave due to cost cutting measures implemented by the management which is really sad because it’s a “no work no pay” policy.

Ours is a different case, we do not have forced leave, but our yearly salary increase was aborted. Sigh..And another bad news is that the school where my daughter studies already sent notice last week informing  us that there will be an increase in tuition and miscellaneous fees this coming school year. OMG!

Well, in this time of financial crisis there’s nothing we can do but to  follow what our grandparents had been telling or teaching us on saving and spending. Just in time, I read this article at MoneySense magazine: “Save, spend, and invest, the Chinese-Ilocano Way” . Let me share this interview with Melvin Jao Esteban by Linda Cruz.  Here it goes:

If you have to spend, spend. What you can save, save. “That is what my mom tells us. She says, “One of the best things for you to be able to handle money well is to know how hard it is for you to make it.” And we know this by heart.”

What you do not see, you do not spend. “My credit card is attached to my checking account where my salary comes in. Once in, it automatically pays my credit card.”

Go auto-mode. “The reason why some find it hard to save is because of the pain involved in departing from their money. Say, you are told to save P200,000 annually. Now, you have P200,000 in cash and it is so difficult for you to save it but if you save P200 to P300 daily, it is easier. Start when you are young. If you are young, you have greater potential to make a lot of money, but only if you know how to invest properly. Basic rule: go long-term. You will not be tempted to spend it.”

Know where to make money. “Make sure to look for opportunities with relatively higher returns than others. Like in the stock market – how would you know if an investor or a fund manager is good? It is when the stock market goes down the last man standing is the best investment manager. And surprisingly, you can make money in the stock market whether it’s going up or down, only if you know how to invest properly.”

Spot good and talented people. “Managing your business hands-on is good. But if you want it to grow big, you should hire good people to expand the business for you. This is the concept we are applying in Congo Grill.”

Follow your gut. “This is the beauty of the Chinese way of doing business. A lot of Chinese, malalakas ang loob, kaya nga pag sumabak sila sa negosyo, hindi nga minsan calculated, bahala na kahit high-risk. Of course, that is not always good for you are exposing yourself to too much risk.”

Get good exposure. “I am also thankful I have very good corporate exposure. Instinct combined with corporate discipline – that is powerful and gives me a very good foundation in looking at things with a better perspective.”

That’s it!  great tips isn’t it? Well i know.. it’s easier said than done..hehe..anyway it’s time for me to find cheap slot cars for my son. Enjoy your day!

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3 Responses to “In this time of crisis”

  1. jonhar says:

    hi mommy elvs..tayong lahat yata we have to go through all these. kahit nga ang US at European countries nahihirapan na din. Pasalamat nalang tayo we still have our jobs, kasi last year before Christmas naglay-off sila dito sa company namin. huhu..Grabeeng Christmas gift diba? Pero sige lang ngayon matitest ang tunay na mgaling. Pinoy Pa! Kaya natin toh!

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    @ Scott, I’ll study and think about your offer. Thanks! 🙂

    @Jonhar, How sad naman yung nangyari sa mga na lay off sa office nyo tinapat pang Christmas! Pero korek ka dyan iba talaga mga pinoy, palaban sa buhay that’s because our hope and faith kay Lord eh di nawawala yan 🙂