Kong Si Fa Chai! Kong Hei Fat Choi! Happy Chinese New Year!
The Chinese New Year is just around the corner. This is the time where we get to eat lots of “tikoy” and many Chinese delicacies shared by our Chinoy (Chinese-Filipino) friends.
Having a Fil-Chi (Filipino-Chinese) family background, I bask in the wonderful opportunity of living in both worlds.
Raised in a Filipino environment but trained to think like a Chinese. It’s widely expected for most Chinese children to start their own business or enterprise.
Do you want to know what is among the secrets of a Filipino-Chinese entrepreneur that makes them successful?
If there is one that I can choose is practicing the principle of DELAYED GRATIFICATION. It is the ability to resist the temptation for an immediate reward and wait for a later reward.
Why do they practice this? The Chinese left their homeland to seek better opportunities elsewhere because life was so hard during those times. They came from a poor background and most of them came here with little or with no money inside their pockets.
In order for them to survive, they had to live with whatever they have. So delayed gratification is a central theme of frugal and smart living of most Chinese families.
If you want learn and practice the ways of the Filipino-Chinese, here are three practical tips to live frugally:
1. SIMPLICITY – Be simple in your ways. Live in simplicity not in duplicity. Buy things for function, not fashion.
But things out of need not want. If it is not broken, don’t change it. If it is broken, repair it.
2. Do not upgrade your lifestyle abruptly. As your income grows, you should not immediately grow and change your spending habits. That’s the reason why if you will observe high net worth individuals, they never flaunt their assets or show off their accomplishments not matter how much wealth they have amassed. They choose to live a life of moderation.
Their philosophy is, “I was able to live without much, so I learned to be content in every situation, whether plenty or in lack.”
3. Prioritize Savings
Set aside savings for their future. They save money to make it grow. They save money to create an emergency fund. They save money to expand their business.
They will sacrifice and not eat in a fancy restaurant, will not buy branded or new clothes, will not upgrade things they possess. They will live a simple be frugal with what they make. Their goal is to make their money grow, and once it grows, they have hit their goal. That is the time they will start spending and enjoying their money.
That is how most Filipino-Chinese are trained to think.
So, you don’t have to be Chinese in order for you to follow this good practice. This is a great money principle that anyone can do and apply, no matter what your race, nationality or belief may be.
Happy Chinese New Year!
THINK. REFLECT. APPLY. Are you the type of a person who will put off short-term satisfaction for long-term gains? If not, what is stopping you from being more frugal?
Want to get more practical tips on how to budget your money, please visit www.chinkeetan.com and click on money kit.
(Chinkee Tan)
