Nov 102017
 
Chinkee Tan
Chinkee Tan

SM’s owner, Henry Sy.
Robinson’s owner, John Gokongwei.
PAL’s owner, Lucio Tan.

What do they have in common aside being wealthy, they are all Filipino Chinese.

The Chinese are very unique when it comes to money judging from both the culture’s superstitious beliefs and practical applications.

Here are some interesting Chinese beliefs that I have come across over the years that may sound familiar to a lot of Filipinos:

  1. Burying money under the floor or a house or business attracts wealth.
  2. Wearing a jade ring on the little finger brings wealth.
  3. Never allow your wallet to be empty. At least leave some coins in it when not in use.
  4. Do not put your bag on the floor if you want to attract money.
  5. Putting plants with round-shaped leaves inside the house can bring one a lot of good fortune.

The list can go on and on. While there is no acceptable scientific explanation for these practices, the Chinese are careful to abide by them. In fact, they are careful to pass it on to the next generation.

When it comes to PRACTICAL applications on the effective use of money, there are so many helpful tips that we can learn from the Chinese. Here are a few famous ones that I know you may be aware of:

LESSON 1: SAVE MONEY AT ALL COST.
Putting aside money for a rainy day is always a good idea.

LESSON 2: PAY FOR PURCHASES IN CASH.
Like what I would always say, if you cannot pay for it in cash then it means you cannot afford it yet.

LESSON 3: BE THRIFTY. IT IS AN IMPORTANT VIRTUE.
Do not use your money wastefully. Learn to prioritize your expenses. And for the Chinese, the needs of the family come first.

LESSON 4: ALWAYS LOOK FOR A BARGAIN.
There is always a way to bring down costs and the Chinese are very good at
negotiating them.

LESSON 5: THERE IS NO SUBSTITUTE FOR HARD WORK.
There is a Chinese proverb that states: “A person who says it cannot be done should not interrupt the man doing it.”
Some Filipinos find the work ethics of the Chinese very oppressive and leaves no room for a little fun and relaxation. That’s exactly the point – the Chinese would rather sacrifice time in order to work than spend it on luxuries that cannot bring them immediate returns.

THINK. REFLECT. APPLY.

What are some of your family’s practices when it comes to money?
How have these practices helped you become better at handling money?
Identify practical practices that can help you manage money well.

If you want to avoid being broke, grab my latest book “Diary of a Pulubi” to know more, click here http://bit.ly/2yPVcDf

The post 5 Powerful Money Lessons We Can Learn from Chinoy Tycoons, Sy, Gokongwei and Tan appeared first on Good News Pilipinas.

Mar 202017
 
When Things Don’t Go As Planned

Chinkee Tan Has this ever happened to you? You were planning to do something, but your plan didn’t happen. That’s exactly what happened to me today. I woke up at 2AM to catch a 4:30AM flight going to Cebu via Cebu Pacific Terminal 3. We arrived around 2:30AM at the airport. We reached the ticketing, presented our identification and plane tickets, but we were informed that our ticket was for PAL and is on Terminal 2. To avoid being late, we took the cab and weight straight to Terminal 2. When we arrived there, we were informed that we only have tickets for Cebu to Manila, but we don’t have Manila to Cebu. When we called our organiser, only then did we realize that they sent two different emails — one email had the Cebu Pacific ticket, and the other e-mail had the PAL ticket. What I was able to print was the PAL ticket, and not the Cebu Pacific ticket. The situation cost me an extra P8,500 to buy another ticket. What are the lessons that I learned? LESSON 1. NEVER ASSUME I travel a lot. Because of this, I didn’t even bother to check well which airline I was going to ride. So that was why when we were trying to do a web-check in, the Cebu Pac system wasn’t accepting my reference number because the reference number was for PAL. LESSON 2. PREPARE! PREPARE! PREPARE! If you do not prepare, you are bound to fail. Indeed, that’s Read More …