After years of working abroad and buying properties back home, having expensive gadgets and clothes , or even country hopping by a costly Mediterranean cruises or watching the miss universe in the US and planning to watch the miss world in London. Have you ever pause for a while and ask your self....am I Rich?
Well for a start, you can consider your self rich if you belong with the top ten Richest Filipinos which are featured in Forbes magazine. However, even if your net worth does not run into billions of pesos yet, you may still be considered “rich” If you meet the criteria that the NSCB (national statistical coordination board) defines. NSCB computations using the Family Income and Expenditure Surveys (FIES) and the Labor Force Survey (LFS),
In the Philippines you must earn at least PhP 2,393,126 a year or PHP 199,927 a month to be counted as part of the high-income class in 2010. To simplify you should be earning at least P200,000 a month or P2.4 million a year to be considered “rich” in the Philippines. So if you did not meet those numbers then try to consider your self not rich.
One of the key motivational differences between a rich versus a poor, boils down to their ability to control their assets, attitudes, emotions and their ability to make wise spending decisions. The other key motivational difference between a rich versus a poor, is their knowledge and skill set when it comes to understanding financial literacy. A rich man has become a master of controlling his assets, attitudes, emotions, as well as his ability to use the current income and assets to purchase additional income producing assets. A rich man has control over their multiple source of income. A multiple source of income consist of the following income types. Earned income, Passive income, Portfolio income.
A rich man will maximizes his rate of investment (ROI). A rich man has a complete and total understanding of financial literacy. He is not afraid of making a decision and he will stick with that decision once he had concluded that his business or investment decision is a wise one.
Mean while a poor man has no understanding of how money works or financial literacy. A poor man is consistently put his efforts and focus on bad and poor spending habits. A poor man relies on earned income as his source. Many poor men are not even aware of passive and portfolio income. A poor man lacks control over his assets, attitudes, emotions toward money and finance. His attitude towards money can be summed up in the phrase "money is the root of all evil". It is his emotional fear of money or the lack of money as a resource that will drive his spending decision process. Other emotional factors that will control his spending of money is jealousy. Envy is a prime motivational factor people were living way beyond their means. People purchased what they could not afford. A poor man lacks the control over his ability to earn a living. Many poor men as I mentioned earlier rely on earned income only and spent beyond their capacity.
So are you rich?
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