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The sad thing is that while he was able to earn $1,500 per month, he apparently didn't invest into anything. No financial planning as if he can do this job fore
by lubos 10y ago
The sad thing is that while he was able to earn $1,500 per month, he apparently didn't invest into anything. No financial planning as if he can do this job forever. Sure he must have known stories what's going on and could prepare for this possibility. I don't understand why he didn't.
- readhn 10y agoUmmm living costs eating up everything? He did not have any disposable income to invest?
- exidy 10y agoAnd where did you learn to do financial planning? Were you perhaps raised in an environment where you could see loans, investments, assets, mortgages, credit and debit in action? Or perhaps you even had it as a formal subject in school? Now imagine you were raised in a bamboo shack living hand-to-mouth in a cash economy.
- song 10y agoHe also did invest it partly in his kid's education which in many countries of Asia is the typical way people plan for retirement.
- IamHWengineer 10y agocan confirm. filipino here now in US. my uncles were seamen. no fin planning in life. You just retire and hope your children will take care of you. It's like the equivalent of military here in US
- tacostakohashi 10y ago"Financial planning", in the western sense of the phrase (saving currency, investing in stocks, mutual funds, life insurance, 401(k), and various other pieces of paper that require trust and courts to be worth anything) isn't actually a rational thing to do in emerging Asia (or, to the extent that it is now, that's very recent). We're talking about a country that was governed by a prolific kleptocrat (Ferdinand Marcos) for 20 years, and where the currency halved in value against the USD over the course of a few years during the asian financial crisis. Beyond that, there's generally a weak rule of law, and poor regulation of the financial sector. In this environment, a more traditional Asian approach of spending money on housing, land, gifts to relatives to build up some social credit with them for times of need, makes a lot more sense.
- user5994461 10y agoIndex funds, 401k and some stocks exist only in the USA. They don't exist in most of the western world (e.g. Europe). Please don't call that "western financial planning"
- drpgq 10y agoEurope doesn't have index funds?
- user5994461 10y agoLong story short: no. Vanguard, which is the gold standard, almost exclusively operates in the USA. (even though it's registered as a UK company and based in the UK). As far as I could find in the UK, the closest local equivalent is L&G (Legal and General). In the rest of Europe, for the few countries I checked, there is nothing comparable whatsoever.
- allendoerfer 10y ago> Index funds, 401k and some stocks exist only in the USA. I am not sure whether you are European making fun of the financial system of the USA or an American thinking Europe somehow lives in the stone age. Of course we have those things. Also there are these things called stock exchanges, were even people from poor, underdeveloped nations like Norway, Switzerland, Denmark, Luxembourg, the Netherlands or Germany are allowed to buy stocks. Even fancy American ones.
- xapata 10y agoHow can you invest if you don't trust the bank? There's a very real possibility of your electronic cash disappearing.