The One Day Millionaire

Image from phillymag

Are you a one day millionaire? Or perhaps do you know someone who is? When I was scouring for new post topics I bump into this One Day Millionaire Syndrome. I thought hey this might go on passing because well it is just a syndrome. Little did I know it stems deep down in our system. And we Filipinos for one are like this.

So what is the one day millionaire syndrome?

 This is spending money impulsively for a day or few numbers of days and end up with nothing by the end. Worst, these people do not have much at all in the first place.

This is common culture for most OFW’s who visit back the country. Most of the time, when an OFW is back, he or she would tend to spend his or her money to his or her family and extended family. There is nothing wrong with this one. We are known after all to be very generous with our family and relatives. That is why when OFW’s come home, they would buy appliances for the house, go shopping with the kids, go on vacation with the family, host parties and more. But what is bad with this one is that in a few weeks’ time, their hard earned money is gone. When they go back to where they work, they will have to toil and labor again and the cycle repeats.

However, such mentality is not only evident with the OFWs. As a matter of fact, even employed Filipinos have this kind of culture. For example, when we receive our pay check, we dine in the best restaurant we can see in the city, go on shopping, buy new gadgets, treat our friends and barkadas and just spend our salary. We are simply complacent that since we would be receiving another salary in the next pay, it is ok to spend it right away. And the cycle repeats. In the end, even if you are employed for how many years, you still don’t have any savings or investments.

The one day millionaire syndrome is so dangerous to your financial health. You are actually living beyond your means. Some knows that since we can get salary in the next we can just spend it. There’s even that number of individuals who thinks that since money will run out, might as well spend it now. When good fortune comes, we squander the money quickly. So a little assessment, are you like this? Have you been like this before? Or are you still like this today?

So how do we change this one day millionaire syndrome?

I’ve read of an extreme case that the wife of a seaman lock up her husband each time. She wants to secure his husband to herself alone. However, her intention was to secure him away from people who would want money from his husband. That sounds so 50 shades right? Well I’m not suggesting it although that can be a plausible solution.

Changing this syndrome takes time and a lot of effort. Not all of us are keen to drop this habit altogether most especially to the OFWs and our paid employees. We know for a fact that sharing our fortune is a good trait to us Filipinos. However let’s look at this one in-depth. It would be best that we multiply our blessings before distributing it. Isn’t it ideal that we get to let our money grow and secure it even before giving it away?

To motivate you to do this, think long term. Identify a goal that you would like to have and own in the near future. Do you want to secure your kid’s education? Do you want to build a house in a subdivision? Do you want to have a business? From there, let it be your motivation to save up. It still boils down to how much percentage we would allocate for savings. You can have the 10, 20, 70 percentage wherein 20% of your salary would be for savings while 70% would be for the expenses.

For our OFW brothers and sisters, might as well have a portion of this money to bring along with you when you come back. Do not bring all of your hard earned money back in the country. Make sure you save first before you squander. Try practicing the art of tough love. That is sacrificing a few spending in order to achieve that goal of yours. You might be tempted to treat your family to a lavish vacation yet let them understand why you won’t be doing that. This also holds true for the employees out there. Instead of spending your salary to those wants might as well save up first before spending. If your barkada would tease you to treat them, inform them why not as of the moment. You are not being selfish here my friend. You just have a greater goal that you want to achieve. And sooner when you have enough, I bet you would be more generous to them.

The one day millionaire syndrome is very dangerous. Worst, this could cripple our finances in the long run. Do not make poverty as an issue here, however make it a challenge to be better. Improve your current financial situation. Identify a great goal to motivate you to save. Remember as what I said, regardless of income, the amount does not matter but how much you can keep in the end. Start that habit of savings and be responsible with your spending. After all, the millionaire YOU sound better than the one day millionaire right?