Buying something which you cannot aford.

[[archie]]

anyway btt in the philippines i mostly notice this from call center agents. i know there's a lot of hate in this forum to call center agents because of their SC status. but it's the truth, i don't get why they have to have the latest gadgets, branded clothes/bags/watches even thought their making only what 20-30k a month. unlike in other companies most of the mid level employees don't even buy expensive gadgets or think about buying them.

I have nothing against call center pips but I think the sc status comes from the fact they accept even high school grads. meaning, most of the under grads don't have much (that's why they did not finish school) and when they see money, they have to get the status right away. It's more of a defensive mechanism in my opinion.

[yebo]

interest rates on savings deposits are now down to 0.75%. inflation rate for the month of june 2013 is 2.8%. so you actually lose money if you put in in the bank. real estate loans now down to 5.25% 1 year fixed and 6.5% 3 years fixed.

i think the thread should be more about buying luxury items or unnecessary items that one "wants" but does not "need".

[badkuk]

I have a friend that works for the loans department. selling point nila lagi is kapag nagiipon ka for a car or house parang never makakabili dahil sa inflation. Every year taas price Lalo ng car so mahihirapan is Juan Dela Cruz. kunin mo na Oto ngayon pay for 5 years sayo na. parang nagtutulungan lang daw sila ng bank.

sounds more like pressure sales to me: act now, buy now, bukas wala na to, don't think just buy

[vinj]

I have nothing against call center pips but I think the sc status comes from the fact they accept even high school grads. meaning, most of the under grads don't have much (that's why they did not finish school) and when they see money, they have to get the status right away. It's more of a defensive mechanism in my opinion.

One of my closest friends works at a BPO (first job after college and worked his way up pretty fast) and yes, i agree they kinda spend a lot (at least those that i have met at one time or another). I earn much less than him, i have two kids to send to school, a property to amortize, and yet my financial standings seem to be better. I really berated him the last time since we got together as he still lives in his family home, has credit card debts to pay up and just bought another car (through bank financing). They spend for things that cost a lot yet don't appreciate in value or they can live without those stuff really. Been encouraging him and his wife to get their own home already but it seems they can't afford the money out to get a decent loan package with the bank.

I personally think it's really financial discipline that some lack; couple it with SC-encouraging social media, tapos na boxing.

[A121]

i gets borrowing to invest

but borrowing to spend on end-user consumption is sooo wrong

hahaha. true. pero that's how most humans act. and, if one is starting a new business here, medyo mahirap. gotta pass through bureaucracy sa registration. mahirap din umutang sa local banks. so ayun na lang, bili na lang ng mga gadgets para may pupuntahan ang pera. :jazzybass:

bukod din sa pag-identify ng needs and wants, dapat magkaroon ng goal setting. if you want a new car and make the monthly payments, find a better paying job.

[[archie]]

sounds more like pressure sales to me: act now, buy now, bukas wala na to, don't think just buy

yes basically... it's their job to make loans happen. low down payment car loan with sure approval is very tempting and needs little to no encouragement to avail.

One of my closest friends works at a BPO (first job after college and worked his way up pretty fast) and yes, i agree they kinda spend a lot (at least those that i have met at one time or another). I earn much less than him, i have two kids to send to school, a property to amortize, and yet my financial standings seem to be better. I really berated him the last time since we got together as he still lives in his family home, has credit card debts to pay up and just bought another car (through bank financing). They spend for things that cost a lot yet don't appreciate in value or they can live without those stuff really. Been encouraging him and his wife to get their own home already but it seems they can't afford the money out to get a decent loan package with the bank.

I personally think it's really financial discipline that some lack; couple it with SC-encouraging social media, tapos na boxing.

its sad really, having the opportunity to earn big then spend big on depreciating assets.

[andywesteast]

I also do not have a regular credit card (I cancelled all of them) so I'm pretty much living on cash right now. Well.... aside from my credit-card-linked-Paypal that is

If you cancelled all of your credit cards, how do you pay for your credit card linked Paypal?

[tagalnasaabroad]

Karamihan sa mga call center agent na kakilala ko, after nila maka one year sa work, nagbibilihan ng mga bagay na akala nila ay kaya nila. One example is buying a car (mirage). At first tuwang tuwa siya dahil de kotse na siya, however, after a number of months, nalaman ko na lang na patong patong na pala ang problema niya sa pera. Hindi nya inexpect yung mga additional expenses sa pagkakaroon ng ganung "privilege" like gas, maintenance, parking, accessories. Ganito ba kayo?

Ako hindi ganon..i never worked as a call center agent..after a year of working zero ang savings, commute pa rin sa bus, was denied a credit card due to absence of bank account at nakitira lang sa apartment in mandaluyong..

Maswerte kakilala mo naka UTANG agad ng mirage pero malas din dahil financially illiterate pala..magagalit si suze orman nyan..

madali lang ba trabaho sa mga call centers..?

[Phoenix67]

When i was with my first job, ganyan ako...spend everything kahit hindi kaya....bahala na si Batman! Now wala naman ng issue sa akin ... Kasi I think kasama ma yan sa growth cycle ng taong nageevolve to maturity.

As long as you dont kill other people to pay for your debt...there is no issue about that problem.

[Boy Bastos]

nangangamoy SC thread ito.

Oo nga. Expect mo na rin na madami magpopost dito ng cash lang sila kung magbayad dahil ayaw ng credit card maski hassle magdala ng cash sa mall.

Of course, cash payment is good but it is better to have a credit card. If you don't have a credit card, it's either you don't have a bank account of your own or still living with your payrent's money.

[stavros]

Oo nga. Expect mo na rin na madami magpopost dito ng cash lang sila kung magbayad dahil ayaw ng credit card maski hassle magdala ng cash sa mall.

Of course, cash payment is good but it is better to have a credit card. If you don't have a credit card, it's either you don't have a bank account of your own or still living with your payrent's money.

Wala yata sa vocabulary mo ang debit card. It doesnt mean na pag walang credit card eh ganyan agad ang reason. Hehe

[jansky]

Its good to have cc, this will help you in case of emergency and as long you know how to handle it.
Ung iba nababaon ng utang sa cc. mishandled, show off sa mga kaibigan,kaopisina tapos darating ang bill at ung sweldo kulang pa para sa gastusin bwan bwan
sa mga call center naman lalo na ung mga undergrad, opportunity sa kanila na makbili ng mga gadget,etc , a status symbol?maybe, but in my opinion they dont have means before to experience it , so pag sweldo na bili dito bili doon

[alps94]

okay din ang CC kung gagamitin sa tama.

ung iba kasi luho muna bago priorities. kahit alanganin na, sige pa rin ng sige.

kung hindi ko kaya bilhin bakit ko pa pipilitin ang sarili ko?

pero kung gustong gusto, why not? pwede naman siguro pagipunan

[dr. d]

i pay cash. the entire amount. no plastic.
if i don't have the cash, i don't buy it.
it pains me, that is why i do not splurge.
(btw, "cash" includes MCs.)

[Retz]

nakaka enganyo rin kasi bumili lalo na installment basis ang payment mo thru your cc kaya cge swipe lang.

[baludoy]

Sa totoo lang , mabuhay mga Ilocano!!!!!!

isama mo dyan mga boholano!

seriously though, nasa values talaga ng tao ang pag-hawak ng pera. it doesn't matter what industry your in, what your age is, what your gender is, what your educational background is - pag waldas at wala kang konsyensa sa pera at sa kinabukasan mo, aba'y talagang sa kangkungan ka pupulutin

ipso facto

[ClaNker]

Oo nga. Expect mo na rin na madami magpopost dito ng cash lang sila kung magbayad dahil ayaw ng credit card maski hassle magdala ng cash sa mall.

Of course, cash payment is good but it is better to have a credit card. If you don't have a credit card, it's either you don't have a bank account of your own or still living with your payrent's money.

Wha?!? Ever heard of a Debit Card?

[Boy Bastos]

Wha?!? Ever heard of a Debit Card?

Hhhmmm...

Tell me the minimum requirements of a debit card and a credit card.

You'll have your answer.

:D

[macsd]

My rule of thumb is never indulge on the unknown or unsure, yung mga masisikip at mahirap pasukin,not sure of how to get out.
The only thing i go for na masikip is "virginity" but even now, ayaw ko na rin nun, pahirap din eh.

[dreamur]

Credit or cash, I think it makes sense to start with a budget first. I downloaded a couple of apps to help me budget and forecast my cashflow. So far it works and helped me track my expenses and make decisions when spending. I did it everyday and reconcile my cash in bank/on hand, credit card balance, investments etc. and soon it became a habit. Good thing I would know how much cash I have, debts I owe today and at anytime in the future (assuming my income is steady and I won't get fired all of a sudden).

That is why I love smartphones. It helps me record my expenses real time, take photo of receipts and check my bank balance (cash and credit) anytime. Cloud allows me to sync records between different gadgets.