“Pare, Can I Borrow Money? I Need It for My Son’s Birthday”

I have an acquaintance who has been a hard working employee, achiever and career oriented in a sense. Indeed he was making a lot of money from his work at the call center industry.  

But there is one problem. Whenever he gets paid thousands, he spends them all on things that are on his wishlists. Daily, Weekly and Monthly wishlists.

Recently, Mr. Acquaintance started to lose his edge in his work. For reasons like "nobody is getting any younger" and call center work is a competitive, number driven industry. If Mr. Acquaintance, cannot produce then his job is on the line. There are health reasons as well, internal politics and such. He could not earn as much as what he was earning a year or so ago. The items that are on his monthly wishlists have started to just remain as wishes.

I advised him to learn to save some for an emergency fund and then invest some more in other financial ventures like business for his long-term needs. Even at that point when he has little left on his hand, he said he’s okay and can still pull it off.

“Pare, Can I Borrow Money for My Son’s Birthday?“

One day, Mr. Acquaintance approached me and wanted to borrow money for his son’s upcoming birthday. He wanted to celebrate it in one of the famous fastfood chains for children in the Philippines. 

That will be Php25,000, please?

That being said, I gently declined his request and told him that I just have enough for daily needs. I did not mention anymore about saving and investing.

Here are the problems with Mr. Acquaintance:

1. He did not have any long-term financial goals.

2. He believed that he can rely solely on his work for his family’s living expenses. He did not diversify his money.

3. He did not save money

4. He did not cut his bad spending habits and borrowing. He would even borrow money just to satisfy their wants and lavishness.

5. He continuously refuses to learn how to invest for his and his family’s future through various financial instruments even if the opportunities are already presenting itself.
 

If you were in my position, would you lend him money? What would be your advice to Mr. Acquaintance? You may list them down on the comment section below.

May you all practice smart financial decisions and be fruitful living this 2013!

P.S1 I used to be from the BPO as well, from CSA-Quality-Training to Operations, from one center to another for almost 8 years. Like most, i used to live pay check to pay check with minimal savings and kept "WORKING HARD", refusing to look at financial opportunities until one turning point that made me realized that i dont want to "just" survive then grow old and broke.

Now i choose to "WORK SMART"!

Discover what helped me fixed my finances and provide for my family for the past 2 years and is & will be one of the best made decisions in my life and career!

Be Inspired and Learn more HERE



Credits to burngutierrez.com for the original article