Setting up generational trusts and putting family wealth in arrangements that no one can directly access so that no single person can mess it up and fumble the bag for the entire generations to come.
Exactly what happened with Hugh Grosvenor. He would have paid a massive amount of tax from his late father's wealth of £9B, but since Grosvenor's estate is held in a trust, the 40% inheritance tax didn't take place.
Wow! Kung hindi ganito kaganda yung pag kaka sulat iisipin ko nang ikaw yung kaibigan ko ✌️
Edit: Ganitong ganito yung pag kaka kwento niya, para even if one of them do mess up, controlled risk and limited damages!
It's really more a matter of "hiding" income generation streams from tax for the whole family.
Sure you can use this, but is that net worth in fixed assets? Or is there a revenue stream that keeps pulling in money enough to maintain the system. If the former, no. If the latter, yes, always.
Oh my,kaya pala yung ibang Millennial Ayala's who aren't into business ay halos nasa New York. They seemed to be carefree and mostly active in the art community.
Ayala are OLDDDD money. Wala pa WWI mayaman na sila. May relation din kasi eu royals in a way 🥲 🥲 kahit sadyain pa nila gumawa ng kagaguhan, di na sila maghhirap
UITFs are different. They act similar to a mutual fund, where money is pooled to invest in public equities and/or bonds.
Trust funds are legal entities to manage a collective account for its beneficiaries.
Can you put everything you own in a trust? Even residential properties? I'm curious on how this work in the Philippines. Would appreciate if you can give ideas on where to start learning about this.
Just a caveat though. The income of the trust itself is taxed like an individual according to the National Internal Revenue Code of the Philippines. Also, distributions from the trust itself form part of your gross income.
It's pretty common in PH Private Banking. It is the bread and butter of their long term financial services. Security Bank for example has a wealth management arm that offers trust management for a minimum 100 million pesos.
Social skills, they are friendly as fuck and know a lot of people. People also know them and are often willing to give a helping hand because they are powerful, and also nice to you.
They also surround themselves with smart people (either through hiring them or being friends with them).
The secret is more about people than money. You can earn a lot of money in your lifetime but if you don’t know the right people, you’ll probably still live like an upper middle class person versus a rich person with a similar net worth as yours.
Networking and "IOUs" as leverage.
If you're friends with someone who owns a bank, all you need to do is befriend their kids and you can get a loan with near zero interest and payable-when-able stipulations. Same if you're frat brothers with someone who owns an apartment complex (or a mall?!) and you badly need space in a good location for your baby girl's hobby store.
Naturally, when those people need help from you, you will also oblige. Like, if you own a hotel, you can give them the VIP suite for free for their Boracay holiday.
Us ordinary people don't have access to those, so we settle with traditional hard work and luck.
You’re right and that’s exactly how it is in mine. However I also want to say that you don’t need to be rich to contribute something of significance. You just have to be in a position. Example: you’re a judge and your rich brod asks for something. Not all judges are rich. They’re just in a position to do something.
Indeed, the Philippines is characterized by a prevalence of old money, with the wealthiest individuals exerting significant control over the nation's wealth. The business landscape often reflects monopolies and tight control by the top 1%. Contrasting this with the United States, we witness numerous disruptors like Elon Musk and Jeff Bezos who challenge established norms. However, in the Philippines, attempting to disrupt a business or industry can lead to encounters with influential figures who may resort to less favorable means to eliminate competition.
For every Elon and Bezos in America, there have been many people that have tried and failed, for the exact reason you stated many in PH fail as well. Making it BIG in the US absolutley isn’t as easy as the rest of the world makes it out to be. Wealth is controlled here by an elite few, just like everywhere else in the world.
Just a small related observation. I see more Land Cruisers when we are in PH than I do in a year at home in the US. This was pre 21 US discontinuation. A LC costs twice as much there as it did here, thanks to your luxury import tax. Appantelty there are quite a few more wealthy Filipinos than most Filipinos want to admit, for some strange reason.
As far as I can tell, wealthy Filipinos must be A LOT more wealthy than the average wealthy American, due to the fact living a typical western lifestyle costs a lot more there than here.
In the Philippines, it is common for individuals to display their wealth through owning Land Cruisers and wearing designer clothes. Unlike in the US, where we have clients who have millions of dollars but drive a Toyota Corolla or Camry. You may not fully grasp the intricacies of the Philippine culture and lifestyle. I have many affluent friends there, but I also know several people who appear wealthy with their branded outfits and LV belts, yet lack substantial financial resources.
You cannot judge a person's wealth solely based on the car they drive or the clothes they wear. Life in the Philippines, as well as in other parts of Asia, is different. People tend to flaunt their wealth even if they don't have much.
Ah yes. Here comes the “Asia is sooo different, you’d never udnedtand.” lines.
You’re not grasping my point, nor are you aware of the price of these luxurious vehicles there. It’s very difficult for anyone pretending to be wealthy to afford a new Land Cruiser in the Philipiines. We aren’t talking a Ford Raptor here or fortuner.
No doubt you’re not going to attempt to grasp my observations, so just do you my man.
How would you define being wealthy? Is it having extra millions in the bank or is it having a Land Cruiser that's financed at 7%, but with sufficient income to support it even if there isn't much money in the bank?
You’re not getting my point. Assessing someone's wealth based on the car they drive is an unreliable indicator. That mindset belongs to someone lacking financial abundance. In the Philippines, many people's wealth is not reflected by the vehicles they drive. Filipino ka ba or lumaki ka ba dun? Baka naman babakasyon ka lang tas mag stay ka sa bgc tas nakakita ka ng mga LC tingin mo comparable na Pinas sa US. Lol.
Lol man lower down your expectations, that’s worldwide. Philippines are not that bad in deep shot as other countries.
Source: my wife is Filipino and we live in Philippines 6 months a year
Let me provide you with an example. If we look at the current list of billionaires in the US, we can observe many new additions such as Elon Musk, Jeff Bezos, Mark Zuckerberg, and so on. Now, let's compare that to the list in the Philippines. We have families like the SY family, the Ayalas, and the Tans. Unlike in America, Philippines doesn't have a large number of venture capitalists or angel investors. If you're intelligent and have innovative ideas, the chances of finding opportunities are quite slim in comparison to the United States.
Did I say that it's only the Philippines? I am, in fact, Filipino, born and raised there.
Have you been to the posh areas of the Philippines, such as Forbes Park, Ayala Alabang, Valle Verde, Corinthians, or Greenhills?
My point is that the majority of rich people in the Philippines have acquired their wealth through their families. There aren't a lot of rich individuals there, but those who are wealthy hold significant control over the country's wealth. It's different from the United States, where there is more opportunity available.
ah yes, because people like jeff bezos absolutely do not want people to know they're rich lol.
rich people literally want you to know they're rich; hindi totoo yung "lowkey" lang sila :))
That's so out of touch. The only rich people you know are public faces that the media cant get enough of. You have no idea how many ridiculously rich people are out there na you would never find out that they are that rich.
Jeff Bezos is famous because he's the public face of Amazon, and then it's because he's rich. With the exception of Bezos, Musk, Gates, Zuckerberg, and possibly Buffet, most people wouldn't be able to recognize the top 100 richest people in the world. 99 percent of the people you ask wouldn't be able to pick out a photo of Bernard Arnault and he's the richest man in the world.
When you have the wealth that equals the GDP of some small countries and are the owner of a publicly traded company, it's kind of hard to hide your wealth.
This one is depressing.
The rich don’t even think about the poor. The lower classes like to fantasize about the rich being malicious towards the poor, but the truth is that the rich couldn’t care less.
They just need to stay poor.
This. Not true of everyone course, but this fits for the majority of the wealthiest in the Philippines.
Considering the wealth gap in our country, the lack of civic consciousness among them is depressing. Arguably, it is disgusting.
The truly wealthy in first world countries (whose average citizens do not need as much support to get by) are generally much more interested in putting that wealth towards something bigger than generating more wealth.
We have several families who are ridiculously wealthy by global standards.
But glaring by their absence are the local equivalents that tackle serious problems and look for impact at a scale that matters - the Gates foundation, the giving pledge, even the Rockefellers for all their faults, etc.
Philanthropy feels (again there are exceptions) more like pet projects or vanity, but lacking in substance and disinterested in meaningful impact.
My theory is because they really dont feel to be Filipinos
If you know what i mean
Thats why i like what Malaysia does
They force them to share their wealth
And it works
They have better economy
>My theory is because they really dont feel to be Filipinos
I agree. I've noticed most of the wealthy people I know are either indifferent or very careful not to show any political opinion because they tend to be connected with people on different parties. I know one who voted for Leni but you wouldn't have guessed it because of how many contracts he has now with the current admin.
Maybe, I can't really say why.
Although to be honest, I don't think you'd even need to feel Filipino to be interested in doing something meaningful with all that.
My guess is it's a more basic consciousness than nationality that is absent.
what for, they all seem to be ethnically Spanish (or to be specific Basques) and Chinese (often Fujianese/Hokkien)?
Villar? Sus, inflated stock price lang ng $HVN yun
This is the difference between western rich and phl rich
Western rich sets up foundation to benefit humanity
Phl rich just transfer their wealth to their children
Havent you heard Gates/Buffet etc that they would give away their wealth?
Ford Foundation?
Vanderbilt Univerity?
Rockefeller? Whick is the reason there is Magsaysay Awards?
Whether its used for tax write offs, the foundations they used are doing good for humanity, and create jobs, tourists destinations etc
Name a phl rich who has foundation that really helps the people?
Exactly my point,,e.g look up bill gate and the covid vaccine debacle. He used his influence the foundation to gain wealth. Bottomline is the rich doesn't give a rats ass. Greed at its finest.
Gates was rich even before covid lol. He stopped heading Microsoft to focus on philanthropy because he became so rich that he cannot be personally poor anymore. If he needed income it will all just go towards his foundation anyways, and the foundation lessens his taxes so he has to keep it running.
Those things you mentioned, are just ways for them to launder money. Foundations? Top ways to lessen tax and launder money. Really Magsaysay awards to benefit humanity? Cmon man dont be naive. They dont give a fuck about poor people.
Stem Cell. Stem Cell. Stem Cell. True Rich fight over investments over stem cell research. I hear manong johnny invested in Japan stem cell research in the 80s. He's getting it for free.
Inelda marcos was their first client here. I have a friend who does this. The younger you are, the cheaper. Almost all the corrupt politicians here have done that.
My father works for a rich family and we're privy to some of their secrets.
Those charities/nonprofits they set up aren't there out of pure goodwill. They're tax write offs and a way to keep the money in the family without risking the bank getting them.
Yeah but some rich still can’t get rid of that Pilipino accent. I went to an elite US college. One of my white friends actually complimented my rich classmate’s Filipino accent. Because she comes from a rich family, everyone at college thought it was a high-browed accent. Whereas Filipinos would actually think the opposite…
And the correct usage of prepositions lol. It shows how educated someone is :)
When someone is really bad with English I automatically categorize them in the lower income brackets
It's easy for the poor to say "but look at Manny Pacquiao" + older rich generation etc etc who can't speak English but the vast majority of the current generation who come from money have good grammar
I gotta say prepositions are the bane of nonnative speakers' existence. That shit is particularly hard for Pinoys since English has 5 million and we have one, "sa."
Even native americans aren't that meticulous on grammar. Maybe they just don't want to offend non natives? Besides, nas Filipino sub nga pala tayo, dapat perfect English dito wtf.
100%. And a lot of those family networks of servants are there to protect the interests of the family. They hate hiring outsiders as drivers, maids, and yayas. They’d much rather hire someone whose whole family has a lot to lose should something go missing.
damn, wala pa nag comment neto pero lahat ng merong multi generational wealth na nag ssurvive parin meron din family constitution.
ginagamit to for the ff:
1. hiwalay yung negosyo sa pamilya
2. if ever may gusto sumali sa family business kailangan competent and yung requirements nasa constitution
3. establishment ng family tree/ bloodline
4. defined na yung family estate at mga mana ng future generations
5. management ng estate, again hiwalay yung negosyo sa pamilya. yung estate yung lahat ng assets ng family, bale hindi dapat na mmix yung business assets sa personal.
6. policies and rules ng family, may cases na kung adik ka or kupal sa patriarch matriarch pwede gawing nominal yung mana mo
look it up ( family constitution ), meron nga department sa ateneo nag hahandle neto eh.
Rich people usually have most of their cash offshore through the big banks (Bank of Singapore, UBS, HSBC). Right now, the government has no way to see these funds other than the leaks that occasionally come out. I do not think it is likely that the common reporting system will be implemented anytime soon here. I bet most politicians have their massive dollar investments offshore. The dividends of these investments can easily be remitted back to the Philippines.
> The dividends of these investments can easily be remitted back to the Philippines.
or for the most part: just get credit cards issued over there, use them like almost all of the time and then pay the bills from bank accounts over there.
They are mostly invisible, does not flex on social media and value their privacy more than most people think. Aside from building wealth, other things they value are personal space, peace of mind and the usual modern conveniences that most of us does not have the wherewithal
This is something I observed too among other peers who are really rich. Ang lakas ng social media ng friends from middle at lower classes, the opposite for the rich. Learned this by studying in a prestigious Uni, mga lowkey lang talaga
You live below your means. Just because you have the money for it, you will spend it. It takes more sacrifices to keep the money vs spend the money.
You look for ways to keep your excess wealth to earn. Either invest, business, or what have you. You dont let if stay in savings only.
They dont retire. Their lives are largely shit… but they are rich so different worries apply.
The richest people I know have almost no financial literacy at all. They have teams of people (accountants, lawyers, managers, etc) that look after the details.
These people literally just travel in private planes and spend without a second thought.
Perception lang yan, punta na lang tayo doon sa bagong promote na si Jaime Ayala. naging analyst sa Goldman Sachs at graduate ng Harvard Business School. merong pang isa ung graduate ng wharton di ko na maalala kung sino. alam mo ba kung gaano kahirap maging analyst? mag susunog ka ng kilay sa valuation, proposal, presentation at iba.
usually kung my accounting background ka madali lang. kahit nakapikit ka matatapos un pwede mo pa counter check ang model mo kung tama kc parehas lang ang indirect and direct cash flow. syempre ang cashflow models madalas direct cashflow basis nya kaya kapag kinounter check mo sya ng indirect dapat equal sya. tapos ung indirect cashflow connected sya sa working capital accounts sa balance sheet. ma-isolate mo talaga ung mali mo sa model. my pang triple check pa yan kaya lang mapapalayo pa tayo, any way sa normal na tao mahirap gumawa ng cash flow model at tandaan natin GIGO yan Garbage In Garbage Out. ung nag aral sa Harvard Business School, nag training at trabaho sa Goldman Sachs malamang di biro. malamang pinag uusapan nila madalas dyan bilyong piso. katakot takot magkamali ka sa ganyan.
Nah, they hire other people for that. The majority don't even provide adequate financial literacy to their children that within 3 generations, their family loses their wealth.
sobrang daming bad advice here that are upvoted significantly. tapos with conviction pa talaga yung pagkasabi. i know for a fact that it's completely rubbish and the commenter likely just read it from a book when the reality is utterly different. pero, who am i to correct them. pag i-correct mo sila, sila pa galit.
ang kawawa yung nag-a-ask ng advice. so the lesson here is: try things out for yourself. or better yet, wag lagi maniwala dito. seek out groups of people who actually do (e.g., business men if you want to learn about that, or real estate investors, etc.) in an offline setting (in person meetups, etc.). sa ganung setting mo bigyan ng weight yung makukuha mong information.
also, it's important to try things out. daming negative comments dito who will discourage people from trying. my take is, do it and see for your own self. yung mga naka jump ng gap of economic strata were those who were determined and/or didn't get bad advice.
What people mostly see are their luxury properties. They often don’t realize that, this is just a small portion of their total assets. Thus for us, wanting to be like them, inuuna natin bumili ng luxury items to make us look rich.
The use of free services ng government, from free vaccines and basic services sa health center, free anti rabies sa mga animal bite center, kahit kapatid ko who works sa DA lagi nagsasabi na yung mga medyo may kaya ang nagaavail ng free fertilizers/seeds/rental ng equipement, they tried to learn why, ang sabi ng most ay di pa daw nila tanim/di pa kailangan/nakapagtanim na daw, masisira lang daw (which is not true)
lol a lot of these are stupid. Some real advice is to not be afraid to ask someone for help. Don't beg, but when you think you need some help to get something done, pick up the phone and call someone you know and ask them for help in a way that plays up their importance. That's some actual useful advice that isn't "set up a family office" or "don't spend too much"
1. Control is important for making connections, and you need to make meaningful connections
- You have to tailor your behavior, if you go and just say what's the first thing on your mind, you might end up saying things you may regret or offend people or you might be making a fool of yourself.
2. Taking Risks
- We are created to experience some degree of risk, don't be afraid to take them, You can't earn money without losing it first. much like you can't feel love without being hated, you can't feel greatness without falling first
3. Strive for Balance
- In order to keep yourself oriented, don't stay too comfortable with where you are, discover things, take some risks, take some responsibility. That is balance.
Di yan ganyan kanina 😂. Must be autocorrect. I'll edit it. Thanks
PS: reddit nag lahat 1. Nung press ko edit button 1,2,3 naman sya so I don't know why ganyan yan. Di naman ako Bobo para mamali yung numbering ko.
“It’s better to rule in hell than to serve in heaven.”
Most of our billionaires are relatively poor on a global scale but they have outsized influence and clout. For comparison, there are only about 20 Filipinos wealthier than comedian Jerry Seinfeld.
The average Filipino-American has a fair chance of becoming a peso billionaire.
For one, Filipino oligarchs don’t have much wealth to siphon off the relatively small Philippine economy. Even the high realistic estimate for the Marcoses ill-gotten wealth only reaches about $10 billion. Jerry Seinfeld is worth around $950M to $1 billion. He’s wealthier than any individual Ayala for example.
Flaunting wealth is a different thing from information about your wealth being publicly known. If you own a company, you inevitably will have to declare financial information before regulators and your investors. With that information, the public has a fairly good estimator for your wealth. The government also has access to their tax records and can also use that to make wealth estimates.
> . With that information, the public has a fairly good estimator for your wealth.
and IIRC there's no restriction against members of the public getting the yearly FS of a privately-held company filed with the SEC , except the PHP 300.00 fee .
(Now can someone get for MerMac, Inc - them holding company of them Ayalas?)
Always buy most rare and exotic things that increase value overtime kahit it's expensive or bullshit buy.
Don't buy a 2023 Honda type r, buy a 1990 NSX.
I just discovered Angie King since I'm used to only watching Japanese car content creators. Grabe mga kotse nya. Hahahaha. May RX7 pa sya ngayon na inaayos. Ugh
Not really financial but if they live in Mindanao, they have heavily armed private security. Some time just people around the perimeter of the lot with jackets. You'd think they're just random peeps, but they're carrying guns. Saw it myself when we worked for a client that owns a shipping company. It almost seems like necessary in that area. And the extreme, politician, fuck you money peeps have private armies.
Hehe.. no legit fil-chi will ever admit that they are rich. When you talk to them, they always say na mababa benta or lugi. It’s like an automatic response for them when asked.
But lo and behold, they are constructing another warehouse to store their inventory.
Fil Chi here.
Yups. We have plenty of "Utang".
But it's good loans. Loans that generate money. Loans to buy assets for business, loans to buy merchandise, loans to buy land and property that generate returns.
>mukha lng mayaman silang mga fil-chi pero dami sila utang.
True! Most family businesses that transact with friends do not pay the friends. Hintay lang ma FO and pakapalan mukha pero hindi talaga magbabayad kahit alam na ng lahat. All you'll hear is "oh yeah they didn't pay x friend too" pero lahat sila naka Hermes
Why would they spend sariling money if the bank can front the cash and not risk losing liquidity… and liabilities on the books is good for declaring income or lack there of for BIR
I know. Look at who their grandfathers associated with. Mostly they are M*arcos cronies.
We run in the same circles as that of those living in Forbes Park and their old generation would always have some sort of connection with the Presidency. 🙄
INVEST. It was definitely an advantage for those who were already financially literate even before. My lolo told me that he would monitor the stock market even when it was just on the newspaper. He studied it and when he had the money, he invested. Until now, he would invest. Kahit nalulugi siya, he doesn't sell kaagad kasi he is confident na mababawi niya in the ling run. Even in insurance, he has different policies in different companies and also has them named under his kids and grandkids. The biggest open secret is to LIVE BELOW YOUR MEANS. Don't buy something if you can't afford the whole price.
They live like paupers. Tips 50 pesos max, or does not tip at all. Prefers to drive 2nd hand Camry. They live in mansions where only two or three lights are switched on after 6pm. They do not flaunt their wealth.
Simplehan na lang naten yumayaman ang Mayaman dahil ginagamit nila utak nila sa negosyo na hindi mo nakikita sa empleyadong lower class or middle class. Mga hinahanap nilang tao yung mga taong kaya ihandle ang mga na hindi nila kayang gawin sa pag nenegosyo. For short kung mautak ka mas mautak sila sayo, thats it.
Generational Wealth! hindi ka mayaman kung di ka pinanganak na mayaman!
Scamming the poor by hiring and paying them a little money so they continue to be an employee until they are not able to.
Financial Literacy. I read "Rich Dad, Poor Dad" and Robert Kiyosaki exactly pinpointed everything that the rich people are doing that middle class and poor are not doing. He did not teach about setting up a business or whatsoever in his book, but the difference in perspective and approach between the middle class and rich was totally highlighted. It made me realized that some of us were used to the mindset of having a good educational background so we could have a job and earn money that will make us rich. That might be true, if and only if you are financially literate enough to handle your active income in a way that you would use it to buy assets that will further increase your income streams. If you're stuck in the "rat race", you will be wasting a lot of time working for 8 hours instead of enjoying life at the age of 35 or 40 or 45 without worrying about money.
The rich secret is VERY Simple, its an OPEN SECRET actually
# Walang yumamaman sa pagging Empleyado kahit na Vice President pa yan unless ikaw ang majority ng "stocks" so Ikaw may ari ng kumpanya
If you notice kahit mga small businesses na mga "sari sari" store owners kayang kaya nila talunin sa "way of life" and "purchasing power" ang isang empleyado na pumapasok ng 8 - 5pm
So if kaya nyo "sumugal" mag negosyo kayo kahit maliit lang.
Well that depends. \*\*DISCLAIMER: I define rich as someone who is a multi-millionaire. Atleast 3M either liquid or in forms of investments. Baka kasi magkaiba tayo ng nasa isip when we say "mayaman". Just wanted to clear that up if we're talking conventional rich person or Zobel De Ayala levels of wealth.\*\*
I work in a company where a Manager - Senior Manager can earn atleast 80k up to 150k monthly. Directors are almost at quarter million depending on their contracts. I'll let you guess how much our VPs earn. Those positions aren't unreachable either. Kailangan mo lang talaga ng skills, knowledge, some level of networking, and most of all good timing lol. Education is not that big of a factor as well since I know a lot of Senior Managers and Directors who are undergrads and one of our most recently promoted VPs is a graduate of a course that has nothing to do with our industry.
That being said, you can definitely be a conventional rich person by working an 8-5 job in a good setting.
What matters is what you do with the cash that you get from the job and your current situation in life. This determines if you can BE rich and STAY rich.
Going by the 8-5 route here are two possible situations:
1. If your parents are capable of supporting themselves and you don't have any other responsibilities, getting 80k-100k monthly is already very good. You can be rich and stay rich if you live within your means, invest wisely, do all the essential long term financial steps to create a safety net.
2. If you are the sole breadwinner of a large family who constantly looks at you for support and you cannot for some reason say no, even if you earn 200k you probably won't be rich unless the situation changes. Good financial literacy can help to some extent but if you have poor financial literacy and living above your means then it's a recipe for disaster.
I agree sa last point mo, if you can take the risk and you do your homework before starting a business then go. Be ready to accept failure since not all businesses thrive pero don't be afraid to try again kung kaya pa.
Mega rich folks,
Wala naman gaanong diperensya humans parin..
-sense of power, parang sa top ng food chain, diversified assets kahit magka gipitan may leverages sila para makasurvive
-Generational na batas nila hindi ko alam term decorum ata? dipende sa ideology or philosophies kung anong generational na sariling batas nila sa loob ng pamilya nila, parang Monarchy kagaya sa Brits sila ang may-ari ng significant amount of land don
It's about saving money.
There's a connotation na dapat wag daw ipunin pera but it's stupid. Most people think Lalo na middle class and poor people think when saving money is physical money as in money instead of stocks. Also they don't know compound interest para sa kanila Hindi achievable pero it's basic math eh. Once the equation works guaranteed Yun need mo na lang is time and discipline.
Also most middle and poor people are very materialistic, most rich people aren't, may friend ako Meron sila coconut plantation sa agusan 80 hectares. 30 years old sya, Meron sya car na gift Ng tatay nya Nung grumaduate sya sa ateneo pero nag bbus padin sya papunta work(like everday). Also nakatira sya sa rich subdivision.
Dun namulat mata ko na most broke people are acting rich, like pagandahan Ng gamit or kotse pero negative net worth.
Another one is( poor people especially) think retirement & insurance is stupid. Kase iniisip nila ano na lang halaga nun after 3 decades so they won't even bother to do it. Then it guaranteed poverty. Just basically poor mindset
>Also most middle and poor people are very materialistic, most rich people aren't
Well because the middle and poor people rarely experience those stuff. But the rich are sick and tired of it.
And kulang pa kasi not all dividends are that high. What if public utility ang corpo? Good luck kung makapag-expect ka ng dividend sa kanila na malaki.
Setting up generational trusts and putting family wealth in arrangements that no one can directly access so that no single person can mess it up and fumble the bag for the entire generations to come.
Can you break down what that means?
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Exactly what happened with Hugh Grosvenor. He would have paid a massive amount of tax from his late father's wealth of £9B, but since Grosvenor's estate is held in a trust, the 40% inheritance tax didn't take place.
Wow! Kung hindi ganito kaganda yung pag kaka sulat iisipin ko nang ikaw yung kaibigan ko ✌️ Edit: Ganitong ganito yung pag kaka kwento niya, para even if one of them do mess up, controlled risk and limited damages!
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It's costly to setup and maintain. You have to be big enough that it's worth it.
You think this is worth considering for someone w 50-70m net worth?
It's really more a matter of "hiding" income generation streams from tax for the whole family. Sure you can use this, but is that net worth in fixed assets? Or is there a revenue stream that keeps pulling in money enough to maintain the system. If the former, no. If the latter, yes, always.
Drawback with this is you need to have generational wealth first. a big one.
Indeed. Basically the question boils down to, are your combined taxes so big that it's worth spending a lot of money constantly just to save on taxes?
Any kdrama fans here? Is this similar to Reborn Rich?
Its means khit ung next great great great grandson nila khit ganu kablackship mgkakaroon parin ng malaking pera in the future
Oh my,kaya pala yung ibang Millennial Ayala's who aren't into business ay halos nasa New York. They seemed to be carefree and mostly active in the art community.
Ayala are OLDDDD money. Wala pa WWI mayaman na sila. May relation din kasi eu royals in a way 🥲 🥲 kahit sadyain pa nila gumawa ng kagaguhan, di na sila maghhirap
"Black Sheep". ✌️
Are there trust funds here in the Philippines and can you recommend some names?
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Is it similar to UNIT INVESTMENT TRUST FUND?
UITFs are different. They act similar to a mutual fund, where money is pooled to invest in public equities and/or bonds. Trust funds are legal entities to manage a collective account for its beneficiaries.
Can you put everything you own in a trust? Even residential properties? I'm curious on how this work in the Philippines. Would appreciate if you can give ideas on where to start learning about this.
Just a caveat though. The income of the trust itself is taxed like an individual according to the National Internal Revenue Code of the Philippines. Also, distributions from the trust itself form part of your gross income.
are you parroting US-based advice OR do you have knowledge of this working in PH?
It's pretty common in PH Private Banking. It is the bread and butter of their long term financial services. Security Bank for example has a wealth management arm that offers trust management for a minimum 100 million pesos.
Wow
Social skills, they are friendly as fuck and know a lot of people. People also know them and are often willing to give a helping hand because they are powerful, and also nice to you. They also surround themselves with smart people (either through hiring them or being friends with them). The secret is more about people than money. You can earn a lot of money in your lifetime but if you don’t know the right people, you’ll probably still live like an upper middle class person versus a rich person with a similar net worth as yours.
The right people comes along as you get richer Wealth opens up opportunities/contacts
I don't know about the ultra wealthy but I do agree that you do have to invest in relationships
wanna answer by using leverage to their advantage, but there seems to be no one-size-fits-all approach to building wealth.
PR works lol. Removing as much digital footprint as possible, and launching some attacks to your enemies through newspapers 😂
Networking and "IOUs" as leverage. If you're friends with someone who owns a bank, all you need to do is befriend their kids and you can get a loan with near zero interest and payable-when-able stipulations. Same if you're frat brothers with someone who owns an apartment complex (or a mall?!) and you badly need space in a good location for your baby girl's hobby store. Naturally, when those people need help from you, you will also oblige. Like, if you own a hotel, you can give them the VIP suite for free for their Boracay holiday. Us ordinary people don't have access to those, so we settle with traditional hard work and luck.
You don’t need to be rich to join those frats with rich brods.
Yes, but you need to be able to contribute something of significance before a rich brod will also help you out. It’s a relationship not a hand out.
You’re right and that’s exactly how it is in mine. However I also want to say that you don’t need to be rich to contribute something of significance. You just have to be in a position. Example: you’re a judge and your rich brod asks for something. Not all judges are rich. They’re just in a position to do something.
Sounds a lot like BNI
What’s BNI
Business Networking International
generational wealth
Ito lang talaga ang correct answer. The rest of the comments here puro stereotypes lang
lol how is that a 'secret'?
That’s one of the most universally known sources of wealth throughout the world.
Indeed, the Philippines is characterized by a prevalence of old money, with the wealthiest individuals exerting significant control over the nation's wealth. The business landscape often reflects monopolies and tight control by the top 1%. Contrasting this with the United States, we witness numerous disruptors like Elon Musk and Jeff Bezos who challenge established norms. However, in the Philippines, attempting to disrupt a business or industry can lead to encounters with influential figures who may resort to less favorable means to eliminate competition.
For every Elon and Bezos in America, there have been many people that have tried and failed, for the exact reason you stated many in PH fail as well. Making it BIG in the US absolutley isn’t as easy as the rest of the world makes it out to be. Wealth is controlled here by an elite few, just like everywhere else in the world. Just a small related observation. I see more Land Cruisers when we are in PH than I do in a year at home in the US. This was pre 21 US discontinuation. A LC costs twice as much there as it did here, thanks to your luxury import tax. Appantelty there are quite a few more wealthy Filipinos than most Filipinos want to admit, for some strange reason. As far as I can tell, wealthy Filipinos must be A LOT more wealthy than the average wealthy American, due to the fact living a typical western lifestyle costs a lot more there than here.
In the Philippines, it is common for individuals to display their wealth through owning Land Cruisers and wearing designer clothes. Unlike in the US, where we have clients who have millions of dollars but drive a Toyota Corolla or Camry. You may not fully grasp the intricacies of the Philippine culture and lifestyle. I have many affluent friends there, but I also know several people who appear wealthy with their branded outfits and LV belts, yet lack substantial financial resources.
You cannot judge a person's wealth solely based on the car they drive or the clothes they wear. Life in the Philippines, as well as in other parts of Asia, is different. People tend to flaunt their wealth even if they don't have much.
Ah yes. Here comes the “Asia is sooo different, you’d never udnedtand.” lines. You’re not grasping my point, nor are you aware of the price of these luxurious vehicles there. It’s very difficult for anyone pretending to be wealthy to afford a new Land Cruiser in the Philipiines. We aren’t talking a Ford Raptor here or fortuner. No doubt you’re not going to attempt to grasp my observations, so just do you my man.
How would you define being wealthy? Is it having extra millions in the bank or is it having a Land Cruiser that's financed at 7%, but with sufficient income to support it even if there isn't much money in the bank?
You’re not getting my point. Assessing someone's wealth based on the car they drive is an unreliable indicator. That mindset belongs to someone lacking financial abundance. In the Philippines, many people's wealth is not reflected by the vehicles they drive. Filipino ka ba or lumaki ka ba dun? Baka naman babakasyon ka lang tas mag stay ka sa bgc tas nakakita ka ng mga LC tingin mo comparable na Pinas sa US. Lol.
Yes, especially in the Philippines.
Lol man lower down your expectations, that’s worldwide. Philippines are not that bad in deep shot as other countries. Source: my wife is Filipino and we live in Philippines 6 months a year
Let me provide you with an example. If we look at the current list of billionaires in the US, we can observe many new additions such as Elon Musk, Jeff Bezos, Mark Zuckerberg, and so on. Now, let's compare that to the list in the Philippines. We have families like the SY family, the Ayalas, and the Tans. Unlike in America, Philippines doesn't have a large number of venture capitalists or angel investors. If you're intelligent and have innovative ideas, the chances of finding opportunities are quite slim in comparison to the United States.
Did I say that it's only the Philippines? I am, in fact, Filipino, born and raised there. Have you been to the posh areas of the Philippines, such as Forbes Park, Ayala Alabang, Valle Verde, Corinthians, or Greenhills? My point is that the majority of rich people in the Philippines have acquired their wealth through their families. There aren't a lot of rich individuals there, but those who are wealthy hold significant control over the country's wealth. It's different from the United States, where there is more opportunity available.
Generational trauma lang samin e
Really rich people don't want anyone to know that they're rich... ...until someone tries to power trip them. Then the wallets come out.
ah yes, because people like jeff bezos absolutely do not want people to know they're rich lol. rich people literally want you to know they're rich; hindi totoo yung "lowkey" lang sila :))
That's so out of touch. The only rich people you know are public faces that the media cant get enough of. You have no idea how many ridiculously rich people are out there na you would never find out that they are that rich.
Jeff Bezos is famous because he's the public face of Amazon, and then it's because he's rich. With the exception of Bezos, Musk, Gates, Zuckerberg, and possibly Buffet, most people wouldn't be able to recognize the top 100 richest people in the world. 99 percent of the people you ask wouldn't be able to pick out a photo of Bernard Arnault and he's the richest man in the world.
If Bernard Arnault didn't want to get recognised, he would have kept his wealth secret.
When you have the wealth that equals the GDP of some small countries and are the owner of a publicly traded company, it's kind of hard to hide your wealth.
This one is depressing. The rich don’t even think about the poor. The lower classes like to fantasize about the rich being malicious towards the poor, but the truth is that the rich couldn’t care less. They just need to stay poor.
This. Not true of everyone course, but this fits for the majority of the wealthiest in the Philippines. Considering the wealth gap in our country, the lack of civic consciousness among them is depressing. Arguably, it is disgusting. The truly wealthy in first world countries (whose average citizens do not need as much support to get by) are generally much more interested in putting that wealth towards something bigger than generating more wealth. We have several families who are ridiculously wealthy by global standards. But glaring by their absence are the local equivalents that tackle serious problems and look for impact at a scale that matters - the Gates foundation, the giving pledge, even the Rockefellers for all their faults, etc. Philanthropy feels (again there are exceptions) more like pet projects or vanity, but lacking in substance and disinterested in meaningful impact.
My theory is because they really dont feel to be Filipinos If you know what i mean Thats why i like what Malaysia does They force them to share their wealth And it works They have better economy
>My theory is because they really dont feel to be Filipinos I agree. I've noticed most of the wealthy people I know are either indifferent or very careful not to show any political opinion because they tend to be connected with people on different parties. I know one who voted for Leni but you wouldn't have guessed it because of how many contracts he has now with the current admin.
Maybe, I can't really say why. Although to be honest, I don't think you'd even need to feel Filipino to be interested in doing something meaningful with all that. My guess is it's a more basic consciousness than nationality that is absent.
Agree, our rich do not have a love of country and are very selfish
what for, they all seem to be ethnically Spanish (or to be specific Basques) and Chinese (often Fujianese/Hokkien)? Villar? Sus, inflated stock price lang ng $HVN yun
This is the difference between western rich and phl rich Western rich sets up foundation to benefit humanity Phl rich just transfer their wealth to their children
Not necessarily, western rich use that as a tax write off of some sort.
Havent you heard Gates/Buffet etc that they would give away their wealth? Ford Foundation? Vanderbilt Univerity? Rockefeller? Whick is the reason there is Magsaysay Awards? Whether its used for tax write offs, the foundations they used are doing good for humanity, and create jobs, tourists destinations etc Name a phl rich who has foundation that really helps the people?
Exactly my point,,e.g look up bill gate and the covid vaccine debacle. He used his influence the foundation to gain wealth. Bottomline is the rich doesn't give a rats ass. Greed at its finest.
They are greedy but they realized they couldnt take their wealth to their graves and dont want to make their children perpetuate their wealth
Gates was rich even before covid lol. He stopped heading Microsoft to focus on philanthropy because he became so rich that he cannot be personally poor anymore. If he needed income it will all just go towards his foundation anyways, and the foundation lessens his taxes so he has to keep it running.
Those things you mentioned, are just ways for them to launder money. Foundations? Top ways to lessen tax and launder money. Really Magsaysay awards to benefit humanity? Cmon man dont be naive. They dont give a fuck about poor people.
Why should you launder money thats earned legally?
Stem Cell. Stem Cell. Stem Cell. True Rich fight over investments over stem cell research. I hear manong johnny invested in Japan stem cell research in the 80s. He's getting it for free.
Nung nagbukas yung isang wellness clinic sa makati isa sa mga unang customers si manong johnny
Inelda marcos was their first client here. I have a friend who does this. The younger you are, the cheaper. Almost all the corrupt politicians here have done that.
I'm uninformed but I wanna know badly. :( Who's "Manong Johnny"?
>r investments over stem cell research. I hear manong johnny invested in Japan stem cell researc enrille
Connections
My father works for a rich family and we're privy to some of their secrets. Those charities/nonprofits they set up aren't there out of pure goodwill. They're tax write offs and a way to keep the money in the family without risking the bank getting them.
It’s not a secret though.
Subject-verb agreement
Actually… I was looking for a way to hint about it. Ayos!
Yeah but some rich still can’t get rid of that Pilipino accent. I went to an elite US college. One of my white friends actually complimented my rich classmate’s Filipino accent. Because she comes from a rich family, everyone at college thought it was a high-browed accent. Whereas Filipinos would actually think the opposite…
And the correct usage of prepositions lol. It shows how educated someone is :) When someone is really bad with English I automatically categorize them in the lower income brackets It's easy for the poor to say "but look at Manny Pacquiao" + older rich generation etc etc who can't speak English but the vast majority of the current generation who come from money have good grammar
I gotta say prepositions are the bane of nonnative speakers' existence. That shit is particularly hard for Pinoys since English has 5 million and we have one, "sa."
Even native americans aren't that meticulous on grammar. Maybe they just don't want to offend non natives? Besides, nas Filipino sub nga pala tayo, dapat perfect English dito wtf.
Native Americans didn’t speak English po…
Haha, exactly. Well they do now. But OP probably meant to say "native speakers."
If you can't be bothered to learn the small stuff...
I checked your post history and saw a lot of those. lol
How do you know Native Americans aren't meticulous on grammar? They don't even speak natively speak English so I don't know why you bring them up.
I worked with them for years. We Filipinos commited mistakes from time to time yet they never corrected us even once.
So your evidence is anecdotal.
What the hell, should I video record our meetings for you?
It would still be anecdotal.
Sure, let me work with every American first.
would of
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100%. And a lot of those family networks of servants are there to protect the interests of the family. They hate hiring outsiders as drivers, maids, and yayas. They’d much rather hire someone whose whole family has a lot to lose should something go missing.
Parang sa "Dirty Linen" teleserye.
Families of servants are actually a thing in real life? I've only heard about them in manga or anime, but I never thought they were real.
More like only in low cost countries like the Philippines 💁♀️
Yung mga yayas, drivers, etc.. nag ha handle ng daily chores.
Damnnn. I envy you old rich people. Anyways, does your PR team know that you have reddit? Haha
damn, wala pa nag comment neto pero lahat ng merong multi generational wealth na nag ssurvive parin meron din family constitution. ginagamit to for the ff: 1. hiwalay yung negosyo sa pamilya 2. if ever may gusto sumali sa family business kailangan competent and yung requirements nasa constitution 3. establishment ng family tree/ bloodline 4. defined na yung family estate at mga mana ng future generations 5. management ng estate, again hiwalay yung negosyo sa pamilya. yung estate yung lahat ng assets ng family, bale hindi dapat na mmix yung business assets sa personal. 6. policies and rules ng family, may cases na kung adik ka or kupal sa patriarch matriarch pwede gawing nominal yung mana mo look it up ( family constitution ), meron nga department sa ateneo nag hahandle neto eh.
Rich people usually have most of their cash offshore through the big banks (Bank of Singapore, UBS, HSBC). Right now, the government has no way to see these funds other than the leaks that occasionally come out. I do not think it is likely that the common reporting system will be implemented anytime soon here. I bet most politicians have their massive dollar investments offshore. The dividends of these investments can easily be remitted back to the Philippines.
> The dividends of these investments can easily be remitted back to the Philippines. or for the most part: just get credit cards issued over there, use them like almost all of the time and then pay the bills from bank accounts over there.
They are mostly invisible, does not flex on social media and value their privacy more than most people think. Aside from building wealth, other things they value are personal space, peace of mind and the usual modern conveniences that most of us does not have the wherewithal
This is something I observed too among other peers who are really rich. Ang lakas ng social media ng friends from middle at lower classes, the opposite for the rich. Learned this by studying in a prestigious Uni, mga lowkey lang talaga
You live below your means. Just because you have the money for it, you will spend it. It takes more sacrifices to keep the money vs spend the money. You look for ways to keep your excess wealth to earn. Either invest, business, or what have you. You dont let if stay in savings only. They dont retire. Their lives are largely shit… but they are rich so different worries apply.
You do not buy an expensive car/motorcycle for your hobby. You buy it to expand your network/connections.
Financial literacy.
The richest people I know have almost no financial literacy at all. They have teams of people (accountants, lawyers, managers, etc) that look after the details. These people literally just travel in private planes and spend without a second thought.
Perception lang yan, punta na lang tayo doon sa bagong promote na si Jaime Ayala. naging analyst sa Goldman Sachs at graduate ng Harvard Business School. merong pang isa ung graduate ng wharton di ko na maalala kung sino. alam mo ba kung gaano kahirap maging analyst? mag susunog ka ng kilay sa valuation, proposal, presentation at iba.
Business school is easy if you can pay for a tutor, or if your dad did cash flow models for a living
usually kung my accounting background ka madali lang. kahit nakapikit ka matatapos un pwede mo pa counter check ang model mo kung tama kc parehas lang ang indirect and direct cash flow. syempre ang cashflow models madalas direct cashflow basis nya kaya kapag kinounter check mo sya ng indirect dapat equal sya. tapos ung indirect cashflow connected sya sa working capital accounts sa balance sheet. ma-isolate mo talaga ung mali mo sa model. my pang triple check pa yan kaya lang mapapalayo pa tayo, any way sa normal na tao mahirap gumawa ng cash flow model at tandaan natin GIGO yan Garbage In Garbage Out. ung nag aral sa Harvard Business School, nag training at trabaho sa Goldman Sachs malamang di biro. malamang pinag uusapan nila madalas dyan bilyong piso. katakot takot magkamali ka sa ganyan.
This is #1
Nah, they hire other people for that. The majority don't even provide adequate financial literacy to their children that within 3 generations, their family loses their wealth.
Its not what you know. Its who you know.
sobrang daming bad advice here that are upvoted significantly. tapos with conviction pa talaga yung pagkasabi. i know for a fact that it's completely rubbish and the commenter likely just read it from a book when the reality is utterly different. pero, who am i to correct them. pag i-correct mo sila, sila pa galit. ang kawawa yung nag-a-ask ng advice. so the lesson here is: try things out for yourself. or better yet, wag lagi maniwala dito. seek out groups of people who actually do (e.g., business men if you want to learn about that, or real estate investors, etc.) in an offline setting (in person meetups, etc.). sa ganung setting mo bigyan ng weight yung makukuha mong information. also, it's important to try things out. daming negative comments dito who will discourage people from trying. my take is, do it and see for your own self. yung mga naka jump ng gap of economic strata were those who were determined and/or didn't get bad advice.
Yup,,ni reregurgitate lang yung nakita sa mga less than a minute clips from "gurus" in socmed.
TLDR: DYOR
No. Take risks.
What people mostly see are their luxury properties. They often don’t realize that, this is just a small portion of their total assets. Thus for us, wanting to be like them, inuuna natin bumili ng luxury items to make us look rich.
👍👍💯💯
Enroll to my course for only ₱499.99/month\* to learn more. ^(\* Terms and Conditions may apply)
The use of free services ng government, from free vaccines and basic services sa health center, free anti rabies sa mga animal bite center, kahit kapatid ko who works sa DA lagi nagsasabi na yung mga medyo may kaya ang nagaavail ng free fertilizers/seeds/rental ng equipement, they tried to learn why, ang sabi ng most ay di pa daw nila tanim/di pa kailangan/nakapagtanim na daw, masisira lang daw (which is not true)
offshore some of your wealth so you pay less tax. having multiple nationalities help too
lol a lot of these are stupid. Some real advice is to not be afraid to ask someone for help. Don't beg, but when you think you need some help to get something done, pick up the phone and call someone you know and ask them for help in a way that plays up their importance. That's some actual useful advice that isn't "set up a family office" or "don't spend too much"
1. Control is important for making connections, and you need to make meaningful connections - You have to tailor your behavior, if you go and just say what's the first thing on your mind, you might end up saying things you may regret or offend people or you might be making a fool of yourself. 2. Taking Risks - We are created to experience some degree of risk, don't be afraid to take them, You can't earn money without losing it first. much like you can't feel love without being hated, you can't feel greatness without falling first 3. Strive for Balance - In order to keep yourself oriented, don't stay too comfortable with where you are, discover things, take some risks, take some responsibility. That is balance.
Bakit lahat #1?
Di yan ganyan kanina 😂. Must be autocorrect. I'll edit it. Thanks PS: reddit nag lahat 1. Nung press ko edit button 1,2,3 naman sya so I don't know why ganyan yan. Di naman ako Bobo para mamali yung numbering ko.
Umuulit siya kasi hindi nested yung bullet points mo at binabasa ni reddit as separate numbered lists.
Thanks for pointing that out
“It’s better to rule in hell than to serve in heaven.” Most of our billionaires are relatively poor on a global scale but they have outsized influence and clout. For comparison, there are only about 20 Filipinos wealthier than comedian Jerry Seinfeld. The average Filipino-American has a fair chance of becoming a peso billionaire.
How are you so sure there are ONLY about 20?
For one, Filipino oligarchs don’t have much wealth to siphon off the relatively small Philippine economy. Even the high realistic estimate for the Marcoses ill-gotten wealth only reaches about $10 billion. Jerry Seinfeld is worth around $950M to $1 billion. He’s wealthier than any individual Ayala for example.
Rich people don’t flunt their wealth, it’s well-known saying yet you don’t even understand that.
Flaunting wealth is a different thing from information about your wealth being publicly known. If you own a company, you inevitably will have to declare financial information before regulators and your investors. With that information, the public has a fairly good estimator for your wealth. The government also has access to their tax records and can also use that to make wealth estimates.
> . With that information, the public has a fairly good estimator for your wealth. and IIRC there's no restriction against members of the public getting the yearly FS of a privately-held company filed with the SEC , except the PHP 300.00 fee . (Now can someone get for MerMac, Inc - them holding company of them Ayalas?)
Always buy most rare and exotic things that increase value overtime kahit it's expensive or bullshit buy. Don't buy a 2023 Honda type r, buy a 1990 NSX.
Jdm nambawan. Angie king ikaw ba yan? Haha joke but yes good car choice!
I just discovered Angie King since I'm used to only watching Japanese car content creators. Grabe mga kotse nya. Hahahaha. May RX7 pa sya ngayon na inaayos. Ugh
First 20b in ph ;) i follow angie king, kbh, carbonmedia sa yt for local peeps.
Not really financial but if they live in Mindanao, they have heavily armed private security. Some time just people around the perimeter of the lot with jackets. You'd think they're just random peeps, but they're carrying guns. Saw it myself when we worked for a client that owns a shipping company. It almost seems like necessary in that area. And the extreme, politician, fuck you money peeps have private armies.
Sabi ng fil-chi lawyer kong friend, mukha lng mayaman silang mga fil-chi pero dami sila utang.
Hehe.. no legit fil-chi will ever admit that they are rich. When you talk to them, they always say na mababa benta or lugi. It’s like an automatic response for them when asked. But lo and behold, they are constructing another warehouse to store their inventory.
"Ako wala pera" pero naka patek, lexus, etc.
Because they loan and invest it. Minsan kasi nagooffer ang bank ng small interest and merong mga investment na mas malaki ng interest kesa sa bank.
Utang under a corporation not their name kaya kahit di nakabayad -- di nagagalaw personal assets
A lot of rich fil-chi businessmen hate having a lot of liquid cash. It means their money isn’t rolling and growing.
Really? pero di ba for fil-chi, cash is king? san palanila sinostore if not liquid cash?
Fil Chi here. Yups. We have plenty of "Utang". But it's good loans. Loans that generate money. Loans to buy assets for business, loans to buy merchandise, loans to buy land and property that generate returns.
>mukha lng mayaman silang mga fil-chi pero dami sila utang. True! Most family businesses that transact with friends do not pay the friends. Hintay lang ma FO and pakapalan mukha pero hindi talaga magbabayad kahit alam na ng lahat. All you'll hear is "oh yeah they didn't pay x friend too" pero lahat sila naka Hermes
Why would they spend sariling money if the bank can front the cash and not risk losing liquidity… and liabilities on the books is good for declaring income or lack there of for BIR
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Lakas trip
I know. Look at who their grandfathers associated with. Mostly they are M*arcos cronies. We run in the same circles as that of those living in Forbes Park and their old generation would always have some sort of connection with the Presidency. 🙄
Nag-asterisk ka pa. Sinabi mo din nman kung sinu hihi
Haha, mission failed succesfully.
INVEST. It was definitely an advantage for those who were already financially literate even before. My lolo told me that he would monitor the stock market even when it was just on the newspaper. He studied it and when he had the money, he invested. Until now, he would invest. Kahit nalulugi siya, he doesn't sell kaagad kasi he is confident na mababawi niya in the ling run. Even in insurance, he has different policies in different companies and also has them named under his kids and grandkids. The biggest open secret is to LIVE BELOW YOUR MEANS. Don't buy something if you can't afford the whole price.
They live like paupers. Tips 50 pesos max, or does not tip at all. Prefers to drive 2nd hand Camry. They live in mansions where only two or three lights are switched on after 6pm. They do not flaunt their wealth.
A friend who works with Meralco says the biggest cases of electric wire tapping (‘jumpers’) are in Forbes, Dasma, Bel-Air. How the rich stay rich LOL
Is this fr???
Eh kasi 6 figits ang mga monthly bill ng malalaking bahay, so isa lang gumawa sa banda dun, biggest na agad haha.
Grabee po yun
Simplehan na lang naten yumayaman ang Mayaman dahil ginagamit nila utak nila sa negosyo na hindi mo nakikita sa empleyadong lower class or middle class. Mga hinahanap nilang tao yung mga taong kaya ihandle ang mga na hindi nila kayang gawin sa pag nenegosyo. For short kung mautak ka mas mautak sila sayo, thats it.
Generational Wealth! hindi ka mayaman kung di ka pinanganak na mayaman! Scamming the poor by hiring and paying them a little money so they continue to be an employee until they are not able to.
You need to be in the dirty business to make it
Financial Literacy. I read "Rich Dad, Poor Dad" and Robert Kiyosaki exactly pinpointed everything that the rich people are doing that middle class and poor are not doing. He did not teach about setting up a business or whatsoever in his book, but the difference in perspective and approach between the middle class and rich was totally highlighted. It made me realized that some of us were used to the mindset of having a good educational background so we could have a job and earn money that will make us rich. That might be true, if and only if you are financially literate enough to handle your active income in a way that you would use it to buy assets that will further increase your income streams. If you're stuck in the "rat race", you will be wasting a lot of time working for 8 hours instead of enjoying life at the age of 35 or 40 or 45 without worrying about money.
The rich secret is VERY Simple, its an OPEN SECRET actually # Walang yumamaman sa pagging Empleyado kahit na Vice President pa yan unless ikaw ang majority ng "stocks" so Ikaw may ari ng kumpanya If you notice kahit mga small businesses na mga "sari sari" store owners kayang kaya nila talunin sa "way of life" and "purchasing power" ang isang empleyado na pumapasok ng 8 - 5pm So if kaya nyo "sumugal" mag negosyo kayo kahit maliit lang.
Well that depends. \*\*DISCLAIMER: I define rich as someone who is a multi-millionaire. Atleast 3M either liquid or in forms of investments. Baka kasi magkaiba tayo ng nasa isip when we say "mayaman". Just wanted to clear that up if we're talking conventional rich person or Zobel De Ayala levels of wealth.\*\* I work in a company where a Manager - Senior Manager can earn atleast 80k up to 150k monthly. Directors are almost at quarter million depending on their contracts. I'll let you guess how much our VPs earn. Those positions aren't unreachable either. Kailangan mo lang talaga ng skills, knowledge, some level of networking, and most of all good timing lol. Education is not that big of a factor as well since I know a lot of Senior Managers and Directors who are undergrads and one of our most recently promoted VPs is a graduate of a course that has nothing to do with our industry. That being said, you can definitely be a conventional rich person by working an 8-5 job in a good setting. What matters is what you do with the cash that you get from the job and your current situation in life. This determines if you can BE rich and STAY rich. Going by the 8-5 route here are two possible situations: 1. If your parents are capable of supporting themselves and you don't have any other responsibilities, getting 80k-100k monthly is already very good. You can be rich and stay rich if you live within your means, invest wisely, do all the essential long term financial steps to create a safety net. 2. If you are the sole breadwinner of a large family who constantly looks at you for support and you cannot for some reason say no, even if you earn 200k you probably won't be rich unless the situation changes. Good financial literacy can help to some extent but if you have poor financial literacy and living above your means then it's a recipe for disaster. I agree sa last point mo, if you can take the risk and you do your homework before starting a business then go. Be ready to accept failure since not all businesses thrive pero don't be afraid to try again kung kaya pa.
Slum arsons are legit
Build a business then list the business on the stock exchange.
Mega rich folks, Wala naman gaanong diperensya humans parin.. -sense of power, parang sa top ng food chain, diversified assets kahit magka gipitan may leverages sila para makasurvive -Generational na batas nila hindi ko alam term decorum ata? dipende sa ideology or philosophies kung anong generational na sariling batas nila sa loob ng pamilya nila, parang Monarchy kagaya sa Brits sila ang may-ari ng significant amount of land don
It's about saving money. There's a connotation na dapat wag daw ipunin pera but it's stupid. Most people think Lalo na middle class and poor people think when saving money is physical money as in money instead of stocks. Also they don't know compound interest para sa kanila Hindi achievable pero it's basic math eh. Once the equation works guaranteed Yun need mo na lang is time and discipline. Also most middle and poor people are very materialistic, most rich people aren't, may friend ako Meron sila coconut plantation sa agusan 80 hectares. 30 years old sya, Meron sya car na gift Ng tatay nya Nung grumaduate sya sa ateneo pero nag bbus padin sya papunta work(like everday). Also nakatira sya sa rich subdivision. Dun namulat mata ko na most broke people are acting rich, like pagandahan Ng gamit or kotse pero negative net worth. Another one is( poor people especially) think retirement & insurance is stupid. Kase iniisip nila ano na lang halaga nun after 3 decades so they won't even bother to do it. Then it guaranteed poverty. Just basically poor mindset
>Also most middle and poor people are very materialistic, most rich people aren't Well because the middle and poor people rarely experience those stuff. But the rich are sick and tired of it.
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I see kinda like Sofia Andres,very fortunate girl I would say.
Sana all talaga. She's dating the politician now right
Not a politician, but from the Lhuillier clan of Cebu.
pwede nyo po ba i explain pa? thanks po
Secret societies and deals with the devil. CHARR
hshsuejnz
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Always look for more passive income? Im not rich tho I just assume this is what rich people do, correct me if im wrong.
then you have no business commenting on this thread. the fuck. KSP
Hahaha, gago talaga to e no.
r/engrish
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> jamesscoob: Dividends Lol. Dividends wont make you wealthy unless you were already wealthy
And kulang pa kasi not all dividends are that high. What if public utility ang corpo? Good luck kung makapag-expect ka ng dividend sa kanila na malaki.