BUDGET EACH MONTH – WHAT IS THE DEFINITION OF A BUDGET?
A budget is a plan to reach a theoretical level of financial health in the future, with a focus on reducing spending and growing income. Budgets tend to fail because they are improperly planned, poorly implemented, or both. Below is an example of a middle class individual his/her income, expenses and savings. (Picture was taken from a true Filippino)
The above picture we are talking about is just basics needs – way to low for them even to save each month.
How financial problems affect families?
Mental health issues, such as stress, anxiety, confidence and esteem loss, and depression, in adult and child family members. Behavior issues, academic issues, and issues of negative activities and peers, in children and adolescents. Couple and marriage issues, reducing financial strain effects on relationships. In Philippines this are a serious issues. How then a middle class Filippino goes for a vacation?
INCREASING THE INCOME LEVEL TO A NEW HIGH…BUT WAIT….
If the employers and the government should play the role of increasing income – the employees also need to increase their competency and attitudes towards work by increasing their productivity level and also be skilled and go for further personal development. Many developed countries like Singapore, Hong Kong, UK & USA they they employee will use the personal finances and go for higher skilled education and increase their competencies in return their get tax rebates/refund.
MATRIX BEHAVIOURAL PATTERN AMONG THE RICH, MIDDLE AND THE POOR.
If you pay careful attention to the matrix – the way to get out of monthly salary and poverty definition is to change the way we do our work, think and do each day. Start following the work habits of the rich and be an entrepreneur – if you are expecting a day job and hoping to be wealthy – well is just a dream.
Will give more ideas on entrepreneurial skills and approach in our next article. Meantime do remember is not only in Philippine – is across the world – where monthly income is just enough “Hand to Mouth survival” each month. We all have responsibilities to think and grow rich.
Article by: Finwaze Philippines.