Looking at the Philippines’ top 10 wealthiest throughout the years, one would notice that there is a striking similarity in all of them: the lists always include Chinoy entrepreneurs.
From the Sy’s, Gokongwei’s and Tan’s, they are the constants among the country’s richest families and it has always been a wonder what makes these entrepreneurs the most successful in the world of business.
These business giants are never selfish when it comes to sharing their secrets, and if there’s one thing that they have always been upfront about, it is the value of delayed gratification.
The distinctly Chinoy trait of delayed gratification means practicing self control and postponing immediate gain for greater rewards later on.
This value of Chinoys even dates back to the 16th century when Chinese citizens first migrated to the country in search of a better life. Tracing the ancestral history of wealthy Chinoy families, most of them started out with poor backgrounds and practiced delayed gratification and living a frugal life, which eventually led to the success of their families today.
Although it may sound simple enough, not all people have what it takes to resist the temptation of gratifying one’s self immediately. Sometimes, the pleasure of buying the latest phone model or going on a shopping spree is really just irresistible, especially after paydays or when looking into your bank account and seeing X number of figures in your balance, waiting to be spent.
Knowing how difficult it actually is to practice delaying gratification, here are three tips to help keep you in track during these tempting moments:
1. Remember to live simply.
There is always a natural urge for people to buy things they see on social media, to buy things that will elevate how people view them. Nevertheless, this should not trick you into buying something you don’t really need.
Live simply and buy things out of need, not want. Your wallet will thank you later on!
2. Don’t immediately upgrade your lifestyle
You may have been promoted at work and gotten a raise or you may have opened your business and lots of people are lining up, but this does not mean immediately splurging your growing income.
As tempting as this can be, observe truly wealthy individuals and see how they opt to live a life of moderation despite the immense wealth they have amassed.
Your growing income is meant to be saved, not spent on another purchase that isn’t exactly a necessity.
3. Always put your savings first before spending
You may have heard the phrase “save before you spend” over and over and as cliche as it may be, it is for a good reason.
Once you get your next paycheck, don’t go straight to the mall or restaurants. Make it a point to set aside your savings first and spend what’s left of it later on. When the time comes and you are able to reach your savings goals, you’ll be happy you didn’t buy that expensive watch or go to that costly 5-star restaurant.
These are essential pieces of advice that Chinoy entrepreneurs live by, especially when they were only starting out. Today, this value of delaying gratification manifested into massive empires and companies that dominate the country.
If these Chinoy tycoons can do it, so can you!