{"id":6555,"date":"2023-01-31T02:55:21","date_gmt":"2023-01-31T02:55:21","guid":{"rendered":"https:\/\/workwiseasia.com\/?p=6555"},"modified":"2023-01-31T02:55:23","modified_gmt":"2023-01-31T02:55:23","slug":"what-is-influencing-our-behavior-with-money-fundamentals","status":"publish","type":"post","link":"https:\/\/workwiseasia.com\/?p=6555","title":{"rendered":"What is influencing our behavior with money? – FUNDamentals"},"content":{"rendered":"\n\n

There\u2019s a popular notion that the Chinese are thrifty when it comes to their finances, while Americans are generous. Filipinos, on the other, are said to be extravagant with their money. But how true are these prevailing notions? And what is influencing our behavior when it comes to handling our finances?\u00a0<\/p>\n\n\n\n

According to Registered Financial Planner (US-based Global Certification) Edric Mendoza, there are several factors that affect our behavior when handling our finances, including our cultural history. In an episode of FUNDamentals<\/a><\/strong> on Plus Network<\/strong><\/a>,<\/strong> Mendoza identified some of these factors and shared solutions on how Filipinos can better manage their money.\u00a0<\/p>\n\n\n\n

1. Family and Friends <\/strong><\/p>\n\n\n\n

– <\/strong>Whether we\u2019re aware of it or not, the biggest influence on our financial behavior is our family.\u00a0 <\/strong>Whether it\u2019s our parents, grandparents, aunts, uncles, brothers, or sisters, they all play a role in how we handle our money. If we are having problems with spending, debts, or savings, <\/strong>it\u2019s important to ask some hard questions and determine whether we got these struggles from a family member<\/strong>.\u00a0<\/p>\n\n\n\n

Fortunately, this influence can be addressed and changed. We cannot change our family, but we can change our friends.<\/strong> We need to take a look at the people we surround ourselves with, whether it\u2019s our schoolmates, officemates, and other friends. Are they contributing to reinforce negative behaviors when it comes to money? The Bible says that bad company corrupts good morals, and by choosing good and positive influences<\/strong>, it will allow us to change these behaviors and do things differently when it comes to money. <\/p>\n\n\n\n

2. History <\/strong><\/p>\n\n\n\n

– <\/strong>The Philippines has a long, rich history, which includes the colonization <\/strong>of the Spanish, Americans, and Japanese. These events influenced several aspects of our culture, including the way we handle our money. For instance, during the 300-year Spanish colonial rule, the government could take everything from Filipinos, which changed their attitude<\/strong> toward money. Since everything they own could be taken from them at any moment, the term \u201cbahala na\u201d was coined, and the ma\u00f1ana habit was developed over time.\u00a0<\/p>\n\n\n\n

– In order to address this, it\u2019s important to break away from the poverty mindset <\/strong>or the mindset that nothing has changed in our lives. According to Dave Ramsey, author of the book Game Changers, \u201c100% of our actions that we can control, we can control.\u201d<\/em> So it\u2019s important to take control and understand that if things are going to be up to us, it\u2019s up to us to take control. While there are many things in our lives that we can\u2019t control, one thing that we can control is what happens in our lives today. \u00a0<\/p>\n\n\n\n

3. Language <\/strong><\/p>\n\n\n\n

– <\/strong>Another factor that plays a role in how we handle our money is language. According to Mendoza, countries with futureless words <\/strong>tend to handle their finances better. For instance. In the English language, the word \u201csave\u201d has a past, present, and future tense, while in Filipino, the word \u201cipon\u201d also has a past, present, and future tense. But since these words have different tenses, we tend to break them into time periods<\/strong>, even subconsciously. There\u2019s a thinking that since we\u2019ve saved money in the past, there\u2019s no need to save in the present, or since we plan to save in the future, there\u2019s no need to worry today.\u00a0<\/p>\n\n\n\n

But because of this mindset, we may not be able to save as consistently or as well as we want. On the other hand, in countries like China and Germany, in their languages, when you translate the word \u201csave\u201d and put it into the past, present, and future tenses, the word does not change. And because the word does not change, in their psychology it gives them the urgency that they need to keep saving,<\/strong> which is why language is also another important factor that influences our financial behavior.  <\/p>\n\n\n\n

Psalm 90:12<\/strong> says that we should \u201cteach us to number our days that we may gain a heart of wisdom.\u201d<\/em> Mendoza says that have today, and it\u2019s important to ask ourselves about what is within our control. We need to look at our reality and money that we have and ask ourselves, \u201cCan I save anything right now? Can I pay for something I might need? Can I invest in something?\u201d Instead of thinking about the future or the past, it\u2019s important to focus on today. <\/strong>As the Bible says, number <\/strong>our days, be focused<\/strong> and intentional <\/strong>about it, and see what will happen to us in the area of money. <\/p>\n\n\n\n

For more financial tips, follow WorkWise Asia on Facebook, Instagram, or visit our website<\/strong><\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

In an episode of FUNDamentals on Plus Network, Mendoza identified some of these factors and shared solutions on how Filipinos can better manage their money.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":6556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,273,276],"tags":[570,87,602,175,502,603,398,478],"class_list":["post-6555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-culture-lifestyle","category-management","category-personal-growth","tag-edric-mendoza","tag-finance","tag-financial-behavior","tag-financial-planning","tag-fundamentals","tag-money-matters","tag-workwise","tag-workwise-asia","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"acf":[],"yoast_head":"\nWhat is influencing our behavior with money? - FUNDamentals | Workwise Asia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.workwiseasia.com\/?p=6555\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is influencing our behavior with money? 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