Rags To Riches Then Back To Rags Pinoy Version

[Fred & Mimi]

From my observation the Filipino people do not know how to handle large sums of money and most likely most do not have to in their life time. I'm not saying all but the average Filipino who lives on 250 peso a day then finds himself a millionaire is going to have a problem. This happens everywhere to some degree. Many of the people have never had to think about investing for the future and the mindset of live for today and not to worry about tomorrow is alive and well.Most people say to themselves, if I ever win the big one I would first by a new car, pay off the house, go on a holiday and give some to the family but in reality most would make a plan before spending the money, not so in the poor I believe. Spend today,worry tomorrow.

Yes, people that have lived on a tiny budget suddenly find themselves with so much money, they believe it's an endless faucet of wealth. Their school level is probably not so great so anything past ten fingers and toes, is classed like a bottomless pit of cash. There was a story similar to this in Tahiti where a local guy won 20 million pacific francs, ($US200,000) bought a nice harley and a flash car...all on hire purchase and then spent his money in a very short period of time, all on big parties etc. He ended up blowing his doh and then had is car and bike reposessed.Easy come, easy go...motto of the poor even if they don't know it Edited March 16, 2012 by Just Fred

[i am bob]

Happens all around the world! Knew of a couple people that blew their million dollar winnings here in Canada, some guy near Buffalo NY did the same and I can remember hearing it again when I lived in Germany. In the Phlippines, who would you contaact for professional help? Most countries I'd assume a CPA but in the Philippines...? :)

[Jake]

Happens all around the world! Knew of a couple people that blew their million dollar winnings here in Canada, some guy near Buffalo NY did the same and I can remember hearing it again when I lived in Germany. In the Phlippines, who would you contaact for professional help? Most countries I'd assume a CPA but in the Philippines...? :)

The professional help I would be seeking is a small private army to protect my butt from kidnap for ransom.Public Accountants are employed by BIR, NBI, BOI and other government positions. Some of them arecertified ___________. You can fill in the blanks, depending on what services was rendered to you...he, he.