Skip to main content

Payday Blowouts Are Another Reason to Get Trapped in Debt

Translation: Is there anything left in your salary?

Payday usually happens on the 15th and the end of the month or gets adjusted if the 15th and month-end are weekends. I was thinking about how people tend to think about their paychecks. I'm just reminded of how payday tends to be associated with one thing--blowouts. I remembered writing about how poor priorities create the financial woe trap. This time, I decided to focus on writing the problem of blowout day on payday. It's a common problem that's keeping some Filipinos from improving their lives.

There's nothing wrong with having a blowout. However, it should always be treated as it is--a want. You had your paycheck? That's just the beginning of your income. You will need to start to think about expenses depending on what they are. These are the needs such as groceries, electricity bills, water bills, rental fees, etc. These bills should always come first if one expects to be able to have money to enjoy.

I think it's a problem how people think the revenue is the profit. Revenue is the sales for the day. The net profit is when revenue is deducted from all expenses. In the case of some workers, not everyone will be paying taxes under the TRAIN law. What they need to think about is paycheck should enter into savings. It would be paycheck minus expenses. It would be to see how much money is left after all necessary expenses are paid for. Yet, I observe that such a mentality is almost absent in the Philippines. Then, some of them even start to blame capitalism even if they were paid more than the minimum. Capitalism isn't to blame that they chose to overspend.

What happens next is rather tragic. Ran out of money on payday? Well, the "solution" is to borrow more money to get trapped in more debt. It's hardly a solution to borrow money from illicit sources such as five-six lenders. They get the money and what do they do after they ran out of money for payday blowout? I guess they'd probably be buying cryptocurrency (in hopes of getting rich fast) or even gambling. That's why I even wrote about the irony of turning down investments while having a gambling addiction. I bet some of them may have even pulled out of AXA to play Axie Infinity. The news of Axie Infinity's crash is a lesson yet some people still believe such scams. I think it's because they want to get rich quick instead of getting rich right.

Here's something to think about--so what if one becomes a "killjoy" for not participating in blowout on payday? That person, for all we know, must be raising children and paying fees. Paying of necessary fees is way more important than a blowout on payday. Nothing is wrong with having a blowout. Just make sure that one can afford the restaurant, that bills are paid, and as said, treat it as a want and not as a need. 



Labels:

Popular posts from this blog

Venezuela as a Cautionary Tale on #SahodItaasPresyoIbaba, Nationalistic Pride, Welfare State Economics

The Sunday Guardian Years ago, I wrote about Venezuela's pride and protectionism , under a more "formal" style of writing compared to my latest posts. I decided to use an even "less formal" and "less academic" tone since I'm not writing a term paper. Instead, it's like how a professor and a student discuss the thesis using first person over third person, using contractions, etc., while the thesis doesn't use such tones. Back on track, I thought about the arrest of Venezuelan President Maduro can spark debate. Was it a violation of sovereignty? I'm no expert on international law. However, Venezuelans can be seen celebrating Maduro's arrest. Right now, I'm using Gemini AI and Google search to help me find some sources for this blog. It's because I don't want my blog to become another gossip central, but a place to discuss facts with my own personal opinions (making sure they don't  derail the facts).  I used Venezuela ...
Read more

Venezuela's Pride and Protectionism

The Telegraph Venezuela is an oil-rich country yet it's a very poor country. Somebody could go ahead and give every unthinkable reason such as "foreign investments caused it" (a blatant lie) and "It's because America had economic sanctions in Venezuela". Yet, the answer can be found in several causes such as corruption. Yet, China and Vietnam, which can be seen to still have a good amount of corruption, are far more successful. The answer also lies in one policy--economic protectionism . The very idea that a country that first world countries used "protectionism" to succeed is a lie as proven by Venezuela's ongoing crisis. A common-sense examination of one root cause of Venezuela's continuing crisis Forbes magazine mentions this in "What Do Investors Need To Understand About Venezuela's Economic Crisis?" by Nathaniel Parish Flannery on December 21, 2016: Venezuela is far and away the worst-managed economy in the Americas . Ad...
Read more

Davide vs. Mahathir: Which Lolo Should Filipinos Take Economic Advice From?

The real issue isn't that something is old or new. Instead, if something old or new still works, or doesn't work! Many modern laws are built on some ancient principles, while adjusting to the current times!  The Constitution of Japan is actually older than the 1987 Constitution of the Philippines. However, it's more effective for the reasons that (1) their constitution is silent when it comes to regulating economic activities (ex., protectionist measures), and (2) it's a parliamentary system. Honestly, it's a pretty straightforward constitution compared to ours! As Mahatir Mohamad turned 100 today, I would like to raise up Atty. Hilario G. Davide Jr. once again. The problem isn't Davide's age but his unwillingness to embrace change when needed (read here ). This time, it's time to bring up a contrast between wise old people and unwise old people. A young person can be right where the old person is wrong. A young person can be wiser because he or she lea...
Read more

Filipino Manufacturing's Golden Age ENDED Because of the Filipino First Policy

Here's a picture from the Dose of Disbelief Page on Facebook. Here's something that it wrote: Filipinos once trusted locally made products more than imports. Before World War II, the label "Made in the Philippines" carried prestige, not stigma, reflecting a strong sense of national confidence in domestic production. Local products such as shoes, cigars, textiles, furniture, and food were often preferred over imports. This preference was rooted in the belief that local goods were better adapted to local conditions, tastes, and were often of comparable, if not superior, quality. This period showcases a strong historical era of consumer nationalism and thriving local industries. We need to look into the context of Filipino history  If we look at the Philippine history timeline , we must account for 1935-1940, during which the Philippines was under the Commonwealth government. Independence was declared from Spain on June 12, 1898. However, there was a transition period w...
Read more

Confusing Foreign Direct Investment for Foreign Imperialism for the Bajillionth Time

I guess those fools of the Philippine Anti-Fascist League (and many of its deluded supporters) either refuse to get it or are blatantly lying. Almost every rally held by what many believe are CPP-NPA legal fronts also confuses foreign investors for foreign invasion or even foreign imperialism . Once again, do I need to say that 100% FDI ownership is all about the shares and not land ownership ? What makes it even more hypocritical is that they are actually recording these things on imported media . They're sharing their anti-FDI rants using imported devices, imported platforms, and imported social media (read here ). When I do ask them on Facebook, they say how can they take them seriously and that they're "simply forced to participate in capitalism". Did anybody (especially those they call "evil capitalists") force them to buy the expensive Apple equipment when they could've settled for Xiaomi or Huawei?  A simple research on the dictionary will tell us...
Read more